# EDGAR Filing Document

**Accession Number:** 0001957845
**File Stem:** 0001957845-25-000085
**Filing Date:** 2025-11
**Character Count:** 222839
**Document Hash:** cc1b3d4e7b85fb9a9bd949c8d7dbce07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001957845-25-000085.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001957845-25-000085

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Private Equity Conglomerate LLC
- **CENTRAL INDEX KEY:** 0001957845
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56540
- **FILM NUMBER:** 251480259

**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-20250930

**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 September 30, 2025** 

**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 000-56540** 

**KKR Private Equity Conglomerate LLC**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **88-4368033** |
| (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 November 5, 2025, the registrant had 5,863,032 Class D Shares, 39,552,470 Class I Shares, 208,074 Class S Shares, 51,414,750 Class U Shares, 11,253,236 Class R-D Shares, 60,167,449 Class R-I Shares, 103,047,701 Class R-U Shares, 6,295,848 Class F Shares, 40 Class G Shares and 40 Class H Shares outstanding. The number of Shares outstanding excludes November 1, 2025 subscriptions since the issuance price is not yet finalized as of the date of this filing.

------

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| **[Part I](#ie37781d8be7644088c968237b90259b7_13) - Financial Information** | <u>[1](#ie37781d8be7644088c968237b90259b7_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. Financial Statements | <u>[1](#ie37781d8be7644088c968237b90259b7_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024 | <u>[1](#ie37781d8be7644088c968237b90259b7_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) | <u>[2](#ie37781d8be7644088c968237b90259b7_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) | <u>[3](#ie37781d8be7644088c968237b90259b7_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited) | <u>[5](#ie37781d8be7644088c968237b90259b7_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024 | <u>[7](#ie37781d8be7644088c968237b90259b7_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements (Unaudited) | <u>[13](#ie37781d8be7644088c968237b90259b7_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 2. M](#ie37781d8be7644088c968237b90259b7_148)anagement's Discussion and Analysis of Financial Condition and Results of Operations | <u>[34](#ie37781d8be7644088c968237b90259b7_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item](#ie37781d8be7644088c968237b90259b7_142) 3. Quantitative and Qualitative Disclosures about Market Risk | <u>[51](#ie37781d8be7644088c968237b90259b7_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. Controls and Procedures | <u>[53](#ie37781d8be7644088c968237b90259b7_136)</u> |
| **[Part II](#ie37781d8be7644088c968237b90259b7_139) - Other Information** | <u>[54](#ie37781d8be7644088c968237b90259b7_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. Legal Proceedings | <u>[54](#ie37781d8be7644088c968237b90259b7_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. Risk Factors | <u>[54](#ie37781d8be7644088c968237b90259b7_145)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | <u>[55](#ie37781d8be7644088c968237b90259b7_148)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. Defaults Upon Senior Securities | <u>[56](#ie37781d8be7644088c968237b90259b7_151)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. Mine Safety Disclosures | <u>[56](#ie37781d8be7644088c968237b90259b7_154)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. Other Information | <u>[56](#ie37781d8be7644088c968237b90259b7_157)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. Exhibits | <u>[57](#ie37781d8be7644088c968237b90259b7_160)</u> |
| Signatures | <u>[58](#ie37781d8be7644088c968237b90259b7_163)</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 portfolio companies we own and control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the acquisitions that we expect to make;

&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 portfolio companies 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 portfolio companies;

&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 portfolio companies;

&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 portfolio companies;

&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 portfolio companies.

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, our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 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.

------

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

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

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)**

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Investments at fair value (cost of $5,589,172 and $3,585,860, respectively) | $6909836 | $3918519 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1868983 | 601529 |
| &nbsp;&nbsp;&nbsp;Foreign currencies at fair value (cost of $193 and $1, respectively) | 194 | 1 |
| &nbsp;&nbsp;&nbsp;Prepaids and other assets | 722 | 240 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 6324 | 2366 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on foreign currency forward contracts | 4354 | 30319 |
| &nbsp;&nbsp;&nbsp;Due from Manager | 375 |  |
| &nbsp;&nbsp;&nbsp;Deferred financing costs, net | 6817 | 5009 |
| **Total assets** | 8797605 | 4557983 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued performance participation allocation | 151285 |  |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees | 296058 | 176891 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses payable | 151 | 151 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 8921 | 5153 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 77872 | 21200 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency forward contracts | 68992 |  |
| &nbsp;&nbsp;&nbsp;Due to Manager and affiliates | 29566 | 11203 |
| **Total liabilities** | 632845 | 214598 |
| **Commitments and contingencies (Note 9)** |  |  |
| **Net assets** | $8164760 | $4343385 |
| **Net assets are comprised of** |  |  |
| &nbsp;&nbsp;&nbsp;Class D Shares, 5,326,082 and 0 shares authorized, issued and outstanding, respectively  | $169363 | $— |
| &nbsp;&nbsp;&nbsp;Class I Shares, 35,084,933 and 31,054 shares authorized, issued and outstanding, respectively | 1144993 | 899 |
| &nbsp;&nbsp;&nbsp;Class S Shares, 154,204 and 0 shares authorized, issued, and outstanding, respectively | 4652 |  |
| &nbsp;&nbsp;&nbsp;Class U Shares, 45,878,569 and 137,406 shares authorized, issued and outstanding, respectively | 1384343 | 3701 |
| &nbsp;&nbsp;&nbsp;Class R-D Shares, 11,273,752 and 10,419,393 shares authorized, issued and outstanding, respectively | 356619 | 294461 |
| &nbsp;&nbsp;&nbsp;Class R-I Shares, 60,195,197 and 51,968,235 shares authorized, issued and outstanding, respectively | 1947111 | 1501848 |
| &nbsp;&nbsp;&nbsp;Class R-U Shares, 103,329,225 and 93,038,669 shares authorized, issued and outstanding, respectively | 3093762 | 2487178 |
| &nbsp;&nbsp;&nbsp;Class F Shares, 1,884,022 and 1,865,972 shares authorized, issued and outstanding, respectively | 63915 | 55296 |
| &nbsp;&nbsp;&nbsp;Class G Shares, 40 and 40 shares authorized, issued and outstanding, respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Class H Shares, 40 and 40 shares authorized, issued and outstanding, respectively  | 1 | 1 |
| **Net assets** | $8164760 | $4343385 |

---

See notes to consolidated financial statements.

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(Amounts in Thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income** |  |  |  |  |
| &nbsp;&nbsp;Dividend income (net of withholding tax of $7,543, $0, $7,543, and $0, respectively) | $37175 | $7442 | $72930 | $24130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 37175 | 7442 | 72930 | 24130 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Performance participation allocation | 61999 | 31406 | 151484 | 52896 |
| &nbsp;&nbsp;Management fee expense | 21781 | 8338 | 53174 | 16959 |
| &nbsp;&nbsp;Professional fees | 2748 | 2039 | 7893 | 7067 |
| &nbsp;&nbsp;General and administration expenses | 2453 | 1505 | 6787 | 4419 |
| &nbsp;&nbsp;Directors' fees and expenses | 153 | 154 | 461 | 460 |
| &nbsp;&nbsp;Interest expense | 1401 |  | 3568 | 14 |
| &nbsp;&nbsp;Deferred offering costs amortization |  | 117 |  | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 90535 | 43559 | 223367 | 82630 |
| &nbsp;&nbsp;Less: Management fee and expense credits | (22157) | (8338) | (54462) | (18333) |
| &nbsp;&nbsp;Less: Expenses reimbursed by Manager |  |  |  | (3170) |
| &nbsp;&nbsp;Add: Expenses recouped by Manager | 4227 | 1303 | 13187 | 1303 |
| &nbsp;&nbsp;Less: Interest expense waived by Line of Credit Lender |  |  |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | 72605 | 36524 | 182092 | 62416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (35430) | (29082) | (109162) | (38286) |
| **Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 4111 | 32761 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (1003) | 314 | 2038 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 206 | (7627) | 68 | (4485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized (loss) gain | (797) | (3202) | 34867 | (114) |
| **Net change in unrealized appreciation (depreciation) on investments, 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 | 367491 | 196106 | 815379 | 326635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 4898 | 14934 | 172625 | 9908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 9912 | (791) | (94957) | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (7) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation before income taxes | 382294 | 210249 | 893047 | 336880 |
| &nbsp;&nbsp;Provision for income taxes | 33757 | 17527 | 56672 | 20161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation after income taxes | 348537 | 192722 | 836375 | 316719 |
| **Net increase in net assets resulting from operations** | $312310 | $160438 | $762080 | $278319 |

---

See notes to consolidated financial statements.

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)**

**(Amounts in Thousands)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class D Shares** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R-I Shares** | **Class R-U Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total Shareholders' Equity (Net Assets)** |
| **Balance at June 30, 2025** | $114349 | $566862 | $1775 | $844897 | $343171 | $1873052 | $2986153 | $60765 | $1 | $1 | $6791026 |
| Consideration from the issuance of shares | 50998 | 537034 | 2921 | 526558 | 1 |  |  | 271 |  |  | 1117783 |
| Repurchase of shares |  | (39) |  | (32) |  | (3213) | (5829) |  |  |  | (9113) |
| Early repurchase fee | 6 | 40 |  | 54 | 15 | 82 | 138 | 3 |  |  | 338 |
| Transfers in | 283 | 1341 |  |  | 220 | 3672 | 220 |  |  |  | 5736 |
| Transfers out | (1307) |  |  | (316) | (220) |  | (3893) |  |  |  | (5736) |
| &nbsp;&nbsp;Net increase in net assets resulting from capital activity | 49980 | 538376 | 2921 | 526264 | 16 | 541 | (9364) | 274 |  |  | 1109008 |
| Net investment (loss) income | (727) | (4747) | (22) | (6171) | (1564) | (8346) | (14061) | 208 |  |  | (35430) |
| Net realized loss | (15) | (97) | (1) | (129) | (35) | (191) | (322) | (7) |  |  | (797) |
| Net change in unrealized appreciation | 6894 | 44599 | 186 | 58483 | 15294 | 82055 | 138351 | 2675 |  |  | 348537 |
| &nbsp;&nbsp;Net increase in net assets resulting from investment operations | 6152 | 39755 | 163 | 52183 | 13695 | 73518 | 123968 | 2876 |  |  | 312310 |
| Accrued shareholder servicing fees and distribution fees | (1118) |  | (207) | (39001) | (263) |  | (6995) |  |  |  | (47584) |
| **Balance at September 30, 2025** | $**169363** | $**1144993** | $**4652** | $**1384343** | $**356619** | $**1947111** | $**3093762** | $**63915** | $**1** | $**1** | $**8164760** |
| **Balance at December 31, 2024** | $— | $899 | $— | $3701 | $294461 | $1501848 | $2487178 | $55296 | $1 | $1 | $4343385 |
| Consideration from the issuance of shares | 163432 | 1081002 | 4784 | 1394787 | 28646 | 229075 | 313765 | 574 |  |  | 3216065 |
| Repurchase of shares |  | (39) |  | (135) |  | (4128) | (11444) |  |  |  | (15746) |
| Early repurchase fee | 9 | 54 |  | 77 | 29 | 156 | 264 | 5 |  |  | 594 |
| Transfers in | 283 | 2950 |  |  | 220 | 13298 | 220 |  |  |  | 16971 |
| Transfers out | (1965) |  |  | (316) | (4477) |  | (10213) |  |  |  | (16971) |
| &nbsp;&nbsp;Net increase in net assets resulting from capital activity | 161759 | 1083967 | 4784 | 1394413 | 24418 | 238401 | 292592 | 579 |  |  | 3200913 |
| Net investment (loss) income | (1422) | (7632) | (27) | (10930) | (5852) | (30940) | (52714) | 355 |  |  | (109162) |
| Net realized gain | 485 | 1782 |  | 3081 | 1911 | 10078 | 17204 | 326 |  |  | 34867 |
| Net change in unrealized appreciation | 11965 | 65977 | 230 | 93582 | 42778 | 227724 | 386760 | 7359 |  |  | 836375 |
| &nbsp;&nbsp;Net increase in net assets resulting from investment operations | 11028 | 60127 | 203 | 85733 | 38837 | 206862 | 351250 | 8040 |  |  | 762080 |
| Accrued shareholder servicing fees and distribution fees | (3424) |  | (335) | (99504) | (1097) |  | (37258) |  |  |  | (141618) |
| **Balance at September 30, 2025** | $**169363** | $**1144993** | $**4652** | $**1384343** | $**356619** | $**1947111** | $**3093762** | $**63915** | $**1** | $**1** | $**8164760** |

---

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (Continued)**

**(Amounts in Thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class U Shares** | **Class R-D Shares** | **Class R-I Shares** | **Class R-U Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total Shareholders' Equity (Net Assets)** |
| **Balance at June 30, 2024** | $334 | $2825 | $74791 | $909397 | $1622034 | $157 | $1 | $1 | $2609540 |
| Consideration from the issuance of shares | 25 | 450 | 143918 | 183286 | 357879 | 131 |  |  | 685689 |
| Repurchase of shares |  |  |  |  | (684) |  |  |  | (684) |
| Early repurchase fee |  |  | 2 | 11 | 21 |  |  |  | 34 |
| Transfers in |  |  |  | 621 |  |  |  |  | 621 |
| Transfers out |  |  | (177) |  | (444) |  |  |  | (621) |
| Accrued shareholder servicing fees and distribution fees |  | (40) | (3017) |  | (30006) |  |  |  | (33063) |
| Net investment loss | (3) | (29) | (1749) | (9397) | (17904) |  |  |  | (29082) |
| Net realized loss |  | (4) | (207) | (1029) | (1962) |  |  |  | (3202) |
| Net change in unrealized appreciation | 21 | 196 | 11512 | 62282 | 118693 | 18 |  |  | $192722 |
| **Balance at September 30, 2024** | $**377** | $**3398** | $**225073** | $**1145171** | $**2047627** | $**306** | $**1** | $**1** | $**3421954** |
| **Balance at December 31, 2023** | $1804 | $— | $— | $115196 | $550983 | $51 | $1 | $1 | $668036 |
| Consideration from the issuance of shares | 364 | 3425 | 217505 | 933981 | 1430843 | 228 |  |  | 2586346 |
| Repurchase of shares |  |  |  | (75) | (965) |  |  |  | (1040) |
| Early repurchase fee |  |  | 2 | 17 | 32 |  |  |  | 51 |
| Transfers in |  |  |  | 5312 |  |  |  |  | 5312 |
| Transfers out | (1818) |  | (328) |  | (3166) |  |  |  | (5312) |
| Accrued shareholder servicing fees and distribution fees |  | (243) | (4518) |  | (104997) |  |  |  | (109758) |
| Net investment (loss) income | (4) | (36) | (1988) | (12640) | (23619) | 1 |  |  | (38286) |
| Net realized (loss) gain |  |  | (124) | (27) | 37 |  |  |  | (114) |
| Net change in unrealized appreciation | 31 | 252 | 14524 | 103407 | 198479 | 26 |  |  | $316719 |
| **Balance at September 30, 2024** | $**377** | $**3398** | $**225073** | $**1145171** | $**2047627** | $**306** | $**1** | $**1** | $**3421954** |

---

See notes to consolidated financial statements.

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**(Amounts in Thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| Net increase in net assets from operations | $762080 | $278319 |
| &nbsp;&nbsp;Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (815379) | (326635) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (172625) | (9908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation (appreciation) on foreign currency forward contracts | 94957 | (337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments | (32761) | (4111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing cost amortization | 1968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs amortization |  | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class F Shares issued as payment of directors' fees and expenses | 375 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class F Shares issued as payment of performance participation allocation | 199 | 8 |
| &nbsp;&nbsp;Acquisition of portfolio companies | (2035866) | (1907356) |
| &nbsp;&nbsp;Proceeds from disposal of or repayments from interests in portfolio companies | 65315 | 12708 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accrued performance participation allocation | 151285 | 52888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred income taxes | 56672 | 20161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in prepaids and other assets | (482) | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in due from Manager | (375) | 13451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in dividends receivable | (3958) | (2611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other accrued expenses and liabilities | 3768 | 10586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in directors' fees and expenses payable |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in due to Manager and affiliates | 13889 | (7601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1910938) | (1869572) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of shares | 3215491 | 2586118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Line of Credit |  | (19200) |
| &nbsp;&nbsp;Payment of offering costs |  | (1397) |
| &nbsp;&nbsp;Payments of shareholder servicing fees and distribution fees | (18169) | (4100) |
| &nbsp;&nbsp;Payment of deferred financing costs | (3586) |  |
| &nbsp;&nbsp;Repurchase of shares, net of early repurchase fee | (15152) | (989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 3178584 | 2560432 |
| Effect of exchange rate changes on cash and cash equivalents and foreign currencies at fair value | 1 |  |
| Net increase in cash and cash equivalents and foreign currencies at fair value | 1267647 | 690860 |
| Cash and cash equivalents and foreign currencies at fair value, beginning of period | 601530 | 18007 |
| Cash and cash equivalents and foreign currencies at fair value, end of period | $1869177 | $708867 |

---

------

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Supplemental Disclosure of Non-Cash Financing Activities** |  |  |
| Change in shareholder servicing fees and distribution fees payable | $141618 | $109758 |

---

See notes to consolidated financial statements.

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (UNAUDITED)**

**(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** |
| **Portfolio Companies** | | | | | | | | | |
| ***Information Technology - 29.3%*** | | | | | | | | | |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Information Technology | (3) | Level III | Various | N/A | N/A | $1819103 | 22.3% |
| &nbsp;&nbsp;Omnissa | Equity interest held through KKR Modena Aggregator L.P. | Information Technology | Americas | Level III | USD | N/A | N/A | 576000 | 7.0% |
| ***Health Care - 24.4%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cotiviti Holdings, Inc. | Equity interest held through KKR Compass Aggregator L.P. | Health Care | Americas | Level III | USD | N/A | N/A | 747556 | 9.2% |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Health Care | (4) | Level III | Various | N/A | N/A | 1218248 | 14.9% |
| &nbsp;&nbsp;Other investment in portfolio company |  | Health Care | Asia Pacific | Level I | INR | N/A | N/A | 22892 | 0.3% |
| ***Financials - 9.3%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Financials | (5) | Level III | Various | N/A | N/A | 759707 | 9.3% |
| ***Industrials - 7.3%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Industrials | (6) | Level III | Various | N/A | N/A | 598326 | 7.3% |
| ***Consumer Discretionary - 6.1%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Consumer Discretionary | (7) | Level III | Various | N/A | N/A | 502353 | 6.1% |
| ***Communication Services - 4.9%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Communication Services | (8) | Level III | Various | N/A | N/A | 399268 | 4.9% |
| ***Consumer Staples - 2.7%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Consumer Staples | (9) | Level III | Various | N/A | N/A | 218156 | 2.7% |
| ***Materials - 0.6%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Materials | (10) | Level III | Various | N/A | N/A | 48227 | 0.6% |
| &nbsp;&nbsp;**Total Portfolio Companies (cost of $5,589,172)** |  |  |  |  |  |  |  | **$6909836** | **84.6%** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell JPY/USD | N/A | N/A | Level II | JPY | 10/7/2025 | 23020000 | $1230 | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell JPY/USD | N/A | N/A | Level II | JPY | 10/7/2025 | 2470000 | 1130 | —% |
| &nbsp;&nbsp;Barclays Bank PLC | Sell CNH/USD | N/A | N/A | Level II | CNH | 10/9/2025 | 140000 | 743 | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | N/A | Level II | EUR | 10/7/2025 | 34000 | 278 | —% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell AUD/USD | N/A | Level II | AUD | 10/7/2025 | 11300 | 250 |
| &nbsp;&nbsp;Nomura International PLC | Sell INR/USD | N/A | Level II | INR | 10/7/2025 | 736300 | 240 |
| &nbsp;&nbsp;Nomura International PLC | Sell CNH/USD | N/A | Level II | CNH | 10/9/2025 | 566300 | 123 |
| &nbsp;&nbsp;Nomura International PLC | Sell SGD/USD | N/A | Level II | SGD | 10/7/2025 | 6900 | 101 |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell INR/USD | N/A | Level II | INR | 10/7/2025 | 799800 | 84 |
| &nbsp;&nbsp;Nomura International PLC | Sell JPY/USD | N/A | Level II | JPY | 10/7/2025 | 1363900 | 76 |
| &nbsp;&nbsp;Barclays Bank PLC | Sell KRW/USD | N/A | Level II | KRW | 10/10/2025 | 4260000 | 40 |
| &nbsp;&nbsp;Nomura International PLC | Sell JPY/USD | N/A | Level II | JPY | 10/7/2025 | 581000 | 27 |
| &nbsp;&nbsp;Nomura International PLC | Sell AUD/USD | N/A | Level II | AUD | 10/7/2025 | 1000 | 22 |
| &nbsp;&nbsp;Nomura International PLC | Sell KRW/USD | N/A | Level II | KRW | 10/10/2025 | 253000 | 3 |
| &nbsp;&nbsp;Nomura International PLC | Buy NOK/USD | N/A | Level II | NOK | 10/7/2025 | 582000 | 2 |
| &nbsp;&nbsp;Nomura International PLC | Sell INR/USD | N/A | Level II | INR | 1/15/2026 | 736300 | 2 |
| &nbsp;&nbsp;Nomura International PLC | Buy AUD/USD | N/A | Level II | AUD | 10/7/2025 | 69400 | 1 |
| &nbsp;&nbsp;Barclays Bank PLC | Sell KRW/USD | N/A | Level II | KRW | 1/15/2026 | 4260000 | 1 |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell INR/USD | N/A | Level II | INR | 1/15/2026 | 230200 | 1 |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Buy AUD/USD | N/A | Level II | AUD | 10/7/2025 | 11300 |  |
| &nbsp;&nbsp;Royal Bank of Canada | Buy AUD/USD | N/A | Level II | AUD | 10/7/2025 | 12200 |  |
| &nbsp;&nbsp;Nomura International PLC | Buy GBP/USD | N/A | Level II | GBP | 10/7/2025 | 15200 |  |
| &nbsp;&nbsp;Nomura International PLC | Buy SEK/USD | N/A | Level II | SEK | 10/7/2025 | 189000 |  |
| &nbsp;&nbsp;Nomura International PLC | Buy SGD/USD | N/A | Level II | SGD | 10/7/2025 | 6900 |  |
| &nbsp;&nbsp;Barclays Bank PLC | Buy CNH/USD | N/A | Level II | CNH | 10/9/2025 | 140000 |  |
| &nbsp;&nbsp;Nomura International PLC | Buy CNH/USD | N/A | Level II | CNH | 10/9/2025 | 604400 |  |
| &nbsp;&nbsp;Nomura International PLC | Buy KRW/USD | N/A | Level II | KRW | 10/10/2025 | 253000 |  |
| &nbsp;&nbsp;Nomura International PLC | Sell KRW/USD | N/A | Level II | KRW | 1/15/2026 | 253000 |  |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Buy INR/USD | N/A | Level II | INR | 10/7/2025 | 230200 | (1) |
| &nbsp;&nbsp;Nomura International PLC | Buy JPY/USD | N/A | Level II | JPY | 10/7/2025 | 5118900 | (1) |
| &nbsp;&nbsp;Royal Bank of Canada | Buy SEK/USD | N/A | Level II | SEK | 10/7/2025 | 1036000 | (1) |
| &nbsp;&nbsp;Nomura International PLC | Sell SGD/USD | N/A | Level II | SGD | 1/15/2026 | 6900 | (1) |
| &nbsp;&nbsp;Royal Bank of Canada | Buy EUR/USD | N/A | Level II | EUR | 10/7/2025 | 45300 | (2) |
| &nbsp;&nbsp;Barclays Bank PLC | Buy KRW/USD | N/A | Level II | KRW | 10/10/2025 | 4260000 | (2) |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell AUD/USD | N/A | Level II | AUD | 1/15/2026 | 11300 | (2) |
| &nbsp;&nbsp;Royal Bank of Canada | Sell AUD/USD | N/A | Level II | AUD | 1/15/2026 | 12200 | (2) |
| &nbsp;&nbsp;Barclays Bank PLC | Buy EUR/USD | N/A | Level II | EUR | 10/7/2025 | 53700 | (3) |
| &nbsp;&nbsp;Nomura International PLC | Sell SEK/USD | N/A | Level II | SEK | 1/15/2026 | 189000 | (3) |
| &nbsp;&nbsp;Nomura International PLC | Sell GBP/USD | N/A | Level II | GBP | 1/15/2026 | 15200 | (3) |
| &nbsp;&nbsp;Barclays Bank PLC | Sell CNH/USD | N/A | Level II | CNH | 1/15/2026 | 140000 | (4) |
| &nbsp;&nbsp;Nomura International PLC | Buy INR/USD | N/A | Level II | INR | 10/7/2025 | 736300 | (5) |
| &nbsp;&nbsp;Nomura International PLC | Sell JPY/USD | N/A | Level II | JPY | 1/15/2026 | 5118900 | (5) |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Buy EUR/USD | N/A | Level II | EUR | 10/7/2025 | 133800 | (7) |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Buy JPY/USD | N/A | Level II | JPY | 10/7/2025 | 32820000 | (7) |
| &nbsp;&nbsp;Nomura International PLC | Sell GBP/USD | N/A | Level II | GBP | 10/7/2025 | 400 | (9) |
| &nbsp;&nbsp;Royal Bank of Canada | Sell EUR/USD | N/A | Level II | EUR | 1/15/2026 | 45300 | (10) |
| &nbsp;&nbsp;Nomura International PLC | Sell AUD/USD | N/A | Level II | AUD | 1/15/2026 | 69400 | (10) |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Nomura International PLC | Sell NOK/USD | N/A | Level II | NOK | 1/15/2026 | 582000 | (10) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 290 | (11) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell CNH/USD | N/A | Level II | CNH | 1/15/2026 | 604400 | (11) | —% |
| &nbsp;&nbsp;Barclays Bank PLC | Sell EUR/USD | N/A | Level II | EUR | 1/15/2026 | 53700 | (13) | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell SEK/USD | N/A | Level II | SEK | 1/15/2026 | 1036000 | (26) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell EUR/USD | N/A | Level II | EUR | 1/15/2026 | 133800 | (30) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell CNH/USD | N/A | Level II | CNH | 10/9/2025 | 38100 | (32) | —% |
| &nbsp;&nbsp;Nomura International PLC | Buy EUR/USD | N/A | Level II | EUR | 10/7/2025 | 663181 | (34) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell JPY/USD | N/A | Level II | JPY | 1/15/2026 | 32820000 | (43) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Buy INR/USD | N/A | Level II | INR | 10/7/2025 | 569600 | (45) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell JPY/USD | N/A | Level II | JPY | 10/7/2025 | 704000 | (68) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 1/15/2026 | 663181 | (94) | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 9300 | (128) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 45700 | (135) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell JPY/USD | N/A | Level II | JPY | 10/7/2025 | 9800000 | (166) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 7000 | (205) | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell AUD/USD | N/A | Level II | AUD | 10/7/2025 | 12200 | (254) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell SEK/USD | N/A | Level II | SEK | 10/7/2025 | 94000 | (567) | —% |
| &nbsp;&nbsp;Barclays Bank PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 17200 | (825) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 9700 | (826) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 13000 | (1029) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell SEK/USD | N/A | Level II | SEK | 10/7/2025 | 95000 | (1227) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell GBP/USD | N/A | Level II | GBP | 10/7/2025 | 14800 | (1268) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell NOK/USD | N/A | Level II | NOK | 10/7/2025 | 582000 | (1288) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 27000 | (1947) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 36500 | (2005) | —% |
| &nbsp;&nbsp;Barclays Bank PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 36500 | (2023) | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell SEK/USD | N/A | Level II | SEK | 10/7/2025 | 192000 | (2098) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell AUD/USD | N/A | Level II | AUD | 10/7/2025 | 68400 | (2679) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 61400 | (2836) | —% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 66391 | (3156) | (0.1)% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 36000 | (4062) | (0.1)% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 97300 | (4672) | (0.1)% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 59600 | (6002) | (0.1)% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 99000 | (8353) | (0.1)% |
| &nbsp;&nbsp;Nomura International PLC | Sell EUR/USD | N/A | Level II | EUR | 10/7/2025 | 240100 | (8540) | (0.1)% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell SEK/USD | N/A | Level II | SEK | 10/7/2025 | 844000 | (12206) | (0.2)% |
| &nbsp;&nbsp;Total Foreign Currency Forward Contracts |  |  |  |  |  |  | **$(64638)** | **(0.8)%** |
| **Investments in Money Market Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio |  | N/A | Level I | USD | N/A | N/A | $1868482 | 22.9% |

---

------

---

| | | |
|:---|:---|:---|
| **Total Investments in Money Market Funds (cost of $1,868,482)**  | **$1868482** | **22.9%** |
| **Total Investments and Cash Equivalents (cost of $7,457,654)**  | **$8713680** | **106.7%** |

---

(1) The estimated fair value of our portfolio companies in the Americas, EMEA and Asia Pacific as a percentage of net assets was approximately 47.3%, 28.6% and 8.7%, respectively, as of September 30, 2025. The cost basis of portfolio companies in Americas, EMEA and Asia Pacific were $3,025,714, $1,959,483 and $603,975, respectively. The fair value of portfolio companies in Americas, EMEA and Asia Pacific were $3,860,649, $2,337,825 and $711,362, respectively.

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

(3) 39.7% of fair value shown is domiciled in Americas, 23.7% in Asia Pacific and 36.6% in EMEA.

(4) 44.1% of fair value shown is domiciled in Americas, 53.7% in EMEA and 2.2% in Asia Pacific.

(5) 53.2% of fair value shown is domiciled in EMEA, 44.8% in Americas and 2.0% in Asia Pacific.

(6) 86.5% of fair value shown is domiciled in Americas and 13.5% in EMEA.

(7) 69.6% of fair value shown is domiciled in Americas, 26.5% in EMEA and 3.9% in Asia Pacific.

(8) 90.7% of fair value shown is domiciled in EMEA and 9.3% in Americas.

(9) 83.0% of fair value shown is domiciled in Asia Pacific and 17.0% in EMEA.

(10) 69.3% of fair value shown is domiciled in Americas and 30.7% in Asia Pacific.

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2024**

**(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** |
| **Portfolio Companies** | | | | | | | | | |
| ***Information Technology - 30.0%*** | | | | | | | | | |
| &nbsp;&nbsp;Omnissa | Equity interest held through KKR Modena Aggregator L.P. | Information Technology | Americas | Level III | USD | N/A | N/A | $384000 | 8.9% |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Information Technology | (3) | Level III | Various | N/A | N/A | 917216 | 21.1% |
| ***Health Care - 21.5%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cotiviti Holdings, Inc. | Equity interest held through KKR Compass Aggregator L.P. | Health Care | Americas | Level III | USD | N/A | N/A | 528000 | 12.2% |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Health Care | (4) | Level III | Various | N/A | N/A | 405141 | 9.3% |
| ***Industrials - 14.4%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Industrials | (5) | Level III | Various | N/A | N/A | 627216 | 14.4% |
| ***Financials - 12.7%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investment in portfolio companies<sup>(2)</sup> |  | Financials | (6) | Level III | Various | N/A | N/A | 550118 | 12.7% |
| ***Consumer Discretionary - 8.2%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Consumer Discretionary | (7) | Level III | Various | N/A | N/A | 355842 | 8.2% |
| ***Communication Services - 2.2%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investments in portfolio companies<sup>(2)</sup> |  | Communication Services | (8) | Level III | Various | N/A | N/A | 95640 | 2.2% |
| ***Materials - 0.7%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investment in portfolio company |  | Materials | Americas | Level III | USD | N/A | N/A | 30400 | 0.7% |
| ***Consumer Staples - 0.6%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other investment in portfolio company |  | Consumer Staples | EMEA | Level III | USD | N/A | N/A | 24946 | 0.6% |
| &nbsp;&nbsp;**Total Portfolio Companies (cost of $3,585,860)** |  |  |  |  |  |  |  | **$3918519** | **90.3%** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Goldman Sachs |  | N/A | N/A | Level II | EUR | October 7, 2025 | 97300 | 7186 | 0.2% |
| &nbsp;&nbsp;Goldman Sachs |  | N/A | N/A | Level II | JPY | October 7, 2025 | 23020000 | 6042 | 0.2% |
| &nbsp;&nbsp;Nomura International plc |  | N/A | N/A | Level II | EUR | October 7, 2025 | 61400 | 4643 | 0.1% |
| &nbsp;&nbsp;Goldman Sachs |  | N/A | N/A | Level II | EUR | October 7, 2025 | 36500 | 2452 | 0.1% |
| &nbsp;&nbsp;Barclays Bank PLC |  | N/A | N/A | Level II | EUR | October 7, 2025 | 36500 | 2434 | 0.1% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Nomura International plc | N/A | Level II | JPY | October 7, 2025 | 2470000 | 1616 | —% |
| &nbsp;&nbsp;Nomura International plc | N/A | Level II | EUR | October 7, 2025 | 27000 | 1364 | —% |
| &nbsp;&nbsp;Nomura International plc | N/A | Level II | EUR | October 7, 2025 | 59600 | 1359 | —% |
| &nbsp;&nbsp;Barclays Bank PLC | N/A | Level II | EUR | October 7, 2025 | 17200 | 1271 | —% |
| &nbsp;&nbsp;Barclays Bank PLC | N/A | Level II | CNH | October 9, 2025 | 140000 | 1018 | —% |
| &nbsp;&nbsp;Goldman Sachs | N/A | Level II | AUD | October 7, 2025 | 11300 | 711 | —% |
| &nbsp;&nbsp;Nomura International plc | N/A | Level II | SEK | October 7, 2025 | 95000 | 144 | —% |
| &nbsp;&nbsp;Nomura International plc | N/A | Level II | AUD | October 7, 2025 | 1000 | 63 | —% |
| &nbsp;&nbsp;Royal Bank of Canada | N/A | Level II | SEK | October 7, 2025 | 844000 | 16 | —% |
| **Total Foreign Currency Forward Contracts** |  |  |  |  |  | **$30319** | **0.7%** |
| **Investments in Money Market Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio | N/A | Level I | USD | N/A | N/A | $600933 | 13.8% |
| **Total Investments in Money Market Funds (cost of $600,933)**  |  |  |  |  |  | **$600933** | **13.8%** |
| **Total Investments and Cash Equivalents (cost of $4,186,793)**  |  |  |  |  |  | **$4549771** | **104.8%** |

---

(1) The estimated fair value of our portfolio companies in the Americas, EMEA and Asia Pacific as a percentage of net assets was approximately 68.0%, 16.8% and 5.5%, respectively, as of December 31, 2024. The cost basis of portfolio companies in Americas, EMEA and Asia Pacific were $2,635,761, $709,605 and $240,494, respectively. The fair value of portfolio companies in Americas, EMEA and Asia Pacific were $2,950,613, $729,098 and $238,808, respectively.

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

(3) 57.7% of fair value shown is domiciled in Americas, 21.7% in Asia Pacific and 20.6% in EMEA.

(4) 65.2% of fair value shown is domiciled in Americas, 28.9% in EMEA and 5.9% in Asia Pacific.

(5) 98.8% of fair value shown is domiciled in Americas and 1.2% in EMEA.

(6) 51.3% of fair value shown is domiciled in Americas and 48.7% in EMEA.

(7) 78.9% of fair value shown is domiciled in Americas, 16.6% in EMEA and 4.5% in Asia Pacific.

(8) 65.7% of fair value shown is domiciled in EMEA and 34.3% in Americas.

------

**KKR PRIVATE EQUITY CONGLOMERATE LLC**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

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

**1. Organization** 

KKR Private Equity Conglomerate LLC ("K-PEC" and the "Company") was formed on December 6, 2022 as a limited liability company under the laws of the state of Delaware and the Company operates its business in a manner permitting it to be excluded from the definition of an "investment company" under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Company is a holding company that primarily seeks to acquire, own and control portfolio companies with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through joint ventures ("Joint Ventures"). The Company expects that its portfolio companies will operate principally in the following business lines: Business & Financial Services; Consumer & Retail; Healthcare; Impact; Industrials; and Technology, Media & Telecommunications. The Company commenced principal operations on August 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 below) that target acquisitions of portfolio companies that are compatible with the Company's business strategy. The Company expects to own nearly all of its portfolio companies 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 portfolio companies for the long term through Joint Ventures. Portfolio companies 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-PEC conducts a continuous private offering of its investor 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 of 1933, as amended) in reliance on exemptions from the registration requirements of the Securities Act, including under Regulation D and Regulation S. As of September 30, 2025, we offered four classes of investor shares: Class S Shares, Class D Shares, Class U Shares and Class I Shares. As of January 2, 2025, Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (collectively, with the Class S Shares, Class D Shares, Class U Shares and Class I Shares, the "Investor Shares" and, together with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the "Shares") were no longer available for purchase. We may offer additional classes of Investor Shares in the future.

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, Class R-U Shares and Class R-I Shares do not pay a sales load or dealer-manager fees and the Company does not pay any servicing or distribution fees with respect to Class I Shares or Class R-I Shares or any distribution fees with respect to the Class D Shares or Class R-D Shares.

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 its industry leading institutional private equity sourcing and portfolio management platform pursuant to a management agreement entered into with KKR DAV Manager LLC (the "Manager") to source and evaluate portfolio company acquisitions and to support the Company in managing its portfolio companies with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation by owning and controlling portfolio companies diversified by strategy, sector and geography for shareholders (the "Shareholders").

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**2. Summary of Significant Accounting Policies**

***Basis of Presentation***

The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States ("U.S.") dollars. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

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

For a detailed discussion about K-PEC'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, 2024. During the nine months ended September 30, 2025, there were no significant updates to K-PEC's significant accounting policies.

***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.

***Reclassifications***

During the three and nine months ended September 30, 2025, the Company reclassified $2,039 and $7,067 for the three and nine months ended September 30, 2024 out of General and administrative expense and into Professional fees on the Consolidated Statements of Operations to conform to current period presentation. This reclassification had no impact on Net increase in net assets resulting from operations.

During the nine months ended September 30, 2025, the Company reclassified $20,161 for the nine months ended September 30, 2024 out of Change in other accrued expenses and liabilities and into Change in deferred income taxes on the Consolidated Statements of Cash Flows to conform to current period presentation. This reclassification had no impact on Net increase in net assets resulting from operations.

***Adoption of New and Revised Accounting Standards***

*Income Tax Disclosure Improvements*

In December 2023, the FASB issued ASU 2023–09, "Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity's effective tax rate reconciliation as well as income taxes paid. The guidance is effective for the Company's annual period ending December 31, 2025. The Company is currently evaluating the impact of adopting ASU 2023–09 on its consolidated financial statements and disclosures.

*Expense Disaggregation Disclosures*

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 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 ASU 2024-03 on its consolidated financial statements and disclosures.

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**3. Investments**

*Summarized Portfolio Company Financial Information*

The following table presents unaudited summarized financial information, in the aggregate, for the portfolio companies in which the Company has an indirect equity interest. Amounts provided do not represent the Company's proportionate share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $13314863 | $8352187 | $37223325 | $12952565 |
| Expenses | 13943609 | 8401197 | 38885813 | 13338682 |
| Loss before taxes | (628746) | (49010) | (1662488) | (386117) |
| Income tax expense | 314505 | 323629 | 457539 | 339225 |
| Consolidated net loss | (943251) | (372639) | (2120027) | (725342) |
| Net (income) loss attributable to non-controlling interests | (48919) |  | (113423) | 72 |
| Net loss | $(992170) | $(372639) | $(2233450) | $(725270) |

---

The net loss above represents the aggregated net loss attributable to the controlling interests in each of the Company's portfolio companies and does not represent the Company's proportionate share of 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.

*Acquisition of Interest in Portfolio Company through Secondary Transaction*

During the nine months ended September 30, 2024, the Company purchased an interest in a portfolio company from a third-party seller for $149,691 and recorded unrealized appreciation of $34,309 in connection with the investment acquired.

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**4. Fair Value Measurements - Investments**

The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Investments** | **Level I** | **Level II** | **Level III** | **Fair Value** |
| Portfolio companies | $22892 | $— | $6886944 | $6909836 |
| Unrealized appreciation on foreign currency forward contracts |  | 4354 |  | 4354 |
| Unrealized depreciation on foreign currency forward contracts |  | (68992) |  | (68992) |
| Investments in Money Market Funds | 1868482 |  |  | 1868482 |
| &nbsp;&nbsp;**Total** | $1891374 | $(64638) | $6886944 | $8713680 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Investments** | **Level I** | **Level II** | **Level III** | **Fair Value** |
| Portfolio companies | $— | $— | $3918519 | $3918519 |
| Unrealized appreciation on foreign currency forward contracts |  | 30319 |  | 30319 |
| Investments in Money Market Funds | 600933 |  |  | 600933 |
| &nbsp;&nbsp;**Total** | $600933 | $30319 | $3918519 | $4549771 |

---

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level III inputs for the nine months ended September 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| **Investments** | **Balance as of December 31, 2024** | **Purchases** | **Sales and Proceeds from Investments** | **Realized gain on investments** | **Net change in unrealized appreciation on investments** | **Net change in unrealized appreciation on foreign currency translation** | **Balance as of September 30, 2025**  |
| Portfolio companies | $3918519 | $2017082 | $(65315) | $32761 | $810426 | $173471 | $6886944 |

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The total change in unrealized appreciation (depreciation) included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the nine months ended September 30, 2025 attributable to Level III investments and foreign currency translation still held at September 30, 2025 was $816,786 and $173,471, respectively.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level III inputs for the nine months ended September 30, 2024:

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| **Investments** | **Balance as of December 31, 2023** | **Purchases** | **Sales and Proceeds from Investments** | **Change in Gain (Loss) included in Net Assets** | **Net change in unrealized appreciation on investments** | **Net change in unrealized appreciation on foreign currency translation** | **Balance as of September 30, 2024** |
| Portfolio companies | $713610 | $1907356 | $(12708) | $4111 | $326635 | $9908 | $2948912 |

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The total change in unrealized appreciation (depreciation) included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the nine months ended September 30, 2024 attributable to Level III investments and foreign currency translation still held at September 30, 2024 was $326,635 and $9,908, respectively.

The following tables present the quantitative information about Level III fair value measurements of the Company's portfolio companies as of September 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level III Assets** | **Fair Value** <br>**September 30, 2025** | **Valuation Methodology and Inputs** | **Unobservable Input(s)**<sup>(1)</sup> | **Weighted Average** <sup>(2)</sup> | **Range** | **Impact to Valuation from an Increase in Input** <sup>(3)</sup> |
| Portfolio companies | $6886944 | Inputs to market comparables, discounted cash flow and transaction price/other | Illiquidity Discount | 7.8% | 5.0% - 15.0% | Decrease |
|  |  |  | Weight Ascribed to Market Comparables | 40.9% | 0.0% - 100.0% | (4) |
|  |  |  | Weight Ascribed to Discounted Cash Flow | 41.5% | 0.0% - 75.0% | (5) |
|  |  |  | Weight Ascribed to Transaction Price/Other | 17.6% | 0.0% - 100.0% | (6) |
|  |  | Market Comparables | Enterprise Value / Forward EBITDA Multiple | 14.6x | 7.8x - 23.1x | Increase |
|  |  |  | Enterprise Value / Forward Revenues Multiple | 9.0x | 2.4x - 11.3x | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 11.1% | 6.3% - 20.9% | Decrease |
|  |  |  | Enterprise Value / LTM EBITDA Exit Multiple | 13.5x | 8.5x - 23.0x | Increase |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level III Assets** | **Fair Value December 31, 2024** | **Valuation Methodology and Inputs** | **Unobservable Input(s)** <sup>(1)</sup> | **Weighted Average** <sup>(2)</sup> | **Range** | **Impact to Valuation from an Increase in Input** <sup>(3)</sup> |
| Portfolio companies | $3918519 | Inputs to market comparables, discounted cash flow and transaction price/other | Illiquidity Discount | 9.0% | 5.0% - 15.0% | Decrease |
|  |  |  | Weight Ascribed to Market Comparables | 35.3% | 0.0% - 100.0% | (4) |
|  |  |  | Weight Ascribed to Discounted Cash Flow | 34.0% | 0.0% - 75.0% | (5) |
|  |  |  | Weight Ascribed to Transaction Price/Other | 30.7% | 0.0%- 100.0% | (6) |
|  |  | Market Comparables | Enterprise Value / Forward EBITDA Multiple | 14.5x | 9.0x - 24.3x | Increase |
|  |  |  | Enterprise Value / Forward Revenues Multiple | 8.5x | 2.3x - 10.0x | Increase |
|  |  | Discounted Cash Flow | Weighted Average Cost of Capital | 11.5% | 6.0% - 19.7% | Decrease |
|  |  |  | Enterprise Value / LTM EBITDA Exit Multiple | 13.3x | 8.5x - 23.0x | 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 would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price 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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*Derivative Instruments*

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.

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**5. Related Party Transactions**

*Management Agreement*

On July 27, 2023, the Company entered into a management agreement with the Manager, which was further amended on May 30, 2024 ("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 S Shares, Class D Shares, Class U Shares and Class I Shares and (ii) 1.00% per annum of the month-end NAV attributable to Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares for a 60-month period following August 1, 2023 (the "Initial Offering"), and 1.25% per annum of the month-end NAV attributable to such Shares thereafter, each before giving effect to accruals for the Management Fee, the Distribution Fee (as defined herein), the Servicing Fee (as defined herein), the Performance Participation Allocation (as defined herein), share repurchases for that month, any distributions and without taking into account any taxes (whether paid, payable, accrued or otherwise) of any intermediate entity through which the Company indirectly acquires and holds a portfolio company, as determined in the good faith judgment of the Manager. Such Management Fee is calculated based on the Company's transactional net asset value ("Transactional Net Asset Value"), which is used to determine 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 portfolio companies, 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 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 September 30, 2025 and 2024, the Manager earned $21,781 and $8,338 in gross Management Fees, respectively, and the Company offset Management fees and certain other expenses of $22,157 and $8,338, respectively. For the nine months ended September 30, 2025 and 2024, the Manager earned $53,174 and $16,959 in gross Management Fees, respectively, and the Company offset Management fees and certain other expenses of $54,462 and $18,333, respectively.

As of September 30, 2025 and December 31, 2024, the Company did not owe a net Management Fee to the Manager. Pursuant to the Management Agreement, such amounts earned may be offset by the Manager against amounts due to the Company from the Manager.

As of September 30, 2025 and December 31, 2024, there were unapplied credits of $25,437 and $42,660, respectively, to be carried forward that relate to Other Fees earned.

*Performance Participation Allocation*

Under the limited liability company agreement of the Company (as amended, the "LLC Agreement"), for as long as the Management Agreement has not been terminated, the Class H Member (as defined in the LLC Agreement) may receive a Performance Participation Allocation from the Company.

KKR is allocated a "Performance Participation Allocation" equal to 15.0% of the Total Return attributable to Investor Shares subject to a 5.0% 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 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:

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&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 (as defined in the LLC Agreement) (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to KKR equals 15.0% 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, 15.0% 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, with the initial Reference Period being the period from August 1, 2023 to September 30, 2024) 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 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 are 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 in our share repurchase plan at such times and in such amounts so that, on an inception-to-date basis, KKR does not receive cumulative cash proceeds from any repurchased Class F Shares greater than 15.0% of the sum of (x) gross realized gains (net of realized losses), interest income, and certain other cash distributions from all assets; plus (y) gross unrealized gains (net of unrealized losses) from indefinite life assets (as determined by KKR) generated by the Company's assets on an inception-to-date basis. KKR has the right to modify or revoke this internal policy at any time, but will give Shareholders at least one calendar quarter's notice prior to making significant changes to this internal policy. As of July 1, 2025, KKR revised this internal policy such that it may request for repurchase Class F Shares received in respect of the Performance Participation Allocation pursuant to its 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 receive cumulative cash proceeds from any repurchased Class F Shares greater than 15.0% of the sum of (x) gross realized gains (net of realized losses), interest income, and certain other cash distributions from all assets; plus (y) gross unrealized gains (net of unrealized losses) from indefinite life assets (as determined by KKR) generated by the Company's assets on an inception to-date basis. Additionally, effective January 1, 2026, 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.

For the three months ended September 30, 2025 and 2024, the Company recognized a Performance Participation Allocation of $61,999 and $31,406, respectively, and for the nine months ended September 30, 2025 and 2024, the Company recognized a Performance Participation Allocation of $151,484 and $52,896, respectively. As of September 30, 2025, a Performance Participation Allocation accrual of $151,285 was recorded in the Consolidated Statements of Assets and Liabilities. No such accrual was recorded as of December 31, 2024.

During the three months ended September 30, 2025 and 2024, the Company issued 4,417 and 236 Class F Shares, respectively, to the Class H Member totaling $146 and $7, respectively, with respect to the Performance Participation Allocation resulting from repurchases of Investor Shares by the Company during the three months ended September 30, 2025 and 2024. During the nine months ended September 30, 2025 and 2024, the Company issued 6,064 and 284 Class F Shares, respectively, to the Class H Member totaling $199 and $8, respectively, with respect to the Performance Participation Allocation resulting from repurchases of Investor Shares by the Company during the nine months ended September 30, 2025 and 2024.

*Dealer-Manager Agreement*

On July 27, 2023, the Company entered into a 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

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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.

*Other Transactions with Dealer-Manager*

On December 23, 2024 and April 4, 2025, the Company remitted $1,000 and $750, respectively, to the Dealer-Manager for arranger fees related to the Credit Agreement, as defined in <u>[Note 6. Credit Facility](#ie37781d8be7644088c968237b90259b7_55)</u>. Additionally, during the nine months ended September 30, 2025, the Company remitted $2,492 to the Dealer-Manager for its services in sourcing, organizing, and executing a tender offer for the acquisition of certain stakes in a portfolio company.

*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 U Shares, Class R-S Shares and Class R-U Shares only (consisting of a 0.60% distribution fee (the "Distribution Fee") and a 0.25% shareholder servicing fee (the "Servicing Fee")), accrued and payable monthly 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 Transactional Net Asset Value. None of the Class I Shares, Class R-I Shares, Class E Shares, Class F Shares, Class G Shares or Class H Shares incur the Distribution Fee or the Servicing Fee. The Dealer Manager generally expects to reallow the Distribution Fee and the Servicing Fee to participating broker dealers or other intermediaries. The Company may also pay for certain sub-transfer agency, platform, sub-accounting and administrative services outside of the Distribution Fee and the Servicing Fee.

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-S Shares, Class R-U Shares and Class R-D Shares. As of September 30, 2025 and December 31, 2024, the Company has accrued $296,058 and $176,891, respectively, of Servicing Fees and Distribution Fees payable to the Dealer Manager (as defined below) related to Class R-U Shares, Class R-D Shares, Class D Shares, Class S Shares and Class U Shares sold.

*Expense Limitation and Reimbursement Agreement*

Pursuant to an Amended and Restated Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement"), through and including June 30, 2025, the Manager has agreed to 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 (as 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) portfolio company or joint venture 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 June 30, 2025 and was not renewed by the Manager and the Company for a successive term. The Company had agreed to carry forward the amount of any foregone management fee 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.

During the three and nine months ended September 30, 2025, the Manager recouped expenses of $4,227 and $13,187, respectively, incurred by the Company, pursuant to the Expense Limitation Agreement. During both the three and nine months ended September 30, 2024, the Manager recouped expenses of $1,303 incurred by the Company, pursuant to the Expense Limitation Agreement.

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For the nine months ended September 30, 2024, the Manager agreed to reimburse expenses of $3,170 incurred by the Company pursuant to the Expense Limitation Agreement. No such expenses were agreed to be reimbursed by the Manager pursuant to the Expense Limitation Agreement for the three and nine months ended September 30, 2025. As of September 30, 2025, all amounts subject to recoupment by the Manager pursuant to the Expense Limitation Agreement have been recouped.

As of September 30, 2025 and December 31, 2024, the Company recorded $17,848 and $11,203, respectively, as Due to Manager related to amounts paid by the Manager on behalf of the Company and amounts recouped under the Expense Limitation Agreement. As of September 30, 2025, the Company recorded $375 as Due from Manager related to the reimbursement of certain expenses incurred by the Manager which they have agreed to forgo.

*Acquisition of Interests in Portfolio Companies through Secondary Transactions with Related Party*

During the nine months ended September 30, 2025, the Company purchased an additional interest in a portfolio company, through a tender offer, in part from investment vehicles that are managed by an affiliate of the Manager for $288,358 and recorded unrealized appreciation of $8,106 in connection with the investment acquired.

During the nine months ended September 30, 2025, the Company purchased interests in portfolio companies from an investment vehicle that is managed by an affiliate of the Manager for $317,822 and recorded unrealized appreciation of $32,719 in connection with the investments acquired.

During the nine months ended September 30, 2024, the Company purchased interests in portfolio companies from an investment vehicle that is managed by an affiliate of the Manager for $348,432 and recorded unrealized appreciation of $33,046 in connection with the investments acquired.

*Acquisition of Interests in Portfolio Companies with Related Parties*

During the nine months ended September 30, 2025, the Company purchased an interest in a portfolio company from an affiliated KKR-sponsored investment vehicle alongside the relevant flagship private equity vehicle as part of a sale and purchase between successive fund vintages for $32,507.

During the nine months ended September 30, 2025, alongside the relevant KKR flagship private equity vehicles, an existing investment in a portfolio company was recapitalized, and the Company invested an additional $133,973. In connection with this investment, the Company received proceeds of $64,366 and recognized a realized gain on investment of $32,761.

*Line of Credit*

On December 20, 2023, certain wholly-owned 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 March 21, 2024, November 11, 2024 and May 9, 2025 (the "Line of Credit") to provide for up to a maximum aggregate principal amount of $300,000 with KKR Alternative Assets LLC (the "Line of Credit Lender"), an affiliate of the Company.

Each loan under the Line of Credit will (i) be subject to an interest rate per annum as set forth in the applicable loan request up to the then-current rate offered by a third party lender or, if no such rate is available, up to Secured Overnight Financing Rate ("SOFR") applicable to such loan plus 3.50% and (ii) in the event that the interest rate is zero percent such loan will have a maximum maturity of 364 days following the borrowing of such loan (unless otherwise consented to by the Lender in its sole discretion). The Line of Credit was initially set to expire on December 20, 2024, subject to six-month extension options requiring the Line of Credit Lender's approval. On May 9, 2025, the Line of Credit Lender agreed to extend the Line of Credit an additional six months through December 19, 2025, subject to additional six-month extension options requiring the Line of Credit Lender's approval. Each advance under the Line of Credit is repayable on the earlier of the (i) 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 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 (w) make

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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 PPM, (x) use funds to close any acquisition of a portfolio company which the Company committed to prior to receiving a demand notice, (y) make elective distributions of an amount not to exceed amounts paid in the immediately preceding fiscal quarter and (z) 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 Line of Credit 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 Line of Credit Lender under the Line of Credit have been repaid to the Line of Credit 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.

The Line of Credit Lender and its assignees shall not 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.

No balance was outstanding on the Line of Credit as of September 30, 2025 and December 31, 2024. During the nine months ended September 30, 2024, the Company incurred interest expense of $14, which was waived by the Line of Credit Lender. No such interest expense was incurred during the nine months ended September 30, 2025.

**6. Credit Facility** 

*Revolving Credit Agreement*

On December 23, 2024, certain indirect subsidiaries (collectively, the "Borrowers") of the Company entered into a revolving credit agreement (the "Credit Agreement") with Sumitomo Mitsui Banking Corporation, as joint lead arranger and administrative agent, KKR Capital Markets LLC, an indirect subsidiary of KKR & Co. Inc. and affiliate of the Company, as joint lead arranger, and the lenders party thereto.

Under the Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $200,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,500,000 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 December 23, 2027, unless there is an earlier termination or an acceleration following an event of default.

On April 4, 2025, the credit available to the Borrowers under the Credit Agreement was increased by $150,000 to an aggregate principal amount of $350,000 pursuant to a Facility Increase Request (as defined in the Credit Agreement) made by the Borrowers.

Advances under the Credit Agreement denominated in U.S. dollars bear interest, at the relevant Borrower's option, at (i) the daily or term SOFR plus a spread of 3.50% or (ii) certain alternative rates made available to the Borrower under the terms of the Credit Agreement. 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 3.50%. The Borrowers are also obligated to pay other customary closing fees, arrangement fees, administration fees, unused fees, commitment fees and letter of credit fees for a credit facility of this size and type. Obligations under the Credit Agreement are non-recourse to the Company and other parts of KKR.

Under the terms of the Credit Agreement, the Company is subject to customary affirmative and negative covenants.

As of September 30, 2025, the Company incurred $8,827 of costs associated with entry into the Credit Agreement. These costs have been capitalized within Deferred financing costs, net on the Consolidated Statement of Assets and Liabilities. As of September 30, 2025 and December 31, 2024, total remaining unamortized deferred financing costs for the Credit Agreement was $6,817 and $5,009, respectively.

As of both September 30, 2025 and December 31, 2024, the Borrowers did not have an outstanding balance under the Credit Agreement. During the three and nine months ended September 30, 2025, the Company incurred interest expense of $1,401 and $3,568, respectively, comprised of unused fees and amortization of deferred financing costs. No such interest expense was incurred during the nine months ended September 30, 2024.

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**7. Shareholders' Equity**

The following table is a summary of share activity during the three months ended September 30, 2025 and shares outstanding as of that date:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>Outstanding as of June 30, 2025** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Transfers In During the Period** | **Transfers Out During the Period** | **Shares** <br>**Outstanding as of**<br> **September 30, 2025** |
| Class D Shares | 3737299 | 1621373 |  | 8958 | (41548) | 5326082 |
| Class I Shares | 18061719 | 16982088 | (1229) | 42355 |  | 35084933 |
| Class S Shares | 61075 | 93129 |  |  |  | 154204 |
| Class U Shares | 29074572 | 16815088 | (1027) |  | (10064) | 45878569 |
| Class R-D Shares | 11273752 |  |  | 6969 | (6969) | 11273752 |
| Class R-I Shares | 60181078 |  | (102429) | 116548 |  | 60195197 |
| Class R-U Shares | 103636470 | 1 | (188628) | 7062 | (125680) | 103329225 |
| Class F Shares | 1875777 | 8245 |  |  |  | 1884022 |
| Class G Shares | 40 |  |  |  |  | 40 |
| Class H Shares | 40 |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;**Total** | 227901822 | 35519924 | (293313) | 181892 | (184261) | 263126064 |

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The following table is a summary of share activity during the nine months ended September 30, 2025 and shares outstanding as of that date:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**<br>**Outstanding as of December 31, 2024** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Transfers In During the Period** | **Transfers Out During the Period** | **Shares** <br>**Outstanding as of**<br> **September 30, 2025** |
| Class D Shares |  | 5380262 |  | 8958 | (63138) | 5326082 |
| Class I Shares | 31054 | 34959724 | (1229) | 95384 |  | 35084933 |
| Class S Shares |  | 154204 |  |  |  | 154204 |
| Class U Shares | 137406 | 45755652 | (4425) |  | (10064) | 45878569 |
| Class R-D Shares | 10419393 | 994131 |  | 6969 | (146741) | 11273752 |
| Class R-I Shares | 51968235 | 7926675 | (132873) | 433160 |  | 60195197 |
| Class R-U Shares | 93038669 | 10998096 | (376760) | 7062 | (337842) | 103329225 |
| Class F Shares | 1865972 | 18050 |  |  |  | 1884022 |
| Class G Shares | 40 |  |  |  |  | 40 |
| Class H Shares | 40 |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;**Total** | 157460809 | 106186794 | (515287) | 551533 | (557785) | 263126064 |

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The following table is a summary of share activity during the three months ended September 30, 2024 and shares outstanding as of that date:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> Outstanding as of June 30, 2024** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Transfers In During the Period** | **Transfers Out During the Period** | **Shares Outstanding as of September 30, 2024** |
| Class I Shares | 12209 | 914 |  |  |  | 13123 |
| Class U Shares | 110734 | 16200 |  |  |  | 126934 |
| Class R-D Shares | 2796988 | 5234893 |  |  | (6387) | 8025494 |
| Class R-I Shares | 33302088 | 6640650 |  | 22572 |  | 39965310 |
| Class R-U Shares | 63960210 | 13085382 | (25246) |  | (16344) | 77004002 |
| Class F Shares | 5657 | 4742 |  |  |  | 10399 |
| Class G Shares | 40 |  |  |  |  | 40 |
| Class H Shares | 40 |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;**Total** | 100187966 | 24982781 | (25246) | 22572 | (22731) | 125145342 |

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The following table is a summary of share activity during the nine months ended September 30, 2024 and shares outstanding as of that date:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Outstanding as of December 31, 2023** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Transfers In During the Period** | **Transfers Out During the Period** | **Shares Outstanding as of September 30, 2024** |
| Class I Shares | 69695 | 13653 |  |  | (70225) | 13123 |
| Class U Shares |  | 126934 |  |  |  | 126934 |
| Class R-D Shares |  | 8037638 |  |  | (12144) | 8025494 |
| Class R-I Shares | 4452158 | 35313662 | (2871) | 202361 |  | 39965310 |
| Class R-U Shares | 22941060 | 54219804 | (36083) |  | (120779) | 77004002 |
| Class F Shares | 1967 | 8432 |  |  |  | 10399 |
| Class G Shares | 40 |  |  |  |  | 40 |
| Class H Shares | 40 |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;**Total** | 27464960 | 97720123 | (38954) | 202361 | (203148) | 125145342 |

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*Distribution Reinvestment Plan*

The Company adopted a Distribution Reinvestment Plan (the "DRIP") in which cash distributions to holders of our 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 Transactional Net Asset Value per Share. Shareholders will not pay a sales load when purchasing Shares under our DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares, Class R-D Shares and Class R-U Shares, including those purchased under our DRIP, will be subject to applicable ongoing distribution and/or shareholder servicing fees.

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As of September 30, 2025 and December 31, 2024, the Company has not issued any Shares under the DRIP.

*Share Repurchases*

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-U Shares, Class R-I Shares 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).

During the three and nine months ended September 30, 2025, we redeemed 102,429 and 132,873 shares of Class R-I Shares, respectively, pursuant to our redemption plan, at an average price per share of $31.37 and $31.07, respectively. During the nine months ended September 30, 2024, we redeemed 2,871 shares of Class R-I Shares, pursuant to our redemption plan, at an average price per share of $26.12. No Class R-I Shares were redeemed during the three months ended September 30, 2024.

During the three and nine months ended September 30, 2025, we redeemed 188,628 and 376,760 shares of Class R-U Shares, respectively, pursuant to our redemption plan, at an average price per share of $30.90 and $30.37, respectively. During the three and nine months ended September 30, 2024, we redeemed 25,246 and 36,083 shares of Class R-U Shares, respectively, pursuant to our redemption plan, at an average price per share of $27.07 and $26.74, respectively.

During the three and nine months ended September 30, 2025, we redeemed 1,027 and 4,425 shares of Class U Shares, respectively, pursuant to our redemption plan, at an average price per share of $31.12 and $30.60, respectively. No Class U Shares were redeemed during the nine months ended September 30, 2024.

During both the three and nine months ended September 30, 2025, we redeemed 1,229 shares of Class I Shares, pursuant to our redemption plan, at an average price per share of $31.42. No Class I Shares were redeemed during the nine months ended September 30, 2024.

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**8. Distributions**

The Company did not declare or pay any distributions during the nine months ended September 30, 2025 and 2024.

**9. Commitments and Contingencies**

*Litigation*

The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

*Funding Commitments and Others*

The Company had $32,655 and $29,508 of unfunded commitments in portfolio companies as of September 30, 2025 and December 31, 2024, respectively.

*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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**10. Financial Highlights**

The following is a schedule of the financial highlights of the Company attributed to each class of Shares for the nine months ended September 30, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class D Shares** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R-I Shares** | **Class R-U Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| **Per share data attributed to shares**<sup>(1)</sup> | | | | | | | | | | |
| Net asset value per share at beginning of period (January 1, 2025) | $— | $28.94 | $— | $26.93 | $28.26 | $28.90 | $26.73 | $29.63 | $29.64 | $29.64 |
| &nbsp;&nbsp;Consideration from the issuance of shares | 30.14 | 0.24 | 34.84 | 5.51 | 0.05 |  | 0.19 |  |  |  |
| &nbsp;&nbsp;Repurchase of shares |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Early repurchase fee |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers in |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers out | (0.01) |  |  |  | (0.01) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from capital activity | 30.13 | 0.24 | 34.84 | 5.51 | 0.04 |  | 0.19 |  |  |  |
| &nbsp;&nbsp;Net investment (loss) income<sup>(2)</sup> | (0.41) | (0.48) | (0.38) | (0.47) | (0.52) | (0.52) | (0.51) | 0.19 | 0.19 | 0.19 |
| &nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation)<sup>(3)</sup> | 3.08 | 3.93 | 0.50 | 2.45 | 3.95 | 3.97 | 3.89 | 4.10 | 4.10 | 4.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2.67 | 3.45 | 0.12 | 1.98 | 3.43 | 3.45 | 3.38 | 4.29 | 4.29 | 4.29 |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees<sup>(2)</sup> | (1.00) |  | (4.79) | (4.25) | (0.10) |  | (0.36) |  |  |  |
| Net asset value per share at the end of period (September 30, 2025) | $31.80 | $32.63 | $30.17 | $30.17 | $31.63 | $32.35 | $29.94 | $33.92 | $33.93 | $33.93 |
| Weighted average shares outstanding at end of period (September 30, 2025) | 3431403 | 15902054 | 69977 | 23410427 | 11335981 | 60071591 | 103707078 | 1875390 | 40 | 40 |
| **Ratio/Supplemental data for Shares (not annualized):** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ratios to net asset value<sup>(4)</sup>: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before expenses reimbursed and/or recouped by Manager<sup>(5)(6)</sup> | 0.22% | 0.24% | 0.16% | 0.26% | 0.27% | 0.26% | 0.28% | 0.26% | 0.26% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses reimbursed and/or recouped by Manager<sup>(5)(6)</sup> | 0.17% | 0.18% | 0.11% | 0.19% | 0.21% | 0.20% | 0.21% | 0.20% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses after expenses reimbursed and/or recouped by Manager<sup>(5)(6)</sup> | 0.39% | 0.42% | 0.27% | 0.45% | 0.48% | 0.46% | 0.49% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Participation Allocation<sup>(5)</sup> | 2.03% | 2.34% | 1.91% | 2.43% | 2.34% | 2.29% | 2.43% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses<sup>(5)(7)(8)</sup> | 2.42% | 2.76% | 2.18% | 2.88% | 2.82% | 2.75% | 2.92% | 0.46% | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment (loss) income<sup>(5)</sup> | (1.36)% | (1.53)% | (1.29)% | (1.60)% | (1.73)% | (1.69)% | (1.80)% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GAAP return attributed to Shares based on net asset value<sup>(9)</sup> | 8.76% | 12.75% | (0.88)% | 12.03% | 11.92% | 11.94% | 12.01% | 14.48% | 14.47% | 14.47% |

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The following is a schedule of the financial highlights of the Company attributed to each class of Shares for the nine months ended September 30, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class U Shares** | **Class R-D Shares** | **Class R-I Shares** | **Class R-U Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| **Per share data attributed to shares** <sup>(1)</sup> | | | | | | | | |
| Net asset value per share at beginning of period (January 1, 2024) | $25.88 | $— | $— | $25.87 | $24.08 | $26.02 | $26.02 | $26.02 |
| &nbsp;&nbsp;Consideration from the issuance of shares, net |  | 27.11 | 27.10 |  | 1.90 |  |  |  |
| &nbsp;&nbsp;Repurchase of shares |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Early repurchase fee |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers in |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers out |  |  |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees <sup>(2)</sup> |  | (2.10) | (1.31) |  | (1.94) |  |  |  |
| &nbsp;&nbsp;Net investment (loss) income <sup>(2)</sup> | (0.61) | (0.31) | (0.58) | (0.50) | (0.44) | 0.16 | 0.18 | 0.18 |
| &nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation)<sup>(2)</sup> | 3.42 | 2.07 | 2.83 | 3.28 | 3.00 | 3.20 | 3.18 | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets attributed to shareholders | 2.81 | (0.34) | 0.94 | 2.78 | 2.51 | 3.36 | 3.36 | 3.36 |
| Net asset value per share at the end of period (September 30, 2024) | $28.69 | $26.77 | $28.04 | $28.65 | $26.59 | $29.38 | $29.38 | $29.38 |
| Net assets at end of period (September 30, 2024) | $377 | $3398 | $225073 | $1145171 | $2047627 | $306 | $1 | $1 |
| Shares outstanding at end of period (September 30, 2024) | 13123 | 126934 | 8025494 | 39965310 | 77004002 | 10399 | 40 | 40 |
| Weighted average shares outstanding at end of period (September 30, 2024) | 6785 | 115648 | 3453213 | 25419205 | 54036228 | 6538 | 40 | 40 |
| **Ratio/Supplemental data for Shares (not annualized):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ratios to net asset value <sup>(4)</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before Performance Participation Allocation <sup>(5)</sup> | 0.43% | 0.22% | 0.39% | 0.42% | 0.46% | 0.44% | 0.44% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before expenses reimbursed and/or recouped by Manager <sup>(5) (7)</sup> | 3.13% | 1.57% | 2.92% | 2.98% | 3.01% | 0.53% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses after expenses reimbursed and/or recouped by Manager <sup>(5) (7)</sup> | 3.16% | 1.60% | 2.96% | 2.93% | 2.89% | 0.44% | 0.44% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses after Performance Participation Allocation <sup>(5) (8)</sup> | 3.16% | 1.60% | 2.96% | 2.93% | 2.89% | 0.44% | 0.44% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment (loss) income<sup>(5)</sup> | (2.20)% | (1.20)% | (2.13)% | (1.83)% | (1.73)% | 0.58% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GAAP return attributed to Shares based on net asset value <sup>(5)(9)</sup> | 10.86% | (0.37)% | 7.85% | 10.75% | 10.42% | 12.91% | 12.91% | 12.91% |

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

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

(3) 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 portfolio company investments for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

(4) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whole.

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

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

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

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

(9) 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 our 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 5. Related Party Transactions](#ie37781d8be7644088c968237b90259b7_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. The Company did not declare or pay any distributions during the nine months ended September 30, 2025 and 2024.

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**11. 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.

If foreign corporate subsidiaries of the Company generate U.S. source income that is not effectively connected with a U.S. trade or business, the foreign corporate subsidiary could be subject to a 30% federal income tax on its share of all fixed or determinable annual or periodical gains, profits and income unless certain statutory exceptions are met. The tax is expected to be withheld at the source and taxes withheld can be used as a payment against the U.S. income tax liability of the foreign corporate subsidiaries. The Company holds certain investments which may generate U.S. source interest or dividends subject to this 30% withholding tax for the foreign corporate subsidiaries.

For the three months ended September 30, 2025 and 2024, the effective tax rates were 11.7% and 9.8%, respectively, and for the nine months ended September 30, 2025 and 2024, the effective tax rates were 7.8% and 6.8%, respectively. For both the three and nine months ended September 30, 2025 and 2024, 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.

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.

**12. Segment Reporting**

The Company operates through a single operating and reporting segment with a principal objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through Joint Ventures. The Company's Co-CEOs act as the Company's chief operating decision maker (the "CODM") and are 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 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.

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**13. Subsequent Event**

*Unregistered Sales of Equity Securities*

On October 1, 2025, the Company sold the following Investor Shares of the Company (with the final number of shares determined on October 21, 2025) to investors for cash:

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| | | |
|:---|:---|:---|
| **Class** | **Number of Shares Sold** | **Net Consideration** |
| Class D Shares | 537769 | $17515 |
| Class I Shares | 4463831 | 146317 |
| Class S Shares | 53870 | 1745 |
| Class U Shares | 5555509 | 179979 |
|  |  | $345556 |

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*Share Repurchases*

On November 5, 2025, we redeemed 819, 11,140, 8,195, 20,516, 114,603, and 192,977 shares of Class D Shares, Class I Shares, Class U Shares, Class R-D Shares, Class R-I Shares and Class R-U Shares, respectively, pursuant to our redemption plan, at a price per share of $32.57, $32.78, $32.40, $32.57, $32.73, and $32.10, respectively.

*Performance Participation Allocation*

On October 1, 2025, the Company issued 4,408,183 Class F Shares to KKR in satisfaction of the Performance Participation Allocation liability of $151,285 due to KKR as of September 30, 2025.

*Revolving Credit Agreement*

On October 15, 2025, the Borrowers entered into two lender joinder agreements to the Credit Agreement. Pursuant to the joinders, the credit available to the Borrowers was increased by $250,000 to an aggregate principal amount of $600,000. The Credit Agreement continues to include an uncommitted accordion feature that allows the Borrowers to increase the commitment to up to $1,500,000 in the aggregate. On October 15, 2025, the Company remitted $1,250 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Credit Agreement.

Except as described above, the material terms of the Credit Agreement remain unchanged.

*Line of Credit*

On November 11, 2025, the Line of Credit Lender agreed to extend the Line of Credit an additional six months through June 19, 2026, subject to additional six-month extension options.

Except as described above, the material terms of the Line of Credit remain unchanged.

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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, 2024. 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, 2024.* 

***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 Private Equity Conglomerate LLC (together with its subsidiaries, the "Company," "we," "us," or "our") was formed on December 6, 2022 as a limited liability company under the laws of the state of Delaware and we operate our business in a manner permitting us to be excluded from the definition of "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 with the objective of generating attractive risk-adjusted returns and achieving medium-to-long-term capital appreciation through joint ventures ("Joint Ventures"). The Company commenced principal operations on August 1, 2023.

We have been established by Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, "KKR") as the flagship conglomerate to own and control Joint Ventures that, directly or indirectly, own majority and/or primarily controlling stakes in portfolio companies, and to a lesser extent, Joint Ventures that own influential yet non-controlling stakes in portfolio companies. Our Joint Ventures focus on acquiring geographically diversified portfolio companies that operate principally in the following business lines: Business & Financial Services; Consumer & Retail; Healthcare; Impact; Industrials; and Technology, Media & Telecommunications. We intend to own and control portfolio companies in the geographies where KKR is active, including North America, Europe and Asia Pacific. Over time, we expect to acquire portfolio companies that generate attractive risk-adjusted returns, using proceeds raised from the continuous offering of our securities, distributions from portfolio companies, and opportunistically recycling capital generated from dispositions of portfolio companies.

A key part of our strategy is to form Joint Ventures by pooling capital with one or more KKR Vehicles that target acquisitions of portfolio companies that are compatible with our business strategy. We expect that we will own nearly all of our portfolio companies 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 portfolio companies and leverages KKR's operations-oriented management approach to value creation with the objective of achieving 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 Joint Venture interests in portfolio companies directly or indirectly through K-PEC Holdings LLC and any similar wholly-owned holding company formed in the future to acquire, own and control portfolio companies (the "Operating Subsidiaries"). In turn, each Operating Subsidiary holds our interests in portfolio companies 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 portfolio company. The Company and the applicable KKR Vehicle will hold the interests in each portfolio company 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 portfolio companies indirectly through vehicles we do not control. We may occasionally be a passive investor into a vehicle that holds an investment in a single portfolio company. 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 portfolio companies, whether made through our Joint Ventures or, to a lesser extent, our other acquisition strategies, will make up approximately 80% of our assets. We expect that we will own and control the large majority by value of those Joint Ventures and that the large majority by value of such Joint Ventures will majority-own or primarily control their underlying portfolio companies. Additionally, we expect that up to 20% of our assets will consist of cash and cash equivalents, U.S. Treasury securities, U.S. government agency securities,

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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 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 20% of our assets at any given time due to new subscriptions, shareholder participation in our share repurchase program, distributions from, or dispositions of, portfolio companies or for other reasons as KKR DAV Manager LLC (our "Manager") determines. In addition to the target of 20% 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 portfolio company 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 portfolio company's board of directors).

We may also opportunistically acquire a limited amount of indirect exposure to multiple portfolio companies by acquiring interests in multi-asset vehicles controlled by an investment manager ("commingled funds"), which may include newly formed funds and certain "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 opportunistic 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 (the "Private Offering"), including under Regulation D and Regulation S. As of September 30, 2025, we offer four classes of investor shares: Class S Shares, Class D Shares, Class U Shares and Class I Shares. As of January 2, 2025, Class R-S Shares, Class R-D Shares, Class R-U Shares and Class R-I Shares (collectively, with the Class S Shares, Class D Shares, Class U Shares and Class I Shares, the "Investor Shares" and, together with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the "Shares") were no longer available for purchase. We may offer additional classes of Investor Shares in the future.

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**Recent Developments**

***Portfolio Company Activity***

During the three months ended September 30, 2025, the Company acquired indirect interests in the following new portfolio companies:

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| | |
|:---|:---|
| **Portfolio Company** | **Description** |
| Ascend Asia Financial Services Group Pte. Ltd. | Ascend Asia Financial Services Group Pte. Ltd. is a newly established financial advisory platform licensed to distribute life insurance, general insurance and wealth products and is based in Singapore. |
| Biotage Sweden AB | Biotage Sweden AB is a global life sciences tools platform that develops instruments, consumables and workflows for chemical separation, purification and sample preparation and is based in Uppsala, Sweden. |
| DAYAO Jiabin Beverages Co. Ltd. | DAYAO Jiabin Beverages Co. Ltd. is a local carbonated soft drink brand and is based in Hohhot, China. |
| EDI Health Group, Inc. ("DentalXChange") | DentalXChange is a leading provider of dental clearinghouse and related solutions enabling the automated flow of claims, payment information, and other data between patients, providers, payers, and practice management system (PMS) channel partners and is based in Irvine, California. |
| Hoken Minaoshi Honpo Co Ltd | Hoken Minaoshi Honpo Co Ltd is a shop-model life insurance agency that provides flexible consultation options tailored to customer needs, including in-store meetings, online consultations, and home visits and is based in Japan. |
| Karo Healthcare AB | Karo Healthcare AB is a Swedish company specializing in over-the-counter consumer healthcare products across Europe, serving millions through pharmacies and retail channels and is based in Stockholm, Sweden. |
| Samhwa Co Ltd | Samhwa Co Ltd is one of the largest cosmetic packaging manufacturers in South Korea serving more than 300 brands globally, such as YSL, Valentino, Prada, La Prairie, and Dior. With end-to-end capabilities across design, research and development, and production, Samhwa plays a critical role in the premium segment of the global beauty supply chain and is based in Seoul, South Korea. |
| Topcon Corp | Topcon specializes in eye-care diagnostic systems and precision measurement technologies for construction and agriculture, now being strategically repositioned as a pure-play eye-care and medical technology platform, and is based in Tokyo, Japan. |

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In addition, during the same period, the Company acquired additional indirect interests in the Blue Sprig Pediatrics, Inc., HealthCare Global Enterprises Ltd. and IQGeo Group PLC as part of add-on transactions.

The charts below present the diversification of our portfolio companies by strategy, sector and geography as of September 30, 2025, based upon the fair value of the portfolio companies. Percentages reflect a pro forma presentation of the Company's investments as of September 30, 2025, inclusive of any transactions which were consummated after such date but funded by the Company on or before September 30, 2025.

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| | |
|:---|:---|
| **STRATEGY** | **SECTOR** |
| ![K-PEC Strategy (9-30).jpg](kkr-20250930_g1.jpg) | ![K-PEC Sector (9-30).jpg](kkr-20250930_g2.jpg) |

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**GEOGRAPHY**

![K-PEC Geography (9-30).jpg](kkr-20250930_g3.jpg)

The chart below presents the Company's ten largest investments, based upon estimated fair value, as of September 30, 2025, inclusive of any transactions which were consummated after such date but funded by the Company on or before September 30, 2025.

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| | | |
|:---|:---|:---|
| **Portfolio Company** | **Sector** | **Country** |
| Cotiviti, Inc. | Health Care | United States |
| Omnissa, LLC (f/k/a VMware End User Computing) | Information Technology | United States |
| Exact Software Nederland BV | Information Technology | Netherlands |
| Söderberg & Partners Asset<br>Management SA | Financials | Sweden |
| Fuji Soft Inc. | Information Technology | Japan |
| Karo Healthcare AB | Health Care | Sweden |
| DentalXChange | Health Care | United States |
| Biotage | Health Care | Sweden |
| USI Insurance Services LLC | Financials | United States |
| FGS Global Inc | Communication Services | Germany |

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During October 2025, the Company acquired an indirect interest in the following new portfolio company:

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| | |
|:---|:---|
| **Portfolio Company** | **Description** |
| OSTTRA | OSTTRA is a provider of post-trade workflow solutions for global OTC derivatives across rates, FX, credit and equity asset classes, serving banks, broker-dealers, asset managers and other market participants in the financial ecosystem and is based in London, United Kingdom. |

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In addition, during the same period, the Company acquired additional indirect interests in Frontier Biosolutions and an additional indirect interest in April SAS as part of an add-on transaction.

***Business Environment***

Beginning in March 2025 and continuing through the date of the filing of this Quarterly Report on Form 10-Q, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven principally by geopolitical and global trade concerns, including, in particular, the announcements of the imposition of tariffs by the United States on certain of its trading partners since April 2025 and certain retaliation by such trade partners. 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 portfolio companies, the pace and volume of our deployments and realizations, and our fundraising activities.

***Line of Credit***

On November 11, 2025, the Line of Credit Lender agreed to extend the Line of Credit (each as defined in "<u>[Note 5. Related](#ie37781d8be7644088c968237b90259b7_52)[Party Transactions](#ie37781d8be7644088c968237b90259b7_52)</u>" to our consolidated financial statements found elsewhere in this Quarterly Report on Form 10-Q) an additional six months through June 19, 2026, subject to additional six-month extension options.

Except as described above, the material terms of the Line of Credit remain unchanged.

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**Operating Results Highlights**

During the three and nine months ended September 30, 2025, we raised aggregate subscription proceeds of $1,117,512 and $3,215,491, respectively, related to Investor Shares. These subscription proceeds were used, in part, to acquire our interests in new portfolio companies as well as add-on transactions in existing portfolio companies totaling $718,953 and $2,035,866 during the three and nine months ended September 30, 2025, respectively.

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 D Shares** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R-I Shares** | **Class R-U Shares** |
| Share class inception date | February 1, 2025 | September 1, 2023 | April 1, 2025 | June 1, 2024 | February 1, 2024 | August 1, 2023 | August 1, 2023 |
| Three months ended September 30, 2025 | 4.25% | 4.32% | 4.09% | 4.09% | 4.25% | 4.32% | 4.10% |
| Nine months ended September 30, 2025 | 11.39% | 13.27% | 6.44% | 12.51% | 13.03% | 13.25% | 12.53% |
| Inception to date annualized September 30, 2025 | Not applicable | 12.94% | Not applicable | 15.16% | 14.51% | 13.25% | 12.25% |

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(1) "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. The Company did not declare or pay any distributions from inception through September 30, 2025. For share classes without twelve months of performance, we have not included the inception to date annualized total return.

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**Results of Operations**

We are dependent upon the proceeds from our continuous Private Offering in order to conduct our business. We intend to continue to acquire portfolio companies with the capital received from our continuous Private Offering and any indebtedness that we may incur in connection with such activities.

The following table presents our comparative results of operations (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Investment income** |  |  |  |  |  |  |
| &nbsp;&nbsp;Dividend income (net of withholding tax of $7,543, $0, $7,543, and $0, respectively) | $37175 | $7442 | $29733 | $72930 | $24130 | $48800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 37175 | 7442 | 29733 | 72930 | 24130 | 48800 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Performance participation allocation | 61999 | 31406 | 30593 | 151484 | 52896 | 98588 |
| &nbsp;&nbsp;Management fee expense | 21781 | 8338 | 13443 | 53174 | 16959 | 36215 |
| &nbsp;&nbsp;Professional fees | 2748 | 2039 | 709 | 7893 | 7067 | 826 |
| &nbsp;&nbsp;General and administration expenses | 2453 | 1505 | 948 | 6787 | 4419 | 2368 |
| &nbsp;&nbsp;Directors' fees and expenses | 153 | 154 | (1) | 461 | 460 | 1 |
| &nbsp;&nbsp;Interest expense | 1401 |  | 1401 | 3568 | 14 | 3554 |
| &nbsp;&nbsp;Deferred offering costs amortization |  | 117 | (117) |  | 815 | (815) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 90535 | 43559 | 46976 | 223367 | 82630 | 140737 |
| &nbsp;&nbsp;Less: Management fee and expense credits | (22157) | (8338) | (13819) | (54462) | (18333) | (36129) |
| &nbsp;&nbsp;Less: Expenses reimbursed by Manager |  |  |  |  | (3170) | 3170 |
| &nbsp;&nbsp;Add: Expenses recouped by Manager | 4227 | 1303 | 2924 | 13187 | 1303 | 11884 |
| &nbsp;&nbsp;Less: Interest expense waived by Line of Credit Lender |  |  |  |  | (14) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | 72605 | 36524 | 36081 | 182092 | 62416 | 119676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (35430) | (29082) | (6348) | (109162) | (38286) | (70876) |
| **Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 4111 | (4111) | 32761 | 4111 | 28650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (1003) | 314 | (1317) | 2038 | 260 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 206 | (7627) | 7833 | 68 | (4485) | 4553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized (loss) gain | (797) | (3202) | 2405 | 34867 | (114) | 34981 |
| **Net change in unrealized appreciation (depreciation) on investments, 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 | 367491 | 196106 | 171385 | 815379 | 326635 | 488744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 4898 | 14934 | (10036) | 172625 | 9908 | 162717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 9912 | (791) | 10703 | (94957) | 337 | (95294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (7) |  | (7) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation before income taxes | 382294 | 210249 | 172045 | 893047 | 336880 | 556167 |
| &nbsp;&nbsp;Provision for income taxes | 33757 | 17527 | 16230 | 56672 | 20161 | 36511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation after income taxes | 348537 | 192722 | 155815 | 836375 | 316719 | 519656 |
| **Net increase in net assets resulting from operations** | $312310 | $160438 | $151872 | $762080 | $278319 | $483761 |

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A discussion of the results of operations for the three and nine months ended September 30, 2025 and 2024, is as follows:

***Investment Income***

We generate investment income primarily from our long-term ownership and operation of Joint Ventures and portfolio companies 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 portfolio companies.

As the majority of our assets consist of long-term ownership and operation of Joint Ventures and portfolio companies, 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 portfolio company level, but is instead the amount of cash that is distributed from the portfolio company to the Company from time to time after paying for all portfolio company level expenses and debt obligations. Thus, the presentation of investment income in our consolidated financial statements differs from the traditional presentation shown in the consolidated financial statements of entities not prepared in accordance with Accounting Standards Codification 946, *Financial Services—Investment Companies* ("ASC 946") and, most notably, is not equivalent to revenue as one might expect to see in consolidated financial statements not prepared in accordance with ASC 946.

Dividend income from our portfolio company is recorded on the date when cash is received from the relevant portfolio company, but excludes any portion of distributions that are treated as a return of capital. Each distribution received from a portfolio company 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.

For the three and nine months ended September 30, 2025 as compared to the comparable periods in 2024, dividend income increased by $29,733 and $48,800, respectively, driven by both an increase in income from money market funds and dividend income received from portfolio companies.

***Expenses***

For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, total operating expenses increased by $46,976 and $140,737, respectively, primarily resulting from an increase in performance participation allocation ("Performance Participation Allocation") and gross management fees ("Management Fee") pursuant to the management agreement entered into between the Company and the Manager, (as amended and restated, the "Management Agreement") earned by the Manager. Management fees were fully offset for the three and nine months ended September 30, 2025 and 2024.

For the three and nine months ended September 30, 2025, the Manager recouped expenses of $4,227 and $13,187, respectively, incurred by the Company, pursuant to the Expense Limitation Agreement, as compared to $1,303 of expenses recouped for both the three and nine months ended September 30, 2024.

For the nine months ended September 30, 2024, the Manager agreed to reimburse expenses of $3,170 incurred by the Company pursuant to the Expense Limitation Agreement. No such expenses were agreed to be reimbursed by the Manager pursuant to the Expense Limitation Agreement for the three and nine months ended September 30, 2025 and the three months ended September 30, 2024.

Going forward, we expect our primary expenses to be the payment of the Management Fee, as well as the Performance Participation Allocation to KKR. We will also bear other capital and operating expenses.

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

Net realized gain and loss and net unrealized appreciation and depreciation from our investments 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 and 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 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.

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For the nine months ended September 30, 2025, we recognized a net realized gain of $34,867, compared to a net realized loss of $114 for the nine months ended September 30, 2024, with the change primarily resulting from an increase in realized gains on investments of $28,650. During the nine months ended September 30, 2025, we recognized a realized gain on investments of $32,761 resulting from the sale of an asset during the second quarter of 2025 and during the nine months ended September 30, 2024, we recognized a realized gain on investments of $4,111 resulting from a partial sale of an asset during the third quarter of 2024.

For the three and nine months ended September 30, 2025 as compared to the same periods in 2024, total net change in unrealized appreciation before income taxes increased by $172,045 and $556,167, respectively. The increase of $172,045 for the three months ended September 30, 2025 compared to the comparable period in 2024 is due primarily to an increase of $171,385 resulting from unrealized appreciation on investments related to the change in value of portfolio companies. The increase of $556,167 for the nine months ended September 30, 2025 compared to the comparable period in 2024 is due primarily to an increase of $488,744 resulting from unrealized appreciation on investments related to the change in value of portfolio companies and an increase of $162,717 resulting from unrealized appreciation on foreign currency translation related to the change in value based upon changes in foreign currency exchange rates, offset by a decrease of $95,294 resulting from unrealized depreciation on foreign currency forward contracts.

***Provision for Income Taxes***

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, resulting in a provision for income taxes. For the three and nine months ended September 30, 2025 as compared to the comparable periods in 2024, provision for income taxes increased by $16,230 and $36,511, respectively, as a result of the increase in unrealized appreciation related to the change in value of portfolio companies for investments that are subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

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

For the three and nine months ended September 30, 2025 as compared to the comparable periods in 2024, net increase in net assets resulting from operations increased by $151,872 and $483,761, respectively, primarily resulting from a net increase in unrealized appreciation after income taxes and dividend income, partially offset by an increase in Performance Participation Allocation.

**Investment Company Accounting Considerations**

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**Transactional Net Asset Value**

The Company calculates 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"). The following table provides a breakdown of the major components of our Transactional Net Asset Value as of September 30, 2025 ($ in thousands, except shares):

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| | |
|:---|:---|
| **Components of Transactional Net Asset Value** | **September 30, 2025** |
| Investments at fair value (cost of $5,589,172) | $6911901 |
| Cash and cash equivalents | 1868983 |
| Foreign currencies at fair value (cost of $193) | 194 |
| Other assets | 18592 |
| Other liabilities | (107630) |
| Accrued performance participation allocation | (151285) |
| Accrued shareholder servicing fees and distribution fees <sup>(1)</sup> | (6874) |
| Management fee payable | **—** |
| **Transactional Net Asset Value** | $**8533881** |
| **Number of outstanding shares** | **263126064** |

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

Effective January 1, 2025, the Company updated its Transactional Net Asset Value calculation methodology such that the Company may exclude from the calculation of Transactional Net Asset Value as of the relevant valuation date, tax liabilities of certain taxable subsidiaries through which the Company holds portfolio companies that are contingent upon the expected manner of the divestment of the associated underlying portfolio company and are not expected to be recognized by the Company

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(although the current tax liabilities of any such taxable subsidiaries may be taken into account in determining the fair value of the associated underlying portfolio companies).

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 September 30, 2025 ($ in thousands, except shares and per share data):

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transactional Net Asset Value Per Share** | **Class D Shares** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R-I Shares** | **Class R-U Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total** |
| Transactional Net Asset Value | $173464 | $1150028 | $4996 | $1486306 | $367165 | $1970078 | $3317184 | $64658 | $1 | $1 | $8533881 |
| Number of outstanding shares | 5326082 | 35084933 | 154204 | 45878569 | 11273752 | 60195197 | 103329225 | 1884022 | 40 | 40 | 263126064 |
| Transactional Net Asset Value per Share as of September 30, 2025 | $32.57 | $32.78 | $32.40 | $32.40 | $32.57 | $32.73 | $32.10 | $34.32 | $34.32 | $34.32 |  |

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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:

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| | |
|:---|:---|
| | **September 30, 2025** |
| GAAP Net Asset Value | $8164760 |
| Adjustment: |  |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees<sup>(1)</sup> | 289184 |
| &nbsp;&nbsp;Deferred tax liabilities of certain taxable subsidiaries<sup>(2)</sup> | 79937 |
| Transactional Net Asset Value | $8533881 |

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(1) Represents an adjustment to reflect shareholder servicing fees and distribution fees related to Class D, Class S, Class U, Class R-D and Class R-U 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 portfolio companies that are contingent upon the expected manner of the divestment of the associated underlying portfolio company and are not reasonably expected to be recognized by the Company.

**Valuation Methodologies and Significant Inputs**

The following table presents additional information about valuation methodologies and significant inputs used for portfolio companies that are valued at fair value as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Valuation Methodology** | **Unobservable Input(s)** <sup>(1)</sup> | **Weighted Average** <sup>(2)</sup> | **Range** |
| Inputs to market comparables, discounted cash flow and transaction price/other | Illiquidity Discount | 7.8% | 5.0% - 15.0% |
|  | Weight Ascribed to Market Comparables | 40.9% | 0.0% - 100.0% |
|  | Weight Ascribed to Discounted Cash Flow | 41.5% | 0.0% - 75.0% |
|  | Weight Ascribed to Transaction Price/Other | 17.6% | 0.0% - 100.0% |
| Market Comparables | Enterprise Value / Forward EBITDA Multiple | 14.6x | 7.8x - 23.1x |
|  | Enterprise Value / Forward Revenues Multiple | 9.0x | 2.4x - 11.3x |
| Discounted Cash Flow | Weighted Average Cost of Capital | 11.1% | 6.3% - 20.9% |
|  | Enterprise Value / LTM EBITDA Exit Multiple | 13.5x | 8.5x - 23.0x |

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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. "LTM" means Last Twelve Months.

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

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

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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 September 30, 2025:

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| | | |
|:---|:---|:---|
| **Input** | **Hypothetical Change** | **Portfolio Company Values** |
| Weighted Average Cost of Capital | 0.25% decrease | +0.82% |
|  | 0.25% increase | -0.78% |

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**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 portfolio company 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 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 September 30, 2025 and December 31, 2024, the fair value of our foreign currency forward contracts was a net liability of $64,638 and a net asset of $30,319, respectively. As of September 30, 2025 and December 31, 2024, we recorded unrealized appreciation on foreign currency forward contracts of $4,354 and $30,319, respectively, as an asset in the Consolidated Statements of Assets and Liabilities and unrealized depreciation on foreign currency forward contracts of $68,992 and $0, respectively, as a liability in the Consolidated Statements of Assets and Liabilities.

For the three and nine months ended September 30, 2025, we recorded a change in net unrealized appreciation (depreciation) on foreign currency forward contracts of $9,912 and $(94,957), respectively, in the Consolidated Statements of Operations.

By using derivative instruments, the Company is exposed to the counterparty's credit risk, which is 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 Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements.

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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 related portfolio company holdings, 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 Transactional Net Asset Value.

During the three and nine months ended September 30, 2025, we redeemed 102,429 and 132,873 shares of Class R-I Shares, respectively, pursuant to our redemption plan, at an average price per share of $31.37 and $31.07, respectively. During the nine months ended September 30, 2024, we redeemed 2,871 shares of Class R-I Shares, pursuant to our redemption plan, at an average price per share of $26.12. No Class R-I Shares were redeemed during the three months ended September 30, 2024.

During the three and nine months ended September 30, 2025, we redeemed 188,628 and 376,760 shares of Class R-U Shares, respectively, pursuant to our redemption plan, at an average price per share of $30.90 and $30.37, respectively. During the three and nine months ended September 30, 2024, we redeemed 25,246 and 36,083 shares of Class R-U Shares, respectively, pursuant to our redemption plan, at an average price per share of $27.07 and $26.74, respectively.

During the three and nine months ended September 30, 2025, we redeemed 1,027 and 4,425 shares of Class U Shares, respectively, pursuant to our redemption plan, at an average price per share of $31.12 and $30.60, respectively. No Class U Shares were redeemed during the nine months ended September 30, 2024.

During both the three and nine months ended September 30, 2025, we redeemed 1,229 shares of Class I Shares, pursuant to our redemption plan, at an average price per share of $31.42. No Class I Shares were redeemed during the nine months ended September 30, 2024.

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**Liquidity and Capital Resources**

As of September 30, 2025, the Company had $1,868,983 and $194 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 reflective of the cash necessary to fund normal operations, with our cash and cash equivalents consisting primarily of money market funds.

In addition, the Borrowers have entered into the Credit Agreement (as each term is defined in "<u>[Note 6. Credit Facility](#ie37781d8be7644088c968237b90259b7_55)</u>" to our consolidated financial statements found elsewhere in this Quarterly Report on Form 10-Q), under which the Borrowers have available borrowings in an aggregate principal amount of up to $600,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,500,000 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 December 23, 2027, unless there is an earlier termination or an acceleration following an event of default. As of September 30, 2025, the Borrowers did not have an outstanding balance under the Credit Agreement.

On December 20, 2023, certain wholly-owned subsidiaries of the Company entered into the Line of Credit (as defined in "<u>[Note 5. Related Party Transactions](#ie37781d8be7644088c968237b90259b7_52)</u>" to our consolidated financial statements found elsewhere in this Quarterly Report on Form 10-Q) to provide for up to a maximum aggregate principal amount of $300,000 with KKR Alternative Assets LLC, an affiliate of the Company. As of September 30, 2025, the Line of Credit Borrowers did not have an outstanding balance under the Line of Credit.

We expect to generate cash primarily from the net proceeds from our continuous Private Offering, cash flows from our operations, the Line of Credit, the Credit Agreement, any other financing arrangements we have entered into and 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 acquisition of portfolio companies, the cost of operations (including the Management Fee and the 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. The Company may issue Class E Shares to KKR in connection with the Company's acquisition of additional assets in the future.

**Cash Flows**

*Cash used in operating activities*

Net cash flow used in operating activities was $1,910,938 for the nine months ended September 30, 2025 and is primarily the result of funding the acquisitions of portfolio companies, offset in part by proceeds received primarily from the disposal of an interest in a portfolio company.

*Cash provided by financing activities*

Net cash flow provided by financing activities was $3,178,584 for the nine months ended September 30, 2025, which primarily reflects the proceeds from the sale of Shares pursuant to our 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 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.

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***Valuation of Portfolio Companies***

The Company's portfolio companies are valued at fair value in a manner consistent with GAAP, including Accounting Standards Codification 820, Fair Value Measurements and Disclosure ("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 holdings 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 portfolio companies that do not have readily available market prices, the Manager considers industry-accepted valuation methodologies, such as: (i) an income approach and (ii) a 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. In addition, when a definitive agreement has been executed to sell an investment, the Manager generally considers a significant determinant of fair value to be the consideration to be received pursuant to the executed definitive agreement.

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. The Manager also considers a range of additional factors that it deems relevant, including a potential sale of a portfolio company, macro and local market conditions, industry information and the portfolio company's historical and projected financial data.

Portfolio companies will generally be valued at transaction price initially; however, to the extent the Manager does not believe a portfolio company's transaction price reflects the current market value, the Manager will adjust such valuation. When making fair value determinations for portfolio companies, 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 portfolio companies' financial performance since the valuation date, as well as any cash flow activity related to the portfolio companies during the month. The Manager values portfolio companies 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 portfolio companies) valued with a 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.

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.

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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 fees (a) of 0.85% of NAV per annum for Class S Shares, Class U Shares, Class R-S Shares and Class R-U Shares only (consisting of a 0.60% distribution fee (the "Distribution Fee") and a 0.25% shareholder servicing fee (the "Servicing Fee")), accrued and payable monthly 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 Transactional Net Asset Value. None of the Class I Shares, Class R-I Shares, Class E Shares, Class F Shares, Class G Shares or Class H Shares incur the Distribution Fee or the Servicing Fee.

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-S Shares, Class R-U Shares and Class R-D 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 entail 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 September 30, 2025 and December 31, 2024, the Company has accrued $296,058 and $176,891, respectively, of Servicing Fees and Distribution Fees payable to KKR Capital Markets LLC, related to the Class R-U Shares, Class R-D Shares, Class D, Class S Shares and Class U Shares sold.

**Recent Accounting Pronouncements**

See "<u>[Note 2. Summary of Significant Accounting Policies](#ie37781d8be7644088c968237b90259b7_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 9. Commitments and Contingencies](#ie37781d8be7644088c968237b90259b7_64)</u>," to our consolidated financial statements in this Quarterly Report on Form 10-Q for any contractual obligations and commitments with payments due subsequent to September 30, 2025.

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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 portfolio companies. The fair value of portfolio companies may fluctuate in response to changes in the values of portfolio companies, 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 "Item 3. Quantitative and Qualitative Disclosures about Market Risk" are in thousands, unless otherwise noted.

**Changes in Fair Value**

All of our portfolio companies as of September 30, 2025 are reported at fair value. Net changes in the fair value of portfolio companies impact the net increase or decrease in net assets resulting from operations in our statements of operations. Based on portfolio companies held as of September 30, 2025, we estimate that an immediate 10% decrease in the fair value of portfolio companies 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 portfolio company was valued using observable market prices or management estimates with significant unobservable pricing inputs.

Based on the fair value of the portfolio companies as of September 30, 2025, we estimate that an immediate, hypothetical 10% decline in the fair value of Level III portfolio companies would result in a decline in net increase in net assets resulting from operations of $688,694, if not offset by other factors.

**Exchange Rate Risk**

We hold portfolio companies denominated in currencies other than the U.S. dollar. Those portfolio companies expose us to the risk that the value of the portfolio companies will be affected by changes in exchange rates between the currency in which the portfolio companies are denominated and the currency in which the portfolio companies 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 portfolio companies are denominated (including euros), 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 portfolio companies were denominated as of September 30, 2025 (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 $84,298, 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 portfolio companies, 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 portfolio companies that do not have readily observable market prices. If applicable interest rates rise, then the assumed cost of capital for those portfolio companies 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 portfolio companies 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 portfolio companies 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.

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 fixed income 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 fixed income investments to increase. As of September 30, 2025, we had no indebtedness.

**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 "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Hedging Activities" 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 Co-Chief Executive Officers 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 Co-Chief Executive Officers and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025. Based upon that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that, as of September 30, 2025, 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 September 30, 2025 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**

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2025, we were not involved in any material legal proceedings.

**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, 2024. There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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

During the three months ended September 30, 2025, the Company repurchased Shares in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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> |
| Month #1 (July 1, 2025 to July 31, 2025) |  |  |  |  |
| Month #2 (August 1, 2025 to August 31, 2025) | 293313 | $31.07 | 293313 |  |
| Month #3 (September 1, 2025 to September 30, 2025) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | 293313 |  | 293313 |  |

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(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-U Shares, Class R-I Shares 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 1. "Business–Share Repurchases"* in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and *Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations–Share Repurchases"* in this Quarterly Report on Form 10-Q for more information regarding the Company's share repurchase plan.

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**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.

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**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/1957845/000119312523102058/d398317dex31.htm)</u> | Certificate of Formation, dated December 6, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10 filed with the SEC on April 14, 2023) |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1957845/000114036124048485/ef20039623_ex3-1.htm)</u> | Sixth Amended and Restated Limited Liability Company Agreement, between KKR DAV Manager LLC and the Members, dated as of December 4, 2024 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on December 5, 2024) |
| <u>[10.1](k-pecq3202510xqexhibit101.htm)</u> | Facility Upsize and Lender Joinder Agreement, dated as of October 15, 2025, by and among K-PEC Liquidity Limited, as borrower representative, Sumitomo Mitsui Banking Corporation, as joint lead arranger and administrative agent, KKR Capital Markets LLC, an indirect subsidiary of KKR & Co. Inc. and affiliate of the Company, as joint lead arranger, and Morgan Stanley Bank, N.A., as an additional lender. |
| <u>[10.2](k-pecq3202510xqexhibit102.htm)</u> | Facility Upsize and Lender Joinder Agreement, dated as of October 15, 2025, by and among K-PEC Liquidity Limited, as borrower representative, Sumitomo Mitsui Banking Corporation, as joint lead arranger and administrative agent, KKR Capital Markets LLC, an indirect subsidiary of KKR & Co. Inc. and affiliate of the Company, as joint lead arranger, and Barclays Bank PLC, as an additional lender. |
| <u>[31.1](k-pecq3202510xqex311.htm)</u> | Certification of Co-Chief Executive Officer, pursuant to Rule 13a-14(a) and 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>[31.2](k-pecq3202510xqex312.htm)</u> | Certification of Co-Chief Executive Officer, pursuant to Rule 13a-14(a) and 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>[31.3](k-pecq3202510xqex313.htm)</u> | Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) and 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-pecq3202510xqex321.htm)</u> | Certification of Co-Chief 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-pecq3202510xqex322.htm)</u> | Certification of Co-Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.3](k-pecq3202510xqex323.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 Quarterly 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.

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**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 PRIVATE EQUITY CONGLOMERATE LLC<br>/s/ Elizabeth Van Aken |
| Date: | November 13, 2025 | Elizabeth Van Aken |
| | | Chief Financial Officer |
| | | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

EXECUTION VERSION

**LENDER JOINDER AGREEMENT**

This JOINDER AGREEMENT (this "***Joinder***") is made as of October 15, 2025.

Reference is made to that certain Revolving Credit Agreement, dated as of December 23, 2024, entered into by and among K-PEC Liquidity Limited, an exempted company incorporated in the Cayman Islands with limited liability (the "***Borrower Representative***"), as a borrower, the other borrowers from time to time party thereto (each, a "Borrower" and collectively with the Borrower Representative, the "***Borrowers***"), Sumitomo Mitsui Banking Corporation and KKR Capital Markets as the joint lead arrangers, each lending institution that becomes a lender thereunder (the "***Lenders***"), and Sumitomo Mitsui Banking Corporation, as the administrative agent ("***Administrative Agent***") (as the same may be modified, amended, supplemented or restated from time to time, the "***Credit Agreement***"). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement and, for purposes hereof, the rules of interpretation set forth in Section 1.02 of the Credit Agreement shall apply as if fully set forth herein, *mutatis mutandis*.

The "***Additional Lender***" referred to on ***Schedule 1*** hereto agrees as follows:

The Additional Lender agrees to become a Lender and to be bound by the terms of the Credit Agreement as a Lender pursuant to Section 10.06 of the Credit Agreement.

The Additional Lender: (a) confirms that it has received a copy of the Credit Agreement and the other Finance Documents (except for copies of other Lenders' Assignment Agreements which are available to the Additional Lender upon request), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder; (b) agrees that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under the Credit Agreement or any other Finance Document; (c) confirms that it is an Eligible Assignee (and by its countersignature hereto, if required pursuant to the terms of the definition of the term "Eligible Assignee" in the Credit Agreement, the Borrowers hereby also confirm the Assignee is an Eligible Assignee); (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Finance Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (e) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender; and (f) attaches (or has delivered to the Administrative Agent, the Borrowers and the Assignor) completed and signed copies of any forms that may be required by the United States Internal Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations or such other evidence satisfactory to the Borrowers and the Administrative Agent) in order to certify the Additional Lender's complete exemption from United States withholding taxes with respect to any payments or distributions made or to be made to the Additional Lender in respect of the Loans or under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1

------

Following the execution of this Joinder, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Joinder (the "***Effective Date***") shall be the date recited above, unless otherwise specified on ***Schedule 1*** hereto.

Upon such execution and delivery, as of the Effective Date, the Additional Lender shall be a party to the Credit Agreement and the other Finance Documents and have the rights and obligations of a Lender thereunder. The Credit Agreement and the other Finance Documents shall remain in full force and effect in accordance with their respective terms.

This Joinder shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.

This Joinder may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile, electronic mail (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, the *Electronic Commerce Act, 2000* (Ontario) or any other applicable law)), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Joinder by telecopier or facsimile (or email with a PDF copy attached) shall be effective as delivery of a manually executed counterpart of this Joinder. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Joinder shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

**REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.<br>SIGNATURE PAGE(S) FOLLOW(S).**

&nbsp;&nbsp;&nbsp;&nbsp;2

------

**IN WITNESS WHEREOF**, the Additional Lender has caused this Joinder to be executed by its officers thereunto duly authorized as of the date specified thereon.

**MORGAN STANLEY BANK, N.A.** <br>

By: <u>/s/ Michael King&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Michael King<br> Title: Authorized Signatory

*[Signature Page to Lender Joinder Agreement]*

------

Accepted and Approved:

**SUMITOMO MITSUI BANKING CORPORATION,**<br>as Administrative Agent<br>

By: <u>/s/ Jonathan Agudelo&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Jonathan Agudelo<br> Title: Executive Director

*[Signature Page to Lender Joinder Agreement]*

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Acknowledged and Approved:

**BORROWER REPRESENTATIVE:**

**K-PEC LIQUIDITY LIMITED**

By: <u>/s/ Mark Rappo&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Mark Rappo<br> Title: Director

*[Signature Page to Lender Joinder Agreement]*

------

**SCHEDULE 1<br>to<br>JOINDER**

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| | |
|:---|:---|
| Additional Lender's Commitment: | $125000000 |
| Total Commitment of all Lenders after giving effect to this Joinder: | $600000000 |
| Effective Date (if other than date of Joinder): | October 15, 2025 |

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Additional Lender:<br>Morgan Stanley Bank, N.A.<br>1585 Broadway, 24<sup>th</sup> Floor

New York, NY 10036<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;Ridgely Goss

Email: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridgely.Goss@morganstanley.com

## Exhibit 10.2

**Exhibit 10.2**

EXECUTION VERSION

**LENDER JOINDER AGREEMENT**

This JOINDER AGREEMENT (this "***Joinder***") is made as of October 15, 2025.

Reference is made to that certain Revolving Credit Agreement, dated as of December 23, 2024, entered into by and among K-PEC Liquidity Limited, an exempted company incorporated in the Cayman Islands with limited liability (the "***Borrower Representative***"), as a borrower, the other borrowers from time to time party thereto (each, a "Borrower" and collectively with the Borrower Representative, the "***Borrowers***"), Sumitomo Mitsui Banking Corporation and KKR Capital Markets as the joint lead arrangers, each lending institution that becomes a lender thereunder (the "***Lenders***"), and Sumitomo Mitsui Banking Corporation, as the administrative agent ("***Administrative Agent***") (as the same may be modified, amended, supplemented or restated from time to time, the "***Credit Agreement***"). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement and, for purposes hereof, the rules of interpretation set forth in Section 1.02 of the Credit Agreement shall apply as if fully set forth herein, *mutatis mutandis*.

The "***Additional Lender***" referred to on ***Schedule 1*** hereto agrees as follows:

The Additional Lender agrees to become a Lender and to be bound by the terms of the Credit Agreement as a Lender pursuant to Section 10.06 of the Credit Agreement.

The Additional Lender: (a) confirms that it has received a copy of the Credit Agreement and the other Finance Documents (except for copies of other Lenders' Assignment Agreements which are available to the Additional Lender upon request), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder; (b) agrees that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under the Credit Agreement or any other Finance Document; (c) confirms that it is an Eligible Assignee (and by its countersignature hereto, if required pursuant to the terms of the definition of the term "Eligible Assignee" in the Credit Agreement, the Borrowers hereby also confirm the Assignee is an Eligible Assignee); (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Finance Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (e) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender; and (f) attaches (or has delivered to the Administrative Agent, the Borrowers and the Assignor) completed and signed copies of any forms that may be required by the United States Internal Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations or such other evidence satisfactory to the Borrowers and the Administrative Agent) in order to certify the Additional Lender's complete exemption from United States withholding taxes with respect to any payments or distributions made or to be made to the Additional Lender in respect of the Loans or under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1

------

Following the execution of this Joinder, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Joinder (the "***Effective Date***") shall be the date recited above, unless otherwise specified on ***Schedule 1*** hereto.

Upon such execution and delivery, as of the Effective Date, the Additional Lender shall be a party to the Credit Agreement and the other Finance Documents and have the rights and obligations of a Lender thereunder.

This Joinder shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.

This Joinder may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile, electronic mail (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, the *Electronic Commerce Act, 2000* (Ontario) or any other applicable law)), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Joinder by telecopier or facsimile (or email with a PDF copy attached) shall be effective as delivery of a manually executed counterpart of this Joinder. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Joinder shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

**REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.<br>SIGNATURE PAGE(S) FOLLOW(S).**

&nbsp;&nbsp;&nbsp;&nbsp;2

------

**IN WITNESS WHEREOF**, the Additional Lender has caused this Joinder to be executed by its officers thereunto duly authorized as of the date specified thereon.

**BARCLAYS BANK PLC**<br>

By: <u>/s/ Bradley Diener&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Bradley Diener<br> Title: Managing Director

*[Signature Page to Lender Joinder Agreement]*

------

Accepted and Approved:

**SUMITOMO MITSUI BANKING CORPORATION,**<br>as Administrative Agent<br>

By: <u>/s/ Jonathan Agudelo&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Jonathan Agudelo<br> Title: Executive Director

*[Signature Page to Lender Joinder Agreement]*

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Acknowledged and Approved:

**BORROWER REPRESENTATIVE:**

**K-PEC LIQUIDITY LIMITED**

By: <u>/s/ Mark Rappo&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Mark Rappo<br> Title: Director

*[Signature Page to Lender Joinder Agreement]*

------

**SCHEDULE 1<br>to<br>JOINDER**

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| | |
|:---|:---|
| Additional Lender's Commitment: | $125000000 |
| Total Commitment of all Lenders after giving effect to this Joinder: | $600000000 |
| Effective Date (if other than date of Joinder): | October 15, 2025 |

---

Additional Lender:<br>Barclays Bank PLC

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, NY 10019

Attention: EFS Complex Structuring

Email: EFSReporting@barclays.com

with a copy to:

Barclays Capital Inc.

745 Seventh Avenue

New York, NY 10019

Attention: EFS Fund Financing, Legal Department

Email: EFSLegalNotices@barclays.com

Attention: Equity Linked & Financing Solutions

Phone: +1 212 526 1549

Email: elhsnotifications@barclays.com

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

I, Alisa A. Wood, 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 September 30, 2025 of KKR Private Equity 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;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officers 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 officers 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: November 13, 2025

<u>/s/ Alisa A. Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Alisa A. Wood

Co-Chief Executive Officer

(Co-Principal Executive Officer)

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

I, Christopher J. Harrington, 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 September 30, 2025 of KKR Private Equity 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;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officers 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 officers 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: November 13, 2025

<u>/s/ Christopher J. Harrington&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Christopher J. Harrington

Co-Chief Executive Officer

(Co-Principal Executive Officer)

## Exhibit 31.3

**Exhibit 31.3**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Elizabeth Van Aken, 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 September 30, 2025 of KKR Private Equity 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 officers 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 officers 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: November 13, 2025

<u>/s/ Elizabeth Van Aken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Elizabeth Van Aken

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 Private Equity Conglomerate LLC (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Alisa A. Wood, Co-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: November 13, 2025

<u>/s/ Alisa A. Wood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Alisa A. Wood

Co-Chief Executive Officer

(Co-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 Private Equity Conglomerate LLC (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher J. Harrington, Co-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: November 13, 2025

<u>/s/ Christopher J. Harrington&nbsp;&nbsp;&nbsp;&nbsp;</u>

Christopher J. Harrington

Co-Chief Executive Officer

(Co-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 32.3

**Exhibit 32.3**

**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 Private Equity Conglomerate LLC (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Elizabeth Van Aken, 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: November 13, 2025

<u>/s/ Elizabeth Van Aken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Elizabeth Van Aken

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>