v3.26.1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2026
ISQ Open Infrastructure Company LLC - Series I [Member]  
Shareholders’ Equity [Line Items]  
SHAREHOLDERS’ EQUITY
4. SHAREHOLDERS’ EQUITY

 

Unregistered Sales of Equity Securities

 

The following tables show a summary of the Shares issued and redeemed for the three and six months ended June 30, 2026:

 

   Shares
Outstanding as of
March 31, 2026		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30, 2026		 
F-STE Shares   517,755    704,968    
  -
    3,130    
   -
    
-
    1,225,853 
F-DTE Shares   401,563    
-
    
-
    4,246    
-
    
  -
    405,809 
F-ITE Shares   72,324    81,232    
-
    718    
-
    
-
    154,274 
F-JTE Shares   708,472    33,609    
-
    7,062    
-
    
-
    749,143 
STE Shares   110    
-
    
-
    
-
    
-
    
-
    110 
DTE Shares   110    
-
    
-
    
-
    
-
    
-
    110 
ITE Shares   110    
-
    
-
    
-
    
-
    
-
    110 
JTE Shares   110    86,343    
-
    
-
    
-
    
-
    86,453 
ETE Shares   80    
-
    
-
    1    
-
    
-
    81 

 

   Shares
Outstanding as of
December 31,
2025		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30, 2026		 
F-STE Shares              107,654    1,114,640    
-
    3,559    
   -
    
   -
    1,225,853 
F-DTE Shares   400,110    
-
    
-
    5,699    
-
    
-
    405,809 
F-ITE Shares   41,020    112,355    
  -
    899    
-
    
-
    154,274 
F-JTE Shares   578,956    160,929    
-
    9,258    
-
    
-
    749,143 
STE Shares   110    
-
    
-
    
-
    
-
    
-
    110 
DTE Shares   110    
-
    
-
    
-
    
-
    
-
    110 
ITE Shares   110    
-
    
-
    
-
    
-
    
-
    110 
JTE Shares   110    86,343    
-
    
-
    
-
    
-
    86,453 
ETE Shares   80    
-
    
-
    1    
-
    
-
    81 

For the six months ended June 30, 2026, Series I issued such Shares for an aggregate consideration of $46,806,433. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

 

The following tables show a summary of the Shares issued and redeemed for the three months ended June 30, 2025, and during the period from the Funding Date to June 30, 2025:

 

   Shares
Outstanding as of
March 31, 2025		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30, 2025		 
F-STE Shares   
  -
    
-
    
  -
    
  -
    
-
    
-
    
-
 
F-DTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-ITE Shares   
-
    
-
    
-
    
-
    
  -
    
  -
    
-
 
F-JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
STE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
DTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ITE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ETE Shares   80    
-
    
-
    
-
    
-
    
-
    80 

 

   Shares
Outstanding at
Formation		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30, 2025		 
F-STE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-DTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-ITE Shares   
-
    
-
    
-
    
-
    
  -
    
-
    
-
 
F-JTE Shares   
  -
    
-
    
  -
    
  -
    
-
    
-
    
-
 
STE Shares   
-
    
-
    
-
    
-
    
-
    
 -
    
-
 
DTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ITE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ETE Shares   
-
    80    
-
    
-
    
-
    
-
    80 

 

For the period from the Funding Date to June 30, 2025, Series I issued such Shares for an aggregate consideration of $2,000. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

Distributions

 

Beginning with the end of the first full calendar quarter in which the Shares were sold to non-affiliates of I Squared, Series I seeks to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series I will pay quarterly distributions consistently and at a specific rate, or at all. No distributions were declared for the period from the Funding Date to June 30, 2025. For the six months ended June 30, 2026, Series I made the following distributions:

 

January 30, 2026

 

Class  Net Distribution
Per Share		 
F-STE Shares  $0.1100 
F-DTE Shares  $0.1100 
F-ITE Shares  $0.1100 
F-JTE Shares  $0.1100 
STE Shares  $0.1100 
DTE Shares  $0.1100 
ITE Shares  $0.1100 
JTE Shares  $0.1100 
ETE Shares  $0.1100 

 

March 31, 2026

 

Class  Net Distribution
Per Share		 
F-STE Shares  $0.3399 
F-DTE Shares  $0.3399 
F-ITE Shares  $0.3399 
F-JTE Shares  $0.3399 
STE Shares  $0.3399 
DTE Shares  $0.3399 
ITE Shares  $0.3399 
JTE Shares  $0.3399 
ETE Shares  $0.3399 

 

June 30, 2026

 

Class  Net Distribution
Per Share		 
F-STE Shares  $0.3424 
F-DTE Shares  $0.3424 
F-ITE Shares  $0.3424 
F-JTE Shares  $0.3424 
STE Shares  $0.3424 
DTE Shares  $0.3424 
ITE Shares  $0.3424 
JTE Shares  $0.3424 
ETE Shares  $0.3424 

Distribution Reinvestment Plan

 

The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to shareholders are automatically reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested is determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Company’s or a Series’ NAV per share as of the end of the prior month. Shares are distributed in proportion to Series and types of Shares held by the shareholder under the DRIP. There is no sales load charge on Shares issued to a shareholder under the DRIP.

 

For the three and six months ended June 30, 2026, Series I issued the below Shares under the DRIP. For the three and six months ended June 30, 2025, Series I did not issue any Shares under the DRIP.

 

Class  Shares
Reinvested		   Dollars
Reinvested		 
F-STE Shares   3,130   $100,791 
F-DTE Shares   4,246   $136,454 
F-ITE Shares   718   $23,176 
F-JTE Shares   7,062   $227,303 
STE Shares   
-
   $
-
 
DTE Shares   
-
   $
-
 
ITE Shares   
-
   $
-
 
JTE Shares   
-
   $
-
 
ETE Shares   1   $27 
Total   15,157    487,751 

 

Class  Shares
Reinvested		   Dollars
Reinvested		 
F-STE Shares   3,559   $113,791 
F-DTE Shares   5,699   $180,454 
F-ITE Shares   899   $28,661 
F-JTE Shares   9,258   $293,926 
STE Shares   
-
   $
-
 
DTE Shares   
-
   $
-
 
ITE Shares   
-
   $
-
 
JTE Shares   
-
   $
-
 
ETE Shares   1   $36 
Total   19,416    616,868 

 

Share Redemption Program

 

Series I offers a share redemption program pursuant to which, on a quarterly basis, shareholders may request that the Company redeem all or any portion of their Shares. Series I may redeem fewer Shares than have been requested in any particular quarter to be redeemed under Series I’s share redemption program, or none at all, in the discretion of the board of directors (the “Board”) at any time. The Company expects that Series I will conduct quarterly Share redemptions (each, a “Share Redemption”) for up to 5.0% of the Company’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding calendar quarter), without duplication. Per our share redemption program, requests for redemption are subject to an early redemption fee (the “Early Redemption Fee”) of 5% of the NAV of the Shares redeemed from a Shareholder if Shares are redeemed within 24 months of the original issue date of such Shares. Any Early Redemption Fee benefits Series I. Aggregate NAV is reflective of Series I NAV which consists of all the underlying assets of Series II. For both the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, Series I did not redeem any Shares under the share redemption program.
ISQ Open Infrastructure Company LLC - Series II [Member]  
Shareholders’ Equity [Line Items]  
SHAREHOLDERS’ EQUITY
8. SHAREHOLDERS’ EQUITY

 

Unregistered Sales of Equity Securities

 

The following tables show a summary of the Shares issued and redeemed for the three and six months ended June 30, 2026:

 

   Shares
Outstanding as of
March 31, 2026		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30,
2026		 
F-STE Shares   503,216    685,213    
       -
    3,043    
       -
    
       -
    1,191,472 
F-DTE Shares   401,494    
-
    
-
    4,261    
-
    
-
    405,755 
F-ITE Shares   71,385    80,432    
-
    711    
-
    
-
    152,528 
F-JTE Shares   698,805    33,180    
-
    6,996    
-
    
-
    738,981 
STE Shares   100    
-
    
-
    
-
    
-
    
-
    100 
DTE Shares   100    
-
    
-
    
-
    
-
    
-
    100 
ITE Shares   100    
-
    
-
    
-
    
-
    
-
    100 
JTE Shares   100    86,551    
-
    
-
    
-
    
-
    86,651 
ETE Shares   40    
-
    
-
    1    
-
    
-
    41 
F-S Shares   759,798    1,272,491    
-
    4,245    
-
    
-
    2,036,534 
F-I Shares   400,558    431,995    
-
    2,227    
-
    
-
    834,780 
F-J Shares   3,970,498    251,287    
-
    31,212    
-
    
-
    4,252,997 
I Shares   
-
    13,000    
-
    
-
    
-
    
-
    13,000 
J Shares   
-
    187,442    
-
    
-
    
-
    
-
    187,442 
E Shares   453,080    9,056    
-
    4,284    
-
    
-
    466,420 

 

   Shares
Outstanding as of
December 31, 2025		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30,
2026		 
F-STE Shares   105,792    1,082,237    
     -
    3,443    
      -
    
       -
    1,191,472 
F-DTE Shares   400,100    
-
    
-
    5,655    
-
    
-
    405,755 
F-ITE Shares   40,677    110,969    
-
    882    
-
    
-
    152,528 
F-JTE Shares   572,307    157,595    
-
    9,079    
-
    
-
    738,981 
STE Shares   100    
-
    
-
    
-
    
-
    
-
    100 
DTE Shares   100    
-
    
-
    
-
    
-
    
-
    100 
ITE Shares   100    
-
    
-
    
-
    
-
    
-
    100 
JTE Shares   100    86,551    
-
    
-
    
-
    
-
    86,651 
ETE Shares   40    
-
    
-
    1    
-
    
-
    41 
F-S Shares   448,694    1,582,533    
-
    5,307    
-
    
-
    2,036,534 
F-I Shares   207,668    624,393    
-
    2,719    
-
    
-
    834,780 
F-J Shares   2,862,789    1,349,728    
-
    40,480    
-
    
-
    4,252,997 
I Shares   
-
    13,000    
-
    
-
    
-
    
-
    13,000 
J Shares   
-
    187,442    
-
    
-
    
-
    
-
    187,442 
E Shares   377,933    82,862    
-
    5,625    
-
    
-
    466,420 

 

For the six months ended June 30, 2026, Series II issued such Shares for an aggregate consideration of $167,629,973. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

The following tables show a summary of the Shares issued and redeemed for the three months ended June 30, 2025 and during the period from the Funding Date to June 30, 2025:

 

   Shares
Outstanding as of
March 31, 2025		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30,
2025		 
F-STE Shares   
-
    
     -
    
-
    
-
    
-
    
-
    
-
 
F-DTE Shares   
-
    
-
    
      -
    
       -
    
           -
    
          -
    
-
 
F-ITE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
STE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
DTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ITE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ETE Shares   40    
-
    
-
    
-
    
-
    
-
    40 
F-S Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-I Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-J Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
E Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 

 

   Shares
Outstanding at
Formation		   Shares
Issued
During the
Period		   Shares
Redeemed
During the
Period		   Shares
Reinvested
under DRIP
During the
Period		   Transfers
In		   Transfers
Out		   Shares
Outstanding as of
June 30,
2025		 
F-STE Shares   
-
    
-
    
-
    
-
    
-
     
-
    
-
 
F-DTE Shares   
               -
    
-
    
           -
    
          -
    
            -
    
                   -
    
-
 
F-ITE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
STE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
DTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ITE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
JTE Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
ETE Shares   
-
    40    
-
    
-
    
-
    
-
    40 
F-S Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-I Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
F-J Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 
E Shares   
-
    
-
    
-
    
-
    
-
    
-
    
-
 

 

For the period from the Funding Date to June 30, 2025, Series II issued such Shares for an aggregate consideration of $1,000. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

Distributions

 

Beginning with the end of the first full calendar quarter in which the Shares were sold to non-affiliates of I Squared, Series II seeks to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series II will pay quarterly distributions consistently and at a specific rate, or at all. No distributions were declared for the period from the Funding Date to June 30, 2025. For the six months ended June 30, 2026 Series II made the following distributions.

 

January 30, 2026

 

Class  Net
Distribution
Per Share		 
F-S Shares  $0.1100 
F-I Shares  $0.1100 
F-J Shares  $0.1100 
E Shares  $0.1100 

 

March 31, 2026

 

Class  Net
Distribution
Per Share		 
F-S Shares  $0.3399 
F-I Shares  $0.3399 
F-J Shares  $0.3399 
E Shares  $0.3399 

 

June 30, 2026

 

Class  Net
Distribution
Per Share		 
F-S Shares  $0.3424 
F-I Shares  $0.3424 
F-J Shares  $0.3424 
I Shares  $0.3424 
J Shares  $0.3424 
E Shares  $0.3424 

 

Distribution Reinvestment Plan

 

The Company adopted a distribution reinvestment plan (the “DRIP”), in which cash distributions to shareholders are automatically reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested is determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Company’s or a Series’ NAV per share as of the end of the prior month. Shares are distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There is no sales load charge on Shares issued to a shareholder under the DRIP.

For the six months ended June 30, 2026, Series II issued the below Shares under the DRIP. For the three and six months ended June 30, 2025, Series II had not issued any Shares under the DRIP.

 

Class  Shares
Reinvested		   Dollars
Reinvested		 
F-STE Shares   3,043   $100,791 
F-DTE Shares   4,261   $136,454 
F-ITE Shares   711   $23,176 
F-JTE Shares   6,996   $227,303 
ETE Shares   1   $36 
F-S Shares   4,245   $136,805 
F-I Shares   2,227   $71,889 
F-J Shares   31,212   $1,005,293 
E Shares   4,284   $144,585 
Total   56,980   $1,846,332 

 

Class  Shares
Reinvested		   Dollars
Reinvested		 
F-STE Shares   3,443   $113,791 
F-DTE Shares   5,655   $180,454 
F-ITE Shares   882   $28,661 
F-JTE Shares   9,079   $293,926 
ETE Shares   1   $36 
F-S Shares   5,307   $168,998 
F-I Shares   2,719   $86,810 
F-J Shares   40,480   $1,286,220 
E Shares   5,625   $186,660 
Total   73,191   $2,345,556 

 

Share Redemption Program

 

Series II offers a share redemption program pursuant to which, on a quarterly basis, shareholders may request that the Company redeem all or any portion of their Shares. Series II may redeem fewer Shares than have been requested in any particular quarter to be redeemed under Series II’s share redemption program, or none at all, in the Board’s discretion at any time. The Company expects that Series II will conduct quarterly Share redemptions (each, a “Share Redemption”) for up to 5.0% of Series II’s aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding calendar quarter), without duplication. Per our share redemption program, requests for redemption are subject to an early redemption fee (the “Early Redemption Fee”) of 5% of the NAV of the Shares redeemed from a Shareholder if Shares are redeemed within 24 months of the original issue date of such Shares. Any Early Redemption Fee benefits Series II. Aggregate NAV is reflective of Series I NAV which consists of all the underlying assets of Series II. For the six months ended June 30, 2026 and for the period from the Funding Date to June 30, 2025, Series II did not redeem any Shares under the share redemption program.