v3.26.1
Fair Value Measurements - Investments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements - Investments Fair Value Measurements — Investments
The following table presents fair value measurements of investments, by major class, as of March 31, 2026, according to the fair value hierarchy:

March 31, 2026
InvestmentsLevel ILevel II
Level III (1)
Investment Measured at Net Asset Value (1) (2)
Fair Value
Infrastructure Assets$— $— $5,972,089 $213,528 $6,185,617 
Unrealized appreciation on foreign currency forward contracts— 77,023 — — 77,023 
Unrealized depreciation on foreign currency forward contracts— (2,175)— — (2,175)
Investments in Money Market Funds1,051,371 — — — 1,051,371 
Total$1,051,371 $74,848 $5,972,089 $213,528 $7,311,836 

(1) During the three months ended March 31, 2026, the Company did not transfer any investments into or out of Level III fair value hierarchy.

(2) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table presents fair value measurements of investments, by major class, as of December 31, 2025, according to the fair value hierarchy:

December 31, 2025
InvestmentsLevel ILevel II
Level III (1)
Investment Measured at Net Asset Value (1) (2)
Fair Value
Infrastructure Assets$— $— $5,382,280 $181,248 $5,563,528 
Unrealized appreciation on foreign currency forward contracts— 13,310 — — 13,310 
Unrealized depreciation on foreign currency forward contracts— (3,225)— — (3,225)
Investments in Money Market Funds977,437 — — — 977,437 
Total$977,437 $10,085 $5,382,280 $181,248 $6,551,050 

(1) During the year ended December 31, 2025, the Company transferred $193,230 into Level III category of measurement related to certain investments that were initially measured at fair value using the net asset value practical expedient under ASC 820 that represented cash funded to an unconsolidated aggregator that was
subsequently utilized to acquire an interest in an Infrastructure Asset. Upon acquiring the indirect interest in the Infrastructure Asset, the fair value of the investment was measured using significant unobservable inputs categorized as Level III.

(2) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2026:

InvestmentsBalance as of December 31, 2025PurchasesProceeds from sales and repaymentsNet change in unrealized appreciation on investmentsNet change in unrealized depreciation on foreign currency translationBalance as of March 31, 2026
Infrastructure Assets$5,382,280 $604,731 $(6,261)$79,240 $(87,901)$5,972,089 

The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the three months ended March 31, 2026 attributable to Level III investments and foreign currency translation still held at March 31, 2026 was $79,240 and $(87,901), respectively.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2025:

InvestmentsBalance as of December 31, 2024PurchasesProceeds from sales and repaymentsNet change in unrealized appreciation on investmentsNet change in unrealized depreciation on foreign currency translationBalance as of March 31, 2025
Infrastructure Assets$2,943,129 $220,730 $— $60,868 $101,852 $3,326,579 

The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the three months ended March 31, 2025 attributable to Level III investments and foreign currency translation still held at March 31, 2025 was $60,868 and $101,852, respectively.

The following table presents the quantitative information about Level III fair value measurements of the Company’s Infrastructure Assets as of March 31, 2026:
As of March 31, 2026
Level III AssetsFair Value March 31, 2026Valuation Methodology & Inputs
Unobservable Input(s) (1)
Weighted Average (2)
Range
Impact to Valuation from an Increase in Input (3)
Infrastructure Assets$5,972,089Inputs to market comparables, discounted cash flow and transaction price/otherWeight Ascribed to Market Comparables1.7%
0.0% - 25.0%
(4)
Weight Ascribed to Discounted Cash Flow88.9%
0.0% - 100.0%
(5)
Weight Ascribed to Transaction Price/Other9.4%
0.0% - 100.0%
(6)
Market comparablesEnterprise Value / Forward EBITDA Multiple
16.2x
11.6x - 19.0x
Increase
Discounted cash flowWeighted Average Cost of Capital12.0%
6.3% - 25.6%
Decrease
Enterprise Value / LTM EBITDA Exit Multiple
14.1x
5.7x - 23.8x
Increase

(1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments. “LTM” means Last Twelve Months.

(2) Inputs are weighted based on fair value of the investments included in the range.

(3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach.

(5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach and transaction price approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price approach.

(6) The directional change from an increase in the weight ascribed to the transaction price approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager’s independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets.