Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before tax expense (benefit) includes the following components:


	Years Ended December 31,
	2025		2024
Income (loss) before income taxes:
United States	$	(52,161)	$	(18,399)
Foreign	517,415		238,307
Total income (loss) before income taxes	$	465,254	$	219,908

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows during the years ended December 31, 2025 and 2024:


	Years Ended December 31,
	2025		2024
Current:
Federal	$	306	$	42
State and Local	38		—
Foreign	—		—
Total current income taxes	344		42
Deferred:
Federal	4,155		1,571
State and Local	914		(16)
Foreign	—		—
Total deferred income taxes	5,069		1,555
Total income taxes	$	5,413	$	1,597

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the U.S. Partnership Federal Statutory Tax Rate to the effective income tax rate under the ASU 2023-09 guidance on income tax disclosures issued in December 2023 for the year ended December 31, 2025:


	Year Ended December 31, 2025
	Amount		Rate
U.S. Partnership Federal Statutory Tax Rate	$	—	—	%
State and local income taxes (1)	918		0.2	%
Foreign tax effects	—		—	%
Effect of changes in tax laws or rates enacted in the current period	—		—	%
Effect of cross-border tax laws	—		—	%
Tax credits	—		—	%
Changes in federal valuation allowances	570		0.1	%
Nontaxable or nondeductible items	(172)		—	%
Changes in unrecognized tax benefits	—		—	%
Other:
Income taxed at federal corporate tax rate	4,097		0.9	%
Effective income tax rate	$	5,413	1.2	%

(1) State and local income taxes in Arizona, California, New Mexico, New York and Texas comprise a majority of the state and local income taxes.

The following table reconciles the U.S. Partnership Federal Statutory Tax Rate to the effective income tax rate for the year ended December 31, 2024:


	Year Ended December 31, 2024
U.S. Partnership Federal Statutory Tax Rate	—	%
Income taxed at federal corporate tax rate	0.7	%
State and Local Income Taxes	—	%
Foreign Income Taxes	—	%
Effective income tax rate	0.7	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	December 31, 2025		December 31, 2024
Deferred tax assets:
Federal net operating losses	$	4,019	$	1
Interest disallowance carryforward	7,573		3,211
Charitable contribution carryforward	68		—
Total deferred tax assets before valuation allowance	11,660		3,212
Valuation allowance	(3,911)		(3,212)
Total deferred tax assets	7,749		—
Deferred tax liabilities:
Unrealized appreciation on investments	14,453		1,636
Total deferred tax liabilities	14,453		1,636
Deferred tax liabilities, net	$	(6,704)	$	(1,636)

Schedule of Income Taxes Paid

For the year ended December 31, 2025, cash payments of income taxes, net of refunds, were as follows:


	December 31, 2025
Federal	$	105
State	—
Foreign	—
Total payments, net of refunds	$	105

KKR Infrastructure Conglomerate LLC 10-K