v3.26.3
Investments and Fair Value Measurement
 9 Months Ended
Sep. 30, 2026
BXINFRA Aggregator (CYM) L.P.  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Investments and Fair Value Measurement
3. Investments and Fair Value Measurement
The following tables summarize the valuation of the Aggregator’s investments by the fair value hierarchy levels:
September 30, 2026
Level ILevel IILevel IIINAVTotal
Assets
Cash and Cash Equivalents
Cash Held at Banks$97,599 $— $— $— $97,599 
Money Market Fund15,223 — — — 15,223 
Total Cash and Cash Equivalents112,822 — — — 112,822 
Investments
Equity Investments— — 3,571,431 — 3,571,431
Debt Investments
Infrastructure— 709,732 241,935 — 951,667 
Liquids— 459,730 9,338 — 469,068 
Total Debt Investments— 1,169,462 251,273 — 1,420,735 
Total Investments— 1,169,462 3,822,704 — 4,992,166 
Investments in Affiliated
Investee Funds
— — — 2,077,385 2,077,385 
Derivative Assets— 12,204 — — 12,204 
$112,822 $1,181,666 $3,822,704 $2,077,385 $7,194,577 
Liabilities
Derivative Liabilities$— $180 $— $— $180 

December 31, 2025
Level ILevel IILevel IIINAVTotal
Assets
Cash and Cash Equivalents
Cash Held at Banks$51,262 $— $— $— $51,262 
Money Market Fund13,482 — — — 13,482 
Total Cash and Cash Equivalents64,744 — — — 64,744 
Investments
Equity Investments— 31,285 2,041,413 — 2,072,698 
Debt Investments
Infrastructure— 491,358 207,173 — 698,531 
Liquids— 468,363 — — 468,363 
Total Debt Investments— 959,721 207,173 — 1,166,894 
Total Investments— 991,006 2,248,586 — 3,239,592 
Investments in Affiliated
Investee Funds
18,866 55,268 776,568 69,777 920,479 
Derivative Assets— 143 — — 143 
$83,610 $1,046,417 $3,025,154 $69,777 $4,224,958 
Liabilities
Derivative Liabilities$— $265 $— $— $265 

The Aggregator may hold equity securities that are subject to contractual sale restrictions that are deemed an attribute of the holder rather than the investment. Contractual sale restrictions may include, but are not limited to, (a) consent-rights or event-based transfer restrictions imposed by third parties, (b) underwriter lock-ups and (c) sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or after a predetermined date.
As of September 30, 2026, there were no equity securities subject to contractual sale restrictions within the Aggregator’s Level I and II assets. The Aggregator’s Level III equity securities are generally illiquid and privately negotiated in nature and may also be subject to contractual sale restrictions or other transfer restrictions including those pursuant to their respective governing or similar agreements.
The following table presents additional interests in named investments on the Schedules of Investments that the Aggregator holds through its investment in Infrastructure Investments L.P.:
September 30, 2026December 31, 2025
InvestmentProportional Fair ValueSharesFair Value as a Percentage of Net AssetsProportional Fair ValueSharesFair Value as a Percentage of Net Assets
Eucalyptus I HoldCo (CYM) L.P.$62,206 186,696,522,9490.9 %$34,762 165,605,569,7170.9 %
Odyssey Holdco L.L.C.$406,463 832,8606.0 %$217,233 719,2375.7 %
Poseidon Holdco I L.P.$52,448 39,3620.8 %$37,079 32,2141.0 %
Mercury Co-Invest L.P.$111,146 148,0481.6 %$88,966 131,3262.3 %
The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of September 30, 2026:
Fair ValueValuation
Techniques		Unobservable
Inputs		RangesWeighted-AverageImpact to
Valuation
from an
Increase
in Input
Financial Assets
Investments
Equity Investments$3,242,883 Discounted Cash FlowsWACC
7.8% - 14.2%
10.2%Lower
Exit Capitalization Rate
6.1% - 7.4%
6.6%Lower
Exit Multiple
11.5x - 20.0x
17.8xHigher
328,548 Transaction Pricen/a
Debt Investments - Infrastructure128,440 Discounted Cash FlowsDiscount Rate
6.7% - 12.8%
7.7%Lower
25,942 Transaction Pricen/a
87,553 Third Party Pricingn/a
Debt Investments - Liquids9,338 Third Party Pricingn/a
Total Investments3,822,704 
$3,822,704 
The following table 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:
Fair ValueValuation
Techniques		Unobservable
Inputs		RangesWeighted-AverageImpact to
Valuation
from an
Increase
in Input
Financial Assets
Investments
Equity Investments$2,041,413 Discounted Cash FlowsWACC
8.7% - 11.9%
10.4%Lower
Exit Capitalization Rate
6.1%
6.1%Lower
Exit Multiple
11.5x - 20.4x
17.7xHigher
Transaction Pricen/a
Debt Investments - Infrastructure207,173 Third-Party Pricingn/a
Othern/a
Transaction Pricen/a
Total Investments2,248,586 
Investments in Affiliated Investee Funds776,568 Discounted Cash FlowsWACC
5.4% - 21.4%
10.0%Lower
Exit Capitalization Rate
4.6% - 7.2%
6.2%Lower
Exit Multiple
11.5x - 24.7x
14.8xHigher
OtherDiscount to Escrow
30.1%
30.1%Higher
Transaction Pricen/a
$3,025,154 
____________________
n/aNot applicable.
WACCWeighted-Average Cost of Capital.
Exit MultipleRanges include the last twelve months EBITDA multiples and the next twelve months forward EBITDA multiples.
Third-Party PricingThird-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
The following tables present 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
Three Months Ended September 30, 2026
Equity
Investments		Debt
Investments - Infrastructure		Debt
Investments - Liquids		Affiliated Investee FundsTotal
Balance, Beginning of Period$3,170,444 $239,334 $4,993 $— $3,414,771 
Purchases73,588 5,160 3,734 — 82,482 
Sales and Proceeds from Investments(93,944)(3,085)(356)— (97,385)
Transfers Into Level III— — 1,954 — 1,954 
Transfers Out of Level III (a)— — (1,000)— (1,000)
Change in Gain (Loss) Included in Net Assets421,343 526 13 — 421,882 
Balance, End of Period$3,571,431 $241,935 $9,338 $— $3,822,704 
Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date$421,343 $526 $13 $— $421,882 
Level III Financial Assets at Fair Value
Nine Months Ended September 30, 2026
Equity
Investments		Debt
Investments - Infrastructure		Debt
Investments - Liquids		Affiliated Investee FundsTotal
Balance, Beginning of Period$2,041,413 $207,173 $— $776,568 $3,025,154 
Purchases596,785 63,537 10,768 5,667 676,757 
Sales and Proceeds from Investments(108,106)(31,272)(368)— (139,746)
Transfers Into Level III (b)— — 5,961 — 5,961 
Transfers Out of Level III (a)— — (7,000)(915,565)(922,565)
Change in Gain (Loss) Included in Net Assets1,041,339 2,497 (23)133,330 1,177,143 
Balance, End of Period$3,571,431 $241,935 $9,338 $— $3,822,704 
Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date$1,041,339 $2,497 $(23)$133,330 $1,177,143 
Level III Financial Assets at Fair Value
Three Months Ended September 30, 2025
Equity InvestmentsDebt Investments - InfrastructureDebt Investments - LiquidsAffiliated Investee FundsTotal
Balance, Beginning of Period$1,342,696 $190,053 $4,698 $471,743 $2,009,190 
Purchases70,470 1,231 4,012 285,471 361,184 
Sales and Proceeds from Investments— (1,500)— (15,226)(16,726)
Transfers Out of Level III (a)— — (4,698)— (4,698)
Change in Gain (Loss) Included in Net Assets54,419 9,462 (4)(36,861)27,016 
Balance, End of Period$1,467,585 $199,246 $4,008 $705,127 $2,375,966 
Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date$54,419 $9,462 $(4)$(36,861)$27,016 
Level III Financial Assets at Fair Value
Nine Months Ended September 30, 2025
Equity InvestmentsDebt Investments - InfrastructureDebt Investments - LiquidsAffiliated Investee FundsTotal
Balance, Beginning of Period$— $— $— $— $— 
Purchases1,375,570 126,021 8,710 690,529 2,200,830 
Sales and Proceeds from Investments(5,111)(1,887)— (10,966)(17,964)
Transfers Out of Level III (a)— — (4,698)— (4,698)
Change in Gain (Loss) Included in Net Assets97,126 75,112 (4)25,564 197,798 
Balance, End of Period$1,467,585 $199,246 $4,008 $705,127 $2,375,966 
Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date$97,126 $75,112 $(4)$25,564 $197,798 
____________________
(a)The transfers out of Level III Debt Investments - Liquids were primarily due to a change of observability of inputs used in the valuations of such assets. The transfer out of Level III Affiliated Investee Funds was due to the application of NAV as a practical expedient to an investment in Affiliated Investee Funds previously classified as Level III; there was no impact to the resulting fair value.
(b)The transfers into Level III financial assets were primarily due to a change of observability of inputs used in the valuations of such assets.
NAV as a Practical Expedient
The table below summarizes investments that estimate the fair value of an investment using NAV as a practical expedient. This includes investment information such as investment strategy, or industry, unfunded commitments (if applicable) and the fair value of the respective investment(s). As of September 30, 2026 and December 31, 2025, a majority of these investments may not be redeemed at or within three months of the reporting date and certain investments may not be sold without a general partner’s consent. Certain investments cannot be redeemed and distributions received will be a result of income and/or sales of underlying assets of each investment; however, an
estimate of the period of time over which the underlying assets are expected to be liquidated for such investments cannot be made.
The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient:
September 30, 2026December 31, 2025
NAV as a Practical Expedient InvestmentsUnfunded
Commitment		Fair ValueUnfunded
Commitment		Fair Value
Affiliated Investee Funds (a)$911,681 $2,077,385 $355,000 $69,777 
____________________
(a)Affiliated Investee Funds primarily hold Level III private investments. In determining the NAV reported to the Fund, the Affiliated Investee Funds generally estimate the fair value of these underlying investments using discounted cash flow methodologies. Significant unobservable inputs utilized in those valuations typically include weighted average cost of capital, exit capitalization rates, and exit multiples.