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Investments and Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 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 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

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 December 31, 2025:


	As of December 31, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash and cash equivalent
Cash held at banks	$—	$—	$—	$—	$—
Money market fund	36,361,729	—	—	—	36,361,729
Total cash and cash equivalent	36,361,729	—	—	—	36,361,729
Investments
Affiliated investee funds	—	—	—	496,511,870	496,511,870
Other affiliated investments	—	—	617,784,505	26,145,143	643,929,648
Debt investments	—	—	12,166,834	—	12,166,834
Total investments	—	—	629,951,339	522,657,013	1,152,608,352
Derivative assets	—	2,362,085	—	—	2,362,085
Total cash and cash equivalent and investments	$36,361,729	$2,362,085	$629,951,339	$522,657,013	$1,191,332,166
Liabilities
Derivative liabilities	$—	$(1,270,032)	$—	$—	$(1,270,032)

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(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

$460,352,195

Discounted

Cash Flow

Discount Rate

12.5%-22.5%

16.6%

Lower

NTM EBITDA

Exit Multiple(2)

17.0x-18.0x

17.4x

Higher

LTM EBITDA

Exit Multiple(3)

7.7x

Higher

LQA EBITDA

Exit Multiple(4)

22.5x

Higher

Exit Cap

6.5%

Lower

Debt investment

12,166,834

Discounted

Cash Flow

Discount Rate

7.6%

Lower

Total other affiliated

investments and debt

investment

$472,519,029

(1) Not reflected in the table above are Level 3 investments that have been valued based upon recent transactions in the amount of $157,432,310.

(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 period 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:


	Level III Financial Assets at Fair Value
	Period Ended December 31, 2025
	Other Affiliated Investments	Debt Investments	Total
Balance, beginning of period	$—	$—	—
Purchases	575,012,364	11,738,262	586,750,626
Change in unrealized gain/(loss) included in net assets	42,772,141	428,572	43,200,713
Balance, end of period	$617,784,505	$12,166,834	$629,951,339

Changes in unrealized gain (loss) included in earnings related to financial assets still held at reporting date	$42,772,141	$428,572	$43,200,713

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 and Other Affiliated Investments	Unfunded Commitment	Fair Value
SCF Cranberry Upper Holdings SPV I LP	—	45,903,839
SCF Cranberry (Co-Invest) Holdings IV LP	—	16,094,889
SCF Cranberry (Co-Invest) Holdings VIII LP	—	24,232,313
Stonepeak Cologix Holdings LP	23,137,264	39,780,693
Stonepeak Global Renewables Fund LP	26,141,594	33,733,817
Stonepeak Global Renewables Fund (Lux) SCSp	10,874,525	14,048,841
Stonepeak Midband (Co-Invest) Holdings LP	—	104,544,184
Stonepeak Efesto Infrastructure Fund SCSp	—	155,984,996
Stonepeak Digital Edge (Co-Invest) Holdings III LP	28,450,079	62,188,298
Other Affiliated Investments	3,239,023	26,145,143
Total affiliated investee funds and other affiliated investments	$91,842,485	$522,657,013

- 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