Investments and Fair Value Measurements

7 Months Ended

Dec. 31, 2025

On July 3 and 4, 2025, Brookfield and certain of its subsidiaries, affiliated entities and related parties (collectively, “Brookfield Investors”) entered into a series of Purchase and Sale Agreements with the Fund, whereby the Fund agreed to issue to such Brookfield Investors before the Initial Offering Date, 30,780,788 Class B-1 Units in exchange for the completed sale and transfer of nine Seed Investments, which had an initial aggregated value of approximately $769.5 million. Such Class B-1 Units were issued on September 29, 2025. As of December 31, 2025, the Fund's portfolio continues to consist of nine Seed Investments.

The following table summarizes the valuation of the Fund’s investments by the fair value hierarchy levels as of December 31, 2025:


	December 31, 2025
	Level I		Level II		Level III		Total Fair Value
Portfolio Companies	$	—	$	—	$	759,671	$	759,671
Debt Investments	—		—		19,756		19,756
Derivative Assets	—		1,070		—		1,070
Total	$	—	$	1,070	$	779,427	$	780,497

For the period ended December 31, 2025, the following table presents 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
	May 21, 2025 (Inception) to December 31, 2025
	Portfolio Companies		Debt Investments
Balance as of May 21, 2025 (Inception)	$	—	$	—
Purchase of Investments	751,703		17,817

Net Change in Unrealized Gain (Loss) on Investments	7,968		1,939
Balance, End of Period	$	759,671	$	19,756

The following 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:

Quantitative Information about Level III Fair Value Measurements

Fair Value

Valuation Techniques

Unobservable Inputs

Ranges

Weighted- Average

Impact to Valuation from an increase in input

Portfolio Companies

759,671

Discounted Cash Flows

WACC(i)

10.2% - 18.7%

11.8%

Decrease

Terminal Multiple

8.7x - 18.0x

11.6x

Increase

Private Debt Investments

19,756

Cost Plus Accrued Interest

N/A

Total Investments

779,427

(i) Weighted-Average Cost of Capital.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details