v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
BXINFRA Aggregator (CYM) L.P. [Member]  
Derivative Instruments, Gain (Loss) [Line Items]  
Derivative Instruments
4.
Derivative Instruments
In the normal course of business, the Aggregator may enter into derivative contracts to achieve certain risk management objectives.
 
The Aggregator may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of its
non-U.S.
dollar denominated investments. These instruments primarily include (a) forward currency contracts and (b) foreign currency swaps. The Aggregator utilizes forward currency contracts and foreign currency swaps, collectively referred to as foreign exchange contracts, to economically hedge the currency exposure associated with certain foreign-denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by the Aggregator. Additionally, the Aggregator may enter into derivative instruments to hedge against other risks in its investments, including commodity price risk and equity price risk.
As a result of the use of derivative contracts, the Aggregator is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Aggregator enters into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the foreign exchange contracts in thousands:
 
 
  
December 31, 2025
  
December 31, 2024
 
  
Assets
  
Liabilities
  
Assets
  
Liabilities
 
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
Derivative Instruments
  
  
  
  
  
  
  
  
Foreign Currency Contracts (GBP)
  
£
70,000
 
  
$
14
 
  
£
125,000
 
  
$
234
 
  
£
—
 
 
  
$
—
 
 
  
£
—
 
 
  
$
—
 
 
Foreign Currency Contracts (EUR)
  
€
32,000
 
  
 
129
 
  
€
20,000
 
  
 
31
 
  
€
—
 
 
  
 
—
 
 
  
€
—
 
 
  
 
—
 
 
 
  
      
  
 
 
 
  
      
  
 
 
 
  
      
  
 
 
 
  
      
  
 
 
 
  
  
$
143
 
  
  
$
265
 
  
  
$
—
 
 
  
  
$
—
 
 
 
  
      
  
 
 
 
  
      
  
 
 
 
  
      
  
 
 
 
  
      
  
 
 
 
The table below summarizes the impact to the Consolidated Statements of Operations from derivative instruments:
 
                   
   
      
August 13, 2024
                       
Year Ended
  
(Inception) to
                       
December 31,
  
December 31,
                       
2025
  
2024
Derivative Instruments
                
Realized Gain (Loss)
                
Foreign Currency Contracts
              
$
(10,735
) 
  
$
— 
 
             
 
 
 
  
 
 
 
Net Change in Unrealized Gain (Loss)
                
Foreign Currency Contracts
              
 
(122
) 
  
 
— 
 
             
 
 
 
  
 
 
 
             
$
(10,857
) 
  
$
— 
 
             
 
 
 
  
 
 
 
As of December 31, 2025 and December 31, 2024, the Aggregator had not designated any derivatives as fair value, cash flow or net investment hedges
for
accounting purposes.