Investments and Fair Value Measurement (Tables) - BXINFRA Aggregator (CYM) L.P.

9 Months Ended

Sep. 30, 2026

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Valuation of Aggregator's Investments

The following tables summarize the valuation of the Aggregator’s investments by the fair value hierarchy levels:


	September 30, 2026
	Level I		Level II		Level III		NAV		Total
Assets
Cash and Cash Equivalents
Cash Held at Banks	$	97,599	$	—	$	—	$	—	$	97,599
Money Market Fund	15,223		—		—		—		15,223
Total Cash and Cash Equivalents	112,822		—		—		—		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 I		Level II		Level III		NAV		Total
Assets
Cash and Cash Equivalents
Cash Held at Banks	$	51,262	$	—	$	—	$	—	$	51,262
Money Market Fund	13,482		—		—		—		13,482
Total Cash and Cash Equivalents	64,744		—		—		—		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

Schedule of Investments

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, 2026					December 31, 2025
Investment	Proportional Fair Value		Shares	Fair Value as a Percentage of Net Assets		Proportional Fair Value		Shares	Fair Value as a Percentage of Net Assets
Eucalyptus I HoldCo (CYM) L.P.	$	62,206	186,696,522,949	0.9	%	$	34,762	165,605,569,717	0.9	%
Odyssey Holdco L.L.C.	$	406,463	832,860	6.0	%	$	217,233	719,237	5.7	%
Poseidon Holdco I L.P.	$	52,448	39,362	0.8	%	$	37,079	32,214	1.0	%
Mercury Co-Invest L.P.	$	111,146	148,048	1.6	%	$	88,966	131,326	2.3	%

Schedule of Quantitative Inputs and Assumptions used for Valuation of Investments

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 Value

Valuation
Techniques

Unobservable
Inputs

Ranges

Weighted-Average

Impact to
Valuation
from an
Increase
in Input

Financial Assets

Investments

Equity Investments

3,242,883

Discounted Cash Flows

WACC

7.8% - 14.2%

10.2%

Lower

Exit Capitalization Rate

6.1% - 7.4%

6.6%

Lower

Exit Multiple

11.5x - 20.0x

17.8x

Higher

328,548

Transaction Price

n/a

Debt Investments - Infrastructure

128,440

Discounted Cash Flows

Discount Rate

6.7% - 12.8%

7.7%

Lower

25,942

Transaction Price

n/a

87,553

Third Party Pricing

n/a

Debt Investments - Liquids

9,338

Third Party Pricing

n/a

Total Investments

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 Value

Valuation
Techniques

Unobservable
Inputs

Ranges

Weighted-Average

Impact to
Valuation
from an
Increase
in Input

Financial Assets

Investments

Equity Investments

2,041,413

Discounted Cash Flows

WACC

8.7% - 11.9%

10.4%

Lower

Exit Capitalization Rate

6.1%

Lower

Exit Multiple

11.5x - 20.4x

17.7x

Higher

Transaction Price

n/a

Debt Investments - Infrastructure

207,173

Third-Party Pricing

n/a

Other

n/a

Transaction Price

n/a

Total Investments

2,248,586

Investments in Affiliated Investee Funds

776,568

Discounted Cash Flows

WACC

5.4% - 21.4%

10.0%

Lower

Exit Capitalization Rate

4.6% - 7.2%

6.2%

Lower

Exit Multiple

11.5x - 24.7x

14.8x

Higher

Other

Discount to Escrow

30.1%

Higher

Transaction Price

n/a

3,025,154

____________________


n/a			Not applicable.
WACC			Weighted-Average Cost of Capital.
Exit Multiple			Ranges include the last twelve months EBITDA multiples and the next twelve months forward EBITDA multiples.
Third-Party Pricing			Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.

Schedule of Fair Value of Investments for Level III Inputs

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 Funds		Total
Balance, Beginning of Period	$	3,170,444	$	239,334	$	4,993	$	—	$	3,414,771
Purchases	73,588		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 Assets	421,343		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 Funds		Total
Balance, Beginning of Period	$	2,041,413	$	207,173	$	—	$	776,568	$	3,025,154
Purchases	596,785		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 Assets	1,041,339		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 Investments		Debt Investments - Infrastructure		Debt Investments - Liquids		Affiliated Investee Funds		Total
Balance, Beginning of Period	$	1,342,696	$	190,053	$	4,698	$	471,743	$	2,009,190
Purchases	70,470		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 Assets	54,419		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 Investments		Debt Investments - Infrastructure		Debt Investments - Liquids		Affiliated Investee Funds		Total
Balance, Beginning of Period	$	—	$	—	$	—	$	—	$	—
Purchases	1,375,570		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 Assets	97,126		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.

Schedule of Investments Fair Value of an Investment using NAV

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient:


	September 30, 2026				December 31, 2025
NAV as a Practical Expedient Investments	Unfunded Commitment		Fair Value		Unfunded Commitment		Fair Value
Affiliated Investee Funds (a)	$	911,681	$	2,077,385	$	355,000	$	69,777

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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