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Investments and Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Valuation of Investments by the Fair Value Hierarchy Levels

The following table summarizes the valuation of investments by the fair value hierarchy levels as of September 30, 2025:


	As of September 30, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash	$—	$—	$—	$—	$—
Total cash	—	—	—	—	—
Investments
Affiliated Investee Funds	—	—	—	431,869,900	431,869,900
Total investments	—	—	—	431,869,900	431,869,900
Other Affiliated Investments
Other Investments	—	—	3,465,268	—	3,465,268
Total other affiliated investments	—	—	3,465,268	—	3,465,268
Total Cash and Investments	$—	$—	$3,465,268	$431,869,900	$435,335,168

Summary of the Quantitative Inputs and Assumptions

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

Input

Ranges

Weighted-

average

Impact to

valuation from

an increase in

input

Financial Assets

Other Affiliated Investments

Other Investments

$3,465,268

Discounted

Cash Flows

Discount rate

15%

Lower

LQA EBITDA

Exit Multiple

18.0x

Higher

Total Other Affiliated

Investments

$3,465,268

•LQA EBITDA Exit Multiple represents EBITDA for the last quarter annualized from exit date.

Summary of Changes in the Fair Value of Investments for which Level III Inputs Were Used

For the three and nine months ended September 30, 2025, the following table presents 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	Nine Months Ended September 30, 2025
	Other Affiliated Investments	Other Affiliated Investments
Balance, beginning of period	$3,514,174	$—
Purchases	—	2,500,000
Change in unrealized gain/(loss) included in net assets	(48,906)	965,268
Balance, end of period	$3,465,268	$3,465,268

Changes in unrealized gain (loss) included in earnings related to financial assets still held at reporting date	$(48,906)	$965,268

Summary of Investments that Estimate the Fair Value Using NAV

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

expedient as of September 30, 2025:


Affiliated Investee Funds	Unfunded Commitment	Fair Value
Stonepeak-Plus Infrastructure Fund Master Aggregator LP	$—	$431,020,993
Stonepeak-Plus Infrastructure Fund Aggregator I LP	$—	$848,907
Total Affiliated Investee Funds	$—	$431,869,900

Stonepeak-Plus Infrastructure Fund Master Aggregator LP

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Valuation of Investments by the Fair Value Hierarchy Levels

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

as of September 30, 2025:


	As of September 30, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash and cash equivalent
Cash held at banks	$—	$—	$—	$—	$—
Money market fund	16,488,553	—	—	—	16,488,553
Total cash and cash equivalent	16,488,553	—	—	—	16,488,553
Investments
Affiliated Investee Funds	—	—	—	299,743,459	299,743,459
Other Affiliated Investments	—	—	345,659,391	21,619,620	367,279,011
Debt Investments	—	—	12,203,539	—	12,203,539
Total investments	—	—	357,862,930	321,363,079	679,226,009
Derivative Assets	—	1,328,791	—	—	1,328,791
Total Cash and Cash Equivalent and Investments	$16,488,553	$1,328,791	$357,862,930	$321,363,079	$697,043,353
Liabilities
Derivative Liabilities	$—	$121,558	$—	$—	$121,558

Summary of the Quantitative Inputs and Assumptions

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(1)

Valuation

Techniques

Unobservable

Input

Ranges

Weighted-

Average(5)

Impact to

valuation

from an

increase in

input

Financial Assets

Other Affiliated

Investments & Debt

Investment

Other Affiliated

Investments

$329,183,252

Discounted

Cash Flow

Discount Rate

12.5%-17.1%

16.1%

Lower

NTM EBITDA

Exit Multiple(2)

17.0x-18.0x

17.2x

Higher

LTM EBITDA

Exit Multiple(3)

7.7x

Higher

LQA EBITDA

Exit Multiple(4)

22.5x

Higher

Debt Investment

12,203,539

Discounted

Cash Flow

Discount Rate

7.7%

Lower

Total Other Affiliated

Investments and Debt

Investment

341,386,791

$341,386,791

(1) Not reflected in the table above are Level 3 investments that have been valued based upon recent transactions in the amount of $16,476,139.

(2) NTM EBITDA Exit Multiple represents EBITDA annualized for the next twelve months from exit date.

(3) LTM EBITDA Exit Multiple represents EBITDA for the last twelve months annualized from exit date.

(4) LQA EBITDA Exit Multiple represents EBITDA for the last quarter annualized from exit date.

(5) Inputs are weighted based on fair value of the investments included in the range.

Summary of Changes in the Fair Value of Investments for which Level III Inputs Were Used

For the three and nine months ended September 30, 2025, the following table presents 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
	Other Affiliated Investments	Debt Investments	Total
Balance, beginning of period	$274,444,983	$11,733,079	286,178,062
Purchases	134,915,420	194,576	135,109,996
Proceeds from investments	—	(189,393)	(189,393)
Transfer in/(out) of level III(a)	(78,561,515)	—	(78,561,515)
Change in gain/(loss) included in net assets	14,860,502	465,277	15,325,779
Balance, end of period	$345,659,391	$12,203,539	$357,862,930

Changes in unrealized gain (loss) included in earnings related to financial assets still held at reporting date	$14,860,502	$465,277	$15,325,779


	Level III Financial Assets at Fair Value
	Nine Months Ended September 30, 2025
	Other Affiliated Investments	Debt Investments	Total
Balance, beginning of period	$—	$—	—
Purchases	309,187,402	11,738,262	320,925,664
Change in gain/(loss) included in net assets	36,471,989	465,277	36,937,266
Balance, end of period	$345,659,391	$12,203,539	$357,862,930

Changes in unrealized gain (loss) included in earnings related to financial assets still held at reporting date	$36,471,989	$465,277	$36,937,266

(a) For the three months ended September 30, 2025, the transfers out of Level III financial assets were primarily due to a deconsolidation and change in fair

value recognition to NAV as a practical expedient. See Note 2. Summary of Significant Accounting Policies.

Summary of Investments that Estimate the Fair Value Using NAV

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

expedient as of September 30, 2025:


Affiliated Investee Funds and Other Affiliated Investments	Unfunded Commitment	Fair Value
SCF Cranberry Upper Holdings SPV I LP	—	44,499,095
SCF Cranberry (Co-Invest) Holdings IV LP	—	16,525,489
SCF Cranberry (Co-Invest) Holdings VIII LP	—	22,730,965
Stonepeak Cologix Holdings V LP	23,137,264	37,222,645
Stonepeak Digital Edge (Co-Invest) Holdings III LP	39,435,275	37,261,751
Stonepeak Global Renewables Fund LP	28,330,130	31,808,604
Stonepeak Global Renewables Fund (Lux) SCSp	11,787,120	13,225,682
Stonepeak Midband (Co-Invest) Holdings LP	—	96,469,228
Other affiliated investments	—	21,619,620
Total Affiliated Investee Funds and Other Affiliated Investments	$102,689,789	$321,363,079

- Definition

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

+ References + Details