Net Assets

9 Months Ended

Sep. 30, 2026

5. Net Assets

BXINFRA U.S., at the direction of the General Partner, has the authority to issue an unlimited number of Units of each class, or series of a class.

Through March 5, 2026, BXINFRA U.S. offered three classes of limited partnership units: Class I, Class S and Class D units. On March 6, 2026, BXINFRA U.S. redesignated existing Class I Units as Class I-Series I Units and designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units. As of September 30, 2026, BXINFRA U.S. offers five classes, or series of classes, of limited partnership Units: Class I-Series I, Class I-Series II, Class I-Series III, Class S and Class D Units. The key differences among each class, or series of a class, of Units relate to the ongoing unitholder servicing fees, management fees, upfront subscription fee, and distribution channels.

The term “Transactional NAV” refers to the price at which transactions in BXINFRA U.S. are made, calculated in accordance with a valuation policy that has been approved by the BXINFRA U.S. Board of Directors. The purchase price per Unit of each class, or series of a class, is equal to the Transactional NAV per Unit for such class, or such series of a class, as of the last calendar day of the immediately preceding month. Before BXINFRA U.S. determined its first Transactional NAV, the initial subscription price for Class I-Series I, Class S and Class D Units was $25.00 per Unit plus applicable subscription fees that are paid by the unitholder outside its investment in BXINFRA U.S. and not reflected in BXINFRA U.S.’s Transactional NAV. The initial Transactional NAV for Class I-Series II Units was, and the initial Transactional NAV for Class I-Series III Units will be, equal to the Transactional NAV per Unit for Class I-Series I Units at the time of their respective initial sale. The Transactional NAV for each class, or series of a class, of Units was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV for each class, or series of a class, of Units is calculated monthly by the Sponsor. The Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities and the deduction of expenses attributable to certain classes, or series of classes, such as applicable management and unitholder servicing fees.

At the end of each month, BXINFRA U.S. allocates its Net Investment Income (Loss) across each class, or series of a class, of Units based on their relative ownership share in BXINFRA U.S. as of the first calendar day of that month. BXINFRA U.S. is issued the applicable series of Class I Aggregator units in exchange for its contribution to the Aggregator; specifically, contributions from Class I-Series II Units are invested into Class I-Series II Aggregator units, contributions from Class I-Series III Units are invested into Class I-Series III Aggregator units, and contributions from all other Units are invested into Class I-Series I Aggregator units. At the end of each month, each class, or series of a class, of Units is allocated its share of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator based on its relative ownership interest in the corresponding Aggregator series of a class as of the first calendar day of that month. From time to time, the Sponsor, out of its own resources and without additional cost to BXINFRA or its investors, may offer other discounts, waivers or other incentives to investors.

Unit issuances related to monthly subscriptions are effective the first calendar day of each month. Units are issued at a price per Unit equivalent to BXINFRA U.S.’s most recent Transactional NAV per Unit available for each class, or series of a class, of Units, which is BXINFRA U.S.’s prior month-end Transactional NAV per Unit. No Class I-Series III Units have been issued since inception.

The following tables present transactions in the Units during the periods:


	Class I
	Series I Units	Series II Units	Class S Units	Class D Units	Total
Units Outstanding as of June 30, 2026	117,372,541	—	54,252,335	6,341,263	177,966,139
Units Issued	19,286,148	1,000,293	6,399,871	304,992	26,991,304
Distribution Reinvested	293,746	—	332,036	44,068	669,850
Conversion of Units Between Classes or Series	619,932	—	(628,613)	—	(8,681)
Redemption of Units	(69,655)	—	(109,690)	—	(179,345)
Units Outstanding as of September 30, 2026	137,502,712	1,000,293	60,245,939	6,690,323	205,439,267

Units Outstanding as of June 30, 2025	49,847,385	—	27,875,676	2,061,536	79,784,597
Units Issued	14,423,529	—	7,774,946	956,670	23,155,145
Distribution Reinvested	124,870	—	186,884	15,940	327,694
Conversion of Units Between Classes or Series	—	—	(371,650)	370,422	(1,228)

Units Outstanding as of September 30, 2025	64,395,784	—	35,465,856	3,404,568	103,266,208


	Class I
	Series I Units	Series II Units	Class S Units	Class D Units	Total
Units Outstanding as of December 31, 2025	83,138,103	—	41,962,043	4,271,682	129,371,828
Units Issued	53,219,035	1,000,293	18,248,157	2,396,450	74,863,935
Distribution Reinvested	761,145	—	929,927	116,000	1,807,072
Conversion of Units Between Classes or Series	698,248	—	(713,801)	5,907	(9,646)
Redemption of Units	(313,819)	—	(180,387)	(99,716)	(593,922)
Units Outstanding as of September 30, 2026	137,502,712	1,000,293	60,245,939	6,690,323	205,439,267

Units Outstanding as of December 31, 2024	4,000	—	—	—	4,000
Units Issued	64,197,848	—	35,615,818	3,011,249	102,824,915
Distribution Reinvested	169,106	—	254,679	22,897	446,682
Conversion of Units Between Classes or Series	29,984	—	(401,673)	370,422	(1,267)
Redemption of Units	(5,154)	—	(2,968)	—	(8,122)
Units Outstanding as of September 30, 2025	64,395,784	—	35,465,856	3,404,568	103,266,208

Unit Redemption Plan

In accordance with the terms of the BXINFRA U.S. Partnership Agreement (as defined in Note 6. “Related Party Transactions”), BXINFRA U.S. expects to periodically redeem up to 3% of its Units outstanding per quarter (the “Unit Redemption Plan”). Under the Unit Redemption Plan, to the extent BXINFRA U.S. redeems Units in any particular quarter, BXINFRA U.S. expects to use a purchase price equal to the Transactional NAV per Unit as of the date specified in the Unit Redemption Plan. Any redemption requests of Units that have been outstanding for less than two years will be subject to

an early redemption deduction equal to 5% of the value of such Transactional NAV of the Units being redeemed, subject to certain exceptions in the General Partner’s sole discretion (the “Early Redemption Deduction”). Any Early Redemption Deduction will be retained by BXINFRA U.S. for the benefit of all investors. Certain unitholders have agreed to certain additional restrictions, including a minimum holding period and certain redemption limitations in addition to the quarterly limitation described above.

In accordance with the terms of the Feeder’s third amended and restated limited partnership agreement, unitholders of the Feeder, as indirect holders of BXINFRA U.S., participate in BXINFRA U.S.’s Unit Redemption Plan under the same terms as direct unitholders of BXINFRA U.S. Accordingly, a redemption request by a unitholder of the Feeder will be satisfied by redeeming the same number of Units in BXINFRA U.S.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for redemption during such quarter will be redeemed on a pro-rata basis after BXINFRA U.S. has redeemed all Units for which redemption has been requested due to death, disability or divorce and other limited exceptions. Unsatisfied redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request to be reconsidered, unitholders must resubmit their request in the next available redemption window.

The General Partner, with the approval of the independent directors, as applicable, may make exceptions to, modify or suspend the Unit Redemption Plan if, in its reasonable judgment, it deems such action to be in the best interest of BXINFRA U.S. and its unitholders (including the Feeder), including, but not limited to, for tax, regulatory or other structuring reasons. As a result, Unit redemptions may not be available each quarter, such as when redemptions would place an undue burden on BXINFRA U.S.’s liquidity, adversely affect its operations or pose a potential adverse impact on BXINFRA U.S. that would outweigh the benefit of the redemptions.

BXINFRA U.S. accepted its first redemptions pursuant to the Unit Redemption Plan on April 15, 2025. During the three and nine months ended September 30, 2026, 179,345 and 593,922 Units were redeemed for an aggregate value, net of the Early Redemption Deduction, of $5.3 million and $16.5 million, respectively, of which 25,700 Units and 78,705 Units at an aggregate value of $0.8 million and $2.3 million related to redemptions by the Feeder, respectively. During the nine months ended September 30, 2025, 8,122 Units were redeemed for an aggregate value, net of the Early Redemption Deduction, of $0.2 million, of which 5,154 Units at an aggregate value of $0.1 million related to redemptions by the Feeder. No units were requested for redemption by BXINFRA U.S. or the Feeder during the three months ended September 30, 2025.

Distributions

BXINFRA U.S. may declare quarterly distributions as authorized by the General Partner and may pay such distributions to unitholders on a quarterly basis.

The following table presents a summary of the aggregate distributions declared and payable for the nine months ended September 30, 2026 for each applicable class of Units. No Class I-Series III Units have been issued by BXINFRA U.S. since inception.


			Distributions per Unit
			Class I Units
Declaration Date	Record Date (b)	Payment Date	Series I Units		Series II Units		Class S Units		Class D Units
April 23, 2026	March 31, 2026	May 5, 2026	$	0.2192	$	—	$	0.2192	$	0.2192
July 23, 2026	June 30, 2026	August 3, 2026	0.2191		—		0.2191		0.2191
October 22, 2026	September 30, 2026	November 3, 2026	0.2289		0.2289		0.2289		0.2289

			$	0.6672	$	0.2289	$	0.6672	$	0.6672

The following table presents a summary of the aggregate distributions declared and payable for the nine months ended September 30, 2025 for each applicable class of Units. As of September 30, 2025, no Class I-Series II Units were outstanding.


			Distributions per Unit
			Class I Units
Declaration Date	Record Date	Payment Date	Series I Units		Class S Units		Class D Units
April 29, 2025	March 31, 2025 (a)	May 2, 2025	$	0.0958	$	0.0958	$	0.0958
July 29, 2025	June 30, 2025 (b)	August 1, 2025	0.1998		0.1998		0.1998
October 22, 2025	September 30, 2025 (b)	November 3, 2025	0.1996		0.1996		0.1996

			$	0.4952	$	0.4952	$	0.4952

____________________

(a)To unitholders of record immediately following the close of business.

(b)To unitholders of record as of the open of business.

Distribution Reinvestment Plan

BXINFRA U.S. has adopted an “opt out” DRIP for unitholders. When a cash distribution is declared, each unitholder that has not “opted out” of the DRIP will have their distributions automatically reinvested in additional Units, rather than receive cash distributions. Units issued pursuant to the DRIP shall be issued at the most recently available Transactional NAV per Unit for such Unit. Distributions on fractional Units will be credited to each participating unitholder’s account to three decimal places. Investors and clients of certain participating brokers that do not permit automatic enrollment in the DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Units. Unitholders will not pay subscription fees when receiving Units under the DRIP.

For the three months ended September 30, 2026, $8.8 million, $9.8 million and $1.3 million of distributions were reinvested in Class I-Series I, Class S and Class D Units, respectively. For the nine months ended September 30, 2026, $21.9 million, $26.5 million and $3.3 million of distributions were reinvested in Class I-Series I, Class S and Class D Units, respectively. For the three and nine months ended September 30, 2026, cash retained by BXINFRA U.S. as a result of the DRIP was reinvested to issue 967,119 and 2,618,328 units of the Aggregator, respectively. No distributions were reinvested in Class I-Series II or Class I-Series III for the three and nine months ended September 30, 2026.

For the three months ended September 30, 2025, $3.2 million, $4.8 million and $0.4 million of distributions were reinvested in Class I-Series I, Class S and Class D Units, respectively. For the nine months ended September 30, 2025, $4.4 million, $6.6 million and $0.6 million of distributions were reinvested in Class I-Series I, Class S and Class D Units, respectively. For the three and nine months ended September 30, 2025, cash retained by BXINFRA U.S. as a result of the DRIP was reinvested to issue 459,487 and 648,639 units of the Aggregator, respectively. No distributions were reinvested in Class I-Series II or Class I-Series III for the three and nine months ended September 30, 2025.

Blackstone Infrastructure Strategies (TE) L.P.

Net Assets [Line Items]

Net Assets

4. Net Assets

The Feeder, at the direction of the General Partner, has the authority to issue an unlimited number of Units of each class, or series of a class.

Through March 5, 2026, the Feeder offered six classes of limited partnership Units: Class I-TE, Class S-TE, Class D-TE, Class I-TE-ACC, Class S-TE-ACC and Class D-TE-ACC Units. On March 6, 2026, the Feeder redesignated existing Class I-TE Units as Class I-Series I-TE Units and designated two new series of Class I Units, Class I-Series II-TE Units and Class I-Series III-TE Units. As of September 30, 2026, the Feeder offers eight classes, or series of classes, of limited partnership Units: Class I-Series I-TE, Class I-Series II-TE, Class I-Series III-TE, Class S-TE, Class D-TE, Class I-TE-ACC, Class S-TE-ACC and Class D-TE-ACC Units. The key differences among each class, or series of a class, of Units relate to the ongoing unitholder servicing fees, management fees, upfront subscription fee, and distribution channels.

The term “Transactional NAV” refers to the price at which transactions in the Feeder’s Units are made, calculated in accordance with a valuation policy that has been approved by the BXINFRA U.S. Board of Directors. The purchase price per Unit of each class, or series of a class, is equal to the Transactional NAV per Unit for such class, or such series of a class, as of the last calendar day of the immediately preceding month. Before the Feeder determined its first Transactional NAV, the initial subscription price for Class I-Series I-TE, Class S-TE, Class I-TE-ACC and Class S-TE-ACC Units was $25.00 per Unit plus applicable subscription fees that are paid by the unitholder outside its investment in the Feeder and not reflected in the Feeder’s Transactional NAV. The initial Transactional NAV for Class I-Series II-TE Units and Class I-Series III-TE Units will be equal to the Transactional NAV per Unit for Class I-Series I-TE Units at the time of their respective initial sale. The Transactional NAV for each class, or series of a class, of Units was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV for each class, or series of a class, of Units is calculated monthly by the Sponsor. The Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities and the deduction of expenses attributable to certain classes, or series of classes, such as applicable management and unitholder servicing fees.

At the end of each month, the Feeder allocates its Net Investment Income (Loss) across each class, or series of a class, of Units based on their relative ownership share in the Feeder as of the first calendar day of that month. The Feeder is issued the applicable series of Class I BXINFRA U.S. units in exchange for its contribution to BXINFRA U.S.; specifically, contributions from Class I-Series II-TE Units are invested into Class I-Series II BXINFRA U.S. units, contributions from Class I-Series III-TE Units are invested into Class I-Series III BXINFRA U.S. units, and contributions from all other Units are invested into Class I-Series I BXINFRA U.S. units. At the end of each month, each class, or series of a class, of Units is allocated its share of Net Change in Unrealized Gain (Loss) on Investment in BXINFRA U.S. based on its relative ownership interest in the corresponding BXINFRA U.S. series of a class as of the first calendar day of that month. From time to time, the Sponsor, out of its own resources and without additional cost to BXINFRA or its investors, may offer other discounts, waivers or other incentives to investors.

Unit issuances related to monthly subscriptions are effective the first calendar day of each month. Units are issued at a price per Unit equivalent to the Feeder’s most recent Transactional NAV per Unit available for each class, or series of a class, of Units, which is the Feeder’s prior month-end Transactional NAV per Unit. No Class I-Series II-TE Units, Class I-Series III-TE Units, Class D-TE Units or Class D-TE-ACC Units have been issued since inception.

The following tables present transactions in the Units during the periods:


	Class I
	Series I-TE Units	Class S-TE Units	Class I-TE-ACC Units	Class S-TE-ACC Units	Total
Units Outstanding as of June 30, 2026	24,584,913	19,257,518	2,153,054	4,099,766	50,095,251
Units Issued	3,160,840	2,465,284	1,037,799	820,732	7,484,655
Distribution Reinvested	137,639	124,219	—	—	261,858
Conversion of Units Between Classes or Series	76,954	(105,757)	30,016	(3,254)	(2,041)
Redemption of Units	—	(25,700)	—	—	(25,700)
Units Outstanding as of September 30, 2026	27,960,346	21,715,564	3,220,869	4,917,244	57,814,023

Units Outstanding as of June 30, 2025	10,041,484	10,139,171	226,327	645,132	21,052,114
Units Issued	3,123,384	2,211,635	444,455	862,672	6,642,146
Distribution Reinvested	57,054	69,585	—	—	126,639
Conversion of Units Between Classes or Series	(93,530)	(13,157)	98,621	9,153	1,087

Units Outstanding as of September 30, 2025	13,128,392	12,407,234	769,403	1,516,957	27,821,986


	Class I
	Series I-TE Units	Class S-TE Units	Class I-TE-ACC Units	Class S-TE-ACC Units	Total
Units Outstanding as of December 31, 2025	18,513,309	14,881,324	1,030,909	2,409,863	36,835,405
Units Issued	9,116,008	6,662,462	2,023,084	2,516,615	20,318,169
Distribution Reinvested	378,670	346,695	—	—	725,365
Conversion of Units Between Classes or Series	(26,357)	(127,486)	166,876	756	13,789
Redemption of Units	(21,284)	(47,431)	—	(9,990)	(78,705)
Units Outstanding as of September 30, 2026	27,960,346	21,715,564	3,220,869	4,917,244	57,814,023

Units Outstanding as of December 31, 2024	—	—	—	—	—
Units Issued	13,204,289	12,538,655	603,650	1,273,930	27,620,524
Distribution Reinvested	76,857	94,668	—	—	171,525
Conversion of Units Between Classes or Series	(152,754)	(226,089)	165,753	248,181	35,091
Redemption of Units	—	—	—	(5,154)	(5,154)
Units Outstanding as of September 30, 2025	13,128,392	12,407,234	769,403	1,516,957	27,821,986

Unit Redemption Plan

In accordance with the terms of the Feeder Partnership Agreement (as defined in Note 5. “Related Party Transactions”), unitholders of the Feeder, as indirect holders of BXINFRA U.S., participate in BXINFRA U.S.’s Unit Redemption Plan (as defined below) under the same terms as direct unitholders of BXINFRA U.S. Accordingly, a redemption request by a unitholder of the Feeder will be satisfied at the Feeder’s Transactional NAV per Unit as of the date specified in the Unit Redemption Plan by redeeming the same number of units in BXINFRA U.S.

In accordance with the terms of the BXINFRA U.S. third amended and restated limited partnership agreement (the “BXINFRA U.S. Partnership Agreement”), BXINFRA U.S. expects to periodically redeem up to 3% of its units outstanding per quarter (the “Unit Redemption Plan”). Under the Unit Redemption Plan, to the extent BXINFRA U.S. redeems units in any particular quarter, BXINFRA U.S. expects to use a purchase price equal to the Transactional NAV per unit as of the date specified in the Unit Redemption Plan. Any redemption requests of BXINFRA U.S. units that have been outstanding for less than two years will be subject to an early redemption deduction equal to 5% of the value of such Transactional NAV of the units being redeemed, subject to certain exceptions in the General Partner’s sole discretion (the “Early Redemption Deduction”). Any Early Redemption Deduction will be retained by BXINFRA U.S. for the benefit of all investors. Certain unitholders have agreed to certain additional restrictions, including a minimum holding period and certain redemption limitations in addition to the quarterly limitation described above.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer units than have been requested to be redeemed in any particular calendar quarter, units submitted for redemption during such quarter will be redeemed on a pro-rata basis after BXINFRA U.S. has redeemed all units for which redemption has been requested due to death, disability or divorce and other limited exceptions. Unsatisfied redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request to be reconsidered, unitholders must resubmit their request in the next available redemption window.

The General Partner, with the approval of the Independent Directors, as applicable, may make exceptions to, modify or suspend the Unit Redemption Plan if, in its reasonable judgment, it deems such action to be in the best interest of BXINFRA U.S. and its unitholders (including the Feeder), including, but not limited to, for tax, regulatory or other structuring reasons. As a result, Unit redemptions may not be available each quarter, such as when redemptions would place an undue burden on BXINFRA U.S.’s liquidity, adversely affect its operations or pose a potential adverse impact on BXINFRA U.S. that would outweigh the benefit of the redemptions.

BXINFRA U.S. accepted its first redemptions pursuant to the Unit Redemption Plan on April 15, 2025. During the three and nine months ended September 30, 2026, 25,700 Units and 78,705 Units were redeemed for an aggregate value

of $0.8 million and $2.3 million, respectively. During the nine months ended September 30, 2025, 5,154 Units were redeemed for an aggregate value of $0.1 million. No Units were requested for redemption during the three months ended September 30, 2025.

Distributions

The Feeder may declare quarterly distributions per Unit of Class I-Series I-TE, Class I-Series II-TE, Class I-Series III-TE, Class S-TE and Class D-TE Units as authorized by the General Partner and may pay such distributions to unitholders on a quarterly basis. Class I-TE-ACC, Class S-TE-ACC and Class D-TE-ACC currently have no distribution amount presented as these classes are an accumulating class whereby its share of income will accrete into its net asset value.

The following table presents a summary of the aggregate distributions declared and payable for the nine months ended September 30, 2026 for each applicable class of Units. No Class I-Series II-TE Units, Class I-Series III-TE Units or Class D-TE Units have been issued by the Feeder since inception.


			Class I Units
Declaration Date	Record Date (b)	Payment Date	Series I-TE Units		Class S-TE Units
April 23, 2026	March 31, 2026	May 5, 2026	$	0.2174	$	0.2174
July 23, 2026	June 30, 2026	August 3, 2026	0.2173		0.2173
October 22, 2026	September 30, 2026	November 3, 2026	0.2266		0.2266

			$	0.6613	$	0.6613

The following table presents a summary of the aggregate distributions declared and payable for the nine months ended September 30, 2025 for each applicable class of Units.


			Class I Units
Declaration Date	Record Date	Payment Date	Series I-TE Units		Class S-TE Units
April 29, 2025	March 31, 2025 (a)	May 2, 2025	$	0.0958	$	0.0958
July 29, 2025	June 30, 2025 (b)	August 1, 2025	0.1992		0.1992
October 22, 2025	September 30, 2025 (b)	November 3, 2025	0.1986		0.1986

			$	0.4936	$	0.4936

____________________

(a)To unitholders of record immediately following the close of business.

(b)To unitholders of record as of the open of business.

Distribution Reinvestment Plan

The Feeder has adopted an “opt out” DRIP for unitholders. In the event of a declared cash distribution on Class S-TE, Class D-TE, Class I-Series I-TE, Class I-Series II-TE and Class I-Series III-TE, each unitholder that has not “opted out” of the DRIP will have their distributions automatically reinvested in additional Units, rather than receive cash distributions. Units issued pursuant to the DRIP shall be issued at the most recently available Transactional NAV per Unit for such Unit. Distributions on fractional Units will be credited to each participating unitholder’s account to three decimal places. Investors and clients of certain participating brokers that do not permit automatic enrollment in the DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Units. Unitholders will not pay subscription fees when receiving Units under the DRIP.

For the three months ended September 30, 2026, $4.1 million and $3.6 million of distributions were reinvested in Class I-Series I-TE and Class S-TE, respectively. For the nine months ended September 30, 2026, $10.8 million and $9.7 million of distributions were reinvested in Class I-Series I-TE and Class S-TE, respectively. For the three and nine months ended September 30, 2026, cash retained by the Feeder as a result of the DRIP was reinvested to issue 302,125 and 822,852 units of BXINFRA U.S., respectively. No distributions were reinvested in Class I-Series II-TE, Class I-Series III-TE or Class D-TE for the three and nine months ended September 30, 2026.

For the three months ended September 30, 2025, $1.5 million and $1.8 million of distributions were reinvested in Class I-Series I-TE and Class S-TE, respectively. For the nine months ended September 30, 2025, $2.0 million and $2.4 million of distributions were reinvested in Class I-Series I-TE and Class S-TE, respectively. For the three and nine months ended September 30, 2025, cash retained by the Feeder as a result of the DRIP was reinvested to issue 132,675 and 178,107 units of BXINFRA U.S., respectively. No distributions were reinvested in Class I-Series II-TE, Class I-Series III-TE or Class D-TE for the three and nine months ended September 30, 2025.

BXINFRA Aggregator (CYM) L.P.

Net Assets [Line Items]

Net Assets

7. Net Assets

Through March 5, 2026, the Aggregator offered two classes of limited partnership units: Class A and Class B units. On March 6, 2026, the Aggregator redesignated existing Class A units as Class I-Series I Units (defined below), discontinued its Class B units and designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units. The Aggregator, at the direction of the General Partner, has the authority to issue an unlimited number of units (each, an

“Aggregator Unit” or “Unit”). As of September 30, 2026, the Aggregator has two limited partners, BXINFRA U.S. and a Parallel Fund. BXINFRA U.S. and the Parallel Fund receive monthly subscriptions from their investors, which are in turn invested into the Aggregator. BXINFRA U.S. and the Parallel Fund are issued the applicable series of Class I Aggregator Units in exchange for their contributions to the Aggregator; specifically, contributions from BXINFRA U.S. Class I‑Series II units are invested into Class I‑Series II Aggregator Units, contributions from BXINFRA U.S. Class I‑Series III units are invested into Class I‑Series III Aggregator Units, and contributions from all other BXINFRA U.S. and the Parallel Fund units are invested into Class I‑Series I Aggregator Units.

The term “Transactional NAV” refers to the price at which transactions in the Aggregator’s Units are made, calculated in accordance with a valuation policy that has been approved by the BXINFRA U.S. Board of Directors. The purchase price per Aggregator Unit of each limited partner is equal to the Transactional NAV per Aggregator Unit for such limited partner as of the last calendar day of the immediately preceding month. Before the Aggregator determined its first Transactional NAV, the initial purchase price for the Aggregator’s Units was $25.00 per Aggregator Unit.

The Aggregator’s Transactional NAV was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV for each class, or series of a class, of Aggregator Units is calculated monthly by the Sponsor. The Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities, the accrual and allocation of the Management Fee, Administration Fee and the Performance Participation Allocation (each as defined in Note 8. “Related Party Transactions”) and the deduction of expenses.

Aggregator Unit issuances related to monthly contributions are effective the first calendar day of each month. Aggregator Units are issued at a price per Aggregator Unit equivalent to the Aggregator’s most recent Transactional NAV per Aggregator Unit available for each class, or series of a class, which is the Aggregator’s prior month-end Transactional NAV per Aggregator Unit. The initial Transactional NAV for Class I-Series II Aggregator Units was, and the initial Transactional NAV for Class I-Series III Aggregator Units will be, equal to the Transactional NAV per Aggregator Unit for Class I-Series I Aggregator Units. No Class I-Series III Aggregator Units have been issued since inception.

The following table presents transactions in the Aggregator’s Units during the periods:


	Class I
	Series I Units	Series II Units	Total
Units Outstanding as of June 30, 2026	187,645,825	—	187,645,825
Units Issued	27,090,854	999,953	28,090,807
Redemption of Units	(239,246)	—	(239,246)
Units Outstanding as of September 30, 2026	214,497,433	999,953	215,497,386

Units Outstanding as of June 30, 2025	87,520,062	—	87,520,062
Units Issued	24,171,718	—	24,171,718
Redemption of Units	(17,483)	—	(17,483)
Units Outstanding as of September 30, 2025	111,674,297	—	111,674,297


	Class I
	Series I Units	Series II Units	Total
Units Outstanding as of December 31, 2025	138,551,291	—	138,551,291
Units Issued	76,779,218	999,953	77,779,171
Redemption of Units	(833,076)	—	(833,076)
Units Outstanding as of September 30, 2026	214,497,433	999,953	215,497,386

Units Outstanding as of December 31, 2024	—	—	—
Units Issued	111,699,923	—	111,699,923
Redemption of Units	(25,626)	—	(25,626)
Units Outstanding as of September 30, 2025	111,674,297	—	111,674,297

In accordance with the Aggregator Partnership Agreement, the General Partner can cause the Aggregator to redeem Aggregator Units from limited partners to match any redemptions made by BXINFRA U.S. and any Parallel Fund. Any redemption of Aggregator Units will be effected by the Aggregator as needed to comply with the redemption plan of BXINFRA U.S. and any Parallel Fund and otherwise as determined by the General Partner. A Parallel Fund may withdraw entirely from the Aggregator and have all of its Aggregator Units redeemed by the Aggregator only with the consent of BXINFRA U.S., including, if applicable, approval by the BXINFRA U.S. Board of Directors.

During the three and nine months ended September 30, 2026, 239,246 Aggregator Units and 833,076 Aggregator Units were redeemed for an aggregate value of $7.8 million and $24.9 million, respectively. During the three and nine months ended September 30, 2025, 17,483 Aggregator Units and 25,626 Aggregator Units were redeemed, respectively, for an aggregate value of $0.5 million and $0.7 million.

Distributions

The Aggregator may declare quarterly distributions on Aggregator Units as authorized by the General Partner and may pay such distributions to unitholders on a quarterly basis.

The following table presents a summary of the aggregate distributions declared and payable for the nine months ended September 30, 2026 for each applicable class of Aggregator Units. No Class I-Series III Aggregator Units have been issued by the Aggregator since inception.


			Distributions Per Unit
Declaration Date	Record Date (b)	Payment Date	Class I-Series I Units		Class I-Series II Units
April 23, 2026	March 31, 2026	May 5, 2026	$	0.2200	$	—
July 23, 2026	June 30, 2026	August 3, 2026	$	0.2200	$	—
October 22, 2026	September 30, 2026	November 3, 2026	$	0.2300	$	0.2300

			$	0.6700	$	0.2300

The following table presents a summary of the aggregate distributions declared and payable for the nine months ended September 30, 2025 for each applicable class of Units.

Distributions Per Unit

Declaration Date

Record Date

Payment Date

Class I-Series I Units

April 29, 2025

March 31, 2025 (a)

May 2, 2025

0.0962

July 29, 2025

June 30, 2025 (b)

August 1, 2025

0.2000

October 22, 2025

September 30, 2025 (b)

November 3, 2025

0.2000

0.4962

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(a)To unitholders of record immediately following the close of business.

(b)To unitholders of record as of the open of business.