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Investments and Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025:


	As of December 31, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash	$—	$—	$—	$—	$—
Total cash	—	—	—	—	—
Investments
Affiliated investee funds	—	—	—	770,904,647	770,904,647
Total investments	—	—	—	770,904,647	770,904,647
Other affiliated investments
Other investments	—	—	3,957,829	—	3,957,829
Total other affiliated investments	—	—	3,957,829	—	3,957,829
Total cash and investments	$—	$—	$3,957,829	$770,904,647	$774,862,476

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 December 31, 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

$3,957,829

Discounted

Cash Flows

Discount rate

15%

Lower

LQA EBITDA

Exit Multiple

18.0x

Higher

Total other affiliated

investments

$3,957,829

•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 year ended December 31, 2025, the following table presents changes in the fair value of investments for which

Level III inputs were used to determine the fair value:


		Year Ended December 31, 2025
		Other Affiliated Investments
Balance, beginning of period		$—
Purchases		2,500,000
Change in unrealized gain/(loss) included in net assets		1,457,829
Balance, end of period		$3,957,829

Changes in unrealized gain (loss) included in earnings related to financial assets still held at reporting date		$1,457,829

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 December 31, 2025:


Affiliated Investee Funds	Unfunded Commitment	Fair Value
Stonepeak-Plus Infrastructure Fund Master Aggregator LP	$—	$769,970,555
Stonepeak-Plus Infrastructure Fund Aggregator I LP	$—	$934,092
Total Affiliated Investee Funds	$—	$770,904,647

- 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