Endnotes

Footnotes 11 and 15. 2025 Sustainability Data Collection Metrics 

The scope of the 2025 sustainability survey data includes 276  portfolio companies and underlying operating companies within platform investments across Private Equity, Infrastructure, Energy, and certain Credit strategies. The survey also includes data from 1,867 Real Estate assets, with 41 operating partners. For these metrics, the denominator used is the number of companies and investment vehicles for which we have data (“Responding Entities”). Sustainability portfolio insights are calculated with respect to those Responding Entities and not the entire portfolio.

Footnote 12. KKR’s Financed Emissions

Scope
In-scope business lines for our 2025 financed emissions include: Private Equity, Real Assets, Leveraged Credit, Alternative Credit, and Insurance. In certain circumstances, individual portfolio companies with financed emissions we consider to be de minimis or asset classes where there is no widely-accepted methodology (e.g. municipal bonds) are excluded from KKR’s total due to limited data availability and/or quality.

Methodology
“Financed emissions” are the GHG emissions resulting from a company’s lending and investing activities. These emissions are categorized under Scope 3.15 in the GHG Protocol. A global standard for measuring and reporting financed emissions is the Partnership for Carbon Accounting Financials (PCAF) — an extension of GHG Protocol section 3.15. KKR’s financed emissions calculations closely follow the PCAF approach and include KKR’s attributable share of the absolute Scope 1 and 2 GHG emissions of our in-scope investments as well as the Scope 3 (tenant) emissions of our Real Estate business. KKR’s attributable share is proportional to the capital invested in a company as a percentage of the company’s total enterprise value. 

By normalizing portfolio company performance according to its respective share of KKR’s total financed emissions, we are able to better understand performance based on attributable climate impact. With reference to the guidance provided by third-party frameworks, for the purposes of portfolio governance, monitoring, and reporting, KKR considers financed emissions to be: 

  • “Directly measured” when a company reports its material Scope 1 and 2 emissions using primary physical activity data and emissions factors specific to that primary data 
  • “Addressed by “business-relevant decarbonization plans” when such plans include, where applicable: portfolio company board-level oversight of its climate strategy, Scopes 1 and 2 GHG emissions measurement, and GHG emissions reduction targets, which may be aligned to a science-based net-zero pathway or a benchmark

Note on Data Quality: KKR’s financed emissions data presented herein is collected and calculated on a best-effort basis, using a combination of third-party data, which includes estimates based on economic and operational metrics where available, and data gathered directly from investments, which relies on the accuracy and completeness of data provided by management teams. Where companies measure GHG emissions but data was not available at time of publication, KKR estimated 2025 GHG emissions based on a combination of financial and other GHG emissions data.

While KKR cannot guarantee the completeness of the data presented, we extensively review the data provided and engage directly with certain investments to improve its quality. We expect GHG data quality in general to improve as approaches mature and, in turn, KKR’s data quality to improve over time.

Footnote 36. KKR Global Impact, Citation Investment Spotlight

Data presented reflects performance throughout the 2025 calendar year. The percentage less likely to suffer a fatality was calculated by comparing the incidence rate of work-related fatal occupational injuries per 100,000 employees among Citation’s UK health and safety clients with the UK average for fiscal year 2024/25 from the UK Health and Safety Executive, the most recent data available. The percentage less likely to receive an employment tribunal claim was calculated by comparing the number of employment tribunal claims per 100,000 employees among Citation’s UK Human Resources clients covered by Citation’s Employee Advice Guarantee with the UK average for fiscal year 2024/25, the most recent data available. This average was calculated using employment tribunal claim data from the UK Ministry of Justice and workforce data from the Office for National Statistics.