Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-56484 | |
Entity Registrant Name | KKR Infrastructure Conglomerate LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 92-0477563 | |
Entity Address, Address Line One | 30 Hudson Yards, | |
Entity Address, City | New York, | |
Entity Address, State | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 750-8300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001948056 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class I Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,781 | |
Class U Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 41,284,994 | |
Class R-D Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 671,720 | |
Class R Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,826,556 | |
Class D Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 388 | |
Class R-S Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 38,870 | |
Class E Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 | |
Class F Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 52,588 | |
Class G Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 | |
Class H Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Investments at fair value (cost of $919,367 and $895,257, respectively) | $ 1,021,161 | $ 983,552 |
Cash and cash equivalents | 662,484 | 278,417 |
Prepaids and other assets | 1,724 | 0 |
Deferred offering costs | 331 | 826 |
Due from Manager | $ 1,923 | $ 16,549 |
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Manager | Manager |
Dividends receivable | $ 2,931 | $ 1,429 |
Subscription receivable | 1,544 | 0 |
Unrealized appreciation on foreign currency forward contracts | 4,437 | 28 |
Total assets | 1,696,535 | 1,280,801 |
Liabilities | ||
Unrealized depreciation on foreign currency forward contracts | 8,317 | 18,890 |
Accrued performance participation allocation | 12,412 | 8,335 |
Accrued shareholder servicing fees and distribution fees | 66,976 | 51,440 |
Distributions payable | 14,778 | 9,480 |
Directors' fees and expenses payable | 115 | 116 |
Other accrued expenses and liabilities | 5,579 | 2,938 |
Payable for investments acquired | 6,798 | 0 |
Due to Manager | $ 3,539 | $ 19,174 |
Accounts Payable, Related Party, Type [Extensible Enumeration] | Manager | Manager |
Organization costs payable | $ 0 | $ 48 |
Offering costs payable | 0 | 8 |
Total liabilities | 118,514 | 110,429 |
Commitments and contingencies (Note 8) | ||
Net assets | 1,578,021 | 1,170,372 |
Class I Shares | ||
Liabilities | ||
Net assets | 209 | 3,552 |
Class U Shares | ||
Liabilities | ||
Net assets | 940,548 | 706,586 |
Class R-D Shares | ||
Liabilities | ||
Net assets | 12,498 | 9,328 |
Class R Shares | ||
Liabilities | ||
Net assets | 622,628 | 449,523 |
Class D Shares | ||
Liabilities | ||
Net assets | 11 | 11 |
Class R-S Shares | ||
Liabilities | ||
Net assets | 701 | 0 |
Class E Shares | ||
Liabilities | ||
Net assets | 1 | 1 |
Class F Shares | ||
Liabilities | ||
Net assets | 1,423 | 1,369 |
Class G Shares | ||
Liabilities | ||
Net assets | 1 | 1 |
Class H Shares | ||
Liabilities | ||
Net assets | $ 1 | $ 1 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments at cost | $ 919,367 | $ 895,257 |
Class I Shares | ||
Shares authorized (in shares) | 7,702 | 131,691 |
Shares issued (in shares) | 7,702 | 131,691 |
Shares outstanding (in shares) | 7,702 | 131,691 |
Class U Shares | ||
Shares authorized (in shares) | 37,019,137 | 28,088,229 |
Shares issued (in shares) | 37,019,137 | 28,088,229 |
Shares outstanding (in shares) | 37,019,137 | 28,088,229 |
Class R-D Shares | ||
Shares authorized (in shares) | 468,875 | 353,076 |
Shares issued (in shares) | 468,875 | 353,076 |
Shares outstanding (in shares) | 468,875 | 353,076 |
Class R Shares | ||
Shares authorized (in shares) | 22,897,848 | 16,671,146 |
Shares issued (in shares) | 22,897,848 | 16,671,146 |
Shares outstanding (in shares) | 22,897,848 | 16,671,146 |
Class D Shares | ||
Shares authorized (in shares) | 384 | 380 |
Shares issued (in shares) | 384 | 380 |
Shares outstanding (in shares) | 384 | 380 |
Class R-S Shares | ||
Shares authorized (in shares) | 27,062 | |
Shares issued (in shares) | 27,062 | |
Shares outstanding (in shares) | 27,062 | |
Class E Shares | ||
Shares authorized (in shares) | 40 | 40 |
Shares issued (in shares) | 40 | 40 |
Shares outstanding (in shares) | 40 | 40 |
Class F Shares | ||
Shares authorized (in shares) | 51,217 | 49,830 |
Shares issued (in shares) | 51,217 | 49,830 |
Shares outstanding (in shares) | 51,217 | 49,830 |
Class G Shares | ||
Shares authorized (in shares) | 40 | 40 |
Shares issued (in shares) | 40 | 40 |
Shares outstanding (in shares) | 40 | 40 |
Class H Shares | ||
Shares authorized (in shares) | 40 | 40 |
Shares issued (in shares) | 40 | 40 |
Shares outstanding (in shares) | 40 | 40 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment income | ||
Dividend income | $ 6,905 | $ 0 |
Total investment income | 6,905 | 0 |
Operating expenses | ||
Performance participation allocation | 4,077 | 0 |
General and administration expenses | 3,786 | 161 |
Management fee expense | 3,767 | 0 |
Deferred offering costs amortization | 495 | 0 |
Directors' fees and expenses | 139 | 0 |
Organization costs | 0 | 2,802 |
Total operating expenses | 12,264 | 2,963 |
Less: Expenses reimbursed by Manager | (1,923) | (2,963) |
Less: Management fee credits | (3,767) | 0 |
Net operating expenses | 6,574 | 0 |
Net investment income | 331 | 0 |
Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts | ||
Foreign currency | (274) | 0 |
Total net realized gain (loss) | (274) | 0 |
Net change in unrealized appreciation (depreciation) before income taxes on | ||
Investments | 29,713 | 0 |
Foreign currency translation | (16,215) | 0 |
Foreign currency forward contracts | 14,982 | 0 |
Total net change in unrealized appreciation (depreciation) before income taxes | 28,480 | 0 |
Provision for (benefit from) income taxes | 285 | 0 |
Total net change in unrealized appreciation (depreciation) after income taxes | 28,195 | 0 |
Net increase in net assets resulting from operations | $ 28,252 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Net Assets $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | $ 1,170,372 |
Consideration from the issuance of shares | 404,469 |
Repurchases of shares | (369) |
Reinvestment of distributions | 7,212 |
Transfers in | 4,074 |
Transfers out | (4,074) |
Accrued shareholder servicing fees and distribution fees | (17,155) |
Distributions declared | (14,778) |
Early repurchase fee | 18 |
Net investment income (loss) | 331 |
Net realized gain (loss) | (274) |
Net change in unrealized appreciation (depreciation) | 28,195 |
Ending balance | 1,578,021 |
Class I Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 3,552 |
Consideration from the issuance of shares | 210 |
Transfers out | (3,552) |
Distributions declared | (2) |
Net change in unrealized appreciation (depreciation) | 1 |
Ending balance | 209 |
Class U Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 706,586 |
Consideration from the issuance of shares | 238,342 |
Repurchases of shares | (109) |
Reinvestment of distributions | 4,114 |
Transfers out | (522) |
Accrued shareholder servicing fees and distribution fees | (17,054) |
Distributions declared | (8,222) |
Early repurchase fee | 11 |
Net investment income (loss) | 205 |
Net realized gain (loss) | (168) |
Net change in unrealized appreciation (depreciation) | 17,365 |
Ending balance | 940,548 |
Class R-D Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 9,328 |
Consideration from the issuance of shares | 3,070 |
Reinvestment of distributions | 69 |
Accrued shareholder servicing fees and distribution fees | (65) |
Distributions declared | (123) |
Net investment income (loss) | 2 |
Net realized gain (loss) | (2) |
Net change in unrealized appreciation (depreciation) | 219 |
Ending balance | 12,498 |
Class R Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 449,523 |
Consideration from the issuance of shares | 162,071 |
Repurchases of shares | (260) |
Reinvestment of distributions | 3,029 |
Transfers in | 4,074 |
Distributions declared | (6,411) |
Early repurchase fee | 7 |
Net investment income (loss) | 120 |
Net realized gain (loss) | (104) |
Net change in unrealized appreciation (depreciation) | 10,579 |
Ending balance | 622,628 |
Class D Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 11 |
Ending balance | 11 |
Class R-S Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 0 |
Consideration from the issuance of shares | 738 |
Accrued shareholder servicing fees and distribution fees | (36) |
Distributions declared | (6) |
Net change in unrealized appreciation (depreciation) | 5 |
Ending balance | 701 |
Class E Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1 |
Ending balance | 1 |
Class F Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1,369 |
Consideration from the issuance of shares | 38 |
Distributions declared | (14) |
Net investment income (loss) | 4 |
Net change in unrealized appreciation (depreciation) | 26 |
Ending balance | 1,423 |
Class G Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1 |
Ending balance | 1 |
Class H Shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance | 1 |
Ending balance | $ 1 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Operating activities | |
Net increase in net assets from operations | $ 28,252 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |
Class F Shares issued as payment of directors' fees and expenses | 38 |
Deferred offering costs amortization | 495 |
Acquisition of Infrastructure Assets | (18,730) |
Net change in unrealized appreciation on investments | (29,713) |
Net change in unrealized depreciation on foreign currency translation | 16,215 |
Net change in unrealized appreciation on foreign currency forward contracts | (14,982) |
Changes in operating assets and liabilities: | |
(Increase) in prepaids and other assets | (305) |
Decrease in due from Manager | 14,626 |
(Increase) in dividends receivable | (1,502) |
Increase in accrued performance participation allocation | 4,077 |
(Decrease) in directors' fees and expenses payable | (1) |
Increase in other accrued expenses and liabilities | 2,641 |
(Decrease) in due to Manager | (14,085) |
(Decrease) in organization costs payable | (48) |
(Decrease) in offering costs payable | (8) |
Net cash used in operating activities | (13,030) |
Financing activities | |
Proceeds from issuance of shares | 402,887 |
Payment on repurchases of shares | (351) |
Payment of shareholder servicing fees and distribution fees | (1,197) |
Payment for offering costs | (1,974) |
Distributions | (2,268) |
Net cash provided by financing activities | 397,097 |
Net increase in cash and cash equivalents | 384,067 |
Cash and cash equivalents, beginning of period | 278,417 |
Cash and cash equivalents, end of period | 662,484 |
Supplemental disclosure of cash flow information | |
Reinvestment of distributions | 7,212 |
Change in subscriptions receivable | (1,544) |
Change in shareholder servicing fees and distribution fees payable | $ (17,155) |
Condensed Consolidated Schedule
Condensed Consolidated Schedule of Investments (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Infrastructure Assets, Estimated Fair Value | $ 1,021,161 | $ 983,552 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 64.70% | 84.10% |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 4,437 | $ 28 |
Foreign Currency Forward Contracts, Estimated Fair Value | (8,317) | (18,890) |
Total Foreign Currency Forward Contracts | $ (3,880) | $ (18,862) |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | (0.20%) | (1.60%) |
Investments in Money Market Funds | $ 613,549 | $ 278,417 |
Total Investments and Cash Equivalents, Estimated Fair Value | $ 1,630,830 | $ 1,243,107 |
Total Investments and Cash Equivalents, Estimated Fair Value as a Percentage of Net Assets | 103.40% | 106.30% |
Infrastructure assets investments, cost | $ 919,367 | $ 895,257 |
Investments in Money Market Funds, cost | 662,484 | 278,417 |
Investments and Cash Equivalents, cost | 1,532,916 | 1,173,674 |
Money Market Funds | ||
Investments in Money Market Funds | $ 613,549 | $ 278,417 |
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 38.90% | 23.80% |
Investments in Money Market Funds, cost | $ 613,549 | $ 278,417 |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | 91,000 | 91,000 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 329 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (1,222) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | (0.10%) |
Nomura International PLC | ||
Foreign Currency Forward Contracts, Notional | $ 91,000 | $ 91,000 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 307 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (1,246) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | (0.10%) |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 123,000 | $ 123,000 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 1,136 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (2,460) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0.10% | (0.20%) |
Nomura International PLC | ||
Foreign Currency Forward Contracts, Notional | $ 123,000 | $ 123,000 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 1,105 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (2,491) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0.10% | (0.20%) |
Barclays Bank PLC | ||
Foreign Currency Forward Contracts, Notional | $ 9,000 | $ 9,000 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 291 | $ 28 |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% |
Nomura International PLC | ||
Foreign Currency Forward Contracts, Notional | $ 74,500 | $ 74,500 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (3,688) | $ (4,613) |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | (0.20%) | (0.40%) |
Barclays Bank PLC | ||
Foreign Currency Forward Contracts, Notional | $ 74,500 | $ 74,500 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (3,706) | $ (4,631) |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | (0.20%) | (0.40%) |
Royal Bank of Canada | ||
Foreign Currency Forward Contracts, Notional | $ 27,400 | $ 27,400 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (775) | $ (1,115) |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | (0.10%) |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 6,200 | $ 6,200 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (148) | $ (225) |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 5,600 | $ 5,600 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 56 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (58) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% |
Nomura International PLC | ||
Foreign Currency Forward Contracts, Notional | $ 36,300 | $ 36,300 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 254 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (808) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | (0.10%) |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 9,000 | $ 9,000 |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 90 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ (21) | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | 0% |
Nomura International PLC | ||
Foreign Currency Forward Contracts, Notional | $ 10,500 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 18 | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | |
Nomura International PLC | ||
Foreign Currency Forward Contracts, Notional | $ 57,000 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 666 | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 15,500 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 155 | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 6,300 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 25 | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | |
Goldman, Sachs & Co. | ||
Foreign Currency Forward Contracts, Notional | $ 10,300 | |
Foreign Currency Forward Contracts, Estimated Fair Value | $ 5 | |
Foreign Currency Forward Contracts, Estimated Fair Value as a Percentage of Net Assets | 0% | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio | Money Market Funds | ||
Investments in Money Market Funds | $ 613,549 | $ 278,417 |
Investments in Money Market Funds, Estimated Fair Value as a Percentage of Net Assets | 38.90% | 23.80% |
Digital Infrastructure | ||
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 8.30% | 10% |
Digital Infrastructure | Vantage Towers AG | EMEA | ||
Infrastructure Assets, Estimated Fair Value | $ 113,350 | $ 111,983 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 7.20% | 9.60% |
Digital Infrastructure | Other Infrastructure Assets | Asia-Pacific | ||
Infrastructure Assets, Estimated Fair Value | $ 17,331 | $ 4,689 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 1.10% | 0.40% |
Energy Security | ||
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 11.30% | 14.70% |
Energy Security | Other Infrastructure Assets | North America | ||
Infrastructure Assets, Estimated Fair Value | $ 24,300 | $ 16,830 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 1.50% | 1.40% |
Energy Security | Pembina Gas Infrastructure Inc. | North America | ||
Infrastructure Assets, Estimated Fair Value | $ 153,690 | $ 156,178 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 9.70% | 13.30% |
Energy Transition | ||
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 12.60% | 15.60% |
Energy Transition | Other Infrastructure Assets | EMEA | ||
Infrastructure Assets, Estimated Fair Value | $ 15,725 | $ 9,015 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 1% | 0.80% |
Energy Transition | Albioma SA | EMEA | ||
Infrastructure Assets, Estimated Fair Value | $ 182,453 | $ 173,823 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 11.60% | 14.90% |
Industrial Infrastructure | ||
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 10.70% | 14.70% |
Industrial Infrastructure | Refresco Group B.V. | EMEA | ||
Infrastructure Assets, Estimated Fair Value | $ 168,175 | $ 172,087 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 10.70% | 14.70% |
Social Infrastructure | ||
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 21.90% | 29% |
Social Infrastructure | Grove Education Partners Holdco Limited | EMEA | ||
Infrastructure Assets, Estimated Fair Value | $ 346,137 | $ 338,947 |
Infrastructure Assets, Estimated Fair Value as a Percentage of Net Assets | 21.90% | 29% |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization KKR Infrastructure Conglomerate LLC (“K-INFRA” and the “Company”) was formed on September 23, 2022 as a limited liability company under the laws of the state of Delaware and the Company operates its business in a manner permitting it to be excluded from the definition of an “investment company” under the Investment Company Act of 1940, as amended. The Company is a holding company that seeks to acquire, own and control portfolio companies, special purpose vehicles and other entities through which infrastructure assets or businesses will be held (“Infrastructure Assets”), with the objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation. The Company commenced principal operations on June 1, 2023. K-INFRA conducts a continuous private offering of its investor shares: Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-D Shares, Class R-S Shares and Class R Shares (collectively, the “Investor Shares” and, collectively with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), including under Regulation D and Regulation S, (i) to accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside of the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act). Holders of Investor Shares have equal rights and privileges with each other, except that Class D Shares, Class U Shares, Class I Shares, Class R-D Shares and Class R Shares do not pay a sales load or dealer-manager fees, the Class I Shares and Class R Shares are not subject to any servicing or distribution fees and the Class D Shares or Class R-D Shares are not subject to any distribution fees. Holders of Class E Shares, Class F Shares, Class G Shares and Class H Shares (collectively, the “KKR Shares”) have equal rights and privileges with each other and, except for the Class G Shares, no class of shares will have any rights, powers or preferences with respect to determining the number of directors constituting the entire Board of Directors the (“Board”) or the appointment, election, or removal of any directors of officers of the Company. Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, “KKR”), through its ownership of all of the Company’s outstanding Class G Shares, hold, directly and indirectly, all of the voting power of the Company. The KKR Shares are not subject to the Management Fee (defined herein) or the Performance Participation Allocation (defined herein), and are not subject to any servicing or distribution fees. The Company is sponsored by KKR and benefits from KKR’s infrastructure sourcing and management platform pursuant to a management agreement entered into with KKR DAV Manager LLC (the “Manager”) to support the Company in managing its portfolio of Infrastructure Assets with the objective of generating risk-adjusted returns consisting of both current income and capital appreciation for holders of Shares (the “Shareholders”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements (referred to hereafter as the “financial statements”) are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in United States (“U.S.”) dollars. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates. The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”). Basis of Consolidation As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation. Adoption of new and revised accounting standards The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption. For a detailed discussion about the Company’s significant accounting policies, see Note 2 to the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. During the three months ended March 31, 2024, there were no significant updates to the Company’s significant accounting policies. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Investments | Investments Summarized Infrastructure Assets Financial Information The following table presents unaudited summarized financial information for the three months ended March 31, 2024 for the Infrastructure Assets in the aggregate in which the Company has an indirect equity interest: Summarized Operating Data: For the Three Months Ended March 31, 2024 Revenues $ 2,490,578 Expenses 2,462,852 Income before taxes 27,726 Income tax expense (benefit) (53,203) Consolidated net income (loss) 80,929 Net income (loss) attributable to non-controlling interests (5,944) Net income (loss) $ 86,873 The net income above represents the aggregated net income attributable to the controlling interests in each of the Company’s Infrastructure Assets and does not represent the Company’s proportionate share of income. |
Fair Value Measurements - Inves
Fair Value Measurements - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements - Investments | Fair Value Measurements - Investments The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy: March 31, 2024 Investments Level I Level II Level III Fair Value Infrastructure Assets $ — $ — $ 1,021,161 $ 1,021,161 Unrealized appreciation on foreign currency forward contracts — 4,437 — 4,437 Unrealized depreciation on foreign currency forward contracts — (8,317) — (8,317) Investments in Money Market Funds 613,549 — — 613,549 Total $ 613,549 $ (3,880) $ 1,021,161 $ 1,630,830 December 31, 2023 Investments Level I Level II Level III Fair Value Infrastructure Assets $ — $ — $ 983,552 $ 983,552 Unrealized appreciation on foreign currency forward contracts — 28 — 28 Unrealized depreciation on foreign currency forward contracts — (18,890) — (18,890) Investments in Money Market Funds 278,417 — — 278,417 Total $ 278,417 $ (18,862) $ 983,552 $ 1,243,107 The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2024: Investments Balance as of December 31, 2023 Purchases Net change in unrealized appreciation on investments Net change in unrealized depreciation on foreign currency translation Balance as of March 31, 2024 Infrastructure Assets $ 983,552 $ 24,111 $ 29,713 $ (16,215) $ 1,021,161 Total $ 983,552 $ 24,111 $ 29,713 $ (16,215) $ 1,021,161 The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the three months ended March 31, 2024 attributable to Level III investments and foreign currency translation still held at March 31, 2024 was $29,713 and $(16,215), respectively. The following table presents the quantitative information about Level III fair value measurements of the Company’s Infrastructure Assets as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 Level III Assets Fair Value March 31, 2024 Fair Value December 31, 2023 Valuation Methodology & Inputs Unobservable Input(s) (1) Weighted Average (2) Range Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Infrastructure Assets $1,021,161 $983,552 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 5.1% 5.0% - 10.0% 5.1% 5.0% - 10.0% Decrease Weight Ascribed to Market Comparables 3.8% —% - 25.0% 4.0% —% - 25.0% (4) Weight Ascribed to Discounted Cash Flow 94.5% —% - 100.0% 94.6% —% - 100.0% (5) Weight Ascribed to Transaction Price/Other 1.7% —% - 100.0% 1.4% —% - 100.0% (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 10.6x 10.6x - 10.6x 10.5x 10.5x - 10.5x Increase Discounted Cash Flow Weighted Average Cost of Capital 9.8% 6.9% - 14.9% 9.7% 6.7% - 12.1% Decrease Enterprise Value / LTM EBITDA Exit Multiple 13.8x 7.1x - 20.0x 13.9x 9.5x - 21.0x 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 approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach. Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Agreement On September 25, 2023, the Company entered into an Amended and Restated Management Agreem ent with the Manager (the “Management Agreement”). Pursuant to the Management Agreement, the Manager is responsible for sourcing, evaluating and monitoring the Company’s acquisition opportunities and making recommendations to the Company’s executive committee related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s objectives, guidelines, policies and limitations, subject to oversight by the Board. Pursuant to the Management Agreement, the Manager is entitled to receive a management fee (the “Management Fee”) from the Company in an amount equal to (i) 1.25% per annum of the month-end NAV attributable to Class D Shares, Class I Shares and Class S Shares, (ii) 1.00% per annum of the month-end NAV for a 60-month period following June 1, 2023 (the “Initial Offering”) attributable to Class U Shares, Class R-D Shares, Class R-S Shares and Class R Shares (provided, in the case of Class U Shares, Class R-S Shares and Class R Shares, that such Class U Shares, Class R-S Shares and Class R Shares are purchased by an investor as part of an intermediary’s aggregate subscription for at least $100,000 during the 12-month period following the Initial Offering) and 1.25% per annum of the month-end NAV attributable to Class U Shares, Class R-D Shares, Class R-S Shares and Class R Shares thereafter, each before giving effect to any accruals for certain fees and expenses. Such Management Fee is calculated based on the Company’s transactional net asset value, 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 Infrastructure Assets, and KKR or its affiliates are expected to be entitled to receive “break-up” or similar fees in connection with unconsummated transactions (“Other Fees”). The Management Fee payable in any monthly period is subject to reduction, but not below zero, by an amount equal to any Other Fees allocable to Investor Shares pursuant to the terms of the Management Agreement. The Manager, in its sole discretion, may forgo reimbursement by the Company of certain expenses incurred by the Manager or its affiliates (other than the Company and its subsidiaries) on behalf of the Company in each calendar month to the extent there remains any Other Fees that are not used to offset the Management Fee. Any Other Fees used to offset such expenses will not be applied again to offset future Management Fees. For the three months ended March 31, 2024, the Manager earned $3,767 in gross Management Fees, which were offset by $3,767, resulting in zero net Management Fees. As of March 31, 2024 and December 31, 2023, there were unapplied credits of $3,158 and $6,533, respectively, to be carried forward that relate to Other Fees earned. As of March 31, 2024 and December 31, 2023, the Company does 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. Performance Participation Allocation Under the LLC Agreement, for as long as the Management Agreement has not been terminated, the Class H Members may receive a Performance Participation Allocation from the Company. The Class H Member is an affiliate of KKR. KKR is allocated a “Performance Participation Allocation” equal to 12.5% of the Total Return attributable to Investor Shares subject to the annual Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement). Such allocation will be measured and allocated or paid annually (excluding the initial Reference Period, as defined in the LLC Agreement) and accrued monthly (subject to pro-rating for partial periods). KKR may elect to receive the Performance Participation Allocation in cash and/or Class F Shares. Specifically, promptly following the end of each Reference Period (and at other times as described below), KKR is allocated a Performance Participation Allocation in an amount equal to: • First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to KKR equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to KKR pursuant to this clause (any such amount, the “Catch-Up”); and • Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits. KKR will also be allocated a Performance Participation Allocation with respect to all Investor Shares that are repurchased in connection with repurchases of Shares in an amount calculated as described above with the relevant period being the portion of the “Reference Period” (which is the applicable year beginning on October 1 and ending on September 30 of the next succeeding year, with the initial Reference Period being the period from June 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 Company’s transactional net asset value, which is used to determine the price at which the Company sells and repurchases its Shares. If the Performance Participation Allocation is paid in Class F Shares, such Shares may be repurchased at KKR’s request and will be subject to the repurchase limitations of our share repurchase plan. A Performance Participation Allocation accrual of $12,412 and $8,335 was recorded as of March 31, 2024 and December 31, 2023 in the Consolidated Statements of Assets and Liabilities. The Consolidated Statements of Operations reflect a $4,077 Performance Participation Allocation for the three months ended March 31, 2024. Dealer-Manager Agreement On September 25, 2023, the Company entered into an Amended and Restated Dealer-Manager Agreement (as amended from time to time, the “Dealer-Manager Agreement”) with KKR Capital Markets LLC (the “Dealer-Manager”). Pursuant to the Dealer-Manager Agreement, the Dealer-Manager solicits sales of the Company’s Shares authorized for issue in accordance with the Company’s confidential Private Placement Memorandum (the “PPM”) and provides certain administrative and shareholder services to the Company, subject to the terms and conditions set forth in the Dealer-Manager Agreement. The Dealer-Manager receives certain front-end sales charges, Distribution Fees, Servicing Fees and certain other fees as described in the PPM. Distribution Fees and Servicing Fees The Company will pay KKR Capital Markets LLC ongoing distribution and servicing fees (a) of 0.85% of NAV per annum for Class S Shares, Class R-S Shares and Class U Shares only (consisting of a 0.60% distribution fee (the “Distribution Fee”) and a 0.25% shareholder servicing fee (the “Servicing Fee”)), payable monthly in arrears, as they become contractually due and (b) of 0.25% for Class D Shares and Class R-D Shares only (all of which constitutes payment for shareholder services, with no payment for distribution services) in each case as accrued, and payable monthly. Such Distribution Fee and Servicing Fee are calculated based on the Company’s transactional net asset value, which is used to determine the price at which the Company sells and repurchases its Shares. Class I Shares, Class R Shares, Class E Shares, Class F Shares, Class G Shares and Class H Shares do not incur Distribution Fees or Servicing Fees. All or a portion of the Distribution Fee or Servicing Fee may be used to pay for sub-transfer agency, platform, sub-accounting and certain other administrative services. The Dealer-Manager (defined below) generally expects to reallow the Distribution Fee and the Servicing Fee to participating broker dealers or other intermediaries. The Company also pays for certain sub-transfer agency, sub-accounting and administrative services outside of the Distribution Fee and Servicing Fee. Under GAAP, the Company accrues the cost of the Servicing Fees and Distribution Fees, as applicable, for the estimated life of the shares as an offering cost at the time the Company sells Class S Shares, Class U Shares, Class D Shares, Class R-D Shares and Class R-S Shares. As of March 31, 2024 and December 31, 2023, the Company has accrued $66,976 and $51,440, respectively, of Servicing Fees and Distribution Fees payable to the Dealer-Manager (defined below) related to the Class U Shares, Class D Shares, Class R-D Shares and Class R-S Shares sold. Expense Limitation and Reimbursement Agreement On December 16, 2023, the Company entered into a Second Amended and Restated Expense Limitation and Reimbursement Agreement (the “Expense Limitation Agreement”) with the Manager, which amended and restated the Amended and Restated Expense Limitation and Reimbursement Agreement, dated as of May 10, 2023. The Expense Limitation Agreement extends the Limitation Period (as defined in the Expense Limitation Agreement) to December 31, 2024. Pursuant to the Expense Limitation Agreement, the Manager will forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company, to the extent necessary so that, for any fiscal year, the Company’s annual Specified Expenses (defined below) do not exceed 0.60% of the Company’s net assets as of the end of each calendar month. “Specified Expenses” is defined to include all expenses incurred in the business of the Company, including organizational and offering costs, with the exception of (i) the management fee, (ii) the Performance Participation Allocation, (iii) the Servicing Fee, (iv) the Distribution Fee, (v) asset or entity level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (viii) taxes, (ix) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees and officers of the Company), (x) certain insurance costs and (xi) extraordinary expenses (as determined in the sole discretion of the Manager). The Expense Limitation Agreement will be in effect through and including December 31, 2024, but may be renewed by the mutual agreement of the Manager and the Company for successive terms. Under the Expense Limitation Agreement, the Company has agreed to carry forward the amount of the foregone management fees and/or expenses paid, absorbed or reimbursed by the Manager for a period not to exceed three years from the end of the month in which the Manager waived or reimbursed such fees or expenses and to reimburse the Manager for such fees or expenses in accordance with the Expense Limitation Agreement. As of March 31, 2024, the Manager agreed to reimburse expenses of $1,923 incurred by the Company for the three months ended March 31, 2024, pursuant to the Expense Limitation Agreement, which amount is subject to recoupment within a three year period. On the Company’s Consolidated Statement of Assets and Liabilities, as of March 31, 2024, the Company has recorded $1,923 as amounts Due from Manager Due to Manager On the Company’s Consolidated Statement of Assets and Liabilities, as of December 31, 2023, the Company has recorded $16,549 as amounts Due from Manager Due to Manager The following table reflects the amounts incurred by the Company and subject to recoupment pursuant to the Expense Limitation Agreement and the expiration for future possible recoupments by the Manager: For the Three Months Ended Amount Last Expiration Date September 30, 2022 $ 3,638 September 30, 2025 December 31, 2022 1,797 December 31, 2025 March 31, 2023 2,963 March 31, 2026 June 30, 2023 1,771 June 30, 2026 September 30, 2023 3,906 September 30, 2026 December 31, 2023 2,474 December 31, 2026 March 31, 2024 1,923 March 31, 2027 Total $ 18,472 As of March 31, 2024 and December 31, 2023, management believes that it is not probable for the Company to be required to reimburse the expenses waived by the Manager. |
Shareholders_ Equity
Shareholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity The following table is a summary of the Shares issued and repurchased during the three months ended March 31, 2024 and Shares outstanding as of March 31, 2024: Shares Outstanding as of December 31, 2023 Shares Issued During the Period Shares Repurchased During the Period Shares Issued Upon Reinvestment of Distributions During the Period Transfers In Transfers Out Shares Outstanding as of March 31, 2024 Class I Shares 131,691 7,702 — — — (131,691) 7,702 Class U Shares 28,088,229 8,801,462 (4,060) 152,681 — (19,175) 37,019,137 Class R-D Shares 353,076 113,222 — 2,577 — — 468,875 Class R Shares 16,671,146 5,973,145 (9,644) 112,345 150,856 — 22,897,848 Class D Shares 380 — — 4 — — 384 Class R-S Shares — 27,062 — — — — 27,062 Class E Shares 40 — — — — — 40 Class F Shares 49,830 1,376 — 11 — — 51,217 Class G Shares 40 — — — — — 40 Class H Shares 40 — — — — — 40 Total 45,294,472 14,923,969 (13,704) 267,618 150,856 (150,866) 60,472,345 Distribution Reinvestment Plan The Company adopted a Distribution Reinvestment Plan (the “DRIP”) in which cash distributions to holders of the Company’s Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders’ distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available NAV per Share. Shareholders will not pay a sales load when purchasing Shares under the DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares and Class R-D Shares, including those issued under the DRIP, will be subject to applicable ongoing distribution and/or servicing fees. Share Repurchases The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that the Company 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 its share repurchase plan, or none at all, in its discretion at any time. In addition, the aggregate net asset value (“NAV”) of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R Shares and/or Class F Shares under its share repurchase plan will be limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). On February 5, 2024, the Company received requests for the repurchase of approximately $369 of the Company’s Shares. The following table summarizes the Shares repurchased on February 5, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 26.94 4,060 $ 109 $ 5 $ 104 Class R Shares $ 26.96 9,644 260 13 247 Total 13,704 $ 369 $ 18 $ 351 Repurchase Arrangement for Class E Shares held by KKR Pursuant to the Company’s KKR Share Repurchase Arrangement, effective April 28, 2023 (as amended, the “KKR Share Repurchase Arrangement”), on the last calendar day of each month, the Company offers to repurchase Class E Shares from KKR having an aggregate NAV (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions accepted during such month less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price paid using Excess Operating Cash Flow (defined below)) of Shares repurchased by the Company during such month pursuant to our share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per Class E Share for repurchases from KKR will be the transaction price in effect for the Class E Shares at the time of repurchase. This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for KKR is not subject to the repurchase limitations in our share repurchase plan. “Excess Operating Cash Flow” means, for any given quarter, the Company’s net cash provided by operating activities, if any, less any amounts of such cash used, or designated for use, to pay distributions to Shareholders. Notwithstanding the foregoing, no repurchase offer will be made to KKR during any month in which (1) the 5% quarterly repurchase limitation of its share repurchase plan has been decreased or (2) the full amount of all Shares requested to be repurchased under our share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from KKR, or may offer to purchase less than the Monthly Repurchase Amount, if, in the Company’s judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Company’s Board may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of its Shareholders. KKR will not request that its Class E Shares be repurchased under our share repurchase plan. For the three months ended March 31, 2024, pursuant to the KKR Share Repurchase Arrangement, the Company did not repurchase any Class E Shares of the Company from KKR. Distributions Each class of the Company’s shares receives the same gross distribution per share, when distributions are declared on such class. The net distribution varies for each class based on the estimated applicable shareholder servicing fees and distribution fees, which is deducted from the quarterly distribution per share and paid directly to the Dealer-Manager on a quarterly basis in arrears, as they become contractually due. The following table details aggregate distributions per share declared for each applicable class of the Company’s shares: For the Three Months Ended March 31, 2024 Class I Shares Class U Shares Class R-D Shares Class R Shares Class D Shares Class R-S Shares Class E Shares Class F Shares Aggregate gross distributions declared per share $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 Shareholder servicing fees and distribution fees $ — $ 0.0579 $ 0.0170 $ — $ 0.0170 $ 0.0580 $ — $ — Net distributions declared per share $ 0.2800 $ 0.2221 $ 0.2630 $ 0.2800 $ 0.2630 $ 0.2220 $ 0.2800 $ 0.2800 The distributions for each class of shares were payable to holders of record at the close of business on March 31, 2024, with payments on April 24, 2024. The net distributions will be paid in cash or reinvested in shares of the Company for shareholders participating in the Company’s DRIP. |
Distributions
Distributions | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Distributions | Shareholders’ Equity The following table is a summary of the Shares issued and repurchased during the three months ended March 31, 2024 and Shares outstanding as of March 31, 2024: Shares Outstanding as of December 31, 2023 Shares Issued During the Period Shares Repurchased During the Period Shares Issued Upon Reinvestment of Distributions During the Period Transfers In Transfers Out Shares Outstanding as of March 31, 2024 Class I Shares 131,691 7,702 — — — (131,691) 7,702 Class U Shares 28,088,229 8,801,462 (4,060) 152,681 — (19,175) 37,019,137 Class R-D Shares 353,076 113,222 — 2,577 — — 468,875 Class R Shares 16,671,146 5,973,145 (9,644) 112,345 150,856 — 22,897,848 Class D Shares 380 — — 4 — — 384 Class R-S Shares — 27,062 — — — — 27,062 Class E Shares 40 — — — — — 40 Class F Shares 49,830 1,376 — 11 — — 51,217 Class G Shares 40 — — — — — 40 Class H Shares 40 — — — — — 40 Total 45,294,472 14,923,969 (13,704) 267,618 150,856 (150,866) 60,472,345 Distribution Reinvestment Plan The Company adopted a Distribution Reinvestment Plan (the “DRIP”) in which cash distributions to holders of the Company’s Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders’ distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available NAV per Share. Shareholders will not pay a sales load when purchasing Shares under the DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares and Class R-D Shares, including those issued under the DRIP, will be subject to applicable ongoing distribution and/or servicing fees. Share Repurchases The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that the Company 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 its share repurchase plan, or none at all, in its discretion at any time. In addition, the aggregate net asset value (“NAV”) of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R Shares and/or Class F Shares under its share repurchase plan will be limited to no more than 5% of our aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). On February 5, 2024, the Company received requests for the repurchase of approximately $369 of the Company’s Shares. The following table summarizes the Shares repurchased on February 5, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 26.94 4,060 $ 109 $ 5 $ 104 Class R Shares $ 26.96 9,644 260 13 247 Total 13,704 $ 369 $ 18 $ 351 Repurchase Arrangement for Class E Shares held by KKR Pursuant to the Company’s KKR Share Repurchase Arrangement, effective April 28, 2023 (as amended, the “KKR Share Repurchase Arrangement”), on the last calendar day of each month, the Company offers to repurchase Class E Shares from KKR having an aggregate NAV (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions accepted during such month less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price paid using Excess Operating Cash Flow (defined below)) of Shares repurchased by the Company during such month pursuant to our share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per Class E Share for repurchases from KKR will be the transaction price in effect for the Class E Shares at the time of repurchase. This repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of KKR’s Class E Shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for KKR is not subject to the repurchase limitations in our share repurchase plan. “Excess Operating Cash Flow” means, for any given quarter, the Company’s net cash provided by operating activities, if any, less any amounts of such cash used, or designated for use, to pay distributions to Shareholders. Notwithstanding the foregoing, no repurchase offer will be made to KKR during any month in which (1) the 5% quarterly repurchase limitation of its share repurchase plan has been decreased or (2) the full amount of all Shares requested to be repurchased under our share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from KKR, or may offer to purchase less than the Monthly Repurchase Amount, if, in the Company’s judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Company’s Board may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of its Shareholders. KKR will not request that its Class E Shares be repurchased under our share repurchase plan. For the three months ended March 31, 2024, pursuant to the KKR Share Repurchase Arrangement, the Company did not repurchase any Class E Shares of the Company from KKR. Distributions Each class of the Company’s shares receives the same gross distribution per share, when distributions are declared on such class. The net distribution varies for each class based on the estimated applicable shareholder servicing fees and distribution fees, which is deducted from the quarterly distribution per share and paid directly to the Dealer-Manager on a quarterly basis in arrears, as they become contractually due. The following table details aggregate distributions per share declared for each applicable class of the Company’s shares: For the Three Months Ended March 31, 2024 Class I Shares Class U Shares Class R-D Shares Class R Shares Class D Shares Class R-S Shares Class E Shares Class F Shares Aggregate gross distributions declared per share $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 Shareholder servicing fees and distribution fees $ — $ 0.0579 $ 0.0170 $ — $ 0.0170 $ 0.0580 $ — $ — Net distributions declared per share $ 0.2800 $ 0.2221 $ 0.2630 $ 0.2800 $ 0.2630 $ 0.2220 $ 0.2800 $ 0.2800 The distributions for each class of shares were payable to holders of record at the close of business on March 31, 2024, with payments on April 24, 2024. The net distributions will be paid in cash or reinvested in shares of the Company for shareholders participating in the Company’s DRIP. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 As of March 31, 2024 and December 31, 2023, KKR had unfunded commitments consisting of $252,500 and $33,500, respectively, related to its investment in Infrastructure Assets. Indemnification Under the LLC Agreement and organizational documents, the members of the Board, officers of the Company, the Manager, KKR, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against certain liabilities arising out of the performance of their duties to the Company. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following is a schedule of the financial highlights of the Company attributed to each class of shares for the period from January 1, 2024 through March 31, 2024: Class I Shares Class U Shares Class R-D Shares Class R Shares Class D Shares Class R-S Shares Class E Shares Class F Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (January 1, 2024) $ 26.96 $ 25.16 $ 26.41 $ 26.96 $ 26.61 $ — $ 27.47 $ 27.49 $ 27.94 $ 27.94 Consideration from the issuance of shares (0.02) 0.45 0.13 — — 27.28 — — — — Repurchases of shares — — — — — — — — — — Reinvestment of distributions — 0.01 — — — — — — — — Transfers in — — — — — — — — — — Transfers out — — — — — — — — — — Accrued shareholder servicing fees and distribution fees (2) — (0.50) (0.15) — (0.15) (1.34) — — — — Early repurchase fee (2) — — — — — — — — — — Distributions declared (3) (0.28) (0.22) (0.26) (0.28) (0.26) (0.22) (0.28) (0.28) — — Net investment (loss) income (2) 0.02 0.01 0.01 0.01 0.01 0.01 0.08 0.08 0.08 0.08 Net realized gain (loss) and change in unrealized appreciation (depreciation) (2) 0.51 0.50 0.52 0.50 0.46 0.18 0.52 0.50 0.52 0.52 Net increase (decrease) in net assets attributed to shareholders $ 0.23 $ 0.25 $ 0.25 $ 0.23 $ 0.06 $ (1.37) $ 0.32 $ 0.30 $ 0.60 $ 0.60 Net asset value per share at the end of period (March 31, 2024) $ 27.19 $ 25.41 $ 26.66 $ 27.19 $ 26.67 $ 25.91 $ 27.79 $ 27.79 $ 28.54 $ 28.54 Net assets at end of period (March 31, 2024) $ 209 $ 940,548 $ 12,498 $ 622,628 $ 11 $ 701 $ 1 $ 1,423 $ 1 $ 1 Shares outstanding at end of period (March 31, 2024) 7,702 37,019,137 468,875 22,897,848 384 27,062 40 51,217 40 40 Weighted average shares outstanding at end of period (March 31, 2024) 2,868 34,045,073 424,709 20,669,214 384 27,062 40 51,217 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to average net asset value: (4) Operating expenses before Performance Participation Allocation (5) 0.16 % 0.18 % 0.17 % 0.17 % 0.17 % 0.06 % 0.17 % 0.17 % 0.17 % 0.17 % Operating expenses before expenses reimbursed by Manager (5) (6) 0.52 % 0.60 % 0.58 % 0.57 % 0.58 % 0.18 % 0.30 % 0.30 % 0.30 % 0.30 % Operating expenses after expenses reimbursed by Manager (5) (6) 0.45 % 0.47 % 0.45 % 0.44 % 0.44 % 0.16 % 0.17 % 0.17 % 0.17 % 0.17 % Operating expenses after Performance Participation Allocation (5) (7) 0.45 % 0.47 % 0.45 % 0.44 % 0.44 % 0.16 % 0.17 % 0.17 % 0.17 % 0.17 % Net investment income (loss) (5) 0.07 % 0.02 % 0.02 % 0.02 % 0.02 % 0.02 % 0.29 % 0.29 % 0.29 % 0.29 % Total return attributed to Shares based on net asset value (5) (8) 1.89 % 1.87 % 1.93 % 1.89 % 1.20 % (4.22) % 2.18 % 2.11 % 2.15 % 2.15 % (1) Per share data may be rounded in order to recompute the ending net asset value per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The per share data for distributions declared reflect the actual amount of distributions paid per share during the applicable period. (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 whole. (5) Weighted average net assets during the applicable period are used for this calculation. (6) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (7) Ratios presented after expenses reimbursed by Manager. (8) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with the Company’s distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in “Note 5. Related Party Transactions.” 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. See “Note 7. Distributions” above, for declarations of distributions for the period from January 1, 2024 to March 31, 2024. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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. The Company holds certain equity investments in taxable subsidiaries (the “Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in Infrastructure Assets which are “pass through” entities for tax purposes. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries’ ownership of certain Infrastructure Assets. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Unregistered Sales of Equity Securities On April 1, 2024, the Company sold the following Investor Shares of the Company (with the final number of shares determined on April 21, 2024) to third party investors for cash: Class Number of Shares Sold Consideration, net Class U Shares 4,098,499 $ 111,364 Class R Shares 2,783,551 $ 75,689 Class R-D Shares 178,941 $ 4,864 Class R-S Shares 11,588 $ 316 Distribution Reinvestment Plan On April 24, 2024, pursuant to the DRIP, the Company issued approximately 79 Class I Shares, approximately 228,561 Class U Shares, approximately 4,504 Class R-D Shares, approximately 164,514 Class R Shares, approximately 4 Class D Shares, approximately 220 Class R-S Shares and approximately 21 Class F Shares, for aggregate consideration of $10,813 from the reinvestment in shares of the Company for shareholders participating in the DRIP. Share Repurchases The Company has a share repurchase plan, whereby on a quarterly basis, Shareholders may request that the Company repurchase all or any portion of their Shares. The aggregate NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-D Shares, Class R-S Shares, Class R Shares and Class F Shares, if any, will be limited to no more that 5.0% of the NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). On May 6, 2024, the Company received requests for the repurchase of approximately $1,662 of the Company’s Shares. The following table summarizes the Shares repurchased on May 6, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 27.17 41,794 $ 1,136 $ (50) $ 1,086 Class R Shares $ 27.19 19,357 526 (26) 500 Total 61,151 $ 1,662 $ (76) $ 1,586 Revolving Credit Agreement On April 3, 2024, certain indirect subsidiaries (collectively, the “Borrowers”) of the Company entered into a revolving credit agreement (the “Agreement”) with Mizuho Bank, Ltd., as joint lead arranger, administrative agent, and collateral 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. On April 3, 2024, the Company remitted a payment of $750 to KKR Capital Markets LLC for arranger fees related to the Agreement. Under the Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $150,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,000,000 in the aggregate. The Agreement matures on April 2, 2027, unless there is an earlier termination or an acceleration following an event of default. Advances under the Agreement denominated in U.S. dollars will bear interest, at the relevant Borrower’s option, at (i) a reference rate plus a spread of 2.25% or (ii) daily or term Secured Overnight Financing Rate (SOFR) plus a spread of 3.25%. Advances under the Agreement denominated in currencies other than U.S. dollars will bear interest at certain local rates consistent with market standards plus a spread of 3.25%. Under the terms of the Agreement, the Company is subject to customary affirmative and negative covenants. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements (referred to hereafter as the “financial statements”) are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are stated in United States (“U.S.”) dollars. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates. The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, Financial Services—Investment Companies (“ASC 946”). |
Basis of Consolidation | 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. |
Adoption of new and revised accounting standards | Adoption of new and revised accounting standards The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption. For a detailed discussion about the Company’s significant accounting policies, see Note 2 to the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. During the three months ended March 31, 2024, there were no significant updates to the Company’s significant accounting policies. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Summarized Infrastructure Assets Financial Information | The following table presents unaudited summarized financial information for the three months ended March 31, 2024 for the Infrastructure Assets in the aggregate in which the Company has an indirect equity interest: Summarized Operating Data: For the Three Months Ended March 31, 2024 Revenues $ 2,490,578 Expenses 2,462,852 Income before taxes 27,726 Income tax expense (benefit) (53,203) Consolidated net income (loss) 80,929 Net income (loss) attributable to non-controlling interests (5,944) Net income (loss) $ 86,873 |
Fair Value Measurements - Inv_2
Fair Value Measurements - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments, by Major Class | The following tables present fair value measurements of investments, by major class, according to the fair value hierarchy: March 31, 2024 Investments Level I Level II Level III Fair Value Infrastructure Assets $ — $ — $ 1,021,161 $ 1,021,161 Unrealized appreciation on foreign currency forward contracts — 4,437 — 4,437 Unrealized depreciation on foreign currency forward contracts — (8,317) — (8,317) Investments in Money Market Funds 613,549 — — 613,549 Total $ 613,549 $ (3,880) $ 1,021,161 $ 1,630,830 December 31, 2023 Investments Level I Level II Level III Fair Value Infrastructure Assets $ — $ — $ 983,552 $ 983,552 Unrealized appreciation on foreign currency forward contracts — 28 — 28 Unrealized depreciation on foreign currency forward contracts — (18,890) — (18,890) Investments in Money Market Funds 278,417 — — 278,417 Total $ 278,417 $ (18,862) $ 983,552 $ 1,243,107 |
Schedule of Reconciliation of Infrastructure Assets, Level III Inputs | The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2024: Investments Balance as of December 31, 2023 Purchases Net change in unrealized appreciation on investments Net change in unrealized depreciation on foreign currency translation Balance as of March 31, 2024 Infrastructure Assets $ 983,552 $ 24,111 $ 29,713 $ (16,215) $ 1,021,161 Total $ 983,552 $ 24,111 $ 29,713 $ (16,215) $ 1,021,161 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents the quantitative information about Level III fair value measurements of the Company’s Infrastructure Assets as of March 31, 2024 and December 31, 2023: As of March 31, 2024 As of December 31, 2023 Level III Assets Fair Value March 31, 2024 Fair Value December 31, 2023 Valuation Methodology & Inputs Unobservable Input(s) (1) Weighted Average (2) Range Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Infrastructure Assets $1,021,161 $983,552 Inputs to market comparables, discounted cash flow and transaction price/other Illiquidity Discount 5.1% 5.0% - 10.0% 5.1% 5.0% - 10.0% Decrease Weight Ascribed to Market Comparables 3.8% —% - 25.0% 4.0% —% - 25.0% (4) Weight Ascribed to Discounted Cash Flow 94.5% —% - 100.0% 94.6% —% - 100.0% (5) Weight Ascribed to Transaction Price/Other 1.7% —% - 100.0% 1.4% —% - 100.0% (6) Market Comparables Enterprise Value / Forward EBITDA Multiple 10.6x 10.6x - 10.6x 10.5x 10.5x - 10.5x Increase Discounted Cash Flow Weighted Average Cost of Capital 9.8% 6.9% - 14.9% 9.7% 6.7% - 12.1% Decrease Enterprise Value / LTM EBITDA Exit Multiple 13.8x 7.1x - 20.0x 13.9x 9.5x - 21.0x 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 approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach. Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Subject to Recoupment Pursuant to the Expense Limitation Agreement | The following table reflects the amounts incurred by the Company and subject to recoupment pursuant to the Expense Limitation Agreement and the expiration for future possible recoupments by the Manager: For the Three Months Ended Amount Last Expiration Date September 30, 2022 $ 3,638 September 30, 2025 December 31, 2022 1,797 December 31, 2025 March 31, 2023 2,963 March 31, 2026 June 30, 2023 1,771 June 30, 2026 September 30, 2023 3,906 September 30, 2026 December 31, 2023 2,474 December 31, 2026 March 31, 2024 1,923 March 31, 2027 Total $ 18,472 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accelerated Share Repurchases | The following table is a summary of the Shares issued and repurchased during the three months ended March 31, 2024 and Shares outstanding as of March 31, 2024: Shares Outstanding as of December 31, 2023 Shares Issued During the Period Shares Repurchased During the Period Shares Issued Upon Reinvestment of Distributions During the Period Transfers In Transfers Out Shares Outstanding as of March 31, 2024 Class I Shares 131,691 7,702 — — — (131,691) 7,702 Class U Shares 28,088,229 8,801,462 (4,060) 152,681 — (19,175) 37,019,137 Class R-D Shares 353,076 113,222 — 2,577 — — 468,875 Class R Shares 16,671,146 5,973,145 (9,644) 112,345 150,856 — 22,897,848 Class D Shares 380 — — 4 — — 384 Class R-S Shares — 27,062 — — — — 27,062 Class E Shares 40 — — — — — 40 Class F Shares 49,830 1,376 — 11 — — 51,217 Class G Shares 40 — — — — — 40 Class H Shares 40 — — — — — 40 Total 45,294,472 14,923,969 (13,704) 267,618 150,856 (150,866) 60,472,345 |
Schedule of Repurchase Agreements | The following table summarizes the Shares repurchased on February 5, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 26.94 4,060 $ 109 $ 5 $ 104 Class R Shares $ 26.96 9,644 260 13 247 Total 13,704 $ 369 $ 18 $ 351 The following table summarizes the Shares repurchased on May 6, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 27.17 41,794 $ 1,136 $ (50) $ 1,086 Class R Shares $ 27.19 19,357 526 (26) 500 Total 61,151 $ 1,662 $ (76) $ 1,586 |
Distributions (Tables)
Distributions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Distributions Declared | The following table details aggregate distributions per share declared for each applicable class of the Company’s shares: For the Three Months Ended March 31, 2024 Class I Shares Class U Shares Class R-D Shares Class R Shares Class D Shares Class R-S Shares Class E Shares Class F Shares Aggregate gross distributions declared per share $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 $ 0.2800 Shareholder servicing fees and distribution fees $ — $ 0.0579 $ 0.0170 $ — $ 0.0170 $ 0.0580 $ — $ — Net distributions declared per share $ 0.2800 $ 0.2221 $ 0.2630 $ 0.2800 $ 0.2630 $ 0.2220 $ 0.2800 $ 0.2800 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of the financial highlights of the Company attributed to each class of shares for the period from January 1, 2024 through March 31, 2024: Class I Shares Class U Shares Class R-D Shares Class R Shares Class D Shares Class R-S Shares Class E Shares Class F Shares Class G Shares Class H Shares Per share data attributed to shares (1) Net asset value per share at beginning of period (January 1, 2024) $ 26.96 $ 25.16 $ 26.41 $ 26.96 $ 26.61 $ — $ 27.47 $ 27.49 $ 27.94 $ 27.94 Consideration from the issuance of shares (0.02) 0.45 0.13 — — 27.28 — — — — Repurchases of shares — — — — — — — — — — Reinvestment of distributions — 0.01 — — — — — — — — Transfers in — — — — — — — — — — Transfers out — — — — — — — — — — Accrued shareholder servicing fees and distribution fees (2) — (0.50) (0.15) — (0.15) (1.34) — — — — Early repurchase fee (2) — — — — — — — — — — Distributions declared (3) (0.28) (0.22) (0.26) (0.28) (0.26) (0.22) (0.28) (0.28) — — Net investment (loss) income (2) 0.02 0.01 0.01 0.01 0.01 0.01 0.08 0.08 0.08 0.08 Net realized gain (loss) and change in unrealized appreciation (depreciation) (2) 0.51 0.50 0.52 0.50 0.46 0.18 0.52 0.50 0.52 0.52 Net increase (decrease) in net assets attributed to shareholders $ 0.23 $ 0.25 $ 0.25 $ 0.23 $ 0.06 $ (1.37) $ 0.32 $ 0.30 $ 0.60 $ 0.60 Net asset value per share at the end of period (March 31, 2024) $ 27.19 $ 25.41 $ 26.66 $ 27.19 $ 26.67 $ 25.91 $ 27.79 $ 27.79 $ 28.54 $ 28.54 Net assets at end of period (March 31, 2024) $ 209 $ 940,548 $ 12,498 $ 622,628 $ 11 $ 701 $ 1 $ 1,423 $ 1 $ 1 Shares outstanding at end of period (March 31, 2024) 7,702 37,019,137 468,875 22,897,848 384 27,062 40 51,217 40 40 Weighted average shares outstanding at end of period (March 31, 2024) 2,868 34,045,073 424,709 20,669,214 384 27,062 40 51,217 40 40 Ratio/Supplemental data for Shares (not annualized): Ratios to average net asset value: (4) Operating expenses before Performance Participation Allocation (5) 0.16 % 0.18 % 0.17 % 0.17 % 0.17 % 0.06 % 0.17 % 0.17 % 0.17 % 0.17 % Operating expenses before expenses reimbursed by Manager (5) (6) 0.52 % 0.60 % 0.58 % 0.57 % 0.58 % 0.18 % 0.30 % 0.30 % 0.30 % 0.30 % Operating expenses after expenses reimbursed by Manager (5) (6) 0.45 % 0.47 % 0.45 % 0.44 % 0.44 % 0.16 % 0.17 % 0.17 % 0.17 % 0.17 % Operating expenses after Performance Participation Allocation (5) (7) 0.45 % 0.47 % 0.45 % 0.44 % 0.44 % 0.16 % 0.17 % 0.17 % 0.17 % 0.17 % Net investment income (loss) (5) 0.07 % 0.02 % 0.02 % 0.02 % 0.02 % 0.02 % 0.29 % 0.29 % 0.29 % 0.29 % Total return attributed to Shares based on net asset value (5) (8) 1.89 % 1.87 % 1.93 % 1.89 % 1.20 % (4.22) % 2.18 % 2.11 % 2.15 % 2.15 % (1) Per share data may be rounded in order to recompute the ending net asset value per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The per share data for distributions declared reflect the actual amount of distributions paid per share during the applicable period. (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 whole. (5) Weighted average net assets during the applicable period are used for this calculation. (6) Ratios presented after accounting for the accrual of the Performance Participation Allocation. (7) Ratios presented after expenses reimbursed by Manager. (8) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with the Company’s distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in “Note 5. Related Party Transactions.” 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. See “Note 7. Distributions” above, for declarations of distributions for the period from January 1, 2024 to March 31, 2024. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | On April 1, 2024, the Company sold the following Investor Shares of the Company (with the final number of shares determined on April 21, 2024) to third party investors for cash: Class Number of Shares Sold Consideration, net Class U Shares 4,098,499 $ 111,364 Class R Shares 2,783,551 $ 75,689 Class R-D Shares 178,941 $ 4,864 Class R-S Shares 11,588 $ 316 |
Schedule of Repurchase Agreements | The following table summarizes the Shares repurchased on February 5, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 26.94 4,060 $ 109 $ 5 $ 104 Class R Shares $ 26.96 9,644 260 13 247 Total 13,704 $ 369 $ 18 $ 351 The following table summarizes the Shares repurchased on May 6, 2024: Class Repurchase Price per Share Number of Shares Repurchased Gross Consideration 5% Early Repurchase Fee Net Consideration Class U Shares $ 27.17 41,794 $ 1,136 $ (50) $ 1,086 Class R Shares $ 27.19 19,357 526 (26) 500 Total 61,151 $ 1,662 $ (76) $ 1,586 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Net increase in net assets resulting from operations | $ 28,252 | $ 0 |
Investment Company, Nonconsolidated Subsidiaries | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Revenues | 2,490,578 | |
Expenses | 2,462,852 | |
Income before taxes | 27,726 | |
Income tax expense (benefit) | (53,203) | |
Consolidated net income (loss) | 80,929 | |
Net income (loss) attributable to non-controlling interests | (5,944) | |
Net increase in net assets resulting from operations | $ 86,873 |
Fair Value Measurements - Inv_3
Fair Value Measurements - Investments - Schedule of Fair Value Measurements of Investments by Major Class (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | $ 1,021,161 | $ 983,552 |
Unrealized appreciation on foreign currency forward contracts | 4,437 | 28 |
Unrealized depreciation on foreign currency forward contracts | (8,317) | (18,890) |
Investments in Money Market Funds | 613,549 | 278,417 |
Total Investments and Cash Equivalents, Estimated Fair Value | 1,630,830 | 1,243,107 |
Level I | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | 0 | 0 |
Unrealized appreciation on foreign currency forward contracts | 0 | 0 |
Unrealized depreciation on foreign currency forward contracts | 0 | 0 |
Investments in Money Market Funds | 613,549 | 278,417 |
Total Investments and Cash Equivalents, Estimated Fair Value | 613,549 | 278,417 |
Level II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | 0 | 0 |
Unrealized appreciation on foreign currency forward contracts | 4,437 | 28 |
Unrealized depreciation on foreign currency forward contracts | (8,317) | (18,890) |
Investments in Money Market Funds | 0 | 0 |
Total Investments and Cash Equivalents, Estimated Fair Value | (3,880) | (18,862) |
Level III | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Infrastructure Assets | 1,021,161 | 983,552 |
Unrealized appreciation on foreign currency forward contracts | 0 | 0 |
Unrealized depreciation on foreign currency forward contracts | 0 | 0 |
Investments in Money Market Funds | 0 | 0 |
Total Investments and Cash Equivalents, Estimated Fair Value | $ 1,021,161 | $ 983,552 |
Fair Value Measurements - Inv_4
Fair Value Measurements - Investments - Schedule of Investment Holdings (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Infrastructure Assets [Roll Forward] | |
Balance as of December 31, 2023 | $ 983,552 |
Purchases | 24,111 |
Net change in unrealized appreciation on investments | 29,713 |
Net change in unrealized depreciation on foreign currency translation | (16,215) |
Balance as of March 31, 2024 | 1,021,161 |
Infrastructure Assets | |
Infrastructure Assets [Roll Forward] | |
Balance as of December 31, 2023 | 983,552 |
Purchases | 24,111 |
Net change in unrealized appreciation on investments | 29,713 |
Net change in unrealized depreciation on foreign currency translation | (16,215) |
Balance as of March 31, 2024 | $ 1,021,161 |
Fair Value Measurements - Inv_5
Fair Value Measurements - Investments - Narratives (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value Disclosures [Abstract] | |
Investments | $ 29,713 |
Foreign currency translation | $ (16,215) |
Fair Value Measurements - Inv_6
Fair Value Measurements - Investments - Schedule of Quantitative Information (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Infrastructure Assets | $ 1,021,161 | $ 983,552 |
Level III | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Infrastructure Assets | $ 1,021,161 | $ 983,552 |
Weighted Average | Level III | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.051 | 0.051 |
Weighted Average | Level III | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.038 | 0.040 |
Weighted Average | Level III | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.945 | 0.946 |
Weighted Average | Level III | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.017 | 0.014 |
Weighted Average | Level III | Enterprise Value / Forward EBITDA Multiple | Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 10.6 | 10.5 |
Weighted Average | Level III | Weighted Average Cost of Capital | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.098 | 0.097 |
Weighted Average | Level III | Enterprise Value / LTM EBITDA Exit Multiple | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 13.8 | 13.9 |
Minimum | Level III | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.050 | 0.050 |
Minimum | Level III | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | 0 |
Minimum | Level III | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | 0 |
Minimum | Level III | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0 | 0 |
Minimum | Level III | Enterprise Value / Forward EBITDA Multiple | Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 10.6 | 10.5 |
Minimum | Level III | Weighted Average Cost of Capital | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.069 | 0.067 |
Minimum | Level III | Enterprise Value / LTM EBITDA Exit Multiple | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 7.1 | 9.5 |
Maximum | Level III | Illiquidity Discount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.100 | 0.100 |
Maximum | Level III | Weight Ascribed to Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.250 | 0.250 |
Maximum | Level III | Weight Ascribed to Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1 | 1 |
Maximum | Level III | Weight Ascribed to Transaction Price/Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 1 | 1 |
Maximum | Level III | Enterprise Value / Forward EBITDA Multiple | Market Comparables | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 10.6 | 10.5 |
Maximum | Level III | Weighted Average Cost of Capital | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.149 | 0.121 |
Maximum | Level III | Enterprise Value / LTM EBITDA Exit Multiple | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 20 | 21 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 21 Months Ended | ||||||
Sep. 25, 2023 | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Mar. 31, 2024 | |
Related Party Transaction [Line Items] | |||||||||
Management fee expense | $ 3,767,000 | $ 0 | |||||||
Management fee offset | 3,767,000 | 0 | |||||||
Accrued performance participation allocation | 12,412,000 | $ 8,335,000 | $ 12,412,000 | ||||||
Performance participation allocation | 4,077,000 | 0 | |||||||
Accrued shareholder servicing fees and distribution fees | 66,976,000 | 51,440,000 | 66,976,000 | ||||||
Less: Expenses reimbursed by Manager | $ (1,923,000) | (2,963,000) | |||||||
Recoupment period (in years) | 3 years | ||||||||
Due from Manager | $ 1,923,000 | $ 16,549,000 | $ 1,923,000 | ||||||
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | Manager | Manager | Manager | ||||||
Due to Manager | $ 3,539,000 | $ 19,174,000 | $ 3,539,000 | ||||||
Accounts Payable, Related Party, Type [Extensible Enumeration] | Manager | Manager | Manager | ||||||
Class U, Class D, Class R-D And Class R-S Shares | Distribution Fees and Servicing Fees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accrued shareholder servicing fees and distribution fees | $ 66,976,000 | $ 51,440,000 | $ 66,976,000 | ||||||
Class H Shares | Total Return | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 12.50% | ||||||||
Class H Shares | Catch-Up Rate | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 100% | ||||||||
Class H Shares | Performance Participation Allocation, Excess Profits Percentage | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 100% | ||||||||
Class H Shares | Performance Participation Allocation, Remaining Excess Profits Percentage | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 12.50% | ||||||||
Class H Shares | Performance Participation Allocation, Percentage of Remaining Excess Profits | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 12.50% | ||||||||
Affiliated Entity | |||||||||
Related Party Transaction [Line Items] | |||||||||
Initial offering period (in months) | 60 months | ||||||||
Minimum aggregate subscriptions required | $ 100,000,000 | ||||||||
Minimum aggregate subscription, purchase period (in months) | 12 months | ||||||||
Management fee expense | $ 3,767,000 | ||||||||
Management fee offset | 3,767,000 | ||||||||
Net management fee | 0 | ||||||||
Management fee, credits | 3,158,000 | 6,533,000 | 3,158,000 | ||||||
Less: Expenses reimbursed by Manager | $ (1,923,000) | $ (3,906,000) | $ (1,771,000) | $ (2,963,000) | $ (1,797,000) | $ (3,638,000) | $ (2,474,000) | $ (18,472,000) | |
Affiliated Entity | Management Fee Rate Attributable to Class D, I and S Shares | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 1.25% | ||||||||
Affiliated Entity | Management Fee Rate Attributable to Class U, R-D, R-S and R Shares Following Acceptance of Initial Subscription of Shares | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 1% | ||||||||
Affiliated Entity | Management Fee Percentage Attributable to Class U, R-D, R-S and R Shares Thereafter | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 1.25% | ||||||||
Manager | Expense Limitation and Reimbursement Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Agreement term (in years) | 3 years | ||||||||
Manager | Expense Limitation and Reimbursement Agreement | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 0.60% | ||||||||
KKR Capital Markets LLC | Affiliated Entity | Class S, Class R-S And Class U Shares | Distribution Fees and Servicing Fees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 0.85% | ||||||||
KKR Capital Markets LLC | Affiliated Entity | Class S, Class R-S And Class U Shares | Distribution Fee | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 0.60% | ||||||||
KKR Capital Markets LLC | Affiliated Entity | Class S, Class R-S And Class U Shares | Servicing Fee | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 0.25% | ||||||||
KKR Capital Markets LLC | Affiliated Entity | Class D and R-D Shares | Servicing Fee | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction rate (as a percent) | 0.25% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Subject to Recoupment Pursuant to the Expense Limitation Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 21 Months Ended | |||||
Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Mar. 31, 2024 | |
Related Party Transaction [Line Items] | ||||||||
Reimbursed expenses | $ 1,923 | $ 2,963 | ||||||
Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursed expenses | $ 1,923 | $ 3,906 | $ 1,771 | $ 2,963 | $ 1,797 | $ 3,638 | $ 2,474 | $ 18,472 |
Shareholders_ Equity - Schedule
Shareholders’ Equity - Schedule of Shares Issued and Repurchased (Details) - shares | 3 Months Ended | |
Feb. 05, 2024 | Mar. 31, 2024 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 45,294,472 | |
Shares Issued During the Period (in shares) | 14,923,969 | |
Shares Repurchased During the Period (in shares) | (13,704) | (13,704) |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 267,618 | |
Transfers In (in shares) | 150,856 | |
Transfers Out (in shares) | (150,866) | |
Shares Outstanding as of March 31, 2024 (in shares) | 60,472,345 | |
Class I Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 131,691 | |
Shares Issued During the Period (in shares) | 7,702 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 0 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | (131,691) | |
Shares Outstanding as of March 31, 2024 (in shares) | 7,702 | |
Class U Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 28,088,229 | |
Shares Issued During the Period (in shares) | 8,801,462 | |
Shares Repurchased During the Period (in shares) | (4,060) | (4,060) |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 152,681 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | (19,175) | |
Shares Outstanding as of March 31, 2024 (in shares) | 37,019,137 | |
Class R-D Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 353,076 | |
Shares Issued During the Period (in shares) | 113,222 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 2,577 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 468,875 | |
Class R Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 16,671,146 | |
Shares Issued During the Period (in shares) | 5,973,145 | |
Shares Repurchased During the Period (in shares) | (9,644) | (9,644) |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 112,345 | |
Transfers In (in shares) | 150,856 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 22,897,848 | |
Class D Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 380 | |
Shares Issued During the Period (in shares) | 0 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 4 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 384 | |
Class R-S Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 0 | |
Shares Issued During the Period (in shares) | 27,062 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 0 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 27,062 | |
Class E Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 40 | |
Shares Issued During the Period (in shares) | 0 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 0 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 40 | |
Class F Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 49,830 | |
Shares Issued During the Period (in shares) | 1,376 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 11 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 51,217 | |
Class G Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 40 | |
Shares Issued During the Period (in shares) | 0 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 0 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 40 | |
Class H Shares | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares Outstanding as of December 31, 2023 (in shares) | 40 | |
Shares Issued During the Period (in shares) | 0 | |
Shares Repurchased During the Period (in shares) | 0 | |
Shares Issued Upon Reinvestment of Distributions During the Period (in shares) | 0 | |
Transfers In (in shares) | 0 | |
Transfers Out (in shares) | 0 | |
Shares Outstanding as of March 31, 2024 (in shares) | 40 |
Shareholders_ Equity - Narrativ
Shareholders’ Equity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 05, 2024 | Mar. 31, 2024 | |
Class of Stock [Line Items] | ||
Gross Consideration | $ 369 | $ 369 |
Class S, Class D, Class U, Class I, Class R-S, Class R-D, Class R or Class F Shares | ||
Class of Stock [Line Items] | ||
Share repurchase limitation, maximum percentage (as a percent) | 5% | |
Class E Shares | ||
Class of Stock [Line Items] | ||
Share repurchase limitation, maximum percentage (as a percent) | 5% |
Shareholders_ Equity - Schedu_2
Shareholders’ Equity - Schedule of Repurchase of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 05, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | ||
Number of Shares Repurchased | 13,704 | 13,704 |
Gross Consideration | $ 369 | $ 369 |
5% Early Repurchase Fee | 18 | |
Net Consideration | $ 351 | |
Class U Shares | ||
Subsequent Event [Line Items] | ||
Repurchases of shares (in dollars per share) | $ 26.94 | $ 0 |
Number of Shares Repurchased | 4,060 | 4,060 |
Gross Consideration | $ 109 | $ 109 |
5% Early Repurchase Fee | 5 | |
Net Consideration | $ 104 | |
Class R Shares | ||
Subsequent Event [Line Items] | ||
Repurchases of shares (in dollars per share) | $ 26.96 | $ 0 |
Number of Shares Repurchased | 9,644 | 9,644 |
Gross Consideration | $ 260 | $ 260 |
5% Early Repurchase Fee | 13 | |
Net Consideration | $ 247 |
Distributions - Aggregate Distr
Distributions - Aggregate Distribution Declared (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Class I Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | $ 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0 |
Net distributions declared per share (in dollars per share) | 0.2800 |
Class U Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0.0579 |
Net distributions declared per share (in dollars per share) | 0.2221 |
Class R-D Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0.0170 |
Net distributions declared per share (in dollars per share) | 0.2630 |
Class R Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0 |
Net distributions declared per share (in dollars per share) | 0.2800 |
Class D Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0.0170 |
Net distributions declared per share (in dollars per share) | 0.2630 |
Class R-S Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0.0580 |
Net distributions declared per share (in dollars per share) | 0.2220 |
Class E Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0 |
Net distributions declared per share (in dollars per share) | 0.2800 |
Class F Shares | |
Class of Stock [Line Items] | |
Aggregate gross distributions declared per share (in dollars per share) | 0.2800 |
Shareholder servicing fees and distribution fees (in dollars per share) | 0 |
Net distributions declared per share (in dollars per share) | $ 0.2800 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Unfunded Commitment Related to Investment in Infrastructure Assets | ||
Other Commitments [Line Items] | ||
Other commitment | $ 252,500 | $ 33,500 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Feb. 05, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Investment Company, Financial Highlights [Line Items] | |||
Net assets at end of period (March 31, 2024) | $ 1,578,021 | $ 1,170,372 | |
Shares outstanding at end of period (March 31, 2024) | 60,472,345 | 45,294,472 | |
Class I Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 26.96 | ||
Consideration from the issuance of shares (in dollars per share) | (0.02) | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | 0 | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.28) | ||
Net investment (loss) income (in dollars per share) | 0.02 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.51 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.23 | ||
Net asset value per share at end of period (in dollars per share) | $ 27.19 | ||
Net assets at end of period (March 31, 2024) | $ 209 | $ 3,552 | |
Shares outstanding at end of period (March 31, 2024) | 7,702 | 131,691 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.16% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.52% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.45% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.45% | ||
Net investment income (loss) (as a percent) | 0.07% | ||
Total return attributed to Shares based on net asset value (as a percent) | 1.89% | ||
Class I Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 2,868 | ||
Class U Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 25.16 | ||
Consideration from the issuance of shares (in dollars per share) | 0.45 | ||
Repurchases of shares (in dollars per share) | $ 26.94 | 0 | |
Reinvestment of distributions (in dollars per shares) | 0.01 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | (0.50) | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.22) | ||
Net investment (loss) income (in dollars per share) | 0.01 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.50 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.25 | ||
Net asset value per share at end of period (in dollars per share) | $ 25.41 | ||
Net assets at end of period (March 31, 2024) | $ 940,548 | $ 706,586 | |
Shares outstanding at end of period (March 31, 2024) | 37,019,137 | 28,088,229 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.18% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.60% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.47% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.47% | ||
Net investment income (loss) (as a percent) | 0.02% | ||
Total return attributed to Shares based on net asset value (as a percent) | 1.87% | ||
Class U Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 34,045,073 | ||
Class R-D Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 26.41 | ||
Consideration from the issuance of shares (in dollars per share) | 0.13 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | (0.15) | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.26) | ||
Net investment (loss) income (in dollars per share) | 0.01 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.52 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.25 | ||
Net asset value per share at end of period (in dollars per share) | $ 26.66 | ||
Net assets at end of period (March 31, 2024) | $ 12,498 | $ 9,328 | |
Shares outstanding at end of period (March 31, 2024) | 468,875 | 353,076 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.58% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.45% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.45% | ||
Net investment income (loss) (as a percent) | 0.02% | ||
Total return attributed to Shares based on net asset value (as a percent) | 1.93% | ||
Class R-D Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 424,709 | ||
Class R Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 26.96 | ||
Consideration from the issuance of shares (in dollars per share) | 0 | ||
Repurchases of shares (in dollars per share) | $ 26.96 | 0 | |
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | 0 | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.28) | ||
Net investment (loss) income (in dollars per share) | 0.01 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.50 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.23 | ||
Net asset value per share at end of period (in dollars per share) | $ 27.19 | ||
Net assets at end of period (March 31, 2024) | $ 622,628 | $ 449,523 | |
Shares outstanding at end of period (March 31, 2024) | 22,897,848 | 16,671,146 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.57% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.44% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.44% | ||
Net investment income (loss) (as a percent) | 0.02% | ||
Total return attributed to Shares based on net asset value (as a percent) | 1.89% | ||
Class R Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 20,669,214 | ||
Class D Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 26.61 | ||
Consideration from the issuance of shares (in dollars per share) | 0 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | (0.15) | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.26) | ||
Net investment (loss) income (in dollars per share) | 0.01 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.46 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.06 | ||
Net asset value per share at end of period (in dollars per share) | $ 26.67 | ||
Net assets at end of period (March 31, 2024) | $ 11 | $ 11 | |
Shares outstanding at end of period (March 31, 2024) | 384 | 380 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.58% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.44% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.44% | ||
Net investment income (loss) (as a percent) | 0.02% | ||
Total return attributed to Shares based on net asset value (as a percent) | 1.20% | ||
Class D Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 384 | ||
Class R-S Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 0 | ||
Consideration from the issuance of shares (in dollars per share) | 27.28 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | (1.34) | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.22) | ||
Net investment (loss) income (in dollars per share) | 0.01 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.18 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | (1.37) | ||
Net asset value per share at end of period (in dollars per share) | $ 25.91 | ||
Net assets at end of period (March 31, 2024) | $ 701 | $ 0 | |
Shares outstanding at end of period (March 31, 2024) | 27,062 | 0 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.06% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.18% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.16% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.16% | ||
Net investment income (loss) (as a percent) | 0.02% | ||
Total return attributed to Shares based on net asset value (as a percent) | (4.22%) | ||
Class R-S Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 27,062 | ||
Class E Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 27.47 | ||
Consideration from the issuance of shares (in dollars per share) | 0 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | 0 | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.28) | ||
Net investment (loss) income (in dollars per share) | 0.08 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.52 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.32 | ||
Net asset value per share at end of period (in dollars per share) | $ 27.79 | ||
Net assets at end of period (March 31, 2024) | $ 1 | $ 1 | |
Shares outstanding at end of period (March 31, 2024) | 40 | 40 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.30% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.17% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.17% | ||
Net investment income (loss) (as a percent) | 0.29% | ||
Total return attributed to Shares based on net asset value (as a percent) | 2.18% | ||
Class E Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 40 | ||
Class F Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 27.49 | ||
Consideration from the issuance of shares (in dollars per share) | 0 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | 0 | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | (0.28) | ||
Net investment (loss) income (in dollars per share) | 0.08 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.50 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.30 | ||
Net asset value per share at end of period (in dollars per share) | $ 27.79 | ||
Net assets at end of period (March 31, 2024) | $ 1,423 | $ 1,369 | |
Shares outstanding at end of period (March 31, 2024) | 51,217 | 49,830 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.30% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.17% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.17% | ||
Net investment income (loss) (as a percent) | 0.29% | ||
Total return attributed to Shares based on net asset value (as a percent) | 2.11% | ||
Class F Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 51,217 | ||
Class G Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 27.94 | ||
Consideration from the issuance of shares (in dollars per share) | 0 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | 0 | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | 0 | ||
Net investment (loss) income (in dollars per share) | 0.08 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.52 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.60 | ||
Net asset value per share at end of period (in dollars per share) | $ 28.54 | ||
Net assets at end of period (March 31, 2024) | $ 1 | $ 1 | |
Shares outstanding at end of period (March 31, 2024) | 40 | 40 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.30% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.17% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.17% | ||
Net investment income (loss) (as a percent) | 0.29% | ||
Total return attributed to Shares based on net asset value (as a percent) | 2.15% | ||
Class G Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 40 | ||
Class H Shares | |||
Investment Company, Financial Highlights [Line Items] | |||
Net asset value per share at beginning of period (in dollars per share) | $ 27.94 | ||
Consideration from the issuance of shares (in dollars per share) | 0 | ||
Repurchases of shares (in dollars per share) | 0 | ||
Reinvestment of distributions (in dollars per shares) | 0 | ||
Transfers in (in dollars per share) | 0 | ||
Transfers out (in dollars per share) | 0 | ||
Accrued shareholder servicing fees and distribution fees (in dollars per share) | 0 | ||
Early repurchase fee (in dollars per share) | 0 | ||
Distributions declared (in dollars per share) | 0 | ||
Net investment (loss) income (in dollars per share) | 0.08 | ||
Net realized gain (loss) and change in unrealized appreciation (depreciation) (in dollars per share) | 0.52 | ||
Net increase (decrease) in net assets attributed to shareholders (in dollars per share) | 0.60 | ||
Net asset value per share at end of period (in dollars per share) | $ 28.54 | ||
Net assets at end of period (March 31, 2024) | $ 1 | $ 1 | |
Shares outstanding at end of period (March 31, 2024) | 40 | 40 | |
Ratio/Supplemental data for Shares (not annualized): | |||
Operating expenses before Performance Participation Allocation (as a percent) | 0.17% | ||
Operating expenses before expenses reimbursed by Manager (as a percent) | 0.30% | ||
Operating expenses after expenses reimbursed by Manager (as a percent) | 0.17% | ||
Operating expenses after Performance Participation Allocation (as a percent) | 0.17% | ||
Net investment income (loss) (as a percent) | 0.29% | ||
Total return attributed to Shares based on net asset value (as a percent) | 2.15% | ||
Class H Shares | Weighted Average | |||
Investment Company, Financial Highlights [Line Items] | |||
Shares outstanding at end of period (March 31, 2024) | 40 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Effective tax rate | 1% |
Federal statutory income tax rate | 0% |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Issued and Sold Investor Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 14,923,969 | |
Consideration, net | $ 404,469 | |
Class U Shares | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 8,801,462 | |
Consideration, net | $ 238,342 | |
Class U Shares | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 4,098,499 | |
Consideration, net | $ 111,364 | |
Class R Shares | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 5,973,145 | |
Consideration, net | $ 162,071 | |
Class R Shares | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 2,783,551 | |
Consideration, net | $ 75,689 | |
Class R-D Shares | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 113,222 | |
Consideration, net | $ 3,070 | |
Class R-D Shares | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 178,941 | |
Consideration, net | $ 4,864 | |
Class R-S Shares | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 27,062 | |
Consideration, net | $ 738 | |
Class R-S Shares | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Shares Issued During the Period (in shares) | 11,588 | |
Consideration, net | $ 316 |
Subsequent Events - Schedule _2
Subsequent Events - Schedule of Repurchase of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 06, 2024 | Feb. 05, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | |||
Number of Shares Repurchased | 13,704 | 13,704 | |
Value of shares repurchased | $ 369 | $ 369 | |
5% Early Repurchase Fee | (18) | ||
Net Consideration | $ 351 | ||
Class U Shares | |||
Subsequent Event [Line Items] | |||
Repurchases of shares (in dollars per share) | $ 26.94 | $ 0 | |
Number of Shares Repurchased | 4,060 | 4,060 | |
Value of shares repurchased | $ 109 | $ 109 | |
5% Early Repurchase Fee | (5) | ||
Net Consideration | $ 104 | ||
Class R Shares | |||
Subsequent Event [Line Items] | |||
Repurchases of shares (in dollars per share) | $ 26.96 | $ 0 | |
Number of Shares Repurchased | 9,644 | 9,644 | |
Value of shares repurchased | $ 260 | $ 260 | |
5% Early Repurchase Fee | (13) | ||
Net Consideration | $ 247 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of Shares Repurchased | 61,151 | ||
Value of shares repurchased | $ 1,662 | ||
5% Early Repurchase Fee | (76) | ||
Net Consideration | $ 1,586 | ||
Subsequent Event | Class U Shares | |||
Subsequent Event [Line Items] | |||
Repurchases of shares (in dollars per share) | $ 27.17 | ||
Number of Shares Repurchased | 41,794 | ||
Value of shares repurchased | $ 1,136 | ||
5% Early Repurchase Fee | (50) | ||
Net Consideration | $ 1,086 | ||
Subsequent Event | Class R Shares | |||
Subsequent Event [Line Items] | |||
Repurchases of shares (in dollars per share) | $ 27.19 | ||
Number of Shares Repurchased | 19,357 | ||
Value of shares repurchased | $ 526 | ||
5% Early Repurchase Fee | (26) | ||
Net Consideration | $ 500 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) | 3 Months Ended | ||||
May 06, 2024 | Apr. 24, 2024 | Apr. 03, 2024 | Feb. 05, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 267,618 | ||||
Reinvestment of distributions | $ 7,212,000 | ||||
Value of shares repurchased | $ 369,000 | $ 369,000 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Reinvestment of distributions | $ 10,813,000 | ||||
Value of shares repurchased | $ 1,662,000 | ||||
Subsequent Event | Affiliated Entity | |||||
Subsequent Event [Line Items] | |||||
Credit available to the borrowers | $ 150,000 | ||||
Increase in loan commitment amount | 1,000,000 | ||||
Subsequent Event | Affiliated Entity | KKR Capital Markets LLC | |||||
Subsequent Event [Line Items] | |||||
Payment for arranger fee earned | $ 750,000 | ||||
Subsequent Event | Affiliated Entity | Reference Rate | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.25% | ||||
Subsequent Event | Affiliated Entity | Secured Overnight Financing Rate (SOFR) | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.25% | ||||
Subsequent Event | Affiliated Entity | Local Rate | |||||
Subsequent Event [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.25% | ||||
Class I Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 0 | ||||
Class I Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 79 | ||||
Class U Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 152,681 | ||||
Reinvestment of distributions | $ 4,114,000 | ||||
Value of shares repurchased | 109,000 | $ 109,000 | |||
Class U Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 228,561 | ||||
Value of shares repurchased | 1,136,000 | ||||
Class R-D Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 2,577 | ||||
Reinvestment of distributions | $ 69,000 | ||||
Class R-D Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 4,504 | ||||
Class R Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 112,345 | ||||
Reinvestment of distributions | $ 3,029,000 | ||||
Value of shares repurchased | $ 260,000 | $ 260,000 | |||
Class R Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 164,514 | ||||
Value of shares repurchased | $ 526,000 | ||||
Class D Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 4 | ||||
Class D Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 4 | ||||
Class R-S Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 0 | ||||
Class R-S Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 220 | ||||
Class F Shares | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 11 | ||||
Class F Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued during the period (in shares) | 21 | ||||
Class S, Class D, Class U, Class I, Class R-S, Class R-D, Class R or Class F Shares | |||||
Subsequent Event [Line Items] | |||||
Share repurchase limitation, maximum percentage (as a percent) | 5% |