10-Q

Large accelerated filer
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Accelerated filer
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Non-accelerated
filer
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Smaller reporting company
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Emerging growth company
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 000-56672

Blackstone Infrastructure Strategies L.P.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		99-4067586 (I.R.S. Employer Identification No.)

345 Park Avenue

New York, New York 10154

(Address of principal executive offices)(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes

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As of October 31, 2025, the registrant had the following limited partnership units outstanding: 37,468,700 Class S Units, 3,448,504 Class D Units and 69,654,463 Class I Units. Limited partnership units outstanding excludes any redemption requests submitted during the redemption request period ending November 14, 2025 pursuant to the registrant’s unit redemption plan.

Forward-Looking Statements

This report may contain forward-looking statements, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies, portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “will,” “should,” “could,” “may,” “designed to,” “foreseeable future,” “believe,” “scheduled” and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Potential investors should not rely on these statements as if they were fact. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

References herein to “expertise” or any party being an “expert,” based solely on the belief of Blackstone, are intended only to indicate proficiency as compared to an average person and in no way limit any exculpation provisions or alter any standard of care applicable to Blackstone. Additionally, any awards, honors, or other references or rankings referred to herein with respect to Blackstone or any investment professional are provided solely for informational purposes and are not intended to be, nor should they be construed or relied upon as, any indication of future performance or other future activity. Any such awards, honors, or other references or rankings may have been based on subjective criteria and may have been based on a limited universe of participants, and there are other awards, honors, or other references or rankings given to others and not received by Blackstone and/or any investment professional of Blackstone.

There are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov or on our website at www.bxinfra.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Our website contains additional information about our business, but the contents of the website are not incorporated by reference in, or otherwise a part of, this report.

In this report, except where the context suggests otherwise:

The term “Aggregator” refers to BXINFRA Aggregator (CYM) L.P. (including any successor vehicle or vehicles used to aggregate the holdings of BXINFRA (defined below)), a Cayman Islands exempted limited partnership, together with its consolidated subsidiaries and through which BXINFRA invests all or substantially all of its assets.

The term “Blackstone” refers collectively to Blackstone Inc. and its subsidiaries and affiliated entities.

The term “BXINFRA U.S.” refers to Blackstone Infrastructure Strategies L.P.

The terms “BXINFRA,” the “Fund,” “we,” “us” or “our” collectively refer to BXINFRA U.S., the Feeder (as defined below), the Aggregator and any Parallel Funds(as defined below), as the context requires.

The term “BXINFRA Lux” means Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, 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, together with BXINFRA Aggregator SCSp, a Luxemburg special limited partnership and its parallel funds as may exist from time to time.

BXINFRA and BXINFRA Lux are together referred to as the “BXINFRA Fund Program.”

The term “Feeder” refers to Blackstone Infrastructure Strategies (TE) L.P. together with its consolidated subsidiary.

The term “General Partner” refers to Blackstone Infrastructure Strategies Associates L.P., our general partner.

The term “Intermediate Entity” refers to one or more entities through which the General Partner or any of its affiliates may, in its sole discretion, cause BXINFRA to hold certain investments directly or indirectly through (a) entities that may elect to be classified as corporations for U.S. federal corporate income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each a “Corporation”) or (b) one or more limited liability companies or limited partnerships (each, a “Lower Entity,” and together with any Corporation, including the Aggregator, “Intermediate Entities”).

The term “Investment Manager” refers to Blackstone Infrastructure Advisors L.L.C., our investment manager.

The term “Other Blackstone Accounts” refers to, as the context requires, individually and collectively, any of the following: investment funds, vehicles, accounts, products and/or other similar arrangements sponsored, advised, and/or managed by Blackstone or its affiliates, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Blackstone or its affiliates side-by-side or additional general partner investments with respect thereto), including BXINFRA Lux.

The term “Parallel Fund” refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside the Fund, but excluding BXINFRA Lux (as determined in the Investment Manager’s discretion). One or more such Parallel Funds invest in the Aggregator alongside the Fund.

The term “Portfolio Entity” refers, individually and collectively, to any entity owned, directly or indirectly through subsidiaries, by the Fund or Other Blackstone Accounts, including as the context requires, portfolio companies, holding companies, special purpose vehicles and other entities through which investments are held.

The term “Sponsor” refers to, as the context or applicable law requires, individually and collectively, the General Partner and the Investment Manager.

The term “Transactional NAV” refers to the price at which transactions in the Fund’s Units (as defined below) are made (as the context requires), calculated in accordance with a valuation policy that has been approved by BXINFRA U.S.’s board of directors (“Board of Directors” or “Board”). Unless the context requires otherwise, references herein to “net asset value” or “NAV” shall refer to Transactional NAV.

The term “Units” refers to our limited partnership units of BXINFRA U.S. There are three classes of Units outstanding: Class S (“Class S” or the “Class S Units”), Class D (“Class D” or the “Class D Units”) and Class I (“Class I” or the “Class I Units”) (each, a “Unit Class” or a “Class”).

The investment activities of BXINFRA are carried out through the Aggregator, a non-consolidated affiliate of BXINFRA U.S. As such, we believe it is important to present information for both BXINFRA U.S. and the Aggregator in this report. The financial statements of each entity are presented in “Part I. Item 1. Financial Statements.” See also “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

This report does not constitute an offer of BXINFRA or any Other Blackstone Accounts.

Blackstone Infrastructure Strategies L.P.

Condensed Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)


	Class S Units			Class D Units			Class I Units			General Partner Interest			Total Net Assets
Balance at July 16, 2024 (Inception)	$	—		$	—		$	—		$	—		$	—
Proceeds from Units Issued		—			—			100			—			100

Balance at September 30, 2024	$	—		$	—		$	100		$	—		$	100


Balance at June 30, 2025	$	673,373		$	52,253		$	1,288,817		$	250		$	2,014,693
Proceeds from Units Issued		202,186			25,000			372,758			—			599,944
Net Investment Income		6,898			667			12,594			—			20,159
Distributions Reinvested		4,816			412			6,665			—			11,893
Distributions		(7,079	)		(680	)		(12,853	)		—			(20,612	)
Net Change in Unrealized Gain (Loss) on Investments in the Aggregator		21,663			1,943			40,229			—			63,835
Servicing Fees		(13,366	)		(703	)		—			—			(14,069	)
Conversion of Units Between Classes		(9,616	)		9,616			—			—			—

Balance at September 30, 2025	$	878,875		$	88,508		$	1,708,210		$	250		$	2,675,843


Balance at December 31, 2024	$	—		$	—		$	100		$	—		$	100
Proceeds from Units Issued		905,532			76,841			1,630,468			250	(a)		2,613,091
Net Investment Income		14,291			1,242			25,691			—			41,224
Distributions Reinvested		6,554			591			8,970			—			16,115
Distributions		(14,665	)		(1,270	)		(26,255	)		—			(42,190	)
Net Change in Unrealized Gain (Loss) on Investments in the Aggregator		37,546			3,201			68,591			—			109,338
Servicing Fees		(59,924	)		(1,713	)		—			—			(61,637	)
Conversion of Units Between Classes		(10,387	)		9,616			771			—			—
Redemption of Units, Net of Early Redemption Deduction		(72	)		—			(126	)		—			(198	)

Balance at September 30, 2025	$	878,875		$	88,508		$	1,708,210		$	250		$	2,675,843

(a)	The General Partner did not receive any Units for its contribution to BXINFRA U.S.

See notes to condensed financial statements.

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

1. Organization

Blackstone Infrastructure Strategies L.P. (“BXINFRA U.S.”) is a Delaware limited partnership formed on July 16, 2024, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”). BXINFRA U.S. was organized to invest primarily in infrastructure equity, secondaries and credit strategies (collectively, “Infrastructure Investments”). BXINFRA U.S. is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions. BXINFRA U.S. is conducting a continuous private offering of its limited partnership units (“Units”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act) and (b) qualified purchasers (as defined in the 1940 Act and rules thereunder).

Blackstone Infrastructure Strategies (TE) L.P. together with its consolidated subsidiary, (the “Feeder”), a Delaware limited partnership, invests all or substantially all of its assets in BXINFRA U.S. The Feeder was established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors.

BXINFRA U.S. invests all or substantially all of its assets through its investment in BXINFRA Aggregator (CYM) L.P. (together with its consolidated subsidiaries, the “Aggregator”). The Aggregator has the same investment objectives as BXINFRA U.S. The condensed consolidated financial statements of the Aggregator, including the Condensed Consolidated Schedule of Investments, are an integral part of BXINFRA U.S.’s condensed financial statements and are included following these condensed financial statements.

The term “Parallel Fund” refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXINFRA U.S., but excluding Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, BXINFRA Aggregator SCSp and its parallel funds (“BXINFRA Lux”). The Parallel Funds may be established for certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXINFRA U.S. or the Feeder. BXINFRA U.S., the Feeder, the Aggregator and any Parallel Funds collectively form “BXINFRA.” BXINFRA and BXINFRA Lux collectively form the “BXINFRA Fund Program,” but are operated as distinct investment structures.

BXINFRA’s investment objective is to deliver attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. BXINFRA seeks to meet its investment objectives by investing primarily in Infrastructure Investments, leveraging the talent and investment capabilities of Blackstone Inc.’s (“Blackstone”) infrastructure platform to create an attractive portfolio of alternative infrastructure investments.

Investment operations commenced on January 2, 2025 (the “Initial Closing Date”) when BXINFRA U.S. and the Feeder first sold unregistered limited partnership units to third-party investors and began investment operations.

Blackstone Infrastructure Strategies Associates L.P., a Delaware limited partnership, is the general partner (the “General Partner”) of BXINFRA U.S., the Feeder and the Aggregator. Overall responsibility for oversight of BXINFRA U.S. and the entities that carry out its investment objectives rests with the General Partner, subject to certain oversight rights held by BXINFRA U.S.’s board of directors (the “Board of Directors” or “Board”). The General Partner has delegated BXINFRA U.S.’s portfolio management function to Blackstone Infrastructure Advisors L.L.C. (the “Investment Manager”). The Investment Manager has discretion to make investments on behalf of BXINFRA U.S. and is responsible for initiating, structuring and negotiating BXINFRA U.S.’s investments, as well as actively managing each investment to seek to maximize value. The Investment Manager and its affiliates also provide certain administrative services to BXINFRA U.S. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the “Sponsor.” Both the General Partner and Investment Manager are subsidiaries of Blackstone.

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements of BXINFRA U.S. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. BXINFRA U.S. is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946,

Financial Services—Investment Companies

(“ASC 946”). The condensed financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed financial statements are presented fairly and that estimates made in preparing its condensed financial statements are reasonable. Such estimates include those used in the valuation of the investment in the Aggregator, including the valuation of the Aggregator’s investments and financial instruments and the measurement of deferred tax balances (including valuation allowances), if any, at the Aggregator. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed financial statements should be read in conjunction with the audited financial statements included in BXINFRA U.S.’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC.

Principles of Consolidation

In accordance with ASC 946, BXINFRA U.S. generally does not consolidate investments unless BXINFRA U.S. has a controlling financial interest in an investment company or operating company whose business consists of providing services to BXINFRA U.S. A controlling financial interest is defined as (a) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the entity. BXINFRA U.S. determines whether it has a controlling financial interest in an entity at such company’s inception and continuously reconsiders that conclusion. In instances where BXINFRA U.S. wholly owns another investment company, BXINFRA U.S. believes this would constitute a controlling interest and consolidation would be appropriate. For

non-wholly

owned interests in investment companies, BXINFRA U.S. assesses the nature of the investment structure and considers its interests in and governance rights over the entity to determine whether BXINFRA U.S. holds a controlling financial interest. Performance of that analysis requires the exercise of judgment.

BXINFRA U.S. does not have a controlling financial interest in and, as a result, does not consolidate the Aggregator, nor any other reporting entities within BXINFRA, because (a) the General Partner is not acting solely on behalf of BXINFRA U.S. as it carries out its duties and (b) BXINFRA U.S. does not absorb essentially all of the Aggregator’s variability. At each reporting date, BXINFRA U.S. assesses whether it has a controlling financial interest in the Aggregator or any other reporting entities within BXINFRA, and any associated consolidation implications.

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Valuation of Investments at Fair Value

BXINFRA U.S. has indirect exposure to gains and losses on underlying investments because it invests in the Aggregator which holds such underlying investments. Valuations of investments held by the Aggregator are disclosed in the notes to the Aggregator’s condensed consolidated financial statements. For information regarding net realized and change in unrealized gains and losses on such investments held indirectly by BXINFRA U.S., see the Aggregator’s condensed consolidated financial statements included following these condensed financial statements and see Note 3. “Investments and Fair Value Measurement” in the “Notes to Condensed Consolidated Financial Statements” of the Aggregator for information regarding the valuation of investments.

BXINFRA U.S. measures its investment in the Aggregator at fair value using the net asset value of the Aggregator. The net asset value of the Aggregator is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the Aggregator’s net asset value is not published or the basis for current transactions, (b) the Aggregator is an investment company and (c) the net asset value of the Aggregator is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of BXINFRA U.S.’s investment in the Aggregator are presented within Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations.

Cash and Cash Equivalents

Cash and Cash Equivalents represents cash on hand, cash held in banks and short-term, highly liquid investments with original maturities of three months or less. BXINFRA U.S. may have bank balances in excess of federally insured amounts; however, BXINFRA U.S. deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

Income Taxes

BXINFRA U.S. is treated as a partnership for U.S. federal income tax purposes and therefore generally is not subject to any U.S. federal and state income taxes. Taxable income is allocated to BXINFRA U.S.’s unitholders. It is possible that BXINFRA U.S. may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, BXINFRA U.S. would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in BXINFRA U.S. would be treated as shareholders in a corporation, and BXINFRA U.S. itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. BXINFRA U.S. would be required to pay income tax at corporate rates on its net taxable income.

Deferred Taxes

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established when BXINFRA U.S. determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. BXINFRA U.S. assesses all available positive and negative evidence, including the amount and character of future taxable income.

Uncertain Tax Positions

BXINFRA U.S. recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the

more-likely-than-not

threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. BXINFRA U.S. reevaluates its tax positions each period in which new information becomes available. BXINFRA U.S.’s policy is to recognize

tax-related

interest and penalties, if applicable, as a component of the provision for income taxes on the Condensed Statements of Operations.

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Distributions

BXINFRA U.S. may declare quarterly distributions to its unitholders. Distributions to unitholders are recognized on the record date of the distribution. All distributions will be declared at the discretion of the General Partner considering factors such as earnings, cash flow, capital needs, taxes and general financial condition, and other such factors as the General Partner may deem relevant from time to time. Although the gross distribution per Unit is equivalent for each Unit class, the net distribution for each Unit class may be reduced for any class-specific fees and expenses, if any.

BXINFRA U.S. has adopted a distribution reinvestment plan (“DRIP”) pursuant to which unitholders will have their cash distributions automatically reinvested in additional Units of BXINFRA U.S.’s same class of Units to which the distribution relates unless they elect to receive their distributions in cash. Distributions that are reinvested are recognized in net assets on the first calendar day following the record date of a distribution.

Affiliates

The General Partner, Investment Manager, Dealer Manager (as defined in Note 6. “Related Party Transactions”), the Feeder, Parallel Funds, the Aggregator, BXINFRA LUX and other vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of BXINFRA U.S.

Segment Reporting

BXINFRA U.S. operates through a single reportable segment. The chief operating decision makers (the “CODMs”) consist of BXINFRA U.S.’s Chief Executive Officer and Chief Financial Officer. The CODMs assess the performance of, allocate resources to and make operating decisions for BXINFRA U.S. primarily based on BXINFRA U.S.’s Net Increase in Net Assets Resulting from Operations. Reportable segment assets are reflected on the accompanying Condensed Statements of Assets and Liabilities as Total Assets and reportable segment significant expenses reviewed by the CODMs are listed on the accompanying Condensed Statements of Operations.

3. Investment in the Aggregator

BXINFRA U.S. recognizes dividend income on the record date of distributions from the Aggregator. BXINFRA U.S. has an interest of 92.3% in the Aggregator as of September 30, 2025. BXINFRA U.S. had not commenced investing activities as of December 31, 2024. The remaining interest in the Aggregator is held by a Parallel Fund. BXINFRA U.S.’s interest in the Aggregator may result in BXINFRA U.S. indirectly holding investments of the Aggregator that, on a proportional basis, at times may exceed 5% of the net assets of BXINFRA U.S. For a listing of investments that may proportionally exceed 5% of BXINFRA U.S. net assets, see the Condensed Consolidated Schedule of Investments of the Aggregator.

4. Line of Credit Agreement

On January 2, 2025, BXINFRA U.S. entered into an unsecured, uncommitted line of credit agreement (“Line of Credit”) with Blackstone Holdings Finance Co. L.L.C. (“Finco”) providing up to a maximum amount of $300.0 million. The Line of Credit expires on January 2, 2026, subject to

one-year

extension options requiring Finco approval.

Under the Line of Credit, the interest rate on the unpaid balance of the principal amount of each loan is the then-current borrowing rate offered by a third-party lender, or, if no such rate is available, the applicable Secured Overnight Financing Rate (“SOFR”) plus 3.50%. Each advance under the Line of Credit is repayable on the earliest of (a) the expiration of the Line of Credit, (b) Finco’s demand and (c) the date on which the Investment Manager no longer acts as investment manager to BXINFRA U.S., provided that BXINFRA U.S. will have 180 days to make such

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

repayment in the cases of clauses (a) and (b) and 45 days to make such repayment in the case of clause (c). To the extent BXINFRA U.S. has not repaid all loans and other obligations under the Line of Credit after a repayment event has occurred, BXINFRA U.S. is obligated to apply the net cash proceeds from its offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that BXINFRA U.S. will be permitted to (a) make distributions to avoid any entity level tax, (b) make payments to fulfill any redemption requests of BXINFRA U.S. pursuant to any established unit redemption plans, (c) use funds to close any investment which BXINFRA U.S. committed to prior to receiving a demand notice and (d) make distributions to its unitholders or shareholders at per Unit or per share levels consistent with the immediately preceding fiscal quarter. The Line of Credit also permits voluntary pre-payment of principal and accrued interest without any penalty other than customary SOFR breakage costs. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, Finco may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. As of September 30, 2025, BXINFRA U.S. had no borrowings or amounts outstanding under the Line of Credit.

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 Unit Class (as defined below).

BXINFRA U.S. offers three classes of limited partnership Units: Class S, Class D and Class I Units (each a “Unit Class” or a “Class”). The key differences among each Unit Class relate to the ongoing servicing fees, the 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 Board of Directors. The purchase price per Unit of each Class is equal to the Transactional NAV per Unit for such 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 Units wa

s $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 Transactional NAV for each Unit Class was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, BXINFRA U.S.’s 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 Unit Classes, such as applicable servicing fees. At the end of each month, BXINFRA U.S. allocates its Net Investment Income (Loss) and Net Change in Unrealized Gain (Loss) on Investment in the Aggregator across each Unit Class based on their relative ownership share in BXINFRA U.S. 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, which is BXINFRA U.S.’s prior

month-end

Transactional NAV per Unit.

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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


	Class S Units			Class D Units		Class I Units			Total
Units Outstanding as of July 16, 2024 (Inception)		—			—		—			—
Units Issued		—			—		4,000			4,000

Units Outstanding as of September 30, 2024		—			—		4,000			4,000


Units Outstanding as of June 30, 2025		27,875,676			2,061,536		49,847,385			79,784,597
Units Issued		7,774,946			956,670		14,290,854			23,022,470
Distribution Reinvested		186,884			15,940		257,545			460,369
Conversion of Units Between Classes		(371,650	)		370,422		—			(1,228	)

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


Units Outstanding as of December 31, 2024		—			—		4,000			4,000
Units Issued		35,615,818			3,011,249		64,019,741			102,646,808
Distribution Reinvested		254,679			22,897		347,213			624,789
Conversion of Units Between Classes		(401,673	)		370,422		29,984			(1,267	)
Redemption of Units		(2,968	)		—		(5,154	)		(8,122	)

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

Unit Redemption Plan

BXINFRA U.S. has implemented a unit redemption plan (the “Unit Redemption Plan”). Under the Unit Redemption Plan, to the extent the General Partner chooses to redeem limited partnership units of BXINFRA U.S. in any particular calendar quarter, BXINFRA U.S. will redeem up to

% of BXINFRA U.S.’s outstanding Units (by number of Units), effective as of the first calendar day of the first month of the applicable calendar quarter. BXINFRA U.S. conducts such redemption offers in accordance with the BXINFRA U.S. Partnership Agreement (as defined below).

Redemptions will be made at a redemption price equal to the Transactional NAV per Unit of the applicable class as of the last calendar day of the immediately preceding calendar quarter. However, Units that have not been outstanding for at least two years will be subject to an early redemption deduction equal to

% of the value of such Transactional NAV of the Units being redeemed for the benefit of BXINFRA U.S. and its unitholders, subject to certain exceptions.

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 for such calendar 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. The General Partner (with the approval of BXINFRA U.S.’s Independent Directors) may make exceptions, modify or suspend the Unit Redemption Plan (including to make exceptions to the redemption limitations, or redeem fewer Units than such redemption limitations) if, in its reasonable judgment, it deems such action to be in the best interest of BXINFRA U.S. and its unitholders.

BXINFRA U.S. commenced its first offering pursuant to the Unit Redemption Plan on April 15, 2025. 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 redeemed by BXINFRA U.S. or the Feeder during the three months ended September 30, 2025.

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Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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 each applicable class of Units.


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Class S Units		Class D Units		Class I Units		Class S Units		Class D Units		Class I Units
Distributions per Unit	$	0.1996	$	0.1996	$	0.1996	$	0.4952	$	0.4952	$	0.4952

The distribution for the three months ended September 30, 2025 was declared on October 22, 2025 to unitholders of record as of the open of business on September 30, 2025 with a payment date of November 3, 2025.

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 prior to the payment date will have their distributions automatically reinvested in additional Units rather than receive cash distributions, for a purchase price equal to 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 BXINFRA U.S.’s 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 purchasing Units under the DRIP.

For the three months ended September 30, 2025, $4.8 million, $0.4 million and $6.7 million of distributions were reinvested in Class S, Class D and Class I Units, respectively. For the nine months ended September 30, 2025, $6.6 million, $0.6 million and $9.0 million of distributions were reinvested in Class S, Class D and Class I Units, respectively.

6. Related Party Transactions

Partnership Agreement

BXINFRA U.S. has entered into a limited partnership agreement, as amended and restated (the “BXINFRA U.S. Partnership Agreement”), with the General Partner. 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 Board of Directors.

Performance Participation Allocation

The General Partner receives a performance participation allocation (“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. 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. BXINFRA U.S. had no Performance Participation Allocation during the three and nine months ended September 30, 2024. 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.

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Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Investment Management Agreement

BXINFRA U.S. has entered into an investment management agreement with the Investment Manager (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.

The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. Effective July 1, 2025, the Aggregator began accruing the Management Fee attributable to BXINFRA U.S. 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, 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. No Management Fee was waived for the three months ended September 30, 2025. BXINFRA U.S. had no gross Management Fee during the three and nine months ended September 30, 2024.

Administration Fee

The Investment Manager and its affiliates provide administration services to BXINFRA, consistent with the BXINFRA U.S. Partnership Agreement and 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. 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. BXINFRA U.S. had no Administration Fee during the three and nine months ended September 30, 2024. 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.

Dealer Manager Agreement

BXINFRA U.S. and the Feeder entered into an Amended and Restated Dealer Manager Agreement (the “A&R 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 and a member of the Financial Industry Regulatory Authority. Pursuant to the A&R 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.

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Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of BXINFRA U.S.’s Transactional NAV attributable to Class S 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 BXINFRA U.S.’s Transactional NAV attributable to Class D Units as of the last day of each month. In calculating the servicing fees, BXINFRA U.S. uses the Transactional NAV before giving effect to any accruals for the servicing fees, redemptions, if any, for that month and distributions payable on BXINFRA U.S.’s Units. There are no unitholder servicing fees with respect to Class I 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. Servicing Fees Payable as of September 30, 2025 was $

58.6 million

. There was no Servicing Fees Payable as of December 31, 2024.

Line of Credit and Warehousing Agreements

BXINFRA U.S. entered into an unsecured, uncommitted Line of Credit with Finco. BXINFRA U.S. and the Investment Manager, in its capacity as investment manager, on behalf of BXINFRA U.S. and not for its own account, entered into an Amended and Restated Warehousing Agreement (the “A&R Warehousing Agreement”) 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 is composed 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 is composed of balances owed to BXINFRA U.S. from other

non-consolidated

entities within BXINFRA.

BXINFRA Lux

BXINFRA may invest 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.

7. Commitments and Contingencies

Commitments

For information regarding investment commitments, see the Aggregator’s condensed consolidated financial statements. To the extent funded, these investments are expected to reside at the Aggregator but may be funded from BXINFRA U.S.’s available liquidity, including proceeds from the issuance of Units by BXINFRA U.S. and available borrowing capacity under the Line of Credit. For information regarding the Line of Credit, see Note 4. “Line of Credit Agreement.”

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Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Contingencies

BXINFRA U.S. may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of September 30, 2025, BXINFRA U.S. was not subject to any material litigation nor was BXINFRA U.S. aware of any material litigation threatened against it.

Indemnifications

In the normal course of business, BXINFRA U.S. enters into contracts that contain a variety of indemnification arrangements. BXINFRA U.S.’s exposure under these arrangements, if any, cannot be quantified. However, BXINFRA U.S. has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of September 30, 2025.

8. Income Taxes

Uncertain Tax Positions

As of September 30, 2025 and December 31, 2024, BXINFRA U.S. is not aware of any uncertain tax positions that would require recognition in the condensed financial statements.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S., introducing a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act of 2017. In accordance with GAAP, the effects of the enacted tax law changes were recognized in the period of enactment.

The OBBBA did not change the U.S. federal corporate income tax rate. BXINFRA U.S. evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to BXINFRA U.S.’s condensed financial statements as of and for the three and nine months ended September 30, 2025.

9. Warehousing Agreement

On August 22, 2025, BXINFRA U.S., BXINFRA Lux, the Investment Manager and Finco entered into the A&R Warehousing Agreement. Under the A&R Warehousing Agreement, in connection with the launch and ramp-up of the BXINFRA Fund Program, Finco and its affiliates agreed to acquire certain investments that were approved by the Investment Manager and the BXINFRA Investment Committee up to an aggregate invested amount of $675.0 million (or such higher amount as is agreed between the parties), subject in each case, to Finco’s approval at the time of acquisition (each, an “Approved Warehoused Investment”). At any time during the term of the A&R Warehousing Agreement, an Approved Warehoused Investment is acquired by consolidated legal entities of Finco, which together act as the “BXINFRA Warehouse.”

Finco agreed to subsequently transfer each Approved Warehoused Investment to BXINFRA U.S. or BXINFRA Lux, as applicable, and BXINFRA U.S. or BXINFRA Lux agreed to acquire such investments from Finco on the terms described in the A&R Warehousing Agreement following the point or points in time at which BXINFRA U.S. or BXINFRA Lux has sufficient capital to acquire such investments, as determined by the Investment Manager in its sole discretion (each such date, a “Warehouse Closing Date”) at a price equal to the cost of such Approved

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Warehoused Investment paid by Finco plus an amount equal to an annualized rate of 5% (or such lower amount as is agreed between the parties) measured over the period from the date the Approved Warehoused Investment was acquired by the BXINFRA Warehouse to the applicable Warehouse Closing Date. The Investment Manager has determined, and will continue to determine, in its sole discretion which and what portions of Approved Warehoused Investments BXINFRA U.S. or BXINFRA Lux, as applicable, has acquired, or will acquire, on each Warehouse Closing Date. Finco will continue to provide committed funding for Approved Warehoused Investments until the applicable Warehouse Closing Date, unless extended by the mutual agreement of the parties. BXINFRA will bear its proportionate (a) fees, costs and expenses, if any, incurred in developing, negotiating and structuring any Approved Warehoused Investment that is transferred to BXINFRA and (b) broken deal expenses. The term of the A&R Warehousing Agreement shall be through August 21, 2026 (one year), unless extended by mutual agreement of the parties.

During the nine months ended September 30, 2025, BXINFRA acquired nine investments as well as a liquid loan portfolio from the BXINFRA Warehouse at cost pursuant to the A&R Warehousing Agreement. Finco agreed to waive the

annualized amount in excess of cost contemplated by the A&R Warehousing Agreement in connection with the transfer of such investments. The fee accrued is reported in Warehousing Fees and the waived fee is reported in Warehousing Fees Waived on the Condensed Statements of Operations.

As of September 30, 2025, there were five investments for a total commitment amount

of $892.3

million remaining in the BXINFRA Warehouse, out of which $223.3 million has been funded by Finco. Any investments that have not yet closed are subject to customary closing conditions, and the BXINFRA Fund Program’s obligation to purchase any of the investments from Finco is contingent upon BXINFRA and BXINFRA Lux raising sufficient capital to purchase such assets as determined by the Investment Manager. As of September 30, 2025, the Investment Manager had not determined the allocation of investments of the BXINFRA Warehouse between BXINFRA and BXINFRA Lux and it is not certain whether BXINFRA will ultimately acquire any such investments.

10. Financial Highlights

The following financial highlights are calculated for the unitholders of BXINFRA U.S. as a whole and exclude data for the General Partner, except as otherwise noted herein. Calculation of these highlights on an individual unitholder basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements. BXINFRA U.S. had not received subscriptions or commenced investing activities during the nine months ended September 30, 2024.

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Blackstone Infrastructure Strategies L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)


	Nine Months Ended September 30, 2025 (a)
	Class S Units			Class D Units			Class I Units
Per Unit Data
Net Asset Value, Beginning of Period	$	—		$	—		$	—

Proceeds from Units Issued		25.00			25.00			25.00

Net Investment Income		0.47			0.47			0.47
Net Change in Unrealized Gain (Loss) on Investment in the Aggregator		1.54			1.54			1.55

Net Increase in Net Assets Resulting from Investment Operations		2.01			2.01			2.02
Servicing Fees		(1.74	)		(0.52	)		—
Distributions		(0.50	)		(0.50	)		(0.50	)

Net Increase (Decrease) in Net Assets		(0.22	)		1.00			1.53

Net Asset Value, End of Period	$	24.78		$	26.00		$	26.53

Units Outstanding, End of Period		35,465,856			3,404,568			64,395,784
Total Return Based on Net Asset Value (b)		-0.88	%		3.99	%		6.11	%
Ratios to Weighted-Average Net Assets (Non-Annualized)
Expenses without Waivers (c)		0.71	%		0.72	%		0.71	%
Warehousing Fees Waivers		-0.64	%		-0.65	%		-0.64	%

Total Expenses		0.07	%		0.07	%		0.07	%

Net Investment Income		2.91	%		2.97	%		2.91	%

(a)	Amounts may not add due to rounding.

(b)

Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with BXINFRA U.S.’s distribution reinvestment plan) divided by the initial Net Asset Value per Unit of $25.00. Total return does not include upfront transaction fees, if any.

(c)	Expense ratio includes Professional Fees, Directors’ Fees, Warehousing Fees and Other.

11. Subsequent Events

There have been no events since September 30, 2025 that require recognition or disclosure in the condensed financial statements.

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BXINFRA Aggregator (CYM) L.P.

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BXINFRA Aggregator (CYM) L.P.

Condensed Consolidated Statements of Assets and Liabilities (Unaudited)

(Dollars in Thousands, Except Unit Data)


	September 30, 2025		December 31, 2024
Assets
Investments at Fair Value (Cost $2,298,433 as of September 30, 2025; $ - as of December 31, 2024)
Unpledged	$	2,314,020	$	—
Pledged to Counterparties		88,361		—
Investments in Affiliated Investee Funds at Fair Value (Cost $794,106 as of September 30, 2025; $- as of December 31, 2024)		854,604		—
Cash and Cash Equivalents		62,699		—
Due from Affiliates		113		—
Accounts Receivable		3,363		—
Derivative Assets at Fair Value (Cost $- as of September 30, 2025 and December 31, 2024)		3,215		—
Other Assets		101,062		—
Deferred Assets		921		—

Total Assets	$	3,428,358	$	—

Liabilities and Equity
Due to Affiliates	$	551	$	—
Credit Facilities		183,000		—
Repurchase Agreements		70,497		—
Accounts Payable and Accrued Expenses		3,723		—
Payable for Investments Purchased		146,863		—
Accrued Performance Participation Allocation		24,450		—
Management Fee Payable		6,004		—
Derivative Liabilities at Fair Value (Cost $- as of September 30, 2025 and December 31, 2024)		137		—
Deferred Tax Liabilities, Net		4,205		—
Taxes Payable		66		—
Organization Costs Payable		2,160		—
Administration Fees Payable		480		—
Offering Costs Payable		410		—
Distributions Payable		22,338		—
Redemptions Payable		464		—

Total Liabilities		465,348		—

Commitments and Contingencies
Net Assets
Limited Partnership Unit — Class A Units, unlimited Units authorized (111,674,297 Units issued and outstanding as of September 30, 2025; no Units issued and outstanding as of December 31, 2024)		2,963,010		—
Limited Partnership Unit — Class B Units, unlimited Units authorized (no Units issued and outstanding as of September 30, 2025 and December 31, 2024)		—		—

Total Net Assets		2,963,010		—

Total Liabilities and Net Assets	$	3,428,358	$	—

See notes to condensed consolidated financial statements.

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BXINFRA Aggregator (CYM) L.P.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands)


	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025			August 13, 2024 (Inception) to September 30, 2024
Income
Interest Income	$	17,426		$	41,633		$	—
Dividend Income		14,774			24,917			—
Other		102			3,421			—

Total Income		32,302			69,971			—

Expenses
Management Fees		8,597			19,298			—
Organizational Expenses		136			2,160			—
Performance Participation Allocation		13,402			24,450			—
Professional Fees		5,628			11,648			—
Deferred Financing Cost Amortization		137			137
Deferred Offering Costs Amortization		102			307			—
Administration Fees		688			1,543			—
Interest Expense		1,580			2,545
Other Expenses		96			366			—

Total Expenses		30,366			62,454			—
Management Fees Waived		—			(10,701	)		—
Expense Support		—			(665	)		—

Net Expenses		30,366			51,088			—

Net Investment Income Before Provision for Taxes		1,936			18,883			—
Provision for Taxes		1,977			4,470			—

Net Investment Income (Loss)		(41	)		14,413			—

Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies
Net Realized Loss on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies		(13,062	)		(18,843	)		—
Net Change in Unrealized Gain (Loss) on Investments		94,947			159,143			—
Net Change in Unrealized Gain (Loss) on Derivative Instruments		15,050			3,078			—
Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies		(5,117	)		5,353			—

Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies		91,818			148,731			—

Net Increase in Net Assets Resulting from Operations	$	91,777		$	163,144		$	—

See notes to condensed consolidated financial statements.

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BXINFRA Aggregator (CYM) L.P.

Condensed Consolidated Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)


	Class A Units			Class B Units		Total Net Assets
Balance at August 13, 2024 (Inception) and September 30, 2024	$	—		$	—	$	—

Balance at June 30, 2025	$	2,263,024		$	—	$	2,263,024
Proceeds from Units Issued		619,118			—		619,118
Net Investment Loss		(41	)		—		(41	)
Distributions Reinvested		11,893			—		11,893
Distributions		(22,338	)		—		(22,338	)
Net Realized Gain on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies		(13,062	)		—		(13,062	)
Net Change in Unrealized Gain (Loss) on Investments		94,947			—		94,947
Net Change in Unrealized Gain (Loss) on Derivative Instruments		15,050			—		15,050
Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies		(5,117	)		—		(5,117	)
Redemptions		(464	)		—		(464	)

Balance at September 30, 2025	$	2,963,010		$	—	$	2,963,010


Balance at December 31, 2024	$	—		$	—	$	—
Proceeds from Units Issued		2,829,901			—		2,829,901
Net Investment Income		14,413			—		14,413
Distributions Reinvested		16,737			—		16,737
Distributions		(46,099	)		—		(46,099	)
Net Realized Gain on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies		(18,843	)		—		(18,843	)
Net Change in Unrealized Gain (Loss) on Investments		159,143			—		159,143
Net Change in Unrealized Gain (Loss) on Derivative Instruments		3,078			—		3,078
Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies		5,353			—		5,353
Redemptions		(673	)		—		(673	)

Balance at September 30, 2025	$	2,963,010		$	—	$	2,963,010

See notes to condensed consolidated financial statements.

BXINFRA Aggregator (CYM) L.P.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands, Except Unit and Per Unit Data)


	Nine Months Ended September 30, 2025			August 13, 2024 (Inception) to September 30, 2024
Operating Activities
Net Increase in Net Assets Resulting from Operations	$	163,144		$	—
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Used in Operating Activities
Net Realized Loss on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies		18,843			—
Net Change in Unrealized (Gain) Loss on Investments		(159,143	)		—
Net Change in Unrealized (Gain) Loss on Derivative Instruments		(3,078	)		—
Net Change in Unrealized (Gain) Loss on Translation of Assets and Liabilities in Foreign Currencies		(5,353	)		—
Net Amortization of Debt Investments - Liquids		537			—
Net Accretion of Debt Investments - Infrastructure		(159	)		—
Deferred Offering Costs Amortization		307			—
Purchases of Investments		(3,876,960	)		—
Proceeds from Investments		766,191			—
Cash Flows Due to Changes in Operating Assets and Liabilities
Due from Affiliates		(113	)		—
Accounts Receivable		(3,363	)		—
Other Assets		(101,062	)		—
Deferred Assets		(1,228	)		—
Due to Affiliates		551			—
Accounts Payable and Accrued Expenses		3,723			—
Payable for Investments Purchased		146,863			—
Accrued Performance Participation Allocation		24,450			—
Management Fee Payable		6,004			—
Deferred Tax Liabilities, Net		4,205			—
Taxes Payable		66			—
Organization Costs Payable		2,160			—
Administration Fees Payable		480			—
Offering Costs Payable		410			—

Net Cash Used in Operating Activities		(3,012,525	)		—

continued…

BXINFRA Aggregator (CYM) L.P.

Condensed Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)


Name of Investment	Geography		Fair Value			Fair Value as a Percentage of Net Assets
Cash and Cash Equivalents
Money Market Fund
Dreyfus Government Cash Management		Americas	$	26,127			0.9	%
Fidelity Investments Money Market Treasury		Americas		937			0.0	%

Total Money Market Fund (Cost: $27,064 Americas)				27,064			0.9	%


Cash
Cash Held at Banks		n/a		35,635			1.2	%

Total Cash (Cost: $35,635)				35,635			1.2	%

Total Cash and Cash Equivalents (Cost: $62,699)				62,699			2.1	%


Derivative at Fair Value
Derivative Assets at Fair Value
Foreign Currency Contracts		n/a		3,215			0.1	%

Total Derivative Assets at Fair Value (Cost: $-)				3,215			0.1	%


Derivative Liabilities at Fair Value
Foreign Currency Contracts		n/a		(137	)		0.0	%

Total Derivative Liabilities at Fair Value (Cost: $-)				(137	)		0.0	%

Total Derivatives (Cost: $-)				3,078			0.1	%

Total Investments, Investments in Affiliated Investee Funds, Cash and Cash Equivalents and Derivative Instruments (Cost: $3,155,238)			$	3,322,762			112.1	%

Fair Value as a Percentage of Net Assets may not add due to rounding.

n/a	Not applicable.

EMEA	Europe, Middle East and Africa.

APAC	Asia Pacific.

(a)

Equity Investments generally include different forms of interests and rights and obligations that represent ownership in an entity or the right to acquire or dispose of ownership in an entity, including but not limited to (1) common equity, (2) preferred equity, (3) limited partner interests, (4) warrants and (5) other equity-linked securities.

(b)	BXINFRA through its interest in Infrastructure Investments L.P. also holds interests in Eucalyptus I HoldCo (CYM) L.P. with BXINFRA’s proportionate fair value representing $33.6 million, or 1.1% of BXINFRA Net Assets and BXINFRA indirectly owns 147,484,163,956 shares in the investee.

(c)

BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in Odyssey Holdco L.L.C. and Odyssey Holdco II L.L.C. BXINFRA’s proportionate fair value in the equity investment is $175.9 million, representing 5.9% of BXINFRA Net Assets and BXINFRA indirectly owns 630,530 shares in the investee.

See notes to condensed consolidated financial statements.

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BXINFRA Aggregator (CYM) L.P.

Condensed Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

(d)	BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in an investee also held by Poseidon Holdco I L.P. with BXINFRA’s proportionate fair value representing $37.2 million, or 1.3% of BXINFRA Net Assets and BXINFRA indirectly owns 28,689 shares in the investee.

(e)	BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in an investee also held by Mercury Co-Invest L.P. with BXINFRA’s proportionate fair value representing $85.0 million, or 2.9% of BXINFRA Net Assets and BXINFRA indirectly owns 114,123 shares in the investee.

(f)	Fund investments are diversified and are not categorized to one industry.

(g)

BXINFRA is indirectly exposed to portfolio companies owned by Infrastructure Investments L.P. The investments of Infrastructure Investments L.P. are within the following industries: Energy, Transportation and Digital which are 30.2%, 30.1% and 39.7% of the Infrastructure Investments L.P. vehicle’s investments, respectively.

(h)	There were no single investments included in this category that exceeded 5% of net assets of BXINFRA Aggregator (CYM) L.P., Blackstone Infrastructure Strategies L.P., Blackstone Infrastructure Strategies (TE) L.P. or a Parallel Fund (as defined below).

(i)	Includes different forms of interests that represent a creditor relationship with an investee, including but not limited to (1) bank loans, (2) interests in collateralized loan obligations and (3) direct lending debt investments.

(j)	Investments are generally liquid in nature, are intended to be held for short durations and may be used to generate income, facilitate capital deployment or provide a potential source of liquidity. Industries may be diversified outside of infrastructure industries.

See notes to condensed consolidated financial statements.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

1. Organization

BXINFRA Aggregator (CYM) L.P. is a Cayman Islands exempted limited partnership formed on August 13, 2024. BXINFRA Aggregator (CYM) L.P. with its consolidated subsidiaries collectively form the “Aggregator.” The Aggregator operates in accordance with the limited partnership agreement, as amended and restated (the “Aggregator Partnership Agreement”).

Blackstone Infrastructure Strategies L.P. (“BXINFRA U.S.”) and Blackstone Infrastructure Strategies (TE) L.P. together with its consolidated subsidiary, (the “Feeder”) are private funds exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended. BXINFRA U.S. and the Feeder are organized to invest primarily in infrastructure equity, secondaries and credit strategies (collectively, “Infrastructure Investments”). BXINFRA U.S. and the Feeder are structured as a perpetual-life strategy with monthly, fully funded subscriptions and periodic redemptions. The Feeder invests all or substantially all of its assets in BXINFRA U.S. In turn, BXINFRA U.S. invests all or substantially all of its assets in the Aggregator.

The term “Parallel Fund” refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXINFRA U.S., but excluding Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, BXINFRA Aggregator SCSp and its parallel funds (“BXINFRA Lux”). The Parallel Funds may be established for certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXINFRA U.S. or the Feeder. Parallel Funds are expected to invest directly, or indirectly through one or more intermediate entities, into the Aggregator. BXINFRA U.S., the Feeder, the Aggregator and any Parallel Funds collectively form “BXINFRA.” BXINFRA and BXINFRA Lux collectively form the “BXINFRA Fund Program,” but are operated as distinct investment structures.

Investment operations commenced on January 2, 2025 (the “Initial Closing Date”) when BXINFRA U.S. and the Feeder sold unregistered limited partnership units to third-party investors and subsequently invested those proceeds into the Aggregator, which, in turn, began investment operations.

Blackstone Infrastructure Strategies Associates L.P., a Delaware limited partnership, is the general partner (the “General Partner”) of BXINFRA U.S., the Feeder and the Aggregator. Overall responsibility for oversight of BXINFRA U.S. and the entities that carry out its investment objectives rests with the General Partner, subject to certain oversight rights held by BXINFRA U.S.’s board of directors (the “Board of Directors” or “Board”). The General Partner has delegated BXINFRA U.S.’s portfolio management function to Blackstone Private Investments Advisors L.L.C. (the “Investment Manager”). The Investment Manager has discretion to make investments on behalf of BXINFRA U.S. and is responsible for initiating, structuring and negotiating BXINFRA U.S.’s investments, as well as actively managing each investment to seek to maximize value. The Investment Manager and its affiliates also provide certain administrative services to BXINFRA U.S. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the “Sponsor.” Both the General Partner and Investment Manager are subsidiaries of Blackstone.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Aggregator have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Aggregator is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946,

Financial Services—Investment Companies

, (“ASC 946”). Accordingly, the Aggregator reflects its investments on the Condensed Consolidated Statements of Assets and Liabilities at their fair value with unrealized gains and losses resulting from changes in fair value of its investments reflected in Net Change in Unrealized Gain (Loss) on Investments on the Condensed Consolidated Statements of Operations. The condensed consolidated financial statements, including the notes, are unaudited and exclude some of the disclosures required in audited consolidated financial statements. Management believes the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain reclassifications of prior periods’ amounts have been made to conform to the current period presentation. Such reclassifications had no effect on Net Increase in Net Assets Resulting from Operations.

Principles of Consolidation

In accordance with ASC 946, the Aggregator generally does not consolidate its investment in a company unless the Aggregator has a controlling financial interest in (a) an investment company or (b) an operating company whose business consists of providing services to the Aggregator. Accordingly, the Aggregator consolidates wholly owned investment company subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Fair Value of Investments and Financial Instruments

ASC Topic 820,

Fair Value Measurement

(“ASC 820”), establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace. Investments with readily available, actively quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

●

Level I – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I are publicly traded securities in an active market. The Aggregator does not adjust the quoted price for these investments (to the extent it holds them) even in situations where the Aggregator holds a large position and a sale could reasonably impact the quoted price.

●

Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments that would generally be included in this category include publicly traded securities with restrictions on disposition, certain convertible securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

●

Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. Fair value for these investments is determined using valuation methodologies that consider a range of factors, including, but not limited to, the price at which the investment was acquired, the nature of the investment, local market conditions, valuations for comparable companies, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant judgment. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments that are included in this category generally are privately held debt, equity and certain convertible securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Investment Manager’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

Investments at Fair Value and Investments in Affiliated or Unaffiliated Investee Funds

Investments at Fair Value

The Aggregator records public and private investments at trade date and closing date, respectively, and values its investments at fair value in accordance with ASC 820. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. In the absence of observable market prices, the Aggregator’s investments are valued using valuation methodologies applied on a consistent basis as described below. Additional information regarding these investments is provided in Note 3. “Investments and Fair Value Measurement.”

The Aggregator’s determination of fair value is based on the best information available in the circumstances and incorporates the Aggregator’s own assumptions, including assumptions that the Aggregator believes market participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including appropriate risk adjustments for

non-performance

and liquidity. The values estimated by the Aggregator may differ significantly from values that would have been used had a readily available market for the investments existed and the differences could be material to the condensed consolidated financial statements.

Under the income approach, which is generally the Aggregator’s primary valuation approach, fair value is determined by converting future amounts, such as cash flows or earnings, discounted to a single present amount using current market expectations about those future amounts. In determining fair value under this approach, the Aggregator makes assumptions over a projection period regarding unobservable inputs such as revenues, operating income, capital expenditures, income taxes, working capital needs and the terminal value and exit multiple of the investee company, among other things. The Aggregator discounts those projected cash flows by deriving a discount rate based on a capital structure similar to that of a market participant using observable inputs such as the rate of return available in the market on an investment free of default risk, an equity risk premium to reflect the additional risk of a market portfolio of equity instruments over risk-free instruments, beta as a measure of risk based on share price correlation to the market, and equity and

debt-to-capital

ratios of companies deemed comparable to the investee company.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Under the market approach, which is generally the Aggregator’s secondary valuation approach, fair value may be determined by reference to a recent transaction involving the investment or by reference to observable valuation measures for companies or assets that are determined by the Aggregator to be comparable, such as multiplying a key performance metric of the investee company, such as earnings before interest and taxes or other performance metric, by a relevant valuation multiple observed in the range of comparable companies or transactions, adjusted by the Aggregator for differences between the investment and the referenced comparables. Observable inputs used in the market approach to derive a valuation multiple may include the public prices for securities issued by, and the relevant performance metrics of, companies deemed comparable to the investee company, and/or transaction prices involving significant equity interests in companies deemed comparable to the investee company. Unobservable inputs used in the market approach may include the key performance metric of the investee company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”).

Investments may also be valued at their acquisition price for a period of time after an acquisition as the best measure of fair value in the absence of any conditions or circumstances that would indicate otherwise. In the event of an announced sale of investments with a definitive agreement in place, investments may also be valued using a

discount-to-sale

approach as the primary method with emphasis given to certain considerations including, but not limited to unitholder approval, regulatory approval, financing, completion of due diligence and

break-up

fees.

Investments in debt securities that are not listed on an exchange, but for which external pricing sources, such as dealer quotes or independent pricing services may be available, are valued by the Aggregator after considering, among other factors, such external pricing sources, recent trading activity or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks.

Derivative instruments are valued based on contractual cash flows and observable inputs generally comprising of yield curves and foreign currency rates.

Publicly traded investments in active markets are reported at the market closing price, less a discount, as appropriate, as determined by the Aggregator to reflect restrictions on disposition where such restrictions are an attribute of the investment.

Convertible preferred investments may be valued using an option pricing model based on the specific terms of the security, including, but not limited to, the publicly traded share price of the common shares or units in active markets as of the reporting date,

preferred-in-kind

dividend rate, relative yield and other adjustments to the common shares or units, as well as restrictions related to timing of conversion, as applicable, or actual trades of the convertible preferred investment.

Investments in Affiliated or Unaffiliated Investee Funds

Investments in Blackstone-affiliated investee funds (“Investments in Affiliated Investee Funds”) or unaffiliated investee funds are generally valued using the reported net asset value (“NAV” or “Net Asset Value”) of the investee funds as a practical expedient for fair value. If the Aggregator determines, based on its own due diligence, investment fair value policies and monitoring procedures, that NAV does not represent fair value or if the investee fund is not an investment company, such as a collateralized loan obligation (“CLO”) vehicle, the Aggregator will estimate the fair value of an investment in good faith and in a manner that it reasonably chooses, in accordance with its valuation policies. For certain Investments in Affiliated Investee Funds that are managed by the Investment Manager, investments held directly on such funds’ balance sheets may also be direct investments of BXINFRA. In these circumstances, the Aggregator and the affiliated investee fund shall apply a consistent fair value methodology to value such investments, with the Aggregator applying a methodology as discussed under the Investments at Fair Value section above.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Derivative Instruments

The Aggregator recognizes derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative Assets at Fair Value and Derivative Liabilities at Fair Value, respectively.

The Aggregator recognizes changes in fair value of derivative instruments in current period earnings. For derivative financial positions that are closed or that mature during a reporting period, the Aggregator recognizes realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed. Realized gains and losses are presented net in Net Realized Gain (Loss) on Investments and Derivative Instruments on the Condensed Consolidated Statements of Operations. Changes in the value of contracts that remain outstanding as of period end are measured based on the difference between the unrealized balance as of the beginning of the reporting period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded unrealized gains or losses once realized. Unrealized gains and losses are presented net in Net Change in Unrealized Gain (Loss) on Derivative Instruments on the Condensed Consolidated Statements of Operations.

The Aggregator has elected to not offset derivative assets and liabilities in its Condensed Consolidated Statements of Assets and Liabilities, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Aggregator, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

The Aggregator’s other disclosures regarding derivative instruments are discussed in Note 4. “Derivative Instruments.”

Repurchase Agreements

Securities sold under agreements to repurchase (“repurchase agreements”) represent collateralized financing transactions. Such transactions are recorded as secured borrowings rather than sales as the Aggregator retains effective control of transferred assets through the term of a repurchase agreement. Secured borrowings are presented within Repurchase Agreements in the Condensed Consolidated Statements of Assets and Liabilities at their contractual amounts and include accrued interest.

The Aggregator may manage credit exposure arising from repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Aggregator, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

The Aggregator may also pledge its investments to counterparties to collateralize repurchase agreements. Investments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded within Investments at Fair Value – Pledged to Counterparties in the Condensed Consolidated Statements of Assets and Liabilities. Investments which are not pledged to counterparties or which are pledged but cannot be repledged are recorded within Investments at Fair Value – Unpledged in the Condensed Consolidated Statements of Assets and Liabilities. The Aggregator does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Assets and Liabilities. Additional disclosures relating to repurchase agreements are included in Note 5. “Repurchase Agreements.”

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Cash and Cash Equivalents

Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds, Treasury Bills and short-term, highly liquid investments with original maturities of three months or less. Interest income from Cash and Cash Equivalents is recorded in Interest Income in the Condensed Consolidated Statements of Operations. The Aggregator may have bank balances in excess of federally insured amounts; however, the Aggregator deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

Performance Participation Allocation, Administration Fee and Management Fee Payables

For more information regarding these payables reported on the Condensed Consolidated Statements of Assets and Liabilities, see Note 8. “Related Party Transactions.”

Foreign Currency

In the normal course of business, the Aggregator makes investments in non-U.S. dollar currency investments. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rates at the respective transaction dates. Translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies on the Condensed Consolidated Statements of Operations.

Net Realized and Unrealized Gain (Loss) on Investments

The Aggregator recognizes net realized gains (losses) on investments when earned at the time of receipt of proceeds. Without regard to unrealized gains or losses previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment or disposal of an asset and the adjusted cost basis of the asset.

Net Change in Unrealized Gain (Loss) on Investments is the change in fair value of its underlying investments. Net change in unrealized gains or losses will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Income Recognition

The Aggregator recognizes interest income from investments when earned pursuant to the terms of the respective investment. The Aggregator recognizes dividend income from its investments when declared. In the case of proceeds received from investments, the Aggregator determines the character of such proceeds and records any interest income, dividend income, realized gain or loss, or return of capital accordingly.

Organizational and Offering Expenses

Prior to the Initial Closing Date, organizational and offering expenses were paid by the Investment Manager. After BXINFRA U.S. and the Feeder accepted third-party investors and commenced investment operations, costs associated with the organization of BXINFRA were expensed. Costs associated with the offering of BXINFRA U.S. and the Feeder are capitalized as a deferred expense and included as an asset on the Condensed Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from January 2, 2025. Organization and offering expenses are borne by the Aggregator since the expenses benefit all investors that invest through BXINFRA U.S., the Feeder or any Parallel Fund. Organizational expenses are reported in Organizational Expenses and offering expenses are reported in Deferred Offering Costs Amortization on the Condensed Consolidated Statements of Operations.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Management Fees Offset and Waived

The Investment Manager agreed to waive the Management Fee (as defined in Note 8. “Related Party Transactions”) for the first six months following the Initial Closing Date. The waived Management Fees are reported in Management Fees Waived on the Condensed Consolidated Statements of Operations.

As described in the Investment Management Agreement (as defined in Note 8. “Related Party Transactions”), the Management Fee shall be reduced (but not below zero) by an amount equal to the respective unitholder’s pro-rata share of 100% of the net break-up, topping, commitment, transaction, monitoring, directors’, organization and divestment fees and management and performance fees borne by BXINFRA through secondary market purchases of existing investments in established funds in other Blackstone accounts paid to the Investment Manager or its affiliates in connection with BXINFRA’s investments. These fees, when recognized, are presented as Management Fees Waived. Refer to Note 8. “Related Party Transactions” for more information.

Expense Support

The Investment Manager 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, servicing fees, the Performance Participation Allocation (as defined in Note 8. “Related Party Transactions”) and taxes) do not exceed a certain threshold. The amount of expenses the Investment Manager has agreed to pay pursuant to this arrangement is reported in Expense Support on the Condensed Consolidated Statements of Operations. Refer to Note 8. “Related Party Transactions” for more information.

Income Taxes

The Aggregator is treated as a partnership for U.S. federal and state income tax purposes and is not directly subject to U.S. federal and state income taxes. It is possible that the Aggregator may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, the Aggregator would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in the Aggregator would be treated as shareholders in a corporation, and the Aggregator itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Aggregator would be required to pay income tax at corporate rates on its net taxable income. Additionally, the Aggregator owns a controlling interest in several subsidiaries that are treated as corporations for U.S. and

non-U.S.

tax purposes (“Aggregator Corporations”) which are subject to U.S. federal, state and/or local income taxes.

To the extent investments made by the

non-U.S.

subsidiaries are engaged in a U.S. trade or business, the subsidiaries will generally be subject to a U.S. federal corporate income tax of 21% of its share of taxable income effectively connected with the conduct of a U.S. trade or business and may be subject to additional branch profits tax of 30% of its share of effectively connected earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state and local taxes. Federal and state income taxes are expected to be withheld at the source of the U.S. trade or business and taxes withheld can be used as a credit against the income tax liability of the subsidiaries.

Deferred Taxes

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established where the Aggregator determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Aggregator assesses all available positive and negative evidence, including the amount and character of future taxable income.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Uncertain Tax Positions

The Aggregator recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than-not threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Aggregator reevaluates its tax positions each period in which new information becomes available. The Aggregator’s policy is to recognize tax related interest and penalties, if applicable, as a component of the Provision for Taxes on the Condensed Consolidated Statements of Operations.

Distributions

The Aggregator may declare quarterly distributions on Aggregator Units (as defined in Note 7. “Net Assets”) as authorized by the General Partner. The declaration of distributions by the Aggregator to BXINFRA U.S. and any Parallel Fund generally occur concurrent with BXINFRA U.S. and any Parallel Fund declaring distributions to its unitholders. Distributions to unitholders are recognized on the record date of the distribution. For further detail on the quarterly distributions to be declared by BXINFRA U.S., see Note 5. “Net Assets” in the “Notes to Condensed Financial Statements” of BXINFRA U.S.

Affiliates

The General Partner, Investment Manager, Blackstone Securities Partners L.P. (the “Dealer Manager”), BXINFRA U.S., the Feeder, Parallel Funds, BXINFRA Lux and other vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of the Aggregator.

3. Investments and Fair Value Measurement

The following table summarizes the valuation of the Aggregator’s investments by the fair value hierarchy levels. The Aggregator had not commenced investing activities as of December 31, 2024.

	$		$		$		$		$
	September 30, 2025
	Level I		Level II		Level III		NAV		Total
Assets
Cash and Cash Equivalents	$	62,699	$	—	$	—	$	—	$	62,699

Investments
Equity Investments		—		29,733		1,467,585		—		1,497,318

Debt Investments
Infrastructure		—		403,069		199,246		—		602,315
Liquids		—		298,740		4,008		—		302,748

Total Debt Investments		—		701,809		203,254		—		905,063

Total Investments		—		731,542		1,670,839		—		2,402,381

Investments in Affiliated Investee Funds		19,370		55,020		705,127		75,087		854,604
Derivative Assets		—		3,215		—		—		3,215

	$	82,069	$	789,777	$	2,375,966	$	75,087	$	3,322,899

Liabilities
Derivative Liabilities	$	—	$	137	$	—	$	—	$	137

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The Aggregator may hold equity securities that are subject to sale restrictions that are contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual 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, 2025, there were no equity securities subject to 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 or transfer restrictions including those pursuant to their respective governing or similar agreements.

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, 2025.

Fair Value

Valuation

Techniques

Unobservable

Inputs

Ranges

Weighted-

Average

Impact to
Valuation
from an
Increase
in Input

Financial Assets

Investments

Equity Investments

1,467,585

Discounted Cash Flows

WACC

8.4% - 11.9%

10.3

Lower

Exit Capitalization Rate

6.3%

6.3

Lower

Exit Multiple

17.5x - 20.4x

18.3x

Higher

Debt Investments - Infrastructure

199,246

Third-Party Pricing

n/a

Other

n/a

Debt Investments - Liquids

4,008

Third-Party Pricing

n/a

Total Investments

1,670,839

Investments in Affiliated Investee Funds

705,127

Discounted Cash Flows

WACC

5.9% - 12.7%

9.6%

Lower

Exit Capitalization Rate

4.6% - 7.4%

6.3%

Lower

Exit Multiple

1.7x - 22.0x

13.1x

Higher

Other

Discount to Sale

Transaction Price

n/a

2,375,966


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.

Table of Contents

BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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, 2025
	Equity Investments		Debt Investments - Infrastructure			Debt Investments - Liquids			Investments in Affiliates			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	)
Transfer Out of Level III (a)		—		—			(4,698	)		—			(4,698	)
Change in Gain 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			Investments in Affiliates			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	)
Transfer Out of Level III (a)		—			—			(4,698	)		—			(4,698	)
Change in Gain 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 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, 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.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient as of September 30, 2025.

	$		$
NAV as a Practical Expedient Investments	Unfunded Commitment		Fair Value
Affiliated Investee Funds (a)	$	355,000	$	75,087

(a)	The Affiliated Investee Funds included primarily invest in infrastructure assets.

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.

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, all of which have 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 foreign exchange contracts in thousands:


	September 30, 2025								December 31, 2024
	Assets				Liabilities				Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value		Notional		Fair Value		Notional		Fair Value
Derivative Instruments
Foreign Currency Contracts (GBP)	£	92,986	$	2,727	£	22,986	$	30	£	—	$	—	£	—	$	—
Foreign Currency Contracts (AUD)	$	—		—	$	34,872		75	$	—		—	$	—		—
Foreign Currency Contracts (EUR)	€	59,893		488	€	39,893		32	€	—		—	€	—		—

			$	3,215			$	137			$	—			$	—

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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,
	2025			2024		2025			2024
Derivative Instruments
Realized Gain (Loss)
Foreign Currency Contracts	$	(8,920	)	$	—	$	(10,621	)	$	—

Net Change in Unrealized Gain (Loss)
Foreign Currency Contracts		15,050			—		3,078			—

	$	6,130		$	—	$	(7,543	)	$	—

As of September 30, 2025 and December 31, 2024, the Aggregator had not designated any derivatives as fair value, cash flow or net investment hedges for accounting purposes.

5. Repurchase Agreements

As of September 30, 2025, the Aggregator held investments pledged as collateral with a carrying value of $88.4 million. As of December 31, 2024, the Aggregator had no repurchase agreements and hence held no investments pledged as collateral for repurchase agreements.

The following table presents information regarding the Aggregator’s repurchase agreement obligations as of September 30, 2025. The Aggregator had no repurchase agreements as of December 31, 2024.


	September 30, 2025
	Remaining Contractual Maturity of the Agreements
	Overnight						Greater
	and		Up to		30 - 90		than
	Continuous		30 Days		Days		90 days		Total
Repurchase Agreements
Debt Investments (a)	$	—	$	—	$	—	$	70,497	$	70,497


	September 30, 2025
Gross and Net Amount of Recognized Liabilities for Repurchase Agreements	$	70,497

Amounts Subject to an Enforceable Master Netting Arrangement	$	70,497

(a)	Represents collateral type.

6. Borrowings

Brentwood Credit Facility

On March 3, 2025, BXINFRA Brentwood Funding LCS L.L.C. and BXINFRA Brentwood Funding ICP L.L.C. (together, the “Brentwood Borrowers” and each, a “Brentwood Borrower”), each as a consolidated wholly owned subsidiary of the Aggregator that holds broadly syndicated loans, entered into a senior secured revolving credit agreement (the “Brentwood Credit Facility”) pursuant to which the lenders thereunder agreed to provide loans for an aggregate principal amount not to exceed $300.0 million, subject to customary conditions. The Brentwood Credit Facility contains customary representations and warranties. The obligations of the Brentwood Borrowers

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

under the Brentwood Credit Facility have limited recourse and are secured by a first priority security interest in all of the Brentwood Borrowers’ portfolio investments and cash. Under the Brentwood Credit Facility, the Brentwood Borrowers will bear customary expenses for a credit facility of this size and type, including closing fees, arrangement fees, administration fees, and unused fees. The parties to the Brentwood Credit Facility include the Brentwood Borrowers, BXINFRA ICP L.L.C. and BXINFRA LCS L.L.C. as co-collateral managers, a third-party administrative agent (in such capacity, the “Brentwood Administrative Agent”), also serving as sole lead arranger, and the other third-party lenders as identified in the Brentwood Credit Facility. The period in which the Brentwood Borrowers may make borrowings under the Brentwood Credit Facility expires on March 3, 2028, and the Brentwood Credit Facility matures on March 5, 2029. Upon an event of default, the Brentwood Administrative Agent may also terminate its commitment. On May 9, 2025, the aggregate principal amount was temporarily increased by $150.0 million from $300.0 million to $450.0 million through August 9, 2025 and on August 7, 2025, the term was further extended through September 9, 2025. On September 9, 2025, the aggregate principal amount was reduced by $150.0 million from $450.0 million to $300.0 million.

Under the Brentwood Credit Facility, advances bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for U.S. dollar advances, at the election of the Brentwood Borrowers, is the one-month or three-month term Secured Overnight Financing Rate or the “base rate” (as defined in the Brentwood Credit Facility)), plus an applicable margin of 1.35% per annum. From and after March 3, 2028, the applicable margin for advances will increase by 0.30% per annum. The Aggregator may voluntarily prepay any loans upon notice to the Brentwood Administrative Agent without a premium or penalty, subject to certain conditions.

The Brentwood Credit Facility is subject to a commitment fee that is generally calculated based on two components, the First Unused Amount and Second Unused Amount (as defined below) which are multiplied by a 1.00% and 0.30% commitment fee rate, respectively. The “First Unused Amount” is zero for the first three months the Brentwood Credit Facility is outstanding; thereafter, the amount is generally equal to a varying percentage of the unused aggregate commitment amount, less total borrowings outstanding. The “Second Unused Amount” means an amount equal to the aggregate commitment less total borrowings outstanding less the First Unused Amount. As of September 30, 2025, the Aggregator had $183.0 million outstanding under the Brentwood Credit Facility. The carrying value of amounts outstanding under the Brentwood Credit Facility approximates fair value and this facility would be classified as Level III within the fair value hierarchy. As of September 30, 2025, the effective interest rate on borrowings outstanding was 5.51%.

7. Net Assets

The Aggregator, at the direction of the General Partner, has the authority to issue an unlimited number of Class A Units and Class B Units (each, an “Aggregator Unit”). No Class B Units have been issued by the Aggregator since inception. As of September 30, 2025, the Aggregator has two limited partners, BXINFRA U.S. and a Parallel Fund. Class A Units are issued to both the BXINFRA U.S. limited partner and the Parallel Fund limited partner. 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 Class A Units in exchange for their contributions to the Aggregator.

The term “Transactional NAV” refers to the price at which transactions in the Aggregator Units are made, calculated in accordance with a valuation policy that has been approved by the 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 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.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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 Class A Units, which is the Aggregator’s prior month-end Transactional NAV per Aggregator Unit.

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


	Class A
	Units		Total
Units Outstanding as of August 13, 2024 (Inception) and September 30, 2024		—		—


Units Outstanding as of June 30, 2025		87,520,062		87,520,062
Units Issued		23,712,231		23,712,231
Distributions Reinvested		459,487		459,487
Redemption of Units		(17,483)		(17,483)

Units Outstanding as of September 30, 2025		111,674,297		111,674,297


Units Outstanding as of December 31, 2024		—		—
Units Issued		111,051,284		111,051,284
Distributions Reinvested		648,639		648,639
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 Board of Directors.

Distributions

The Aggregator may declare quarterly distributions on Aggregator Units as authorized by the General Partner.

The following tables present a summary of the aggregate distributions declared and payable for each applicable class of Units.


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
	Class A Units		Class A Units
Distributions per Unit	$	0.2000	$	0.4962

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The distribution for the three months ended September 30, 2025 was declared on October 22, 2025 to unitholders of record as of the open of business on September 30, 2025.

Distribution Reinvestment Plan

When a cash distribution is declared, each Aggregator unitholder that has not “opted out” of the Distribution Reinvestment Plan (“DRIP”) prior to the payment date will have their distributions automatically reinvested in additional Aggregator Units rather than receive cash distributions, for a purchase price equal to the most recently available Transactional NAV per Aggregator Unit for such Aggregator Unit. For further details on the DRIP, see Note 5. “Net Assets” in the “Notes to Condensed Financial Statements” of BXINFRA U.S.

For the three and nine months ended September 30, 2025, $11.9 million and $16.7 million of distributions were reinvested in Class A Units, respectively.

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 (“Performance Participation Allocation”) by BXINFRA U.S. (indirectly 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, paid quarterly, accrued monthly (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 taxes paid by any such intermediate entity during the applicable month. For the first calendar year of BXINFRA’s operations, the allocation is payable annually, after the end of such first calendar year, and thereafter, the allocation will be payable quarterly. The General Partner may elect to receive the Performance Participation Allocation in cash, the Aggregator’s, BXINFRA U.S.’s, the Feeder’s, or the Parallel Fund’s units and/or equity of intermediate entities. If the Performance Participation Allocation is paid in units, such units may be redeemed at the General Partner’s request and will be subject to certain limitations.

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. The Aggregator had no

accrued Performance Participation Allocation for the three and nine months ended September 30, 2024. The amount of unrealized Performance Participation Allocation accrued is as if BXINFRA had been liquidated at its net asset value at that date and at that time, if any, will be paid or realized to the General Partner. The unrealized Performance Participation Allocation is subject to the future performance of BXINFRA throughout the Performance Participation Allocation period of each limited partner.

Investment Management Agreement

On January 2, 2025, BXINFRA U.S. entered into an investment management agreement with the Investment Manager (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.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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 1.25% of the Aggregator’s Transactional NAV per year, payable monthly, before giving effect to any accruals for the Management Fee, servicing fees related to BXINFRA U.S.’s and the Feeder’s

Class S/S-TE

and

Class D/D-TE

Units, as applicable, Administration Fee (as defined below), Performance Participation Allocation, pending unit redemptions, any distributions and without taking into account accrued and unpaid taxes of any intermediate entity through which the Aggregator indirectly invests in an investment or taxes paid by any such intermediate entity during the applicable month.

The Investment Manager may elect to receive the Management Fee in cash, the Aggregator’s, BXINFRA U.S.’s, the Feeder’s, or the Parallel Fund’s units and/or equity of intermediate entities. If the Management Fee is paid in units, such units may be redeemed at the Investment Manager’s request 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. As of July 1, 2025, 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, 2025 and 2024. 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, 2025, the Aggregator accrued 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 Aggregator had no gross Management Fee during the three and nine months ended September 30, 2024. 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 Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the “Administration Fee”) payable by the Aggregator, equal to, in the aggregate, 0.10% of the Aggregator’s Transactional NAV per annum payable monthly, before giving effect to any accruals for the Management Fee, the servicing fee, Administration Fee and the Performance Participation Allocation, pending unit redemptions, any distributions and without taking into account accrued and unpaid taxes of any intermediate entity through which BXINFRA indirectly invests in an investment or taxes paid by any such intermediate entity during the applicable

month.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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, 2025, the Aggregator accrued Administration Fees of $0.7 million and $1.5 million, respectively. The Aggregator had no accrued Administration Fees during the three and nine months ended September 30, 2024.

Investments in Affiliated Investee Funds

As of September 30, 2025, the Aggregator had Investments in Affiliated Investee Funds of $854.6 million. The Aggregator had not commenced operations as of December 31, 2024. Refer to Note 2. “Summary of Significant Accounting Policies” for more information on Investments in Affiliated Investee Funds.

Expense Support

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 expense, 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 will be 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 Blackstone Holdings Finance Co. L.L.C. (“Finco”), a subsidiary of Blackstone, 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 is composed of balances owed to the Aggregator from other non-consolidated entities within BXINFRA.

BXINFRA L

BXINFRA may invest 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.

During the three months ended September 30, 2025, BXINFRA acquired Infrastructure Investments from the BXINFRA Warehouse pursuant to the Amended and Restated Warehousing Agreement for an aggregate amount of $

258.5

million. During the nine months ended September 30, 2025, BXINFRA acquired Infrastructure Investments, Debt and Other Securities and future commitments to acquire Infrastructure Investments totaling up to $

2.3

billion from the BXINFRA Warehouse 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.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Additionally, 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, 2025, BXINFRA received a cash distribution from an affiliate for an aggregate amount of $14.8 million and $19.0 million, respectively. For the three and nine months ended September 30, 2025, BXINFRA funded capital commitments to such funds for an aggregate amount of $120.3 million and $578.2 million, respectively.

9. Commitments and Contingencies

Commitments

The Investment Manager agreed to advance organizational and offering expenses, other than servicing fees related to

Class S/S-TE/S-TE-ACC

and

Class D/D-TE/D-TE-ACC

Units, on BXINFRA’s behalf through the first anniversary of the Initial Closing Date (such first anniversary, the “Effective Date”). The Aggregator will reimburse the Investment Manager for all such advanced expenses ratably over the 60 months following the Effective Date. As of September 30, 2025, the Investment Manager and its affiliates have incurred organizational and offering expenses on BXINFRA’s behalf in the amount of $2.6 million of which $2.2 million relates to Organizational Expenses and was expensed as incurred and $0.4 million relates to offering costs that are capitalized as a deferred expense and amortized over 12 months. For the three months ended September 30, 2025, organizational and offering expenses totaled $0.1 million and $0.1 million, respectively, and for the nine months ended September 30, 2025, organizational and offering expenses totaled $2.2 million and $0.3 million, respectively, which are reported in Organizational Expenses and Deferred Offering Costs Amortization on the Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Aggregator had no organizational and offering expenses.

As of September 30, 2025, the Aggregator had unfunded commitments to existing investments of $565.2

million and had additional conditional commitments of

$644.0

million to new investments, which excludes investment commitments of the BXINFRA Warehouse as it is not certain whether BXINFRA will ultimately acquire any such investments. Conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions and there can be no assurance that such transactions will close as expected or at all.

Contingencies

The Aggregator may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of September 30, 2025, the Aggregator was not subject to any material litigation nor was the Aggregator aware of any material litigation threatened against it.

Indemnifications

In the normal course of business, the Aggregator enters into contracts that contain a variety of indemnification arrangements. The Aggregator’s exposure under these arrangements, if any, cannot be quantified. However, the Aggregator has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of September 30, 2025.

10. Income Taxes

To the extent investments made by the Aggregator are engaged in a U.S. trade or business, the Aggregator will generally be subject to a U.S. federal corporate income tax of 21.0% of its share of taxable income effectively connected with the conduct of a U.S. trade or business and may be subject to additional branch profits tax of 30.0% of its share of effectively connected earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state and local

taxes.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Uncertain Tax Positions

As of September 30, 2025 and December 31, 2024, the Aggregator is not aware of any uncertain tax positions that would require recognition in the condensed consolidated financial statements.

One Big Beautiful Bill Act

The OBBBA did not change the U.S. federal corporate income tax rate. The Aggregator evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to the Aggregator’s condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025.

Tax Contingencies

The Aggregator files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Aggregator and the Aggregator Corporations are subject to examination by various taxing authorities. As 2025 is the initial tax year, it will be subject to examinations upon filing its 2025 tax returns.

11. Financial Hig

hligh

The following financial highlights are calculated for the limited partners as a whole. Calculation of these highlights on an individual limited partner basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements. No Class A Units were outstanding during the nine months ended September 30, 2024. No Class B Units have been issued by the Aggregator since inception.

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BXINFRA Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)


	Nine Months Ended
	September 30, 2025 (a)
	Class A Units
Per Unit Data
Net Asset Value, Beginning of Period	$	—

Proceeds from Units Issued		25.00

Net Investment Income		0.23
Net Realized and Unrealized Gain (Loss) on Investments and Translation of Assets and Liabilities in Foreign Currencies		1.80

Net Increase in Net Assets		2.03
Distributions		(0.50)

Net Asset Value, End of Period	$	26.53

Units Outstanding, End of Period		111,674,297
Total Return Based on Net Asset Value (b)		6.13%
Ratios to Weighted-Average Net Assets (Non-Annualized)
Expenses without Waivers (c)		1.87%
Expenses and Management Fees Waivers (c)		-0.56%
Accrued Performance Participation Allocation		1.21%

Total Expenses		2.52%

Net Investment Income		0.71%

(a)	Amounts may not add due to rounding.

(b)

Total return is calculated as the change in Net Asset Value per Aggregator Unit during the period, plus distributions per Aggregator Unit (assuming dividends and distributions are reinvested in accordance with the Aggregator’s distribution reinvestment plan) divided by the initial Net Asset Value per Aggregator Unit of $25.00. Total return does not include upfront transaction fees, if any.

(c)	Expense ratio includes Management Fees, Organizational Expenses, Professional Fees, Deferred Offering Costs Amortization, Administration Fees and Other.

12. Subsequent Events

The Aggregator has evaluated the impact of all subsequent events through November 13, 2025, which is the date that these condensed consolidated financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment to, or disclosure in, the condensed consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the unaudited condensed financial statements and the related notes of Blackstone Infrastructure Strategies L.P. and the unaudited condensed consolidated financial statements and the related notes of BXINFRA Aggregator (CYM) L.P. both included within this Quarterly Report on Form 10-Q.

In this report, we refer to Blackstone Infrastructure Strategies L.P. as “BXINFRA U.S.” The terms “BXINFRA,” the “Fund,” “we,” “us” or “our” collectively refers to BXINFRA U.S., Blackstone Infrastructure Strategies (TE) L.P. (together with its consolidated subsidiary, the “Feeder”), BXINFRA Aggregator (CYM) L.P., together with its consolidated subsidiaries, (the “Aggregator”) and any Parallel Funds, as the context requires. Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, BXINFRA Aggregator SCSp and its parallel funds (“BXINFRA Lux”), together with BXINFRA are referred to as the “BXINFRA Fund Program.”

The investment activities of BXINFRA are carried out through the Aggregator, a non-consolidated affiliate of BXINFRA U.S. As such, in this discussion and analysis, we believe it is important to present information for both BXINFRA U.S. and the Aggregator. The unaudited financial statements of each entity are presented in “Item 1. Financial Statements” of this document and for information related to the principles of consolidation see “—Critical Accounting Estimates — Principles of Consolidation.”

Overview

We were organized on July 16, 2024 as a limited partnership under the laws of the State of Delaware. We are a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

Our investment objectives are to deliver attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. We seek to meet our investment objectives by investing primarily in infrastructure equity, secondaries, and credit strategies (collectively, “Infrastructure Investments”), leveraging the talent and investment capabilities of Blackstone’s infrastructure platform to create an attractive portfolio of alternative infrastructure investments.

Our investment strategy will employ the full breadth of Blackstone’s Infrastructure Platform, including:

Infrastructure Equity

Infrastructure Secondaries

Infrastructure Credit

Infrastructure equity investments generally include direct investments in infrastructure platforms and other assets where we can drive long-term growth, including through operational improvements

Infrastructure secondaries investments include investments in limited partner interests of private funds in the secondary market, including Core+ and Core infrastructure funds, fund continuation vehicles and other structured solutions

Infrastructure credit investments include structured loans to infrastructure companies often secured by assets with long-term contracted cash flows

To a lesser extent, we will also invest in debt and other securities, including but not limited to loans, debt securities, public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments, cash and cash equivalents (“Debt and Other Securities”). Debt and Other Securities may be used to generate income, facilitate capital deployment and provide a potential source of liquidity.

We will generally seek to invest at least 80% of our NAV in Infrastructure Investments and up to 20% of our NAV in Debt and Other Securities. Our investments may vary materially from these indicative allocation ranges, including due to factors such as a large inflow to capital over a short period of time, the Sponsor’s assessment of the relative attractiveness of opportunities, or an increase in anticipated cash requirements or redemption requests and subject to any limitations or requirements relating to applicable law. Certain investments could be characterized by the Investment Manager, in its discretion, as either Infrastructure Investments or Debt and Other Securities depending on the terms and characteristics of such investments. We may make investments by investing in or alongside Other Blackstone Accounts, subject to the terms and conditions of our and such Other Blackstone Accounts’ governing documents.

We expect to access Infrastructure Investments in a variety of ways, including through direct investments in companies and other operating assets (“Direct Investments”); secondary market purchases of existing investments in established investment funds, fund continuation vehicles and other structured solutions managed by Blackstone affiliates or third-party managers (“Secondary Investments”); and capital commitments to commingled investment funds managed by Blackstone affiliates or third-party managers (“Primary Commitments”).

Business Environment

As of November 13, 2025, BXINFRA’s operating companies have exhibited particular strength, with solid revenue growth in the third quarter. While the U.S. federal government shutdown effective October 1, 2025, has limited certain economic data for the third quarter of 2025, the resiliency of the U.S. economy and recent declines in interest rates have contributed to a lower cost of capital, as spreads have tightened. Corporate balance sheets remain healthy, and we are seeing robust economic activity, supported by stronger capital markets and improved investor sentiment. If sustained, this environment may contribute to further increases in transaction activity, including opportunities for continued capital deployment in new and follow-on investments in our operating companies.

Investment Portfolio

BXINFRA’s portfolio is primarily invested in companies headquartered in North America and diversified across Blackstone Infrastructure’s key themes of energy, digital and transportation.

As of September 30, 2025, BXINFRA’s portfolio:

●

Provides exposure to over 25 underlying infrastructure platforms and portfolio companies, including infrastructure investments held through fund interests.

●

Consists of Infrastructure Investments and future commitments to acquire investments totaling up to $3.9 billion, exclusive of the investment commitments acquired by consolidated legal entities of Blackstone Holdings Finance Co. L.L.C. under a warehousing agreement (the “BXINFRA Warehouse”). Out of the $3.9 billion, BXINFRA has invested or committed $3.0 billion to Infrastructure Equity investments, $418.0 million to Infrastructure Secondaries and $529.3 million to Infrastructure Credit. On an invested basis, 29.2% of BXINFRA’s Infrastructure Investment portfolio consists of fund interests in Blackstone’s infrastructure funds and a diversified secondaries portfolio. BXINFRA holds $303.8 million of Debt Investments – Liquids at cost.

As of September 30, 2025, the BXINFRA Warehouse had $892.3 million of commitments. The BXINFRA Fund Program’s obligation to acquire any of the investments of the BXINFRA Warehouse is contingent upon BXINFRA and BXINFRA Lux raising sufficient capital to acquire such assets as determined by the Investment Manager. As of September 30, 2025, the Investment Manager had not determined the allocations of investments of the BXINFRA Warehouse between BXINFRA and BXINFRA Lux and it is not certain whether BXINFRA will ultimately acquire any such investments.

Subsequent to the quarter ended September 30, 2025, the Aggregator and the BXINFRA Warehouse committed $350.0 million and $50.0 million, respectively, to an Infrastructure Investment within the transportation infrastructure sector.

Key Components of Our Results of Operations and Financial Metrics

From inception through January 2, 2025, we had not commenced our principal operations and were focused on our formation and preparation for fundraising and the commencement of investment operations. Our key financial measures and the results of operations are discussed below.

Net Change in Unrealized Gain (Loss) on Investment in the Aggregator

BXINFRA U.S. generates income primarily from its investment in the Aggregator. BXINFRA U.S. has an interest of 92.3% in the Aggregator as of September 30, 2025, an increase of 1.2% compared to an interest of 91.1% as of June 30, 2025. The increase in BXINFRA U.S. interest is driven by relative subscriptions between BXINFRA U.S. and the Parallel Fund. For the three and nine months ended September 30, 2025, the Aggregator generated a Net Increase in Net Assets Resulting from Operations of $91.8 million and $163.1 million, respectively, which resulted in BXINFRA U.S. recognizing a Net Change in Unrealized Gain (Loss) on Investments in the Aggregator of $63.8 million and $109.3 million, respectively. There were no net realized gains or losses from the investment in the Aggregator for the three and nine months ended September 30, 2025. Key drivers of the results of operations of the Aggregator are discussed below.

Aggregator Income and Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies

The Aggregator generates income from investments in Infrastructure Investments, including dividends, and distributions on our Direct Investments, Secondary Investments and Primary Commitments. We also generate income in the form of interest income from our investments in Debt and Other Securities.

The Aggregator’s Infrastructure Investments and Debt and Other Securities also generate net realized and unrealized gains and losses and net realized and unrealized gains and losses of foreign exchange translation of assets and liabilities denominated in foreign currencies. Realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized gains or losses previously recognized. Net change in unrealized gains or losses reflects the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses, when gains or losses are realized.

For the three months ended September 30, 2025, the Aggregator recorded $94.9 million of Net Change in Unrealized Gain (Loss) on Investments, primarily driven by unrealized appreciation on investments in the transportation infrastructure sector, $17.4 million of Interest Income, primarily driven by interest earned on liquid debt investments and $15.1 million of Net Change in Unrealized Gain (Loss) on Derivative Instruments, driven by fluctuations in foreign exchange rates on foreign currency derivative contracts, partially offset by $(13.1) million of Net Realized Gain (Loss) on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies.

For the nine months ended September 30, 2025, the Aggregator recorded $159.1 million of Net Change in Unrealized Gain (Loss) on Investments, primarily driven by unrealized appreciation on investments in the transportation infrastructure sector, $41.6 million of Interest Income, primarily driven by interest earned on liquid debt investments, and $24.9 million of Dividend Income earned on Equity Investments, partially offset by $(18.8) million of Net Realized Gain (Loss) on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies.

Aggregator Expenses

Except as specifically provided below, all investment professionals and staff of the Investment Manager, when and to the extent engaged in providing investment management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Investment Manager. In consideration for its investment management services, BXINFRA U.S. (indirectly through the Aggregator) pays the Investment Manager a management fee (the “Management Fee”). The Aggregator will bear other expenses of its operations, including, but not limited to (a) investment management and administration fees paid to the Investment Manager pursuant to BXINFRA U.S.’s Investment Management Agreement (as defined in Item 1. Financial Statements), (b) Performance Participation Allocation (as defined in Item 1. Financial Statements) paid to the General Partner, (c) other expenses incurred, charged or specifically attributed or allocated by the General Partner, the Investment Manager and/or their affiliates in performing administrative and/or accounting services for BXINFRA or any Portfolio Entity and (d) all other expenses of BXINFRA’s operations, administrations and transactions, excluding expenses specific to BXINFRA U.S. (described below).

For the three months ended September 30, 2025, the Aggregator incurred $30.4 million in gross Total Expenses, composed primarily of Performance Participation Allocation of $13.4 million, primarily driven by unrealized appreciation of investments, Management Fees of $8.6 million and Professional Fees of $5.6 million. For the three months ended September 30, 2025, no Management Fee was waived.

For the nine months ended September 30, 2025, the Aggregator incurred $62.5 million in gross Total Expenses, composed primarily of Performance Participation Allocation of $24.5 million, primarily driven by unrealized appreciation of investments, gross Management Fees of $19.3 million (of which $10.7 million was waived by the Investment Manager, as it agreed to waive the Management Fees for the first six months following the date BXINFRA U.S. first accepted third-party investors and commenced investment operations) and Professional Fees of $11.6 million, offset by expense support provided by the Investment Manager of $0.7 million. For the nine months ended September 30, 2025, the Aggregator incurred $51.1 million in Net Expenses which represents total gross expenses less expense support and amounts waived.

BXINFRA U.S. Expenses

For the three months ended September 30, 2025, BXINFRA U.S. incurred gross Total Expenses of $4.2 million, composed primarily of Warehousing Fees of $3.7 million. Gross Total Expenses were offset by Warehousing Fees Waived of $3.7 million, which resulted in Net Expenses of $0.5 million for the three months ended September 30, 2025.

For the nine months ended September 30, 2025, BXINFRA U.S. incurred gross Total Expenses of $10.1 million, composed primarily of Warehousing Fees of $9.1 million. Gross Total Expenses were offset by Warehousing Fees Waived of $9.1 million, which resulted in Net Expenses of $1.0 million for the nine months ended September 30, 2025.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from BXINFRA U.S.’s net proceeds of its continuous offering of Units, which are then invested into the Aggregator. The Aggregator further generates cash from realizations and other income earned from Infrastructure Investments and proceeds from net borrowings on its credit facility. The primary uses of our Cash and Cash Equivalents include purchasing investments in companies via intermediaries and funding other equity and debt instruments, funding the costs of our operations, funding redemptions under our unit redemption plan, debt service, repayment and other financing costs of our borrowings and cash distributions to the holders of our Units.

As of September 30, 2025, debt financing available to BXINFRA U.S. and the Aggregator consisted of a senior secured revolving credit facility, an unsecured, uncommitted line of credit agreement, and an asset-backed repurchase agreement. As of September 30, 2025, the Aggregator had a principal amount of $183.0 million outstanding under the senior secured revolving credit facility and BXINFRA U.S. had no borrowings or amounts outstanding under its line of credit agreement. We have and may continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. We also receive and deploy proceeds from our continuous private offerings of Units on a monthly basis.

As described below, as of September 30, 2025, BXINFRA U.S.’s and the Aggregator’s Cash and Cash Equivalents, taken together with the unused capacity under the Aggregator’s credit facility and the unused capacity under BXINFRA U.S.’s line of credit agreement, proceeds from new or amended financing arrangements and the continuous offering of Units is expected to be sufficient for investing activities and to conduct operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Units and the use of existing and future financing arrangements.

The Aggregator

As of September 30, 2025, the Aggregator had $62.7 million in Cash and Cash Equivalents which, in combination with $117.0 million of unused capacity under the Aggregator’s credit facility, and net proceeds from Units, we expect to be sufficient for investing activities and to conduct operations in the near term. Additionally, as of September 30, 2025, the Aggregator held $302.7 million of liquid debt investments, which could provide additional liquidity, if necessary. As of September 30, 2025, the Aggregator had conditional commitments of $644.0 million to new investments. This excludes commitments of the BXINFRA Warehouse as it is not certain whether the Aggregator will ultimately acquire any such investments. Generally, conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions. Conditional commitments of the Aggregator are generally expected to close within twenty-four months of signing, although there can be no assurance that such transactions will close as expected or at all. As of September 30, 2025, the Aggregator had unfunded commitments of $565.2 million to existing investments which are generally due upon demand. These amounts remain unfunded as they relate to reserves for future capital deployments on existing investments. Commitments are expected to be funded by available cash and cash generated from net proceeds from Units issued and investment sale realizations.

BXINFRA U.S.

As of September 30, 2025, BXINFRA U.S. had $0.2 million in Cash and Cash Equivalents and $300.0 million of unused capacity under BXINFRA U.S.’s line of credit agreement which, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term.

Transactional Net Asset Value

BXINFRA U.S. calculates its Transactional NAV per Unit in accordance with valuation policies and procedures that have been approved by the Board of Directors. Transactional NAV is the price at which it sells and redeems its Units and serves as a basis for certain fees incurred by BXINFRA U.S. The Sponsor also evaluates changes to Transactional NAV to monitor fund performance. Transactional NAV is based on the month-end values of its

investments and other assets and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with its valuation policy that has been approved by the Board of Directors. Organizational and offering expenses advanced on BXINFRA U.S.’s behalf by the Investment Manager are recognized as a reduction to Transactional NAV ratably over 60 months beginning on January 1, 2026, and unitholder servicing fees, as applicable, are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may not be recognized as a reduction to Transactional NAV if the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment. BXINFRA U.S. believe that presentation of Transactional NAV is useful to investors because it is the basis for subscriptions, redemptions and certain key fees and expenses incurred by BXINFRA and it enables investors to evaluate the change in value of their investment.


	September 30, 2025
	(Dollars in Thousands)
Components of BXINFRA U.S.’s Transactional Net Asset Value
Investment in the Aggregator (a)	$	2,737,380
Cash and Cash Equivalents		211
Other Assets		20,617
Accrued Unitholder Servicing Fees (b)		(1,299)
Other Liabilities		(21,474)

Transactional Net Asset Value	$	2,735,435

(a)

For BXINFRA U.S.’s Transactional NAV, Investment in Aggregator includes organizational and offering expenses paid by the Investment Manager in the month the Aggregator reimburses the Investment Manager for such costs, Performance Participation Allocation accrual and Management Fee accrual. Investment in the Aggregator excludes certain contingent tax liabilities which the General Partner reasonably expects will not be recognized upon divestment of the underlying investment. There was no Management Fee accrual through June 30, 2025 as the Investment Manager waived Management Fees for the first six months following commencement of operations.

(b)	Accrued unitholder servicing fees only apply to Class S and Class D Units. For purposes of BXINFRA U.S.’s Transactional NAV, the fees are recognized as a reduction of BXINFRA U.S.’s Transactional NAV on a monthly basis.

The Transactional NAV per Unit for each class of BXINFRA U.S. was as follows:


	September 30, 2025
	Transactional NAV		Number of
	per Unit		Units
Class S	$	26.38		35,465,856
Class D	$	26.49		3,404,568
Class I	$	26.55		64,395,784

				103,266,208

The following table reconciles GAAP Net Asset Value to BXINFRA U.S.’s Transactional Net Asset Value.


	September 30, 2025
	(Dollars in Thousands)
GAAP Net Asset Value	$	2,675,843
Adjustments
Organizational and Offering Expenses (a)		2,244
Servicing Fee (b)		57,348

Transactional Net Asset Value	$	2,735,435

(a)	Represents an adjustment to the Investment in the Aggregator to reflect the recognition of organizational and offering expenses ratably over the 60-month reimbursement period beginning January 1, 2026.

(b)	Represents an adjustment to reflect unitholder servicing fees on Class S and Class D Units as they are accrued on a monthly basis.

Critical Accounting Estimates

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of income and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates and assumptions.

Fair Value

As investment companies under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”), BXINFRA U.S. and the Aggregator are required to report investments, including those for which current market values are not readily available, at fair value in accordance with ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. The fair value process is used to both recognize the investments in accordance with GAAP and for purposes of computing a monthly Transactional NAV.

Infrastructure Direct Investments that Are Publicly Traded in Active Markets

Securities that are publicly traded and for which market quotations are readily available will be valued at the closing price of such securities in the principal market in which the security trades. If market quotations are not readily available, the fair value will be determined in good faith by the Sponsor using a widely accepted valuation methodology on the valuation date.

In some cases, securities will include legal and contractual restrictions that limit their purchase or sale for a period of time. A discount to the publicly traded price may be appropriate in instances where a legal restriction is a characteristic of the security. The amount of the discount, if taken, will be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale.

Infrastructure Direct Investments that Are Not Publicly Traded

Investments for which market prices are not observable include investments in common equity or preferred equity of operating companies. The primary methodology for determining the fair values of such investments is generally the income approach, whereby fair value is derived based on the present value of cash flows that a business, or security is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method, which includes significant assumptions about the underlying investment’s projected net earnings or cash flows, discount rate, capitalization rate and exit multiple. The Sponsor’s secondary methodology, generally used to corroborate the results of the income approach, is typically the market approach. The most widely used methodology under the market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used including option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, probability-weighted methods and/or recent round of financing. Generally, material differences between the primary and secondary approaches will be investigated and updates may be made to model inputs as deemed necessary.

Secondary Investments and Primary Commitments

Secondary Investments and Primary Commitments are generally valued based on the latest NAV reported or provided by the investment fund’s investment advisor or investment manager. NAV as a practical expedient is appropriate if the reported NAV of the Secondary Investments and Primary Commitments are calculated in a manner consistent with the measurement principles applied to investment companies and the Aggregator has internal processes to independently evaluate the fair value measurement process utilized by underlying investee funds to calculate such funds’ NAVs, both of which are in accordance with ASC 946. Such internal processes include the evaluation of the Secondary Investment’s and Primary Commitment’s own process and related internal controls in place to estimate the fair value of its underlying investments that are included in the NAV calculation, performance of ongoing operational due diligence, review of such funds’ financial statements and ongoing monitoring of other relevant qualitative and quantitative factors. If the latest NAV of an investment fund is not available at the time BXINFRA U.S. is calculating its NAV, the Sponsor will update the last available NAV by recognizing any cash flow activity for the investment fund during the month. Cash flows since the reference date of the last NAV received by an investment fund are recognized by adding the nominal amount of investment-related capital calls and deducting the nominal amount of investment-related distributions from the NAV as reported. For certain investments in investment funds managed by the same Investment Manager, the Sponsor will value consistent with the methodologies outlined above for Direct Investments.

Debt and Other Securities

In general, Debt and Other Securities will be valued by the Sponsor based on market quotations or at fair value determined in accordance with the valuation policy and are accounted for on a settlement basis.

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers for certain of the Aggregator’s Debt and Other Securities. Securities that are traded publicly on an exchange or other public market (stocks, exchange traded derivatives and securities convertible into publicly traded securities, such as warrants) will be valued at the closing price of such securities in the principal market in which the security trades.

If market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined in good faith by the Sponsor. The primary methodology for determining the fair value of such investments is generally a yield analysis whereby the Sponsor determines if there is adequate collateral value supporting such investments and whether the investment’s yield approximates market yield. If the market yield is estimated to approximate the investment’s yield, then such investment is valued at its par value. If the market yield is not estimated to approximate the investment’s yield, the Sponsor will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield. Market yield is estimated based on a variety of inputs regarding the collateral asset(s) performance and capital market conditions, in each case as determined in good faith by the Sponsor. The Sponsor may determine that certain Investments in Debt and Other Securities will be valued using different procedures.

Sponsor Process on Fair Value

Due to the importance of fair value throughout the financial statements and the significant judgment required to be applied in arriving at those fair values, the Sponsor has developed a process around valuation that incorporates several levels of approval and review from both internal and external sources.

For investments valued utilizing the income method and where the Sponsor has information rights, the Sponsor generally has a direct line of communication with each of the portfolio companies’ and underlying assets’ finance teams and collect financial data used to support projections used in a discounted cash flow analysis. The valuation team then analyzes the data received and updates the valuation models reflecting any changes in the underlying cash flow projections, weighted-average cost of capital, exit multiple or capitalization rate and any other valuation input relevant to economic conditions.

The results of all valuations of investments are reviewed and approved by the BXINFRA valuation sub-committee, which consists of key personnel including BXINFRA’s Chairperson, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, the Investment Manager’s Chief Compliance Officer, and Blackstone’s Global Co-Chief Investment Officer. To further corroborate results, each quarter, the Sponsor will engage a qualified, independent valuation advisor to provide positive assurance for the valuations of each of the Aggregator’s Direct Investments prepared by the Sponsor. It is expected that the independent valuation advisor will provide such positive assurance on a rolling basis throughout the quarter, such that the Aggregator’s Direct Investments may be reviewed at different times during the quarter but that the independent valuation advisor would provide positive assurance on each Direct Investment at least once per quarter. Additionally, a second independent valuation advisor will provide a more detailed “range of value” analysis on a rolling basis throughout the year, such that the value of Aggregator’s Direct Investments may be estimated by an independent valuation advisor at different times during the year but that the independent valuation advisor would provide a range of value on each Direct Investment at least once per year. Both independent valuation advisors will be engaged on a monthly basis and will review a portion of the portfolio each month. Finally, valuation is subject to the annual audit of the financial statements performed by our independent auditor.

Servicing Fees

Pursuant to the Amended and Restated Dealer Manager Agreement entered into between BXINFRA U.S., the Feeder and Blackstone Securities Partners L.P. (the “Dealer Manager”), BXINFRA U.S. pays the Dealer Manager a servicing fee in the amount of (a) 0.85% per annum of the aggregate NAV for the Class S Units as of the last day of each month and (b) 0.25% per annum of the aggregate NAV for the Class D Units as of the last day of each month, in each case, payable monthly. Neither BXINFRA U.S. nor its affiliates pay the Dealer Manager a servicing fee in respect of the purchase of any Class I Units. In calculating the servicing fee, BXINFRA U.S. uses its NAV before giving effect to any accruals for the servicing fee, redemptions, if any, for that month and distributions payable on its Units. The 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 servicing fees for the estimated life of its Units, as applicable, as a distribution cost at the time it sells Class S Units and Class D Units. The calculation of the estimated amount of servicing fees to be paid in future periods includes significant estimates including the estimated life of the Units held by a unitholder and judgments including market expectations. Servicing Fees Payable as of September 30, 2025 were $58.6 million.

Principles of Consolidation

BXINFRA U.S. and the Aggregator are both investment companies under ASC 946. There is inherent judgment in how to apply ASC Topic 810, Consolidation (“ASC 810”), to instances where an investment company invests in another investment company as generally investment companies do not consolidate their investments and rather report them at fair value. BXINFRA U.S. considered the guidance in ASC 810, ASC 946 and certain SEC industry guidance in concluding that non-consolidation of the Aggregator by BXINFRA U.S. was appropriate. In considering ASC 810, the following factors were deemed important in supporting a conclusion that BXINFRA U.S. does not have a controlling financial interest in the Aggregator: (a) the Aggregator’s purpose is to pool investments across funds from various regions, (b) there is no contractual mechanism for BXINFRA U.S. to control the Aggregator and (c) essentially all of the Aggregator’s activities are not conducted on behalf of BXINFRA U.S. BXINFRA U.S. believes non-consolidation is the financial presentation that most meaningfully presents the financial position and results of operations. As the investment in and operations of the Aggregator are an integral part of BXINFRA U.S.’s condensed financial statements, two sets of financial statements are included in this report, one for BXINFRA U.S. and one for the Aggregator. Barring a significant change to the activities and structure of the Aggregator, we do not expect this consolidation conclusion and the resulting presentation to change.

Recent Accounting Developments

Information regarding recent accounting developments and their impact on BXINFRA U.S. and the Aggregator, if any, can be found in Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Financial Statements” of BXINFRA U.S. and Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” of the Aggregator in “Item 1. Financial Statements” in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Uncertainty with respect to economic conditions introduces significant volatility in the financial markets, and the effect of that volatility could materially impact our market risks. We are subject to financial market risks, including fair value risk, foreign exchange risk and interest rate risk.

Fair Value Risk

BXINFRA makes Infrastructure Investments and, to a lesser extent, investments in Debt and Other Securities, all of which are reported at fair value. Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments made by BXINFRA. Based on the fair value of the equity investments and debt investments as of September 30, 2025, we estimate that a 10% decline in the fair value of such investments would result in a decline in the Net Increase in Net Assets Resulting from Operations of the Aggregator of $296.8 million and a decline in Net Increase in Net Assets Resulting from Operations of BXINFRA U.S. of $273.9 million. The Aggregator’s Net Increase in Net Assets Resulting from Operations represents the cumulative effect that a decline in fair value of investments has on Net Change in Unrealized Gain (Loss) on Investments, net of Management Fees, Performance Participation Allocation and Administration Fees.

Exchange Rate Risk

BXINFRA holds certain investments that are denominated in non-U.S. dollar currencies that may be affected by movements in the rate of exchange between the U.S. dollar and non-U.S. dollar currencies. BXINFRA may manage exposure to investments in equity or debt in foreign currencies by hedging such risks. As of September 30, 2025, the Aggregator held foreign currency contracts to hedge a change in exchange rates against the U.S. dollar. We estimate that as of September 30, 2025, a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar would result in a decline in the Net Increase in Net Assets Resulting from Operations of the Aggregator of $11.1 million and a decline in Net Increase in Net Assets Resulting from Operations of BXINFRA U.S. of $10.2 million.

Interest Rate Risk

BXINFRA has a diversified portfolio of liquid assets to meet its liquidity needs. This portfolio may include open-ended money market funds, bank loan debt instruments, treasury securities and other debt investments that are exposed to interest rate risks and BXINFRA may utilize a wide variety of derivative instruments to manage such risks. As of September 30, 2025, BXINFRA has not entered into any derivative instruments or other arrangements to hedge an increase in interest rates.

BXINFRA also has credit facilities that when drawn upon, are subject to floating interest rates that are exposed to interest rate risks. Interest rate changes may therefore affect the amount of interest payments, future earnings and cash flows.

If interest rates were to increase by one percentage point, we estimate annualized Interest Income of the Aggregator would increase by $7.1 million, offset by the annual Interest Expense of the Aggregator increasing by $2.5 million and BXINFRA U.S.’s Net Increase in Net Assets Resulting from Operations would increase by $4.8 million.

In the event interest rates rise, the assumed cost of capital for equity and debt investments could increase under the discounted cash flow analysis, which could negatively impact such investment’s valuations. These impacts could be substantial depending upon the magnitude of the change in interest rates and the length of time such rates remain elevated and may, in certain cases, offset positive increases in fair value changes on other investments. Further, increases in interest rates may over time result in lower valuations of certain debt investments whose interest rates are not variable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during our most recent quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings

We are not currently subject to any pending material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings.

Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequently filed periodic reports as such factors may be updated from time to time, all of which are accessible on the Securities and Exchange Commission’s website at www.sec.gov and www.bxinfra.com. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

All sales of unregistered securities during the three months ended September 30, 2025 were previously disclosed.

Unit Redemptions

There were no redemptions of Units during the three months ended September 30, 2025.

For additional information on our unit redemption plan, including a breakdown by class, see Note 5. “Net Assets” — “Unit Redemption Plan” in the “Notes to Condensed Financial Statements” of BXINFRA U.S. “Part I. Item 1. Financial Statements” in this Quarterly Report on Form 10-Q.

Table of Contents

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits


Exhibit Number		Exhibit Description

10.1*		Amended and Restated Warehousing Agreement, dated August 22, 2025, by and among Blackstone Holdings Finance Co. L.L.C., Blackstone Infrastructure Advisors L.L.C., Blackstone Infrastructure Strategies L.P. and Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF.

31.1*		Certification of the Principal Executive Officer pursuant to Rule 13a-14(a).

31.2*		Certification of the Principal Financial Officer pursuant to Rule 13a-14(a).

32.1**		Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		Inline XBRL Taxonomy Extension Schema with Embedded Linkbases.

104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

**	Furnished herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.


Name of Investment	Geography		Fair Value		Fair Value as a Percentage of Net Assets
Investments and Investments in Affiliated Investee Funds
Equity Investments (a)
Digital Infrastructure
Eucalyptus I HoldCo (CYM) L.P. (b) (1,637,829,051,635 Shares)		APAC	$	323,147		10.9	%
Odyssey Holdco L.L.C. (c) (803,191 Shares)		Americas		195,542		6.6	%

Total Digital Infrastructure				518,689		17.5	%


Energy Infrastructure
Other Investment(s) in Equity		Americas		29,734		1.0	%

Total Energy Infrastructure				29,734		1.0	%


Transportation Infrastructure
Poseidon Holdco I L.P. ( d ) (500,000 Shares)		Americas		560,258		18.9	%
Hieroglyphs L.P. (220 Shares)		EMEA		226,272		7.6	%
Mercury Co-Invest L.P. ( e ) (251,994 Shares)		Americas		162,365		5.5	%

Total Transportation Infrastructure				948,895		32.0	%


Various (f)
Infrastructure Investments L.P. (g) (400,000 Shares)		Various		728,835		24.6	%
Other Investment(s) in Affiliated Investee Funds		Various		125,769		4.2	%

Total Various				854,604		28.8	%

Total Equity Investments (Cost: Americas $881,061, EMEA $219,575, APAC $297,474, Various $794,106)				2,351,922		79.4	%


Name of Investment	Geography		Fair Value		Fair Value as a Percentage of Net Assets
Debt Investments (i)
Debt Investments - Infrastructure
Consumer and Services
Other Investment(s) in Debt		EMEA	$	29,786		1.0	%
Other Investment(s) in Debt		Americas		2,726		0.1	%

Total Consumer and Services				32,512		1.1	%


Digital Infrastructure
Odyssey Holdco L.L.C.		Americas		25,009		0.8	%
Other Investment(s) in Debt		Americas		85,018		2.9	%

Total Digital Infrastructure				110,027		3.7	%


Energy
Other Investment(s) in Debt (h)		Americas		184,437		6.2	%

Total Energy				184,437		6.2	%


Energy Infrastructure
Other Investment(s) in Debt		Americas		43,875		1.5	%

Total Energy Infrastructure				43,875		1.5	%


Infrastructure Services
Other Investment(s) in Debt		Americas		71,974		2.4	%

Total Infrastructure Services				71,974		2.4	%


Transportation Infrastructure
Poseidon Holdco I L.P.		Americas		88,361		3.0	%
Other Investment(s) in Debt		Americas		71,129		2.4	%

Total Transportation Infrastructure				159,490		5.4	%

Total Debt Investments - Infrastructure (Cost: Americas $570,634, EMEA $25,910)				602,315		20.3	%


Name of Investment	Geography		Fair Value		Fair Value as a Percentage of Net Assets
Debt Investments (continued) (i)
Debt Investments - Liquid (j)
Consumer and Services
Other Investment(s) in Debt		Americas	$	91,697		3.1	%
Other Investment(s) in Debt		EMEA		1,997		0.1	%

Total Consumer and Services				93,694		3.2	%


Digital Infrastructure
Other Investment(s) in Debt		Americas		2,139		0.1	%

Total Digital Infrastructure				2,139		0.1	%


Energy
Other Investment(s) in Debt		Americas		4,274		0.1	%

Total Energy				4,274		0.1	%


Energy Infrastructure
Other Investment(s) in Debt		Americas		6,402		0.2	%

Total Energy Infrastructure				6,402		0.2	%


Healthcare
Other Investment(s) in Debt		Americas		22,281		0.8	%
Other Investment(s) in Debt		EMEA		2,130		0.1	%

Total Healthcare				24,411		0.8	%


Industrials
Other Investment(s) in Debt		Americas		21,585		0.7	%

Total Industrials				21,585		0.7	%


Name of Investment	Geography		Fair Value		Fair Value as a Percentage of Net Assets
Debt Investments (continued) (i)
Debt Investments - Liquid (continued) (j)
Infrastructure Services
Other Investment(s) in Debt		Americas	$	65,340		2.2	%
Other Investment(s) in Debt		APAC		2,134		0.1	%
Other Investment(s) in Debt		EMEA		4,134		0.1	%

Total Infrastructure Services				71,608		2.4	%


Real Estate
Other Investment(s) in Debt		Americas		4,142		0.1	%

Total Real Estate				4,142		0.1	%


Technology, Media and Entertainment
Other Investment(s) in Debt		Americas		62,254		2.1	%
Other Investment(s) in Debt		APAC		2,003		0.1	%
Other Investment(s) in Debt		EMEA		4,136		0.1	%

Total Technology, Media and Entertainment				68,393		2.3	%


Transportation
Other Investment(s) in Debt		Americas		6,100		0.2	%

Total Transportation				6,100		0.2	%

Total Debt Investments - Liquid (Cost: Americas $287,188, EMEA $12,446, APAC $4,145)				302,748		10.2	%

Total Debt Investments (Cost: Americas $857,822, EMEA $38,356, APAC $4,145)				905,063		30.5	%

Total Investments and Investments in Affiliated Investee Funds (Cost: $3,092,539)				3,256,985		109.9	%


Blackstone Infrastructure Strategies L.P.

/s/ Gregory Blank
Name:		Gregory Blank
Title:		Chief Executive Officer
		(Principal Executive Officer)


		Page
Part I.	Financial Information

Item 1.	Financial Statements

	Unaudited Condensed Financial Statements of Blackstone Infrastructure Strategies L.P.:		5

	Condensed Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024		6

	Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2025 and for the Period from July 16, 2024 (Inception) to September 30, 2024		7

	Condensed Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and for the Period from July 16, 2024 (Inception) to September 30, 2024		8

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2025 and for the Period from July 16, 2024 (Inception) to September 30, 2024		9

	Condensed Schedule of Investments as of September 30, 2025		10

	Notes to Condensed Financial Statements		11

	Unaudited Condensed Consolidated Financial Statements of BXINFRA Aggregator (CYM) L.P.:		23

	Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024		24

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and for the Period from August 13, 2024 (Inception) to September 30, 2024		25

	Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and for the Period from August 13, 2024 (Inception) to September 30, 2024		26

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and for the Period from August 13, 2024 (Inception) to September 30, 2024		27

	Condensed Consolidated Schedule of Investments as of September 30, 2025		29

	Notes to Condensed Consolidated Financial Statements		35


		Page

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		55

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		64

Item 4.	Controls and Procedures		65

Part II.	Other Information

Item 1.	Legal Proceedings		66

Item 1A.	Risk Factors		66

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		66

Item 3.	Defaults Upon Senior Securities		67

Item 4.	Mine Safety Disclosures		67

Item 5.	Other Information		67

Item 6.	Exhibits		68

Signatures			69


	September 30,		December 31,
	2025		2024
Assets
Investment in the Aggregator at Fair Value (Cost $2,625,809 as of September 30, 2025; $- as of December 31, 2024)	$	2,735,147	$	—
Cash and Cash Equivalents		211		100
Dividend Receivable		20,617		—
Due from Affiliates		8		—

Total Assets	$	2,755,983	$	100

Liabilities and Net Assets
Accounts Payable, Accrued Expenses and Other Liabilities	$	881	$	—
Distributions Payable		20,612		—
Servicing Fees Payable		58,647		—

Total Liabilities		80,140		—

Commitments and Contingencies
Net Assets
Limited Partnership Unit — Class S Units, unlimited Units authorized (35,465,856 Units issued and outstanding as of September 30, 2025; no Units issued and outstanding as of December 31, 2024)		878,875		—
Limited Partnership Unit — Class D Units, unlimited Units authorized (3,404,568 Units issued and outstanding as of September 30, 2025; no Units issued and outstanding as of December 31, 2024)		88,508		—
Limited Partnership Unit — Class I Units, unlimited Units authorized (64,395,784 Units issued and outstanding as of September 30, 2025; 4,000 Units issued and outstanding as of December 31, 2024)		1,708,210		100
General Partner Interest		250		—

Total Net Assets		2,675,843		100

Total Liabilities and Net Assets	$	2,755,983	$	100


							July 16, 2024
	Three Months Ended			Nine Months Ended			(Inception) to
	September 30, 2025			September 30, 2025			September 30, 2024
Income
Dividend Income	$	20,617		$	42,197		$	—

Total Income		20,617			42,197			—

Expenses
Professional Fees		260			652			—
Directors’ Fees		194			309			—
Warehousing Fees		3,702			9,094			—
Other		4			12			—

Total Expenses		4,160			10,067			—
Warehousing Fees Waived		(3,702	)		(9,094	)		—

Net Expenses		458			973			—

Net Investment Income		20,159			41,224			—
Net Change in Unrealized Gain (Loss) on Investment in the Aggregator		63,835			109,338			—

Net Increase in Net Assets Resulting from Operations	$	83,994		$	150,562		$	—


	Nine Months Ended September 30, 2025			August 13, 2024 (Inception) to September 30, 2024
Financing Activities (Continued)
Proceeds from Issuance of Units	$	2,829,901		$	—
Distributions Reinvested		16,737			—
Proceeds from Repurchase Agreements		136,458			—
Repayment of Repurchase Agreements		(65,961	)		—
Proceeds from Credit Facilities		973,000			—
Repayment of Credit Facilities		(790,000	)		—
Distributions Paid in Cash		(23,761	)		—
Payments for Redemptions		(209	)		—

Net Cash Provided by Financing Activities		3,076,165			—

Effects of Exchange Rate Changes on Cash and Cash Equivalents		(941	)		—

Cash and Cash Equivalents
Net Increase		62,699			—
Beginning of Period		—			—

End of Period	$	62,699		$	—

Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes	$	198		$	—

Supplemental Disclosure of Non-Cash Financing Activities
Distributions Payable	$	22,338		$	—

Redemptions of Units	$	464		$	—


Blackstone Infrastructure Strategies L.P.

/s/ Christopher Striano
Name:		Christopher Striano
Title:		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)