Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions | 6. Related Party Transactions Partnership Agreement BXINFRA U.S. has entered into a third amended and restated limited partnership agreement (as may be further amended and restated from time to time, the “BXINFRA U.S. Partnership Agreement”) with the General Partner on March 6, 2026. Under the terms of the BXINFRA U.S. Partnership Agreement, overall responsibility for BXINFRA U.S.’s oversight rests with the General Partner, subject to certain oversight rights held by the BXINFRA U.S. Board of Directors. Performance Participation Allocation The General Partner receives a performance participation allocation (the “Performance Participation Allocation”) by BXINFRA. Investors in BXINFRA U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Performance Participation Allocation paid by the Aggregator, but such expenses are not duplicated at BXINFRA U.S., the Feeder or Parallel Funds. The Performance Participation Allocation is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator’s condensed consolidated financial statements for more information regarding the Performance Participation Allocation. The General Partner elected to receive $5.0 million of BXINFRA’s Performance Participation Allocation accrued during the year ended December 31, 2025 as equity of intermediate entities of the Aggregator. During the nine months ended September 30, 2026, the equity of intermediate entities of the Aggregator was issued and then contributed to BXINFRA U.S. in exchange for 180,705 BXINFRA U.S. Class I-Series I Units. For the three and nine months ended September 30, 2026, BXINFRA U.S. was allocated $47.2 million and $112.5 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. For the three and nine months ended September 30, 2025, BXINFRA U.S. was allocated $12.3 million and $22.7 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. Investment Management Agreement BXINFRA U.S. has entered into an amended and restated investment management agreement with the Investment Manager (as may be further amended and restated from time to time, the “Investment Management Agreement”). As part of carrying out its investment management services, the Investment Manager has entered, and may in the future enter, into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement. Management Fee In consideration for its investment management services, BXINFRA pays the Investment Manager a management fee (the “Management Fee”). Investors in BXINFRA U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Management Fee paid by the Aggregator, but such expenses are not duplicated at BXINFRA U.S., the Feeder or Parallel Funds. Management Fees may be offset by certain fees paid to the Investment Manager or its affiliates in connection with BXINFRA’s investments consistent with the second amended and restated exempted limited partnership agreement entered into by the Aggregator and the Investment Management Agreement. The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. The Management Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator’s condensed consolidated financial statements for more information regarding the Management Fee. For the three and nine months ended September 30, 2026, BXINFRA U.S. was allocated $19.3 million and $48.1 million, respectively, of the gross Management Fee recognized by the Aggregator. For the three and nine months ended September 30, 2025, BXINFRA U.S. was allocated $7.9 million and $17.8 million, respectively, of the gross Management Fee recognized by the Aggregator, of which $9.9 million was waived by the Investment Manager for the nine months ended September 30, 2025.Administration Fee The Investment Manager and its affiliates provide administration services to BXINFRA, consistent with the BXINFRA U.S. Partnership Agreement and the Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the “Administration Fee”) payable by BXINFRA. Investors in BXINFRA U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Administration Fee, paid by the Aggregator, but such expenses are not duplicated at BXINFRA U.S., the Feeder or Parallel Funds. The Administration Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator’s condensed consolidated financial statements for more information regarding the Administration Fee. For the three and nine months ended September 30, 2026, BXINFRA U.S. was allocated $1.5 million and $3.8 million, respectively, of the Administration Fee recognized by the Aggregator. For the three and nine months ended September 30, 2025, BXINFRA U.S. was allocated $0.6 million and $1.4 million, respectively, of the Administration Fee recognized by the Aggregator. Dealer Manager Agreement BXINFRA U.S. and the Feeder entered into a second amended and restated dealer manager agreement (as may be further amended and restated from time to time, the “Dealer Manager Agreement”) with Blackstone Securities Partners L.P. (the “Dealer Manager”), a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority. Pursuant to the Dealer Manager Agreement, the Dealer Manager manages BXINFRA U.S.’s relationships with third-party brokers engaged by the Dealer Manager to participate in the distribution of Units, which are referred to as participating brokers, and financial advisors. The Dealer Manager also coordinates BXINFRA U.S.’s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of BXINFRA U.S.’s offering, its investment strategies, material aspects of its operations and subscription procedures. The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of BXINFRA U.S.’s Transactional NAV attributable to Class S and Class D Units, respectively, as of the last day of each month. In calculating the unitholder servicing fees, BXINFRA U.S. uses the Transactional NAV before giving effect to any accruals for the unitholder servicing fees, redemptions for that month and distributions, if any, payable on BXINFRA U.S.’s Units. There are no unitholder servicing fees with respect to Class I-Series I, Class I-Series II and Class I-Series III Units. The unitholder servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all of such fees will be retained by, or reallowed (paid) to, participating brokers or other financial intermediaries. BXINFRA U.S. accrues the cost of the unitholder servicing fees for the estimated life of the Units, as applicable, as a distribution cost at the time Class S and Class D Units are sold. During the three and nine months ended September 30, 2026, BXINFRA U.S. paid $3.6 million and $9.1 million, respectively, of unitholder servicing fees. During the three and nine months ended September 30, 2025, BXINFRA U.S. paid $1.6 million and $3.0 million, respectively, of unitholder servicing fees. Line of Credit and Warehousing Agreements BXINFRA U.S. entered into an unsecured, uncommitted Line of Credit with Finco. The BXINFRA Fund Program and the Investment Manager, in its capacity as investment manager, on behalf of the BXINFRA Fund Program and not for its own account, entered into the A&R Warehousing Agreement (as defined below) with Finco in connection with the launch and ramp-up of the BXINFRA Fund Program. For additional information, see Note 4. “Line of Credit Agreement” and Note 9. “Warehousing Agreement.” Due to/from Affiliates Due to Affiliates consists of cash advances made by Finco on behalf of BXINFRA U.S. for the payment of fund expenses. These amounts are intended to be cash reimbursed by BXINFRA U.S. and are non-interest bearing. Due from Affiliates consists of balances owed to BXINFRA U.S. from other non-consolidated entities within BXINFRA. BXINFRA Lux BXINFRA invests alongside BXINFRA Lux, a European long-term investment fund available to investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions or certain other jurisdictions. While BXINFRA and BXINFRA Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXINFRA and BXINFRA Lux are operated as distinct investment structures.
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| Blackstone Infrastructure Strategies (TE) L.P. | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions | 5. Related Party Transactions Partnership Agreement The Feeder has entered into a third amended and restated limited partnership agreement (as may be further amended and restated from time to time, the “Feeder Partnership Agreement”) with the General Partner on March 6, 2026. Under the terms of the Feeder Partnership Agreement, overall responsibility for the Feeder’s oversight rests with the General Partner, subject to certain oversight rights held by the Boards of Directors. Performance Participation Allocation The General Partner receives a performance participation allocation (the “Performance Participation Allocation”) by BXINFRA. Investors in the Feeder, BXINFRA U.S. and any Parallel Funds indirectly bear a portion of the Performance Participation Allocation paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXINFRA U.S. or Parallel Funds. Investors in the Feeder will indirectly bear a portion of the Performance Participation Allocation payable by BXINFRA, but such expenses will not be duplicated at the Feeder level. The Performance Participation Allocation is included as a component of Net Change in Unrealized Gain (Loss) on Investment in BXINFRA U.S. in the Condensed Consolidated Statements of Operations. Refer to BXINFRA U.S.’s condensed financial statements for more information regarding the Performance Participation Allocation. For the three and nine months ended September 30, 2026, the Feeder was allocated $13.2 million and $31.6 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. For the three and nine months ended September 30, 2025, the Feeder was allocated $3.3 million and $6.1 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. Investment Management Agreement BXINFRA U.S. has entered into an amended and restated investment management agreement with the Investment Manager (as may be further amended and restated from time to time, the “Investment Management Agreement”). As part of carrying out its investment management services, the Investment Manager has entered, and may in the future enter, into sub-advisory or other similar arrangements with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement. The Feeder, as an investor in BXINFRA U.S., bears its portion of any fees related to the Investment Management Agreement. Management Fee In consideration for its investment management services, BXINFRA pays the Investment Manager a management fee (the “Management Fee”). Investors in the Feeder, BXINFRA U.S. and any Parallel Funds indirectly bear a portion of the Management Fee paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXINFRA U.S. or Parallel Funds. Management Fees may be offset by certain fees paid to the Investment Manager or its affiliates in connection with BXINFRA’s investments consistent with the second amended and restated exempted limited partnership agreement entered into by the Aggregator and the Investment Management Agreement. The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. The Management Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in BXINFRA U.S. in the Condensed Consolidated Statements of Operations. Refer to BXINFRA U.S.’s condensed financial statements for more information regarding the Management Fee. For the three and nine months ended September 30, 2026, the Feeder was allocated $5.4 million and $13.5 million, respectively, of the gross Management Fee recognized by the Aggregator. For the three and nine months ended September 30, 2025, the Feeder was allocated $2.1 million and $4.8 million, respectivelyAdministration Fee The Investment Manager and its affiliates provide administration services to BXINFRA, consistent with the BXINFRA U.S. Partnership Agreement and the Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the “Administration Fee”) payable by BXINFRA. Investors in the Feeder, BXINFRA U.S. and any Parallel Funds indirectly bear a portion of the Administration Fee, paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXINFRA U.S. or Parallel Funds. The Administration Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in BXINFRA U.S. in the Condensed Consolidated Statements of Operations. Refer to BXINFRA U.S.’s condensed financial statements for more information regarding the Administration Fee. For the three and nine months ended September 30, 2026, the Feeder was allocated $0.6 million and $1.5 million, respectively, of the Administration Fee recognized by the Aggregator. For the three and nine months ended September 30, 2025, the Feeder was allocated $0.2 million and $0.4 million, respectively, of the Administration Fee recognized by the Aggregator. Dealer Manager Agreement The Feeder and BXINFRA U.S. entered into a second amended and restated dealer manager agreement (as may be further amended and restated from time to time, the “Dealer Manager Agreement”) with Blackstone Securities Partners L.P. (the “Dealer Manager”), a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority. Pursuant to the Dealer Manager Agreement, the Dealer Manager manages the Feeder’s relationships with third-party brokers engaged by the Dealer Manager to participate in the distribution of Units, which are referred to as participating brokers, and financial advisors. The Dealer Manager also coordinates the Feeder’s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the Feeder’s offering, its investment strategies, material aspects of its operations and subscription procedures. The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Feeder’s Transactional NAV attributable to Class S-TE Units and Class S-TE-ACC Units as of the last day of each month. The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Feeder’s Transactional NAV attributable to Class D-TE Units and Class D-TE-ACC Units as of the last day of each month. In calculating the unitholder servicing fees, the Feeder uses the Transactional NAV before giving effect to any accruals for the unitholder servicing fees, redemptions for that month and distributions, if any, payable on the Feeder’s Units. There are no unitholder servicing fees with respect to Class I-Series I-TE Units, Class I-Series II-TE Units, Class I-Series III-TE Units and Class I-TE-ACC Units. The unitholder servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all of such fees will be retained by, or reallowed (paid) to, participating brokers or other financial intermediaries. The Feeder accrues the cost of the unitholder servicing fees, as applicable, for the estimated life of the Units, as applicable, as a distribution cost at the time Class S-TE Units, Class S-TE-ACC Units, Class D-TE Units and Class D-TE-ACC Units are sold. During the three and nine months ended September 30, 2026, the Feeder paid $1.5 million and $3.7 million, respectively, of unitholder servicing fees. During the three and nine months ended September 30, 2025, the Feeder paid $0.6 million and $1.1 million, respectively, of unitholder servicing fees. Due to Affiliates Due to Affiliates consists of cash advances made by Blackstone Holdings Finance Co. L.L.C., a subsidiary of Blackstone, on behalf of the Feeder for the payment of fund expenses. These amounts are intended to be cash reimbursed by the Feeder and are non-interest bearing. Due to Affiliates also consists of balances the Feeder owes to other non-consolidated entities within BXINFRA. BXINFRA Lux BXINFRA invests alongside BXINFRA Lux, a European long-term investment fund available to investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions and certain other jurisdictions. While BXINFRA and BXINFRA Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXINFRA and BXINFRA Lux are operated as distinct investment structures.
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| BXINFRA Aggregator (CYM) L.P. | |
| Related Party Transaction [Line Items] | |
| Related Party Transactions | 8. Related Party Transactions Partnership Agreement The Aggregator has entered into the Aggregator Partnership Agreement with the General Partner. Under the terms of the Aggregator Partnership Agreement, overall responsibility for the Aggregator rests with the General Partner. The General Partner has delegated BXINFRA’s portfolio management function to the Investment Manager on January 2, 2025. Performance Participation Allocation The General Partner receives a performance participation allocation (the “Performance Participation Allocation”) by BXINFRA (through the Aggregator) equal to 12.5% of total return subject to a 5% annual hurdle amount and a high water mark with 100% catch-up. Such allocation is measured on a calendar year basis, accrued monthly and payable quarterly (subject to pro-rating for partial periods), and without taking into account accrued and unpaid taxes of any intermediate entity through which BXINFRA indirectly invests in an investment (or any comparable entities of Other Blackstone Accounts in which BXINFRA directly or indirectly participates) or taxes paid by any such intermediate entity during the applicable month. For the first calendar year of BXINFRA’s operations, the allocation was payable annually, after the end of such first calendar year, and thereafter, the allocation is payable quarterly. The General Partner, in its discretion, may elect to receive the Performance Participation Allocation in (a) cash, (b) the Aggregator’s, BXINFRA U.S.’s, the Feeder’s, or a Parallel Fund’s units or shares (as applicable) and/or (c) units, shares, or interests (as applicable) of intermediate entities. If the Performance Participation Allocation is paid in units, such units may be redeemed at the General Partner’s request, upon 60 days’ written notice, and will be subject to certain limitations. The General Partner elected to receive $5.0 million of Performance Participation Allocation accrued during the year ended December 31, 2025 as equity of intermediate entities. During the nine months ended September 30, 2026, the equity of intermediate entities was issued and then contributed to BXINFRA U.S. in exchange for 180,705 BXINFRA U.S. Class I-Series I units, after which BXINFRA U.S. contributed such equity to the Aggregator in exchange for 180,640 Aggregator Units. For the three and nine months ended September 30, 2026, the Aggregator accrued Performance Participation Allocation of $49.8 million and $119.1 million, respectively, of which $29.2 million and $70.4 million was paid in cash from intermediate entities to the General Partner, with the remainder outstanding. For the three and nine months ended September 30, 2025, the Aggregator accrued Performance Participation Allocation of $13.4 million and $24.5 million, respectively, which were fully paid in cash from intermediate entities to the General Partner. Investment Management Agreement On March 6, 2026, BXINFRA U.S. entered into an amended and restated investment management agreement with the Investment Manager (as may be further amended and restated from time to time, the “Investment Management Agreement”). As part of carrying out its investment management services (including structuring investments through the Aggregator), the Investment Manager has entered into, and may in the future enter into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement. Management Fee In consideration for its investment management services, the Aggregator, on behalf of its limited partners, pays the Investment Manager a management fee (the “Management Fee”) equal to, in the aggregate, (a) 1.25% of the Aggregator’s Transactional NAV attributable to Class I-Series I Units, (b) 1.05% of the Aggregator’s Transactional NAV attributable to Class I-Series II Units and (c) 0.95% of the Aggregator’s Transactional NAV attributable to Class I-Series III Units, as applicable, accrued monthly (1/12th of the total annual Management Fee) and payable quarterly, before giving effect to any accruals for the Management Fee, unitholder servicing fees, Administration Fee (as defined below), Performance Participation Allocation, pending Aggregator Unit redemptions, distributions, if any, and without taking into account accrued and unpaid taxes of any intermediate entity through which the Aggregator indirectly invests in an investment (or any comparable entities of Other Blackstone Accounts in which the Aggregator directly or indirectly participates) or taxes paid by any such intermediate entity during the applicable month. The Investment Manager, in its discretion, may elect to receive the Management Fee in (a) cash, (b) the Aggregator’s, BXINFRA U.S.’s, the Feeder’s, or a Parallel Fund’s units or shares (as applicable) and/or (c) units, shares or interests (as applicable) of intermediate entities. If the Management Fee is paid in units, such units may be redeemed at the Investment Manager’s request, upon 60 days’ written notice, and will be subject to certain limitations. Additionally, the Investment Manager may separately elect for the Management Fee to be paid (in whole or in part) to an affiliate of the Investment Manager in satisfaction of Management Fee amounts owed to the Investment Manager in connection with services provided by such affiliate to BXINFRA and/or any intermediate entity. The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. Management Fees may be offset by certain fees paid to the Investment Manager or its affiliates in connection with BXINFRA’s investments consistent with the Aggregator Partnership Agreement and the Investment Management Agreement. These fees, when recognized, are presented as Management Fees Waived. There were no such management fee offsets for the three and nine months ended September 30, 2026 and 2025. Refer to Note 2. “Summary of Significant Accounting Policies” for more information on management fee waivers. For the three and nine months ended September 30, 2026, the Aggregator accrued gross Management Fees of $20.3 million and $51.0 million, respectively. For the three and nine months ended September 30, 2025, the Aggregator accrued gross Management Fees of $8.6 million and $19.3 million, respectively, of which $10.7 million was waived by the Investment Manager for the nine months ended September 30, 2025. No management fee was waived for the three months ended September 30, 2025. The waived Management Fees are reported in Management Fees Waived on the Condensed Consolidated Statements of Operations. Administration Fee The Investment Manager and its affiliates provide administration services to BXINFRA, consistent with the Aggregator Partnership Agreement and the Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the “Administration Fee”) payable by BXINFRA directly or indirectly through an intermediate entity, equal to, in the aggregate, 0.10% of the Aggregator’s Transactional NAV per annum, accrued monthly (1/12th of the total annual Administration Fee) and payable monthly (or payable at such later time in the discretion of the Investment Manager), before giving effect to any accruals for the Management Fee, unitholder servicing fee, Administration Fee and Performance Participation Allocation, pending Aggregator Unit redemptions, distributions, if any, and without taking into account accrued and unpaid taxes of any intermediate entity through which BXINFRA indirectly invests in an investment (or any comparable entities of Other Blackstone Accounts in which BXINFRA directly or indirectly participates) or taxes paid by any such intermediate entity during the applicable month. From time to time, the Investment Manager may outsource certain administrative duties provided to BXINFRA with respect to the Administration Fee to third parties. The fees, costs and expenses of any such third-party service providers will be payable by the Investment Manager out of its Administration Fee such that the Administration Fee should not exceed, in the aggregate, 0.10% of the Aggregator’s Transactional NAV. For the three and nine months ended September 30, 2026, the Aggregator accrued Administration Fees of $1.6 million and $4.1 million, respectively. For the three and nine months ended September 30, 2025, the Aggregator accrued Administration Fees of $0.7 million and $1.5 million, respectively. Investments in Affiliated Investee Funds As of September 30, 2026 and December 31, 2025, the Aggregator had Investments in Affiliated Investee Funds of $2.1 billion and $920.5 million, respectively. Refer to Note 2. “Summary of Significant Accounting Policies” for more information on Investments in Affiliated Investee Funds. Expense Support During the year ended December 31, 2025, the Investment Manager has voluntarily agreed to pay certain expenses on behalf of BXINFRA such that the total expenses borne by BXINFRA (excluding interest expense, organization and offering expenses, unitholder servicing fees, the Performance Participation Allocation and taxes) did not exceed an annualized rate of 0.50% of BXINFRA’s NAV. For the nine months ended September 30, 2025, the Aggregator accrued Expense Support of $0.7 million, that was subsequently paid by the Investment Manager. No fees were charged to the Investment Manager for agreeing to bear these expenses and the Investment Manager will not be reimbursed by the Aggregator. There was no accrued Expense Support for the three months ended September 30, 2025. Due to/from Affiliates Due to Affiliates consists of cash advances made by Finco (as defined below) on behalf of the Aggregator for the payment of fund and tax expenses. These amounts are intended to be cash reimbursed by the Aggregator and are non-interest bearing. Due from Affiliates consists of balances owed to the Aggregator from other non-consolidated entities within BXINFRA. BXINFRA Lux BXINFRA invests alongside BXINFRA Lux, a European long-term investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions or certain other jurisdictions. While BXINFRA and BXINFRA Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXINFRA and BXINFRA Lux are operated as distinct investment structures. Related Party Transactions BXINFRA may, from time to time, enter into transactions with certain affiliates and controlled portfolio companies of Other Blackstone Accounts. Such transactions are subject to oversight and, where required, approval by the independent directors of BXINFRA U.S. and are conducted in accordance with the terms of BXINFRA U.S.’s third amended and restated limited partnership agreement and applicable policies and procedures. During the three and nine months ended September 30, 2026, the Aggregator acquired Infrastructure Investments, liquid debt and other securities, including but not limited to loans, debt securities, certain public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments, cash and cash equivalents (“Debt and Other Securities”) and future commitments to acquire Infrastructure Investments totaling up to $320.0 million and $630.0 million, respectively, from Blackstone Holdings Finance Co. L.L.C. (“Finco”), an affiliate of the Investment Manager, pursuant to an amended and restated warehousing agreement entered into by BXINFRA U.S., BXINFRA Lux, the Investment Manager and Finco on August 22, 2025 (as may be further amended and restated from time to time, the “Amended and Restated Warehousing Agreement”). During the three and nine months ended September 30, 2025, the Aggregator acquired Debt and Other Securities and future commitments to acquire Infrastructure Investments totaling up to $258.5 million and $2.3 billion, respectively, from Finco, pursuant to the Amended and Restated Warehousing Agreement. For more information on the Amended and Restated Warehousing Agreement, see Note 9. “Warehousing Agreement” in the “Notes to Condensed Financial Statements” of BXINFRA U.S. During the three and nine months ended September 30, 2026, the Aggregator extended credit to portfolio companies controlled by Other Blackstone Accounts in connection with two new investments for an aggregate amount of $34.0 million. Additionally, during the three and nine months ended September 30, 2026, the Aggregator participated in follow-on extensions of additional credit to portfolio companies controlled by Other Blackstone Accounts in connection with two existing investments for an aggregate amount of $3.7 million and $18.1 million, respectively. During the nine months ended September 30, 2025, the Aggregator extended credit to portfolio companies controlled by Other Blackstone Accounts in connection with four new investments for an aggregate amount of $67.1 million. During the three months ended September 30, 2025, the Aggregator did not provide any new extensions of credit to portfolio companies controlled by Other Blackstone Accounts. During the three and nine months ended September 30, 2025, the Aggregator did not participate in any follow-on extensions of additional credit to portfolio companies controlled by Other Blackstone Accounts. The terms of the investments were negotiated by participating third-party investors and the Aggregator participated on the same terms as such third-party investors and Other Blackstone Accounts, if any. Additionally, during the nine months ended September 30, 2026, the Aggregator acquired three loans from Finco for an aggregate amount of $11.6 million. The loans were purchased from Finco at a purchase price of cost. The Aggregator did not acquire any loans from Finco during the three months ended September 30, 2026 and 2025 nor the nine months ended September 30, 2025. A portion of BXINFRA’s portfolio consists of fund interests in Blackstone’s infrastructure funds, including capital commitments to such funds. During the three and nine months ended September 30, 2026, the Aggregator funded capital commitments to such funds for an aggregate amount of $300.1 million and $406.0 million, respectively, and received a cash distribution from three such funds for an aggregate amount of $21.9 million and $32.1 million, respectively, for the three and nine months ended September 30, 2026. During the three and nine months ended September 30, 2025, the Aggregator funded capital commitments to such funds for an aggregate amount of $120.3 million and $578.2 million, respectively. The Aggregator received a cash distribution from one such fund for an aggregate amount of $14.8 million and $19.0 million, respectively, for the three and nine months ended September 30, 2025. See Note 9. “Commitments and Contingencies” for more information on the commitments made to other Blackstone funds. Additionally, the Investment Manager has delegated the portfolio management of BXINFRA’s Investments in Debt and Other Securities to other Blackstone investment managers (the “Sub-Investment Managers”) and, from time to time, the Sub-Investment Managers identify opportunities for cross transactions between BXINFRA and Other Blackstone Accounts. During the three and nine months ended September 30, 2026, the Aggregator did not participate in any cross-transactions with any Other Blackstone Accounts. During the three and nine months ended September 30, 2025, there were five such transactions for an aggregate amount of $7.0 million.
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