Fair Value Measurement and Disclosures

12 Months Ended

Dec. 31, 2025

ISQ Open Infrastructure Company LLC - Series II [Member]

Fair Value Measurement and Disclosures [Line Items]

FAIR VALUE MEASUREMENT AND DISCLOSURES

4. FAIR VALUE MEASUREMENT AND DISCLOSURES

The following table summarizes the valuation of Series II’s investments and cash and cash equivalents in the fair value hierarchy levels as of December 31, 2025:

Description	Level I		Level II		Level III		Total
Investments at fair value
Equity Investments	$	-	$	-	$	167,053,547	$	167,053,547
Debt Investments		-				16,126,398		16,126,398
Total Investments at fair value	$	-	$	-	$	183,179,945	$	183,179,945

Cash and cash equivalents at Series II include a money market fund balance of $2,180,513, which is considered a Level I asset.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the period from March 28, 2025 (Funding Date) to December 31, 2025.

Description	Amount
Balance as of the Funding Date	$	-
Purchases		139,937,414
Net change in unrealized gain (loss) on investments		43,242,531
Transfers out of Level III		-
Transfers into Level III		-
Balance as of December 31, 2025	$	183,179,945

Transfers of investments between levels, if any, are recorded at the end of the period.

The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations from the Funding Date to December 31, 2025 attributable to Level III assets still held at December 31, 2025 for Series II was $43,242,531. 

The following table provides quantitative measures used to determine the fair values of the Level III assets as of December 31, 2025:

Level III Assets	Fair Value		Valuation Methodology & Inputs	Unobservable Input(s)(1)	Weighted Average(2)			Range	Impact to Valuation from an Increase in Input (3)
Equity Investments	$	167,053,547	Discounted Cash Flow	Discount Rate		12.3	%	11.5% - 17.3%	Decrease
			Discounted Cash Flow	Exit Multiple		7.4x		5.0x -15.0x	Increase
Debt Investments		16,126,398	Discounted Cash Flow	Discount Rate		10.4	%	9.0% - 13.0%	Decrease

(1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments.

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

(3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III assets that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.