v3.25.4
Investments and Fair Value Measurement
 12 Months Ended
Dec. 31, 2025
BXINFRA Aggregator (CYM) L.P. [Member]  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Investments and Fair Value Measurement
3.
Investments and Fair Value Measurement
The following table summarizes the valuation of the Aggregator’s investments by the fair value hierarchy levels. The Aggregator had not commenced investing activities as of December 31, 2024.
 
 
  
December 31, 2025
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
  
$
64,744
 
  
$
—
 
 
  
$
—
 
 
  
$
—
 
 
  
$
64,744
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments
  
  
  
  
  
Equity Investments
  
 
—
 
 
  
 
31,285
 
  
 
2,041,413
 
  
 
—
 
 
  
 
2,072,698
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Debt Investments
  
  
  
  
  
Infrastructure
  
 
—
 
 
  
 
491,358
 
  
 
207,173
 
  
 
—
 
 
  
 
698,531
 
Liquids
  
 
—
 
 
  
 
468,363
 
  
 
—
 
 
  
 
—
 
 
  
 
468,363
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Debt Investments
  
 
—
 
 
  
 
959,721
 
  
 
207,173
 
  
 
—
 
 
  
 
1,166,894
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
  
 
—
 
 
  
 
991,006
 
  
 
2,248,586
 
  
 
—
 
 
  
 
3,239,592
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments in Affiliated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investee Funds
  
 
18,866
 
  
 
55,268
 
  
 
776,568
 
  
 
69,777
 
  
 
920,479
 
Derivative Assets
  
 
—
 
 
  
 
143
 
  
 
—
 
 
  
 
—
 
 
  
 
143
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
83,610
 
  
$
1,046,417
 
  
$
3,025,154
 
  
$
69,777
 
  
$
4,224,958
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
  
  
  
  
Derivative Liabilities
  
$
—
 
 
  
$
265
 
  
$
—
 
 
  
$
—
 
 
  
$
265
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
The Aggregator may hold equity securities that are subject to sale restrictions that are contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual restrictions may include, but are not limited to, (a) consent-rights or event-based transfer restrictions imposed by third parties, (b) underwriter
lock-ups
and (c) sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or after
a
predetermined date. As of December 31, 2025, there were no equity securities subject to sale restrictions within the Aggregator’s Level I and II assets. The Aggregator’s Level III equity securities are generally illiquid and privately negotiated in nature
and
may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements.
The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of December 31, 2025:
 
 
  
Fair Value
  
Valuation
Techniques
  
Unobservable

Inputs
  
Ranges
  
Weighted-
Average
  
Impact to
Valuation
from an
Increase
in Input
Financial Assets
  
  
  
  
  
  
Investments
  
  
  
  
  
  
Equity Investments
  
$
2,041,413
 
  
Discounted
Cash Flows
  
WACC
  
8.7% - 11.9%
 
10.4
%
   
Lower
  
 
  
  
Exit Capitalization
Rate
  
6.1
%
 
6.1
%
  
Lower
  
 
  
  
Exit Multiple
  
11.5
x -
20.4
x
 
17.7
x
  
Higher
  
 
  
Transaction
Price
  
n/a
  
 
  
Debt Investments - Infrastructure
  
 
207,173
 
  
Third-Party
Pricing
  
n/a
  
 
  
  
 
  
Other
  
n/a
  
 
  
  
 
  
Transaction
Price
  
n/a
  
 
  
 
  
 
 
 
  
  
  
  
  
  
  
  
  
  
Total Investments
  
 
2,248,586
 
  
  
  
 
  
Investments in Affiliated Investee Funds
  
 
776,568
 
  
Discounted
Cash Flows
  
WACC
  
5.4% - 21.4%
 
10.0
%
  
Lower
  
 
  
  
Exit Capitalization
Rate
  
4.6% - 7.2%
 
6.2
%
  
Lower
  
 
  
  
Exit Multiple
  
11.5x - 24.7x
 
14.8
x
 
Higher
  
 
  
Other
  
Discount to
Escrow
  
30.1%
 
30.1%
Higher
  
 
  
Transaction
Price
  
n/a
  
 
 
  
 
 
 
  
  
  
  
  
  
  
  
  
  
  
$
3,025,154
 
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
  
  
  
  
 
n/a
  
Not applicable.
WACC
  
Weighted-Average Cost of Capital.
Exit Multiple
  
Ranges include the last twelve months EBITDA multiples and the next twelve months forward EBITDA multiples.
Third-Party Pricing
  
Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers
or
pricing services.
 
The following tables present changes in the fair value of investments for which Level III inputs were used to determine the fair value:
 
 
  
Level III Financial Assets at Fair Value
 
  
Year Ended December 31, 2025
 
  
 
 
Debt
 
 
 
 
 
  
Equity
 
Investments -
 
Investments
 
 
 
  
Investments
 
Infrastructure
 
in Affiliates
 
Total
Balance, Beginning of Period
  
$
—
 
 
 
$
—
 
 
 
$
—
 
 
 
$
—
 
 
Purchases
  
 
1,827,077
 
 
 
140,914
 
 
 
701,488
 
 
 
2,669,479
 
Sales and Proceeds from Investments
  
 
(11,176
) 
 
 
(3,510
) 
 
 
(13,981
) 
 
 
(28,667
) 
Transfer Out of Level III (a)
  
 
—
 
 
 
 
—
 
 
 
 
—
 
 
 
 
—
 
 
Change in Gain Included in Net Assets
  
 
225,512
 
 
 
69,769
 
 
 
89,061
 
 
 
384,342
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
  
$
2,041,413
 
 
$
207,173
 
 
$
776,568
 
 
$
3,025,154
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets
Still Held at the Reporting Date
  
$
225,512
 
 
$
69,769
 
 
$
89,061
 
 
$
384,342
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
The transfers out of Level III financial assets were primarily due to a change of observability of inputs used in the valuations of such assets.
NAV as a Practical Expedient
The table below summarizes investments that estimate the fair value of an investment using NAV as a practical expedient. This includes investment information such as investment strategy, or industry, unfunded commitments (if applicable) and the fair value of the respective investment(s). As of December 31, 2025, a majority of these investments may not be redeemed at or within three months of the reporting date and certain investments may not be sold without a
g
eneral
p
artner’s consent. Certain investments cannot be redeemed and distributions received will be a result of income and/or sales of underlying assets of each investment; however, an estimate of the period of time over which the underlying assets are expected to be liquidated for such investments cannot be made.
The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient as of December 31, 2025.
 
NAV as a Practical Expedient Investments
  
Unfunded
Commitment
 
  
Fair Value
 
Affiliated Investee Funds (a)
  
$
355,000
 
  
$
69,777
 
  
 
 
     
 
 
  
 
(a)
The Affiliated Investee Funds included primarily invest in infrastructure assets.