Vistra Corp.

7. EQUITY METHOD INVESTMENT

KKR Helix Fund

In June 2026, the Company entered into a limited partnership agreement governing KKR Helix C L.P. (the Helix Fund), an open-ended investment fund managed by affiliates of KKR & Co. Inc. (KKR). As a founding investor in the Helix Fund, the Company committed up to $1 billion consisting of (i) an initial $500 million commitment and (ii) an additional $500 million commitment subject to the Helix Fund meeting certain commercial power supply milestones for our existing generation assets or, at the Company's election, regardless of whether such milestones are achieved.

The Helix Fund will seek to invest in and manage assets critical to enabling artificial intelligence (AI), including hyperscale data center development and operations; baseload and flexible power generation; transmission and distribution infrastructure; and fiber and connectivity infrastructure, among other assets.

The Company evaluated the Helix Fund under the variable interest entity (VIE) model in ASC 810, Consolidation. The Company concluded that the Helix Fund is a VIE; however, the Company will not be the primary beneficiary because it does not have the power to direct the activities that most significantly impact the Helix Fund's economic performance. Accordingly, the Company will not consolidate the Helix Fund. The Company's interest meets the significant influence criteria under GAAP, and as such, we will account for the investment under the equity method of accounting.