Net Asset Value Form 8 K

Net Asset Value

We calculate net asset value per share in accordance with valuation policies and procedures that have been approved by our board of directors. Our transactional net asset value ("Transactional Net Asset Value") is used to determine 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, 2024 and June 30, 2024 ($ in thousands, except shares):

Components of Transactional Net Asset Value	September 30, 2024	June 30, 2024
Investments at fair value (cost of $2,505,924 and $2,053,764, respectively)	$	2,826,612	$	2,200,344
Cash and cash equivalents	296,154	261,158
Other assets	11,017	11,549
Other liabilities	(363,544)	(192,464)
Accrued performance participation allocation	(33,038)	(19,057)
Management fee payable	-	-
Accrued shareholder servicing fees and distribution fees (1)	(2,275)	(1,884)
Transactional Net Asset Value	$	2,734,926	$	2,259,646
Number of outstanding shares	96,824,157	82,206,860

(1) Shareholder servicing fees apply only to Class S Shares, Class U Shares, Class D Shares, Class R-S Shares and Class R-D Shares. Distribution fees apply only to Class S Shares, Class R-S Shares and Class U Shares. For purposes of Transactional Net Asset Value, we recognize shareholder servicing fees and distribution fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued. For purposes of GAAP Net Asset Value, we accrue the cost of the shareholder servicing fees and distribution fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S Shares, Class U Shares, Class D Shares, Class R-S Shares and Class R-D Shares. As of September 30, 2024, we have accrued under GAAP $101,308 of shareholder servicing fees and distribution fees payable to the dealer-manager related to the Class S Shares, Class U Shares, Class R-D Shares and Class D Shares sold. As of June 30, 2024, we have accrued under GAAP $86,859 of shareholder servicing fees and distribution fees payable to the dealer-manager related to the Class S Shares, Class U Shares, Class R-D Shares and Class D Shares sold.

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, 2024 ($ in thousands, except shares and per share data):

Transactional Net Asset Value Per Share	Class I Shares	Class S Shares	Class U Shares	Class R-D Shares	Class R Shares	Class D Shares	Class E Shares	Class F Shares	Class G Shares	Class H Shares	Total
Monthly Transactional Net Asset Value	$	244,448	$	299,355	$	1,320,040	$	21,411	$	825,633	$	22,413	$	1	$	1,623	$	1	$	1	$	2,734,926
Number of outstanding shares	8,652,114	10,587,646	46,754,980	758,156	29,221,814	793,618	40	55,709	40	40	96,824,157
Transactional Net Asset Value per Share as of September 30, 2024	$	28.25	$	28.27	$	28.23	$	28.24	$	28.25	$	28.24	$	29.14	$	29.14	$	30.55	$	30.55

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 June 30, 2024 ($ in thousands, except shares and per share data):

Transactional Net Asset Value Per Share	Class I Shares	Class S Shares	Class U Shares	Class R-D Shares	Class R Shares	Class D Shares	Class E Shares	Class F Shares	Class G Shares	Class H Shares	Total
Monthly Transactional Net Asset Value	$	69,772	$	81,926	$	1,278,444	$	20,636	$	796,428	$	10,939	$	1	$	1,498	$	1	$	1	$	2,259,646
Number of outstanding shares	2,537,525	2,977,216	46,526,340	750,832	28,963,732	397,968	40	53,127	40	40	82,206,860
Transactional Net Asset Value per Share as of June 30, 2024	$	27.50	$	27.52	$	27.48	$	27.48	$	27.50	$	27.49	$	28.20	$	28.20	$	29.26	$	29.26

Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value

The following table reconciles GAAP Net Asset Value to our Transactional Net Asset Value as of September 30, 2024 and June 30, 2024 ($ in thousands):

As of September 30, 2024	As of June 30, 2024
GAAP Net Asset Value	$	2,635,893	$	2,174,671
Adjustment:
Accrued shareholder servicing fees and distribution fees	99,033	84,975
Transactional Net Asset Value	$	2,734,926	$	2,259,646

Valuation Methodologies and Significant Inputs

The following table presents additional information about valuation methodologies and significant inputs used for Infrastructure Assets that are valued at fair value as of September 30, 2024 and June 30, 2024:

As of September 30, 2024	As of June 30, 2024
Valuation Methodology & Inputs	Unobservable Input(s) (1)	Weighted Average (2)	Range	Weighted Average (2)	Range
Inputs to market comparables, discounted cash flow and transaction price/other	Illiquidity Discount	5.8%	5.0% - 10.0%	5.3%	5.0% - 10.0%
Weight Ascribed to Market Comparables	1.4%	0.0% - 25.0%	2.0%	0.0% - 25.0%
Weight Ascribed to Discounted Cash Flow	90.3%	0.0% - 100.0%	90.5%	0.0% - 100.0%
Weight Ascribed to Transaction Price/Other	8.3%	0.0% - 100.0%	7.5%	0.0% - 100.0%
Market Comparables	Enterprise Value / Forward EBITDA Multiple	11.0x	11.0x - 11.0x	10.4x	10.4x - 10.4x
Discounted Cash Flow	Weighted Average Cost of Capital	9.6%	6.4% - 15.1%	9.4%	6.7% - 15.0%
Enterprise Value / LTM EBITDA Exit Multiple	14.5x	7.0x - 23.0x	15.3x	7.1x - 23.0x

(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. KKR Infrastructure Conglomerate LLC's manager (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 net asset value calculations.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by our independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our asset values as of September 30, 2024 and June 30, 2024:

As of September 30, 2024	As of June 30, 2024
Input	Hypothetical Change	Infrastructure Asset Values	Hypothetical Change	Infrastructure Asset Values
Weighted Average Cost of Capital	0.25% decrease	+2.68%	0.25% decrease	+2.37%
0.25% increase	-2.63%	0.25% increase	-2.32%