v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net increase/(decrease) in net assets resulting from operations $ 78,455 $ 33,215
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:    
Net realized (gain)/loss on investments (2,858)  
Amortization of restricted stock shares 100 104
Amortization of deferred financing costs 1,095  
Net change in unrealized (appreciation)/depreciation from investments (65,830) (4,751)
Net change in unrealized (appreciation)/depreciation from foreign currency 32  
Net change in unrealized (appreciation)/depreciation from derivatives (3,982) 1,835
Payment-in-kind interest capitalized (6,325) (12,402)
Acquisition of Infrastructure Assets, net of rebalancing transaction of $14,536 to Series I and $(14,536) to Series II for the six months ended June 30, 2026 and $25,174 to Series I and $(25,174) to Series II for the six months ended June 30, 2025 (679,671) (449,953)
Proceeds from sale of investments 228,253 158,392
Deferred offering expenses amortization 266 266
Changes in operating assets and liabilities:    
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash 7,457 (49)
(Increase)/decrease in receivable from Investments sold (34,339)  
(Increase)/decrease in due from Operating Manager 676 (435)
(Decrease)/increase in Management fee payable (292) 203
(Decrease)/increase in accrued performance fees (3,009) (1,447)
(Decrease)/increase in deferred taxes liability 11,526 (322)
(Decrease)/increase in other accrued expenses and liabilities 4,471 6,805
(Decrease)/increase in due to Operating Manager (676) 575
Net cash used in operating activities (464,651) (267,964)
Financing activities    
Proceeds from issuance of shares 248,495 387,793
Note Borrowings   428
Borrowings from credit facility 255,000  
Payment on repurchases of shares (29,705) (9,075)
Distribution (22,043) (13,071)
Payment of deferred financing costs (6,567)  
Subscription proceeds payable 200  
Net cash provided by financing activities 445,380 366,075
Cash and cash equivalents    
Effect of exchange rate changes on cash and cash equivalents and foreign currencies at fair value (32)  
Net (decrease)/increase in cash and cash equivalents (19,303) 98,111
Cash and cash equivalents, foreign currencies at fair value and restricted cash at beginning of period [1] 197,558 321,542
Cash, Cash equivalents, foreign currencies at fair value and restricted cash at end of period [2] 178,255 419,653
Supplemental disclosure of cash flow information:    
Income taxes paid 2,581 1,953
Payment-in-kind income 6,325 12,402
Noncash financing activities not included - distribution payable 15,077 10,106
Noncash financing activities not included - reinvestment of distribution 5,001 2,268
Interest expense paid 789  
Series I [Member]    
Operating activities    
Net increase/(decrease) in net assets resulting from operations 20,412 8,902
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:    
Net realized (gain)/loss on investments (835)  
Amortization of restricted stock shares 29 29
Amortization of deferred financing costs 322  
Net change in unrealized (appreciation)/depreciation from investments (19,277) (1,281)
Net change in unrealized (appreciation)/depreciation from foreign currency 9  
Net change in unrealized (appreciation)/depreciation from derivatives (1,124) 520
Payment-in-kind interest capitalized (1,831) (3,553)
Acquisition of Infrastructure Assets, net of rebalancing transaction of $14,536 to Series I and $(14,536) to Series II for the six months ended June 30, 2026 and $25,174 to Series I and $(25,174) to Series II for the six months ended June 30, 2025 (184,943) (154,014)
Proceeds from sale of investments 66,903 46,186
Deferred offering expenses amortization 78 74
Changes in operating assets and liabilities:    
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash 2,263 (341)
(Increase)/decrease in receivable from Investments sold (9,941)  
(Increase)/decrease in deferred offering expenses 11 (64)
(Increase)/decrease in due from Operating Manager 260 (392)
(Decrease)/increase in Management fee payable (82) 94
(Decrease)/increase in accrued performance fees (948) (276)
(Decrease)/increase in deferred taxes liability 4,462 121
(Decrease)/increase in other accrued expenses and liabilities 1,970 2,293
(Decrease)/increase in due to Operating Manager (260) 428
Net cash used in operating activities (122,522) (101,274)
Financing activities    
Proceeds from issuance of shares 66,614 147,246
Note Borrowings   214
Borrowings from credit facility 73,811  
Payment on repurchases of shares (16,879) (2,871)
Distribution (6,489) (3,877)
Payment of deferred financing costs (1,906)  
Net cash provided by financing activities 115,151 140,712
Cash and cash equivalents    
Effect of exchange rate changes on cash and cash equivalents and foreign currencies at fair value (9)  
Net (decrease)/increase in cash and cash equivalents (7,380) 39,438
Cash and cash equivalents, foreign currencies at fair value and restricted cash at beginning of period [1] 58,161 84,681
Cash, Cash equivalents, foreign currencies at fair value and restricted cash at end of period [2] 50,781 124,119
Supplemental disclosure of cash flow information:    
Income taxes paid 797 643
Payment-in-kind income 1,831 3,553
Noncash financing activities not included - distribution payable 4,328 3,014
Noncash financing activities not included - reinvestment of distribution 1,476 370
Interest expense paid 235  
Series II [Member]    
Operating activities    
Net increase/(decrease) in net assets resulting from operations 58,043 24,313
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:    
Net realized (gain)/loss on investments (2,023)  
Amortization of restricted stock shares 71 75
Amortization of deferred financing costs 773  
Net change in unrealized (appreciation)/depreciation from investments (46,553) (3,470)
Net change in unrealized (appreciation)/depreciation from foreign currency 23  
Net change in unrealized (appreciation)/depreciation from derivatives (2,858) 1,315
Payment-in-kind interest capitalized (4,494) (8,849)
Acquisition of Infrastructure Assets, net of rebalancing transaction of $14,536 to Series I and $(14,536) to Series II for the six months ended June 30, 2026 and $25,174 to Series I and $(25,174) to Series II for the six months ended June 30, 2025 (494,728) (295,939)
Proceeds from sale of investments 161,350 112,206
Deferred offering expenses amortization 188 192
Changes in operating assets and liabilities:    
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash 5,194 292
(Increase)/decrease in receivable from Investments sold (24,398)  
(Increase)/decrease in deferred offering expenses (11) 64
(Increase)/decrease in due from Operating Manager 416 (43)
(Decrease)/increase in Management fee payable (210) 109
(Decrease)/increase in accrued performance fees (2,061) (1,171)
(Decrease)/increase in deferred taxes liability 7,064 (443)
(Decrease)/increase in other accrued expenses and liabilities 2,501 4,512
(Decrease)/increase in due to Operating Manager (416) 147
Net cash used in operating activities (342,129) (166,690)
Financing activities    
Proceeds from issuance of shares 181,881 240,547
Note Borrowings   214
Borrowings from credit facility 181,189  
Payment on repurchases of shares (12,826) (6,204)
Distribution (15,554) (9,194)
Payment of deferred financing costs (4,661)  
Subscription proceeds payable 200  
Net cash provided by financing activities 330,229 225,363
Cash and cash equivalents    
Effect of exchange rate changes on cash and cash equivalents and foreign currencies at fair value (23)  
Net (decrease)/increase in cash and cash equivalents (11,923) 58,673
Cash and cash equivalents, foreign currencies at fair value and restricted cash at beginning of period [1] 139,397 236,861
Cash, Cash equivalents, foreign currencies at fair value and restricted cash at end of period [2] 127,474 295,534
Supplemental disclosure of cash flow information:    
Income taxes paid 1,784 1,310
Payment-in-kind income 4,494 8,849
Noncash financing activities not included - distribution payable 10,749 7,092
Noncash financing activities not included - reinvestment of distribution 3,525 $ 1,898
Interest expense paid $ 554  
[1] Included in Cash, cash equivalents and restricted cash as of December 31, 2025, are $285, $675 and $960 for Series I, Series II and the Company, respectively, of restricted cash as collateral, which are netted and included in either prepaid expenses and other assets or other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities. As of December 31, 2024, the Company did not hold any restricted cash as collateral.
[2] Included in Cash, cash equivalents and restricted cash as of June 30, 2026, are $1,372, $3,368, and $4,740 for Series I, Series II and the Company, respectively, of restricted cash as collateral, which are netted and included in either prepaid expenses and other assets or other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities. As of June 30, 2025, such amounts were $410, $970 and $1,380 for Series I, Series II and the Company, respectively.