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SCHEDULE 13D/A 0001193125-21-361315 0001868340 XXXXXXXX LIVE 9 Class A Common Stock, Par Value of $0.0001 Per Share 03/10/2025 false 0001866175 44952J104 Crescent Energy Co 600 Travis Street, Suite 7200 Houston TX 77002 Brandi Kendall Vice President 713-481-7782 Independence Energy Aggregator L.P. 600 Travis Street, Suite 7200 Houston TX 77002 Christopher Lee, Esq. 212-750-8300 Kohlberg Kravis Roberts & Co. L.P. 30 Hudson Yards New York NY 10001 0001868340 Independence Energy Aggregator L.P. b OO DE 26185773 0 26185773 0 26185773 N 11.8 PN The beneficial ownership reported herein consists of shares of Class B Common Stock, par value $0.0001 per share, of Crescent Energy Company, a Delaware corporation (the "Issuer" and such stock, "Class B Common Stock") and an equivalent number of units representing limited liability company interests of Crescent Energy OpCo LLC (f/k/a IE OpCo LLC, "OpCo", and such units, "OpCo LLC Units"), which together are exchangeable for shares of Class A Common Stock, par value $0.0001 per share of the Issuer ("Class A Common Stock") on a one-for-one basis pursuant to the Amended and Restated LLC Agreement of OpCo ("OpCo LLC Agreement"). The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y Independence Energy Aggregator GP LLC b OO DE 26185773 0 26185773 0 26185773 N 11.8 OO The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Upstream Associates LLC b OO DE 26758127 0 26758127 0 26758127 N 12.1 OO The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number "OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Group Assets Holdings III L.P. b OO DE 26758127 0 26758127 0 26758127 N 12.1 PN The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Financial Holdings LLC b OO DE 26758127 0 26758127 0 26758127 N 12.1 OO The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Group Assets III GP LLC b OO DE 26758127 0 26758127 0 26758127 N 12.1 OO The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Group Partnership L.P. b OO E9 26758127 0 26758127 0 26758127 N 12.1 PN The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Group Holdings Corp. b OO DE 26758127 0 26758127 0 26758127 N 12.1 CO (1) Consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Group Co. Inc. b OO DE 26758127 0 26758127 0 26758127 N 12.1 CO The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR & Co. Inc. b OO DE 26758127 0 26758127 0 26758127 N 12.1 CO The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y KKR Management LLP b OO DE 26758127 0 26758127 0 26758127 N 12.1 PN The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement). Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y Henry R. Kravis b OO X1 26758127 0 26758127 0 26758127 N 12.1 IN The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Y George R. Roberts b OO X1 26758127 0 26758127 0 26758127 N 12.1 IN The beneficial ownership reported herein consists of shares of Class B Common Stock and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC. The beneficial ownership percentage reported herein is based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock as described herein, as further described in Item 5 below, and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. Class A Common Stock, Par Value of $0.0001 Per Share Crescent Energy Co 600 Travis Street, Suite 7200 Houston TX 77002 This Amendment No. 9 ("Amendment No. 9") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on December 17, 2021, as amended on September 15, 2022, June 6, 2023, July 5, 2023, November 15, 2023, March 11, 2024, April 3, 2024, May 17, 2024 and August 5, 2024 (as so amended, the "Schedule 13D") by the Reporting Persons, relating to the shares of Class A Common Stock. This Amendment No. 9 is being filed by the Reporting Persons to report the sale on March 10, 2025 by Independence Energy Aggregator L.P. ("IE Aggregator") of 2,948,723 shares of the Issuer's Class A Common Stock on behalf of certain unaffiliated limited partners pursuant to Rule 144 under the Securities Act of 1933, as amended, through a broker-dealer (the "Sale"). Except as specifically provided herein, this Amendment No. 9 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 9 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D. Items 5(a) - 5(c) of the Schedule 13D are hereby amended and restated as follows: The response of the Reporting Persons to rows 7 through 13 on the cover pages of this Schedule 13D are incorporated by reference herein. IE Aggregator holds 26,185,773 shares of Class B Common Stock and the same number of OpCo LLC Units. Upstream holds 572,354 shares of Class A Common Stock. The terms of the OpCo LLC Agreement provide certain holders of the OpCo LLC Units with the right to cause OpCo to acquire all or a portion of the OpCo LLC Units (the "Redemption Right") for, at OpCo's election, (a) shares of Class A Common Stock of the Issuer at a redemption ratio of one share of Class A Common Stock for each OpCo LLC Unit redeemed, together with an equal number of shares of Class B Common Stock (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassification and similar transactions), or (b) cash. As a result, for the purpose of Rule 13d-3 under the Act, each of IE Aggregator and Aggregator GP may be deemed to be the beneficial owners of an aggregate of 26,185,773 shares of Class A Common Stock, which represents approximately 11.8% of the outstanding Class A Common Stock, based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock by IE Aggregator as described herein and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by IE Aggregator and Aggregator GP, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. In the event that all outstanding shares of Class B Common Stock and OpCo LLC Units were exchanged for shares of Class A Common Stock, IE Aggregator and Aggregator GP would hold approximately 10.1% of the outstanding Class A Common Stock, based on a combined total of 258,473,395 shares of Class A Common Stock. Each of Upstream, KKR Group Assets Holdings III L.P., KKR Financial Holdings LLC, KKR Group Assets III GP LLC, KKR Group Partnership L.P., KKR Group Holdings Corp., KKR Group Co. Inc., KKR & Co. Inc., KKR Management LLP, Henry R. Kravis and George R. Roberts (together, the "KKR Group") may be deemed to be the beneficial owners of an aggregate of 26,758,127 shares of Class A Common Stock under Rule 13d-3 of the Act. The aggregate number of shares of Class A Common Stock beneficially owned by the KKR Group represents approximately 12.1% of the outstanding Class A Common Stock, based on a combined total of 221,659,767 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 195,473,994 shares of Class A Common Stock, consisting of 192,525,271 shares of Class A Common Stock outstanding as of January 31, 2025, and 2,948,723 shares of Class A Common Stock converted from Class B Common Stock by IE Aggregator as described herein and (b) assumes that all 26,185,773 shares of Class B Common Stock beneficially owned by the KKR Group, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. In the event that all outstanding shares of Class B Common Stock and OpCo LLC Units were exchanged for shares of Class A Common Stock, the KKR Group would hold approximately 10.4% of the outstanding Class A Common Stock, based on a combined total of 258,473,395 shares of Class A Common Stock. Each of Aggregator GP (as the general partner of IE Aggregator), Upstream (as the sole member of Aggregator GP), KKR Group Assets Holdings III L.P. and KKR Financial Holdings LLC (as the controlling members of Upstream), KKR Group Assets III GP LLC (as the general partner of KKR Group Assets Holdings III L.P.), KKR Group Partnership L.P. (as the sole member of each of KKR Group Assets III GP LLC and KKR Financial Holdings LLC), KKR Group Holdings Corp. (as the general partner of KKR Group Partnership L.P.), KKR Group Co. Inc. (as the sole shareholder of KKR Group Holdings Corp.), KKR & Co. Inc. (as the sole shareholder of KKR Group Co. Inc.), KKR Management LLP (as the Series I preferred stockholder of KKR & Co. Inc.) and Messrs. Kravis and Roberts (as the founding partners of KKR Management LLP) may be deemed to be the beneficial owner of the securities beneficially owned by IE Aggregator. Additionally, each of KKR Group Assets Holdings III L.P. and KKR Financial Holdings LLC (as the controlling members of Upstream), KKR Group Assets III GP LLC (as the general partner of KKR Group Assets Holdings III L.P.), KKR Group Partnership L.P. (as the sole member of each of KKR Group Assets III GP LLC and KKR Financial Holdings LLC), KKR Group Holdings Corp. (as the general partner of KKR Group Partnership L.P.), KKR Group Co. Inc. (as the sole shareholder of KKR Group Holdings Corp.), KKR & Co. Inc. (as the sole shareholder of KKR Group Co. Inc.), KKR Management LLP (as the Series I preferred stockholder of KKR & Co. Inc.) and Messrs. Kravis and Roberts (as the founding partners of KKR Management LLP) may be deemed to be the beneficial owner of the securities beneficially owned by Upstream. The filing of this Schedule 13D shall not be construed as an admission that any of the above-listed entities or individuals is the beneficial owner of any securities covered by this Schedule 13D. To the best knowledge of the Reporting Persons, none of the individuals named in Item 2 beneficially owns any shares of Class A Common Stock except as described herein. The Reporting Persons and PT Independence Energy Holdings LLC, a Delaware limited liability company ("PT Independence") may be deemed to constitute a group for purposes of Section 13(d) due to the terms of the Specified Rights Agreement. However, neither the Reporting Persons nor PT Independence have voting or dispositive power over the other party's shares of Class A Common Stock or securities convertible into or exercisable for shares of Class A Common Stock, including any OpCo LLC Units or shares of Class B Common Stock. PT Independence separately files a Schedule 13D with respect to its interest in the Issuer. See Item 5(a) above. In connection with the Sale, IE Aggregator (i) converted 2,948,723 shares of Class B Common Stock and OpCo LLC Units into an equal number of shares of Class A Common Stock and (ii) sold 2,948,723 shares of Class A Common Stock at a price per share of $9.91, pursuant to Rule 144 under the Securities Act of 1933, as amended, through a broker-dealer. Except as set forth above, none of the Reporting Persons nor, to the best knowledge of the Reporting Persons, any of the other individuals named in Item 2, has effected any transaction in shares of Class A Common Stock during the past 60 days. Independence Energy Aggregator L.P. /s/ Christopher Lee Christopher Lee, Assistant Secretary, Independence Energy Aggregator GP LLC, its general partner 03/11/2025 Independence Energy Aggregator GP LLC /s/ Christopher Lee Christopher Lee, Assistant Secretary 03/11/2025 KKR Upstream Associates LLC /s/ Christopher Lee Christopher Lee, Assistant Secretary 03/11/2025 KKR Group Assets Holdings III L.P. /s/ Christopher Lee Christopher Lee, Secretary, KKR Group Assets III GP LLC, its general partner 03/11/2025 KKR Financial Holdings LLC /s/ Christopher Lee Christopher Lee, Secretary 03/11/2025 KKR Group Assets III GP LLC /s/ Christopher Lee Christopher Lee, Secretary 03/11/2025 KKR Group Partnership L.P. /s/ Christopher Lee Christopher Lee, Secretary, KKR Group Holdings Corp., its general partner 03/11/2025 KKR Group Holdings Corp. /s/ Christopher Lee Christopher Lee, Secretary 03/11/2025 KKR Group Co. Inc. /s/ Christopher Lee Christopher Lee, Secretary 03/11/2025 KKR & Co. Inc. /s/ Christopher Lee Christopher Lee, Secretary 03/11/2025 KKR Management LLP /s/ Christopher Lee Christopher Lee, Assistant Secretary 03/11/2025 Henry R. Kravis /s/ Christopher Lee Christopher Lee, Attorney-in-Fact 03/11/2025 George R. Roberts /s/ Christopher Lee Christopher Lee, Attorney-in-Fact 03/11/2025