v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Examination [Line Items]  
Income Taxes
8.
Income Taxes
Uncertain Tax Positions
As of December 31, 2025 and December 31, 2024, BXINFRA U.S. is not aware of any uncertain tax positions that would require recognition in the financial statements.
One Big Beautiful Bill Act
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S., introducing a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act of 2017. In accordance with GAAP, the effects of the enacted tax law changes were recognized in the period of enactment.
The OBBBA did not change the U.S. federal corporate income tax rate. BXINFRA U.S. evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to BXINFRA U.S.’s financial statements as of and for the year ended December 31, 2025.
BXINFRA Aggregator (CYM) L.P. [Member]  
Income Tax Examination [Line Items]  
Income Taxes
10. Income Taxes
The Aggregator’s Provision for Taxes was $4.2 
million for the year ended December 31, 2025, resulting in an effective tax rate of
 
1.3
%.
The primary driver of the 1.3% effective tax rate is that most of the income generated by the Aggregator is not effectively connected with a U.S. trade or business and is not subject to U.S. corporate income tax.
To the extent investments made by the Aggregator are engaged in a U.S. trade or business, the Aggregator will generally be subject to a U.S. federal income tax of 21.0% of its share of taxable income effectively connected with the conduct of a U.S. trade or business and may be subject to additional branch profits tax of 30.0% of
its share of effectively connected earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state and local taxes.

The Aggregator’s Net
Increase
in Net Assets Resulting from Operations Before Provision for Taxes consists of the following:
 
                       
August 13, 2024
                   
Year Ended
  
(Inception) to
    
  
             
December 31,
  
December 31,
                   
2025
  
2024
Net Increase in Net Assets Resulting from Operations Before Provision for Taxes
              
United States
            
$
297,919
 
  
$
— 
 
Foreign
            
 
30,737
 
  
 
— 
 
           
 
 
 
  
 
 
 
           
$
328,656
 
  
$
— 
 
           
 
 
 
  
 
 
 
The Aggregator’s Provision for Taxes consists of the following:
 
                             
August 13, 2024
                        
Year Ended
   
(Inception) to
                        
December 31,
   
December 31,
                        
2025
   
2024
Current
                  
Federal Income Tax
               
$
1,030
 
   
$
— 
 
State and Local Income Tax
               
 
— 
 
   
 
— 
 
              
 
 
 
   
 
 
 
Total Current Provision for Tax
               
 
1,030
 
   
 
— 
 
              
 
 
 
   
 
 
 
Deferred
                  
Federal Income Tax
               
 
2,759
 
   
 
— 
 
State and Local Income Tax
               
 
406
 
   
 
— 
 
              
 
 
 
   
 
 
 
Total Deferred Provision for Tax
               
 
3,165
 
   
 
— 
 
              
 
 
 
   
 
 
 
Provision for Taxes
               
$
4,195
 
   
$
— 
 
              
 
 
 
   
 
 
 
 
The following table reconciles the Aggregator’s effective income tax rate to the U.S. federal statutory tax rate:
 
                       
August 13, 2024
                   
Year Ended
  
(Inception) to
                   
December 31,
  
December 31,
                   
2025
  
2024
Statutory U.S. Federal Income Tax Rate
            
 
21.0
% 
  
 
— 
 
Income Not Subject to Income Tax (a)
            
 
-19.8
% 
  
 
—  
 
State and Local Income Taxes (b)
            
 
0.1
% 
  
 
—  
 
           
 
 
 
  
 
 
 
Effective Income Tax Rate
            
 
1.3
% 
  
 
— 
 
           
 
 
 
  
 
 
 
 
(a)
Income Not Subject to Income Tax generally refers to the Aggregator’s income that is not effectively connected with a U.S. trade or business nor subject to U.S. corporate income tax, which reduces its effective income tax rate.
(b)
State and Local Income Taxes refers to taxes imposed by individual states and local governments on income, property and sales. These taxes vary by jurisdiction and can significantly impact a corporation’s overall effective tax rate.
Significant components of the Aggregator’s current tax assets and liabilities were as follows:
 
                   
December 31,
  
December 31,
                   
2025
  
2024
Taxes Payable
              
Taxes Payable
            
$
507
 
  
$
— 
 
           
 
 
 
  
 
 
 
Total Taxes Payable
            
$
507
 
  
$
— 
 
           
 
 
 
  
 
 
 
A summary of the significant components of the Aggregator’s deferred tax assets and liabilities is as follows:
 
                   
December 31,
  
December 31,
                   
2025
  
2024
Deferred Tax Liabilities
              
Outside Basis Difference in Underlying Partnership
            
$
3,165
 
  
$
— 
 
           
 
 
 
  
 
 
 
Total Deferred Tax Liabilities
            
 
3,165
 
  
 
— 
 
           
 
 
 
  
 
 
 
Deferred Tax Liabilities, Net
            
$
3,165
 
  
$
— 
 
           
 
 
 
  
 
 
 
The Aggregator evaluates the realizability of its deferred tax asset on each balance sheet date and adjusts the valuation allowance when it is
more-likely-than-not
that all or a portion of the deferred tax asset may not be realized. The Aggregator assesses all available positive and negative evidence, including the amount and character of future taxable income. Based on its assessment, the Aggregator has concluded there was no valuation allowance required as of December 31, 2025.
 
As of December 31, 2025, the Aggregator had
no
aggregate federal or state income tax net operating losses (“NOL”).
Uncertain Tax Positions
As of December 31, 2025, the Aggregator is not aware of any uncertain tax positions that would require recognition in the consolidated financial statements.
One Big Beautiful Bill Act
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S., introducing a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act of 2017. In accordance with GAAP, the effects of the enacted tax law changes were recognized in the period of enactment.
The OBBBA did not change the U.S. federal corporate income tax rate. The Aggregator evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to the Aggregator’s consolidated financial statements as of and for the year ended December 31, 2025.
Tax
Contingencies
The Aggregator files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Aggregator and the Aggregator Corporations are subject to examination by various taxing authorities. As 2025 is the initial tax year, it will be subject to examinations upon filing its 2025 tax returns.