v3.26.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2026
BXINFRA Aggregator (CYM) L.P.  
Derivative Instruments, Gain (Loss) [Line Items]  
Derivative Instruments
4. Derivative Instruments
In the normal course of business, the Aggregator may enter into derivative contracts to achieve certain risk management objectives.
The Aggregator may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated investments. These instruments primarily include (a) forward currency contracts and (b) foreign currency swaps. The Aggregator utilizes forward currency contracts and foreign currency swaps, collectively referred to as foreign exchange contracts, to economically hedge the currency exposure associated with certain foreign-denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by the Aggregator. Additionally, the Aggregator may enter into derivative instruments to hedge against other risks in its investments, including commodity price risk and equity price risk.
As a result of the use of derivative contracts, the Aggregator is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Aggregator enters into contracts with certain major financial institutions, primarily those with investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the derivative contracts (in thousands):
September 30, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
NotionalFair
Value		NotionalFair
Value		NotionalFair
Value		NotionalFair
Value
Derivative Instruments
Foreign Currency Contracts (GBP)£— $— £— $— £70,000 $14 £125,000 $234 
Foreign Currency
   Contracts (EUR)
€523,000 7,879 €245,000 180 €32,000 129 €20,000 31 
Bond Futures Contracts$35,700 1,558 $— — $— — $— — 
Interest Rate Swap$120,000 2,767 $— — $— — $— — 
$12,204 $180 $143 $265 
The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative instruments:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Derivative Instruments
Realized Gain (Loss)
Foreign Currency Contracts$(395)$(8,920)$1,379 $(10,621)
Net Change in Unrealized Gain (Loss)
Bond Futures Contracts1,450 — 1,558 — 
Foreign Currency Contracts8,214 15,050 7,821 3,078 
Interest Rate Swap2,767 — 2,767 — 
$12,036 $6,130 $13,525 $(7,543)
As of September 30, 2026 and December 31, 2025, the Aggregator had not designated any derivatives as fair value, cash flow or net investment hedges for accounting purposes.