# EDGAR Filing Document

**Accession Number:** 0002059924
**File Stem:** 0001213900-26-057486
**Filing Date:** 2026-5
**Character Count:** 238648
**Document Hash:** 88b91cb41f2c8e3e8a4d00721c74536b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-057486.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001213900-26-057486

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ISQ Open Infrastructure Co LLC
- **CENTRAL INDEX KEY:** 0002059924
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56735
- **FILM NUMBER:** 26985393

**BUSINESS ADDRESS:**
- **STREET 1:** 600 BRICKELL AVENUE
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** 786-693-5739

**MAIL ADDRESS:**
- **STREET 1:** 600 BRICKELL AVENUE
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

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

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission file number: 000-56735**

**ISQ Open Infrastructure Company LLC**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**<br>| **33-2876284** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |
| **600 Brickell Avenue<br> Miami, FL** | **33131** |
| (Address of principal executive offices) | (Zip Code) |

---

(786) 693-5700

Registrant's telephone number, including area code

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

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

---

| | | |
|:---|:---|:---|
| **Title of each class**<br>| **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 ☒ No ☐

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 ☒ No ☐

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.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 1, 2026, the registrant had, with respect to Series I, 1,032,158 Class F-S<sub>TE</sub> shares outstanding, 405,809 Class F-D<sub>TE</sub> shares outstanding, 95,522 Class F-I<sub>TE</sub> shares outstanding, 749,143 Class F-J<sub>TE</sub> shares outstanding, 110 Class S<sub>TE</sub> shares outstanding, 110 Class D<sub>TE</sub> shares outstanding, 110 Class I<sub>TE</sub> shares outstanding, 110 Class J<sub>TE</sub> shares outstanding and 81 Class E<sub>TE</sub> shares outstanding, and, with respect to Series II, 1,276,264 Class F-S shares outstanding, 712,396 Class F-I shares outstanding, 4,251,130 Class F-J shares outstanding and 458,483 Class E shares outstanding. Shares outstanding excludes May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| Part I. | [Financial Information](#a_001) | 1 |
| Item 1. | [Financial Statements](#a_002) | 1 |
|  | [ISQ Open Infrastructure Company LLC Series I Consolidated Statements of Assets and Liabilities (Unaudited)](#a_003) | 1 |
|  | [ISQ Open Infrastructure Company LLC Series I Consolidated Statements of Operations (Unaudited)](#a_004) | 3 |
|  | [ISQ Open Infrastructure Company LLC Series I Consolidated Statements of Changes in Net Assets (Unaudited)](#a_005) | 4 |
|  | [ISQ Open Infrastructure Company LLC Series I Consolidated Statement of Cash Flows (Unaudited)](#a_006) | 6 |
|  | [ISQ Open Infrastructure Company LLC Series I Notes to Consolidated Financial Statements (Unaudited)](#a_007) | 7 |
|  | [ISQ Open Infrastructure Company LLC Series II Consolidated Statements of Assets and Liabilities (Unaudited)](#a_008) | 15 |
|  | [ISQ Open Infrastructure Company LLC Series II Consolidated Statements of Operations (Unaudited)](#a_009) | 18 |
|  | [ISQ Open Infrastructure Company LLC Series II Consolidated Statements of Changes in Net Assets (Unaudited)](#a_010) | 19 |
|  | [ISQ Open Infrastructure Company LLC Series II Consolidated Statement of Cash Flows (Unaudited)](#a_011) | 21 |
|  | [ISQ Open Infrastructure Company LLC Series II Consolidated Schedule of Investments (Unaudited) as of March 31, 2026](#a_012) | 22 |
|  | [ISQ Open Infrastructure Company LLC Series II Notes to Consolidated Financial Statements (Unaudited)](#a_013) | 26 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#a_014) | 43 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_015) | 51 |
| Item 4. | [Controls and Procedures](#a_016) | 52 |
| Part II. | [Other Information](#a_017) | 53 |
| Item 1. | [Legal Proceedings.](#a_018) | 53 |
| Item 1A. | [Risk Factors.](#a_019) | 53 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds.](#a_020) | 53 |
| Item 3. | [Defaults Upon Senior Securities.](#a_021) | 53 |
| Item 4. | [Mine Safety Disclosures.](#a_022) | 53 |
| Item 5. | [Other Information.](#a_023) | 53 |
| Item 6. | [Exhibits.](#a_024) | 54 |
| [Signatures](#a_025) | [Signatures](#a_025) | 55 |

---

i

**Certain Terms Used in this Quarterly Report on Form 10-Q**

● the terms "we," "us," "our," and the "Company," refer to ISQ Open Infrastructure Company LLC or, where applicable, Series I and/or Series II;

● the term "Board" refers to each of the Series' board of directors;

● the term "Broken Deal Expenses" refers to (i) legal, auditing, investment banking, valuation, consulting, engineering, custody, administration, tax, accounting, and other professional fees, costs, expenses, retainers and/or other payments; (ii) all fees, costs and expenses associated with the discovery, sourcing, evaluation, diligence, financial analysis, negotiation, structuring, making, and potential refinancing of the Company's proposed and unconsummated acquisitions, including, without limitation, any meetings and/or travel, accommodation, meal and entertainment expenses related to such prospective acquisitions, any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, private placement fees, syndication fees, bank charges, depositary fees, fees and expenses related to environmental evaluation, closing and execution costs, fees and expenses of consultants, sales commissions, appraisal fees, taxes, underwriting commissions and discounts, brokerage fees and information services; and (iii) all other fees, costs and expenses relating to unconsummated transactions, including, without limitation, submission costs, reverse termination fees and damages and the fees, costs and expenses described in (i) and (ii) above (including, in each of cases (i), (ii) and (iii), such fees, costs and expenses that might have been borne by a co-investment vehicle had the transaction been consummated);

● the term "I Squared" refers collectively to I Squared Capital Advisors (US) LLC and its subsidiaries;

● the term "Infrastructure Service Provider(s)" refers to any product or service that could be provided to the Company or any Infrastructure Asset. I Squared could directly or indirectly cause any Infrastructure Asset or other asset of the Company or any other I Squared Vehicle, whether currently in existence or acquired, organized, formed, established or otherwise arranged in the future, to provide such product or service;

● the term "I Squared Vehicles" refers to the funds, investment vehicles and accounts managed, now or in the future, by I Squared, the Manager or any of their respective affiliates (excluding for this purpose, I Squared proprietary entities), including, but not limited to, funds, investment vehicles and accounts pursuing the following strategies: infrastructure equity (including mid-market and opportunistic growth equities in power & utilities; transportation & logistics; midstream, downstream& liquefied natural gas ("LNG"); digital infrastructure; environmental infrastructure and social infrastructure) and infrastructure credit (including construction financing, acquisition financing, liquidity and growth capital, refinancing, recapitalization and restructuring opportunities);

● the term "Manager" refers to ISQ OpenInfra Registered Advisor LLC, our manager, an affiliate of I Squared and an investment adviser registered under the United States (the "U.S.") Investment Advisers Act of 1940, as amended (the "Advisers Act");

● the term "Series I" refers to ISQ Open Infrastructure Company LLC —Series I, a registered series of the Company;

● the term "Series II" refers to ISQ Open Infrastructure Company LLC —Series II, a registered series of the Company;

● the term "Series" refers collectively to Series I and Series II;

● the term "Series I Shareholders" refers to holders of our Series I Shares. There are nine types of shares available to Shareholders through Series I: Class F-S<sub>TE</sub> Shares, Class F-D<sub>TE</sub> Shares, Class F-I<sub>TE</sub> Shares, Class F-J<sub>TE</sub> Shares, Class S<sub>TE</sub> Shares, Class D<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares, Class J<sub>TE</sub> Shares (collectively, the "Series I Investor Shares") and Class E<sub>TE</sub> Shares. Each of Series I Investor Shares and Class E<sub>TE</sub> Shares will invest into its corresponding Series II Investor Shares or Class E Shares, as applicable;

ii

● the term "Series II Shareholders" refers to holders of our Series II Shares. There are nine types of shares available to Shareholders through Series II: Class F-S Shares, Class F-D Shares, Class F-I Shares, Class F-J Shares, Class S Shares, Class D Shares, Class I Shares, Class J Shares (collectively, the "Series II Investor Shares", together with the Series I Investor Shares, the "Investor Shares") and Class E Shares. The Investor Shares are not entitled to vote on any matters relating to the Company, including the election of directors, and are not entitled to nominate, remove or participate in the appointment of directors of the Company;

● Class E Shares and Class E<sub>TE</sub> Shares (together with the Investor Shares, the "Shares") will be available to the Manager, its affiliates, its officers and employees, the directors, officers and employees of the Company and certain other investors in I Squared's discretion;

● the term "Shareholders" refers, individually and collectively, to Series I Shareholders and/or Series II Shareholders, which term may also refer to prospective shareholders in the applicable Series, as the context requires;

● the term "Shares" refers, individually and collectively, to Series I Shares and/or Series II Shares, as the context requires;

● the term "Infrastructure Assets" refers, individually and collectively, to any infrastructure-related businesses or assets (including mid-market and opportunistic growth businesses or assets in power & utilities; transportation & logistics; midstream, downstream & LNG; digital infrastructure; environmental infrastructure and social infrastructure) owned directly or indirectly through subsidiaries, by the Company, including as the context requires, portfolio companies, holding companies, special purpose vehicles and other entities through which infrastructure assets or businesses will be held;

We generally mean "infrastructure" to refer to businesses or assets which we believe have all or most of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Stable and well-defined regulation and policy framework;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o High barriers to entry with low price elasticity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Well defined operational structure with attractive upside;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Insulation from the business cycle with low income elasticity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Long duration assets, typically ten years or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Stable cashflows that grow with inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Positive long-term variables such as demographics that provide downside mitigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Moderate leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Control or protective governance rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Attractive pricing upon entry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Relatively high liquidity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Limited exposure to risks arising from climate change.

iii

**Cautionary Note Regarding Forward-Looking Statements**

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to:

● our future operating results;

● our business prospects and the prospects of the Infrastructure Assets we own and control;

● our ability to raise sufficient capital to execute our acquisition strategies;

● the ability of the Manager to source adequate acquisition opportunities to efficiently deploy capital;

● the ability of our Infrastructure Assets to achieve their objectives;

● our current and expected financing arrangements;

● changes in the general interest rate environment;

● the adequacy of our cash resources, financing sources and working capital;

● the timing and amount of cash flows, distributions and dividends, if any, from our Infrastructure Assets;

● our contractual arrangements and relationships with third parties;

● actual and potential conflicts of interest with the Manager or any of its affiliates;

● the dependence of our future success on the general economy and its effect on the industries in which we own and control Infrastructure Assets;

● our use of financial leverage;

● the ability of the Manager to identify, acquire and support our Infrastructure Assets;

● the ability of the Manager or its affiliates to attract and retain highly talented professionals;

● our ability to structure acquisitions and joint ventures in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

● the tax status of the enterprises through which we own and control Infrastructure Assets.

In addition, words such as "may," "will," "should," "target," "anticipate," "believe," "expect," "plan," "seek" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including:

● changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation;

● risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy;

● future changes in laws or regulations and conditions in our operating areas; and

● the risk factors set forth in this Quarterly Report on Form 10-Q, in "*Item 1A. Risk Factors*" of our Annual Report on Form 10-K for the year ended December 31, 2025, and in our other filings with the U.S. Securities and Exchange Commission (the "SEC").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by law.

iv

**Part I. Financial Information Series I**

Item 1. Financial Statements

**ISQ Open Infrastructure Company LLC**

**Series I**

**Consolidated Statements of Assets and Liabilities (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31,<br> 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Investment in ISQ Open Infrastructure Company LLC - Series II | $53147052 | $35601783 |
| &nbsp;&nbsp;&nbsp;Cash | 6818 | 7000 |
| &nbsp;&nbsp;&nbsp;Due from Manager - Expense Support | 277967 | 476948 |
| &nbsp;&nbsp;&nbsp;Distribution receivable from ISQ Open Infrastructure Company LLC - Series II | 578228 | - |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 115465 | 173197 |
| **Total Assets** | 54125530 | 36258928 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Distribution payable | $578045 | $- |
| &nbsp;&nbsp;&nbsp;Offering costs payable | 221784 | 221784 |
| &nbsp;&nbsp;&nbsp;Organizational costs payable | 169159 | 268457 |
| &nbsp;&nbsp;&nbsp;Interest payable | 23271 | - |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 867 | 176749 |
| **Total Liabilities** | $993126 | $666990 |
| **Commitments and Contingencies (Note 5)** |  |  |
| **Net Assets** | $53132404 | $35591938 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series I**

**Consolidated Statements of Assets and Liabilities (Unaudited) – continued**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2026** | **December 31,<br> 2025** |
| **Net Asset Value Per Share** | | |
| **F-S<sub>TE</sub> Shares** | | |
| &nbsp;&nbsp;&nbsp;Net Assets | $16000979 | $3235263 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 517755 | 107654 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $30.90 | $30.05 |
| **F-D<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $12644572 | $12853300 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 401563 | 400110 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.49 | $32.12 |
| **F-I<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2314163 | $1319365 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 72324 | 41020 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $32.00 | $32.16 |
| **F-J<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $22156259 | $18167268 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 708472 | 578956 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.27 | $31.38 |
| **S<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3387 | $3462 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 110 | 110 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $30.79 | $31.47 |
| **D<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3464 | $3537 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 110 | 110 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.49 | $32.15 |
| **I<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3497 | $3568 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 110 | 110 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.79 | $32.44 |
| **J<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3432 | $3506 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 110 | 110 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.20 | $31.87 |
| **E<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2651 | $2669 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 80 | 80 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $33.14 | $33.36 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series I**

**Consolidated Statements of Operations (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> three months<br> ended <br> March 31,<br> 2026** | **For the<br> period from<br> March 28,<br> 2025<br> (Funding Date)<br> to<br> March 31,<br> 2025** |
| **Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II** | | |
| &nbsp;&nbsp;&nbsp;Dividend income | $&nbsp;&nbsp;&nbsp;&nbsp; 219504 | $- |
| &nbsp;&nbsp;&nbsp;Interest income (net of tax withholdings of $7,351 and $0, respectively) | 105406 | - |
| &nbsp;&nbsp;&nbsp;Performance participation allocation | (466530) | - |
| &nbsp;&nbsp;&nbsp;Professional fees | (427380) | - |
| &nbsp;&nbsp;&nbsp;Interest and loan related fees | (210313) | - |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | (102980) | - |
| &nbsp;&nbsp;&nbsp;Management fees | (92687) | - |
| &nbsp;&nbsp;&nbsp;Servicing fees | (61395) | - |
| &nbsp;&nbsp;&nbsp;Other expenses | (37148) | - |
| &nbsp;&nbsp;&nbsp;Organizational costs | - | (1067239) |
| **Total Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II** | (1073523) | (1067239) |
| &nbsp;&nbsp;&nbsp;Less: Expense Support from Manager | (471193) | (1067239) |
| **Net Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II** | (602330) | - |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 135151 | - |
| &nbsp;&nbsp;&nbsp;Other expenses | 5000 | - |
| &nbsp;&nbsp;&nbsp;Organizational costs | - | 130856 |
| **Total Expenses** | 140151 | 130856 |
| &nbsp;&nbsp;&nbsp;Less: Expense Support from Manager | (97847) | (130856) |
| **Net Expenses** | 42304 | - |
| **Net Investment income (loss)** | (644634) | - |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |
| Net Change in Unrealized Gain (Loss) on Investment allocated from ISQ Open Infrastructure Company LLC - Series II (Net of deferred taxes of $323,803 and $0, and of current taxes of $20,856 and $0, respectively) | 1521342 | - |
| Net Change in Unrealized Gain (Loss) on derivative investments allocated from ISQ Open Infrastructure Company LLC - Series II | 20818 | - |
| Net Change in Unrealized Gain (Loss) on foreign currency translation allocated from ISQ Open Infrastructure Company LLC - Series II | (819) | - |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 1541341 | - |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $896707 | $- |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series I**

**Consolidated Statements of Changes in Net Assets (Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **F-S<sub>TE<br> </sub> Shares** | **F-D<sub>TE<br> </sub> Shares** | **F-I<sub>TE<br> </sub> Shares** | **F-J<sub>TE</sub><br> Shares** | **S<sub>TE</sub> <br> Shares** | **D<sub>TE</sub> <br> Shares** | **I<sub>TE</sub> <br> Shares** | **J<sub>TE</sub> <br> Shares** | **E<sub>TE</sub> <br> Shares** | **Total<br> Shareholders' <br> Equity<br> (Net Assets)** |
| Balance at December 31, 2025 | $3235263 | $12853300 | $1319365 | $18167268 | $3462 | $3537 | $3568 | $3506 | $2669 | $35591938 |
| Consideration from the issuance of shares | 12780683 |  | 980000 | 3969500 |  |  |  |  |  | 17730183 |
| Reinvestment of distributions | 13000 | 44000 | 5485 | 66623 |  |  |  |  | 9 | 129117 |
| Distributions (Note 4) | (211478) | (180503) | (30436) | (311462) | (49) | (49) | (49) | (49) | (36) | (734111) |
| Net increase (decrease) in net assets resulting from capital activity | 12582205 | (136503) | 955049 | 3724661 | (49) | (49) | (49) | (49) | (27) | 17125189 |
| Net investment loss | (130727) | (194966) | (17933) | (300783) | (59) | (55) | (51) | (56) | (4) | (644634) |
| Net change in unrealized appreciation (depreciation) | 378551 | 440436 | 60873 | 715808 | 110 | 110 | 109 | 110 | 44 | 1596151 |
| Reallocation of unrealized gain (loss) | 356072 | (319548) | (3191) | (87792) | (80) | (80) | (80) | (80) | (31) | (54810) |
| Net increase (decrease) in net assets resulting from operations | 603896 | (74078) | 39749 | 327233 | (29) | (25) | (22) | (26) | 9 | 896707 |
| Accrued service fees allocated from ISQ Open Infrastructure Company LLC - Series II | (420385) | 1853 | - | (62903) | 3 | 1 | - | 1 | - | (481430) |
| Balance at March 31, 2026 | $16000979 | $12644572 | $2314163 | $22156259 | $3387 | $3464 | $3497 | $3432 | $2651 | $53132404 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series I**

**Consolidated Statements of Changes in Net Assets (Unaudited)**

---

| | |
|:---|:---|
|  | **Total<br> Shareholders' <br> Equity<br> (Net Assets)** |
| Balance at March 28, 2025 (Funding Date) | $- |
| Consideration from the issuance of shares | 2000<sup>(1)</sup> |
| Net increase (decrease) in net assets resulting from capital activity | 2000 |
| Net investment loss | - |
| Net change in unrealized appreciation (depreciation) | - |
| Net increase (decrease) in net assets resulting from operations | - |
| Accrued service fees allocated from ISQ Open Infrastructure Company LLC - Series II | - |
| Balance at March 31, 2025 | $2000 |

---

(1) Capital activity relates to Class E<sub>TE</sub> Shares.

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series I**

**Consolidated Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the <br> three months<br> ended<br> March 31, <br> 2026** | **For the <br> period from<br> March 28, <br> 2025 <br> (Funding Date)<br> to<br> March 31, <br> 2025** |
| **Cash flows from operating activities** | | |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $896707 | $- |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchase of limited liability company interests in ISQ Open Infrastructure Company LLC – Series II | (17087687) | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income and expenses allocated from ISQ Open Infrastructure Company LLC – Series II | 602330 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investment allocated from ISQ Open Infrastructure Company LLC – Series II | (1541341) | - |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Manager - Expense Support | 198981 | (130856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution receivable from ISQ Open Infrastructure Company LLC - Series II | (578228) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 57732 |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payable | 23271 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs payable | (99299) | 130856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | (175882) | - |
| Net cash used in operating activities | (17703416) | (1000) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Capital contributions | 17730183 | 2000 |
| &nbsp;&nbsp;&nbsp;Distributions paid in cash, net of distribution payable and reinvestment of distributions | (26949) | - |
| Net cash provided by financing activities | 17703234 | 2000 |
| Net increase (decrease) in cash | (182) | 1000 |
| Cash, beginning of period | 7000 | - |
| Cash, end of period | $6818 | $1000 |
| **Supplemental disclosure of non-cash financing activities** |  |  |
| Reinvestment of distributions | $129117 | $- |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series I**

**Notes to Unaudited Consolidated Financial Statements**

**1.** **ORGANIZATION** 

ISQ Open Infrastructure Company LLC (the "Company") is a limited liability company that was formed in accordance with the laws of Delaware on January 15, 2025. The Company is a series limited liability company with series established pursuant to Sections 18-215 or 18-218 of the Delaware Limited Liability Company Act (the "LLC Act"). On March 13, 2025, the Company established two registered series of limited liability company interests, ISQ Open Infrastructure Company LLC - Series I ("Series I") and ISQ Open Infrastructure Company LLC - Series II ("Series II" and together with Series I, "Series"). The purchase of shares of a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series is a separate series of segregated assets and liabilities and corresponding limited liability company interests of the Company.

Series I and Series II are intended to be treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the LLC Act provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and assets associated with a Series may be held, directly or indirectly, including in the name of such Series, in the name of the Company, through a nominee or otherwise. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series.

Each of Series I and Series II will remain in existence until its certificate of registered series has been cancelled in the manner required by the LLC Act following Series I's or Series II's, as applicable, dissolution and the completion of the winding up of such Series in accordance with the Fourth Amended and Restated Limited Liability Company Agreement of the Company (the "LLC Agreement"), the applicable series agreement and Delaware law. The LLC Agreement and the applicable series agreement provides that Series I or Series II will be dissolved upon (a) the adoption of a resolution by the board of directors (the "Board") approving the dissolution of Series I or Series II, as applicable, and the approval of such action by the controlling shareholder, (b) the operations of Series I or Series II, as applicable, ceasing to constitute legal activities under the LLC Act or any other applicable law (as determined by the Board), (c) the entry of a decree of judicial dissolution of a Series under Section 18-218(c)(11) of the LLC Act, or (d) the dissolution of the Company.

The Company conducts its operations so that neither Series I nor Series II is required to register as an "investment company" under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Company primarily seeks to manage joint ventures that own and control private companies, infrastructure assets and infrastructure-related assets located globally but with a focus on North America, Europe and selected growth economies in Asia and Latin America (the "Infrastructure Assets") with the objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation.

The Company is conducting a continuous private offering of the shares to (i) accredited investors (as defined in Regulation D under the U.S. Securities Act of 1933 (the "Securities Act")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act, including under Regulation D and Regulation S.

The Company is sponsored by I Squared Capital Advisors (US) LLC (together with its subsidiaries and affiliated entities, "I Squared") and benefits from I Squared's infrastructure sourcing and portfolio management platform pursuant to a management agreement (the "Management Agreement"), entered into with ISQ OpenInfra Registered Advisor LLC (the "Manager"), an affiliate of I Squared, on September 2, 2025, to support the Company in managing its portfolio of Infrastructure Assets.

In pursuing its investment objective, Series I invests and will continue to invest substantially all of its assets in Series II. The portfolio of Series I typically consists solely of Series II shares. Therefore, Series I's investment results correspond directly to the investment results of Series II. Series II has the same business objective and strategy as Series I. For convenience of the reader, references to Series II's investments also refer to Series I investments (vice versa), and references to the risks of investing in Series II also refer to the risks of investing in Series I (vice versa), except as otherwise provided. Series I and Series II are part of a master-feeder fund structure. The feeder fund, Series I, invests substantially all of its assets in the master fund, Series II, through the Blocker (as defined below).

On March 28, 2025 (the "Funding Date"), I Squared contributed $2,000 to Series I. Series I contributed $1,000 to Series II through a blocker, ISQ Open Infrastructure Holdings, L.P. (the "Blocker"), domiciled in the Cayman Islands and Series I and Series II commenced operations. The Blocker is wholly owned by Series I and has therefore been consolidated. I Squared's initial contribution to Series I was subsequently converted into Class E<sub>TE</sub> shares on September 30, 2025.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

 ****

***Basis of Accounting***— The unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in United States dollars. The Company's fiscal year end is December 31.

Series I unaudited consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services—Investment Companies. Series I and Series II qualify as investment companies solely for accounting purposes and not for any other purpose. Series I and Series II are not registered, and are not required to be registered, as investment companies under the Investment Company Act. Series I and Series II follow the significant accounting policies described below.

 ****

***Basis of Presentation***— Series I and Series II are treated as distinct entities under the LLC Act and for U.S. federal income tax purposes, each with its own segregated assets, liabilities, and expenses. If any expenses are incurred on behalf of or for the benefit of either Series, the Manager allocates those expenses among Series based on the relative size of each Series' investment in the relevant activity or entity, the net asset value of each Series, or another method the Manager, in good faith, deems fair and reasonable.

 ****

***Basis of Consolidation***— As provided under Regulation S-X and ASC 946, the Company generally does not consolidate its investments in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to Series I. Accordingly, Series I consolidated the financial position and results of operations of its wholly-owned subsidiary, the Blocker. All significant intercompany transactions and balances have been eliminated in consolidation.

 ****

***Use of Estimate*s**— The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, in particular the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the amounts of income and expenses during the reporting period. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable and prudent; however, actual results could differ from those estimates, and such differences could be material to Series I.

 ****

***Cash and Cash Equivalents***— Cash and cash equivalents include cash on hand, cash held in banks and money market funds with financial institutions with maturities of three months or fewer at the time of acquisition. As of March 31, 2026 and December 31, 2025, Series I held cash of $6,818 and $7,000, respectively.

***Organizational and Offering Expenses***— Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series I and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment as described in Note 3.

Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis.

 ****

***Distribution Fees and Servicing Fees***— Series I invests in Series II. As a result, holders of any class of Series I Shares indirectly bear their proportional share of the Distribution and Servicing fee that are charged at the Series II level. These fees are not charged again at the Series I level, but Series I's share of such fees is allocated to it through its investment in Series II, as further described in the LLC Agreement.

***Investments, At Fair Value***— The investment valuation policy of Series I is to value its financial instruments at fair value. Series I records its investment in Series II at fair value based on its proportionate interest in the net assets of Series II. Valuation of assets held by Series II is discussed in Note 2 of Series II's Notes to Unaudited Consolidated Financial Statements.

 ****

***Investment in Series II—*** On a monthly basis, Series I, records its proportionate share of the income, expenses, realized gains and losses and change in unrealized gains and losses of Series II. In addition, Series I accrues its own income and expenses. As of March 31, 2026 and December 31, 2025, Series I owned 23.2% and 22.5% of the net assets of Series II, respectively. The performance of Series I is directly impacted by the performance of Series II. The notes to Series II unaudited consolidated financial statements are attached to Series I unaudited consolidated financial statements and are an integral part of these unaudited consolidated financial statements.

***Income Taxes***— Series I operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the entity in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. A partnership, such as each Series, may nonetheless be taxed as a corporation if it is a publicly traded partnership, unless it meets the qualifying income exception. The qualifying income exception applies with respect to a publicly traded partnership if (i) at least 90% of such partnership's gross income for each taxable year consists of "qualifying income" and (ii) the partnership would not be required to register under the Investment Company Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. Each Series is managed such that it meets the qualifying income exception in each taxable year. If either Series were recharacterized as a corporation for federal income tax purposes by not meeting the qualifying income exception, the holders of interest in that Series would then be treated as stockholders in a corporation, and the Series would become taxable as a corporation for U.S. federal income tax purposes. Further, each Series would be subject to U.S. corporate income tax on its net taxable income. In addition, each Series operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

 ****

***Calculation of Net Asset Value***— Net asset value ("NAV") under U.S. GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and redemptions that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date.

The Manager is ultimately responsible for the Company's NAV calculations.

***Due to/Due from Manager—*** Balances due to or due from the Manager represent amounts payable or receivable arising from reimbursable expenses, fee waivers, expense support arrangements, or other related-party transactions. These amounts are recorded at their contractual amount and are settled in the normal course of business. Amounts due to the Manager are classified as liabilities, and amounts due from the Manager are classified as assets in the Unaudited Consolidated Statements of Assets and Liabilities.

***Segment Reporting***— The Company operates through a single operating and reporting segment with a primary objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. The chief operating decision maker ("CODM") is comprised of the Company's Chief Executive Officer and Chief Investment Officer (the "Principal Committee") which assesses the performance and makes operating decisions of the Company on a consolidated basis. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy against which the CODM assesses the Company's performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Company's performance. As the Company's investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Unaudited Consolidated Statements of Assets and Liabilities and significant segment expenses are the same as those listed in the Unaudited Consolidated Statements of Operations.

**3.** **RELATED PARTY TRANSACTIONS** 

*Management Agreement*

The Company on behalf of each Series entered into the Management Agreement with the Manager on September 2, 2025. Under the Management Agreement, the Manager is responsible for identifying, assessing, and overseeing the Company's investment opportunities. The Manager also provides recommendations to the Principal Committee (or a member thereof) acting on behalf of Series II regarding the acquisition, management, financing, and sale of the Company's assets (including the Infrastructure Assets), in alignment with the Company's objectives, guidelines, policies, and limitations.

 

*Expense Limitation and Reimbursement Agreement*

The Company, on behalf of each Series, entered into an Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement") with the Manager on August 11, 2025, pursuant to which the Manager agreed to forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company (and in turn each Series), to the extent necessary through and including June 30, 2026, so that, for any fiscal year, the Company's annual Specified Expenses (as defined below) do not exceed 0.75% of the Company's net assets as of the end of each calendar month. The Company, on behalf of each Series, agreed to carry forward the amount of any forgone management fee and/or expenses paid, absorbed or reimbursed by the Manager, when and if requested by the Manager, within five years from the end of the month in which the Manager waived or reimbursed such fees or expenses ("Excess Expenses") and to reimburse the Manager in the amount of such Excess Expenses as promptly as possible, on a monthly basis, but only if and to the extent that Specified Expenses plus any recoupment do not exceed 0.75% of the Company's net assets at the end of each calendar month. The Manager is permitted to recapture a Specified Expense in the same year it is incurred. This arrangement is not permitted to be terminated prior to June 30, 2026, without the consent from the Board. "Specified Expenses" is defined to include all expenses incurred in the business of the Company and each Series, including organizational and offering costs and any costs associated with the transfer of a warehoused Infrastructure Asset to the Company, with the exception of (i) the management fee, (ii) the performance participation allocation, (iii) the servicing fee, (iv) Infrastructure Asset level expenses, (v) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, in each case, accrued on or after the Company acquires its first Infrastructure Asset(s) (the "Initial Close"), (vi) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vii) taxes, (viii) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees, officers and directors of the Company) accrued on or after the Initial Close, (ix) certain insurance costs and (x) extraordinary expenses (as determined in the sole discretion of the Manager).

The Manager agreed to reimburse expenses of $97,847 and $642,214 incurred by the Company for the three months ended March 31, 2026, and for the period from the Funding Date to December 31, 2025, respectively, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a five-year period. As of March 31, 2026 and December 31, 2025, the Company recorded $277,967 and $476,948, respectively, as Due from Manager.

The Manager believes that it is not probable for Series I to be required to reimburse the expenses waived by the Manager.

---

| | | |
|:---|:---|:---|
| **For the Period Ended:** | **Amount** | **Last Expiration Date** |
| December 31, 2025 | $642214 | December 31, 2030 |
| March 31, 2026 | 97847 | March 31, 2031 |
| Total | $740061 |  |

---

 

Excluded from the amounts above are $471,193 and $1,287,838 of Expense Support from Manager for the three months ended March 31, 2026 and for the period from the Funding Date to December 31, 2025, respectively. These amounts represent Series I's proportionate share of reimbursements that are allocated to it through its investment in Series II and included within the Consolidated Statement of Operations within the net investment income and expenses allocated from Series II.

*Organizational Expenses and Offering Expenses*

Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series I and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment. For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, Series I incurred organizational expenses of $0 and $130,856, respectively, related to legal, accounting, regulatory filings, and other out-of-pocket costs associated with the formation of Series I and its intermediate entities. Certain of these organizational expenses were initially paid by the Manager on behalf of Series I.

Pursuant to the Company's governing documents, the Company reimburses the Manager for organizational expenses incurred prior to the commencement of operations, subject to the terms of the Expense Limitation Agreement.

Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis. As of March 31, 2026 and December 31, 2025, Series I incurred cumulative offering expenses of $0 and $221,784, respectively. For the three months ended March 31, 2026, Series I amortized $102,980 of deferred offering expenses. For the period from the Funding Date to March 31, 2025, Series I did not amortize offering expenses.

**4.** **SHAREHOLDERS' EQUITY** 

*Unregistered Sales of Equity Securities*

The following table is a summary of the Shares issued and redeemed for the three months ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares<br> Outstanding as of December 31, 2025** | **Shares<br> Issued<br> During the<br> Period** | **Shares<br> Redeemed<br> During the<br> Period** | **Shares<br> Reinvested<br> under DRIP<br> During the<br> Period** | **Transfers<br> In** | **Transfers<br> Out** | **Shares<br> Outstanding as of<br> March 31, 2026** |
| F-S<sub>TE</sub> Shares | 107654 | 409672 |  | 429 |  |  | 517755 |
| F-D<sub>TE</sub> Shares | 400110 | - |  | 1453 |  |  | 401563 |
| F-I<sub>TE</sub> Shares | 41020 | 31123 |  | 181 |  |  | 72324 |
| F-J<sub>TE</sub> Shares | 578956 | 127320 |  | 2196 |  |  | 708472 |
| S<sub>TE</sub> Shares | 110 | - |  | - |  |  | 110 |
| D<sub>TE</sub> Shares | 110 | - |  | - |  |  | 110 |
| I<sub>TE</sub> Shares | 110 | - |  | - |  |  | 110 |
| J<sub>TE</sub> Shares | 110 | - |  | - |  |  | 110 |
| E<sub>TE</sub> Shares | 80 | - |  | - |  |  | 80 |

---

For the three months ended March 31, 2026, Series I issued such Shares for an aggregate consideration of $17,730,183. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

The following table is a summary of the Shares issued and redeemed during the period from the Funding Date to March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares<br> Outstanding at<br> Formation** | **Shares<br> Issued<br> During the<br> Period** | **Shares<br> Redeemed<br> During the<br> Period** | **Shares<br> Reinvested<br> under DRIP<br> During the<br> Period** | **Transfers<br> In** | **Transfers<br> Out** | **Shares<br> Outstanding as of<br> March 31, 2025** |
| F-S<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| F-D<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| F-I<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| F-J<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| S<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| D<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| I<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| J<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| E<sub>TE</sub> Shares |  | 80 |  |  |  |  | 80 |

---

For the period from the Funding Date to March 31, 2025, Series I issued such Shares for an aggregate consideration of $2,000. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

*Distributions*

 

Beginning with the end of the first full calendar quarter in which the Shares were sold to non-affiliates of I Squared, Series I seeks to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series I will pay quarterly distributions consistently and at a specific rate, or at all. No distributions were declared for the period from the Funding Date to March 31, 2025. For the three months ended March 31, 2026 Series I made the following distributions:

**January 30, 2026**

---

| | |
|:---|:---|
| **Class** | **Net Distribution <br> Per Share** |
| F-S<sub>TE </sub>Shares | $0.11 |
| F-D<sub>TE</sub> Shares | $0.11 |
| F-I<sub>TE</sub> Shares | $0.11 |
| F-J<sub>TE</sub> Shares | $0.11 |
| S<sub>TE</sub> Shares | $0.11 |
| D<sub>TE</sub> Shares | $0.11 |
| I<sub>TE</sub> Shares | $0.11 |
| J<sub>TE</sub> Shares | $0.11 |
| E<sub>TE</sub> Shares | $0.11 |

---

**March 31, 2026**

---

| | |
|:---|:---|
| **Class** | **Net Distribution<br> Per Share** |
| F-S<sub>TE </sub>Shares | $0.34 |
| F-D<sub>TE</sub> Shares | $0.34 |
| F-I<sub>TE</sub> Shares | $0.34 |
| F-J<sub>TE</sub> Shares | $0.34 |
| S<sub>TE</sub> Shares | $0.34 |
| D<sub>TE</sub> Shares | $0.34 |
| I<sub>TE</sub> Shares | $0.34 |
| J<sub>TE</sub> Shares | $0.34 |
| E<sub>TE</sub> Shares | $0.34 |

---

*Distribution Reinvestment Plan*

The Company adopted a distribution reinvestment plan (the "DRIP"), in which cash distributions to shareholders are automatically reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested is determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Company's or a Series' NAV per share as of the end of the prior month. Shares are distributed in proportion to Series and types of Shares held by the shareholder under the DRIP. There are no sales load charges on Shares issued to a shareholder under the DRIP.

For the three months ended March 31, 2026, Series I issued the below Shares under the DRIP. For the three months ended March 31, 2025, Series I did not issue any Shares under the DRIP.

---

| | | |
|:---|:---|:---|
| **Class** | **Shares <br> Reinvested** | **Dollars <br> Reinvested** |
| F-S<sub>TE </sub>Shares | 428 | $13000 |
| F-D<sub>TE</sub> Shares | 1453 | $44000 |
| F-I<sub>TE</sub> Shares | 181 | $5485 |
| F-J<sub>TE</sub> Shares | 2196 | $66623 |
| E<sub>TE</sub> Shares | -<br><sup>(1)</sup> | $9 |
| **Total** | **4258** | **129117** |

---

(1) Rounds to less than 1 share.

*Share Redemption Program*

Series I offers a share redemption program pursuant to which, on a quarterly basis, shareholders may request that the Company redeems all or any portion of their Shares. Series I may redeem fewer Shares than have been requested in any particular quarter to be redeemed under Series I's share redemption program, or none at all, in the Board's discretion at any time. The Company expects that Series I will conduct quarterly Share redemptions (each, a "Share Redemption") for up to 5.0% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding calendar quarter), without duplication. Per our share redemption program, requests for redemption are subject to an early redemption fee (the "Early Redemption Fee") of 5% of the NAV of the Shares redeemed from a Shareholder if Shares are redeemed within 24 months of the original issue date of such Shares. Any Early Redemption Fee benefits Series I. Aggregate NAV is reflective of Series I NAV which consists of all the underlying assets of Series II. For both the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, Series I did not redeem any Shares under the share redemption program.

**5.** **COMMITMENTS AND CONTINGENCIES** 

The Company and Series were not subject to any litigation nor were the Company and Series aware of any material litigation threatened against them.

*Indemnifications*

Under the LLC Agreement and organizational documents, members of each Series' Board, the Manager, I Squared, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons' actions constitute actual fraud or willful misconduct. In the normal course of business, the Company (on behalf of each Series) enters into contracts that contain a variety of representations and that provide general indemnifications. Each Series' maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against either Series.

**6.** **FINANCIAL HIGHLIGHTS** 

The following are the financial highlights for three months ended March 31, 2026:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **F-S<sub>TE<br> </sub>Shares** | **F-D<sub>TE<br> </sub> Shares** | **F-I<sub>TE</sub><br> Shares** | **F-J<sub>TE<br> </sub>Shares** | **S<sub>TE</sub><br> Shares** | **D<sub>TE<br> </sub>Shares** | **I<sub>TE</sub><br> Shares** | **J<sub>TE</sub><br> Shares** | **E<sub>TE</sub><br> Shares** |
| **Per Share Data:** | | | | | | | | | |
| Net asset value at beginning of period | $30.05 | $32.12 | $32.16 | $31.38 | $31.47 | $32.15 | $32.44 | $31.87 | $33.36 |
| Distributions declared <sup>(1)</sup> | (0.45) | (0.45) | (0.45) | (0.45) | (0.45) | (0.45) | (0.45) | (0.45) | (0.45) |
| Premium/(Discount) on issuance of shares | 0.84 | 0.01 | (0.37) | (0.06) | (0.00) | (0.00) | (0.00) | 0.01 | 0.13 |
| Service fees | (1.07) |  |  | (0.09) | 0.03 | 0.01 |  | 0.01 |  |
| Net investment income <sup>(2)</sup> | (0.33) | (0.49) | (0.30) | (0.45) | (0.53) | (0.49) | (0.47) | (0.51) | (0.06) |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.96 | 1.10 | 1.01 | 1.07 | 1.00 | 1.00 | 1.00 | 1.00 | 0.55 |
| Reallocation of unrealized gain/(loss) | 0.90 | (0.80) | (0.05) | (0.13) | (0.73) | (0.73) | (0.73) | (0.73) | (0.39) |
| Net increase (decrease) in net assets resulting from operations | 1.53 | (0.19) | 0.66 | 0.49 | (0.26) | (0.22) | (0.20) | (0.24) | 0.10 |
| Net asset value at end of period | $30.90 | $31.49 | $32.00 | $31.27 | $30.79 | $31.49 | $31.79 | $31.20 | $33.14 |
| Shares outstanding at end of period | 517755 | 401563 | 72324 | 708472 | 110 | 110 | 110 | 110 | 80 |
| Weighted average shares outstanding | 394420 | 401063 | 60342 | 671682 | 110 | 110 | 110 | 110 | 80 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |  |  |
| Net assets at end of period | $16000979 | $12644572 | $2314163 | $22156259 | $3387 | $3464 | $3497 | $3432 | $2651 |
| Ratio to average net assets <sup>(4)(5)</sup> |  |  |  |  |  |  |  |  |  |
| Total expenses before expense support | 11.98% | 13.81% | 11.43% | 13.42% | 13.89% | 13.10% | 12.74% | 13.46% | 4.43% |
| Total expenses after expense support | 6.90% | 9.11% | 6.52% | 8.64% | 9.58% | 8.89% | 8.57% | 9.21% | 2.14% |
| Net investment loss <sup>(5)</sup> | -4.34% | -6.26% | -3.86% | -5.81% | -6.95% | -6.32% | -6.02% | -6.61% | -0.76% |
| Total return <sup>(6)</sup> | 4.33% | -0.56% | 0.90% | 1.08% | -0.73% | -0.65% | -0.62% | -0.69% | 0.69% |

---

<sup>(1)</sup> The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 4).

<sup>(2)</sup> The per share data was derived by using the weighted average shares outstanding during the applicable period.

<sup>(3)</sup> The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Series I shares in relation to fluctuating market value for the portfolio.

<sup>(4)</sup> Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole.

<sup>(5)</sup> The ratios were derived using the simple average net assets during the applicable period.

<sup>(6)</sup> The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. The Series I performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Series I shares.

The financial highlights for period from the Funding Date to March 31, 2025 are not shown as Series I had not yet commenced investment operations.

**7.** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined to disclose the following subsequent events and transactions.

*Unregistered Sales of Equity Securities*

 

In April 2026, Series I issued 567,363 Shares for total aggregate net consideration of $18,124,125. The offer and sale of such Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

There are no other events that require disclosure or adjustment to the unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Assets and Liabilities (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31, <br> 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Investments at fair value (Cost $207,782,921 and $139,937,414, respectively) | $259339589 | $183179945 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4476420 | 2277971 |
| &nbsp;&nbsp;&nbsp;Due from Manager - Expense Support | 3102568 | 4360335 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 882452 | 1323678 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 116433 | 158043 |
| &nbsp;&nbsp;&nbsp;Derivative assets at fair value | 99018 | - |
| **Total Assets** | 268016480 | 191299972 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | $10205521 | $8733421 |
| &nbsp;&nbsp;&nbsp;Loan payable | 9728585 | 10510000 |
| &nbsp;&nbsp;&nbsp;Performance participation allocation payable | 5083620 | 3415609 |
| &nbsp;&nbsp;&nbsp;Servicing fees payable | 4457820 | 2961570 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 2476207 | - |
| &nbsp;&nbsp;&nbsp;Organizational costs payable | 2387483 | 2559348 |
| &nbsp;&nbsp;&nbsp;Offering costs payable | 1734837 | 1734837 |
| &nbsp;&nbsp;&nbsp;Interest payable | 622518 | 1694183 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 607722 | 164062 |
| &nbsp;&nbsp;&nbsp;Promissory Notes (net of debt issuance costs of $151,774 and $167,226, respectively) | 706226 | 690774 |
| &nbsp;&nbsp;&nbsp;Management fees payable | 585414 | 212689 |
| &nbsp;&nbsp;&nbsp;Accounts payable & accrued expenses | 246615 | 465045 |
| &nbsp;&nbsp;&nbsp;Current Income tax payable | 89710 | - |
| **Total Liabilities** | $38932278 | $33141538 |
| **Commitments and Contingencies (Note 9)** |  |  |
| **Net Assets** | $229084202 | $158158434 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Assets and Liabilities (Unaudited) - continued**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31, <br> 2025** |
| **Net Asset Value Per Share** | | |
| **F-S<sub>TE</sub> Shares** | | |
| &nbsp;&nbsp;&nbsp;Net Assets | $16004763 | $3231299 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 503216 | 105792 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.80 | $30.54 |
| **F-D<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $12669163 | $12878001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 401494 | 400100 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.56 | $32.19 |
| **F-I<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2309661 | $1319688 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 71385 | 40677 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $32.35 | $32.44 |
| **F-J<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $22149653 | $18158680 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 698805 | 572307 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.70 | $31.73 |
| **S<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3062 | $3136 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $30.62 | $31.36 |
| **D<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3140 | $3212 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.40 | $32.12 |
| **I<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3173 | $3243 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.73 | $32.43 |
| **J<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3108 | $3180 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.08 | $31.80 |
| **E<sub>TE</sub> Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1329 | $1344 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 40 | 40 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $33.23 | $33.60 |
| **F-S Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $23504962 | $13513460 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 759798 | 448694 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $30.94 | $30.12 |
| **F-I Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $12850624 | $6660049 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 400558 | 207668 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $32.08 | $32.07 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Assets and Liabilities (Unaudited) - continued**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br> 2026** | **December 31, <br> 2025** |
| **F-J Shares** | | |
| &nbsp;&nbsp;&nbsp;Net Assets | $124405216 | $89697782 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 3970498 | 2862789 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $31.33 | $31.33 |
| **E Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $15176348 | $12685360 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 453080 | 377933 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $33.50 | $33.57 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Operations (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> three months<br> ended <br> March 31, <br> 2026** | **For the <br> period from<br> March 28, <br> 2025 <br> (Funding Date) <br> to<br> March 31, <br> 2025** |
| **Income** | | |
| Dividend income | $944193 | $- |
| Interest income (net of tax withholding of $31,620 and $0, respectively) | 474165 | - |
| **Total Income** | 1418358 | - |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Professional fees | $1832485 | $- |
| &nbsp;&nbsp;&nbsp;Performance participation allocation | 1668011 | - |
| &nbsp;&nbsp;&nbsp;Interest and loan related fees | 902465 | - |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 441226 | - |
| &nbsp;&nbsp;&nbsp;Management fees | 372725 | - |
| &nbsp;&nbsp;&nbsp;Servicing fees | 227554 | - |
| &nbsp;&nbsp;&nbsp;Other expenses | 159843 | - |
| &nbsp;&nbsp;&nbsp;Organizational costs | - | 1067239 |
| **Total Expenses** | 5604309 | 1067239 |
| &nbsp;&nbsp;&nbsp;Less: Expense Support from Manager | (2017077) | (1067239) |
| **Net Expenses** | 3587232 | - |
| **Net Investment income (loss)** | (2168874) | - |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investments (net of deferred taxes of $1,472,101 and $0, and current taxes of $89,709 and $0, respectively) | 6752327 | - |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on derivative investments | 99018 | - |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on foreign currency translation | (3635) | - |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 6847710 | - |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4678836 | $- |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Changes in Net Assets (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **F-S<sub>TE</sub> Shares** | **F-D<sub>TE</sub> Shares** | **F-I<sub>TE</sub> Shares** | **F-J<sub>TE</sub> Shares** | **S<sub>TE</sub> Shares** | **D<sub>TE</sub> Shares** | **I<sub>TE</sub> Shares** | **J<sub>TE</sub> Shares** | **E<sub>TE</sub> Shares** | **F-S<br> Shares** | **F-I <br> Shares** | **F-J<br> Shares** | **E <br> Shares** | **Total<br> Shareholders'<br> Equity<br> (Net Assets)** |
| Balance at December 31, 2025 | $3231299 | $12878001 | $1319688 | $18158680 | $3136 | $3212 | $3243 | $3180 | $1344 | $13513460 | $6660049 | $89697782 | $12685360 | $158158434 |
| Consideration from the issuance of shares | 12780683 |  | 980000 | 3969500 |  |  |  |  |  | 9793469 | 6098310 | 34259058 | 2437500 | 70318520 |
| Reinvestment of distributions | 13000 | 44000 | 5485 | 66623 |  |  |  |  | 9 | 32193 | 14921 | 280927 | 42075 | 499233 |
| Distributions declared (Note 8) | (214265) | (191817) | (37020) | (328264) | (52) | (52) | (52) | (52) | (37) | (315084) | (164860) | (1720357) | (197546) | (3169458) |
| Net increase (decrease) in net assets resulting from capital activity | 12579418 | (147817) | 948465 | 3707859 | (52) | (52) | (52) | (52) | (28) | 9510578 | 5948371 | 32819628 | 2282029 | 67648295 |
| Net investment gain (loss) | (120192) | (183762) | (16174) | (281999) | (54) | (49) | (48) | (51) | 1 | (201734) | (65454) | (1305850) | 6492 | (2168874) |
| Net change in unrealized appreciation (depreciation) | 378551 | 440436 | 60873 | 715808 | 109 | 108 | 110 | 110 | 43 | 650688 | 305206 | 3837354 | 458314 | 6847710 |
| Reallocation of unrealized gain (loss) | 356072 | (319548) | (3191) | (87792) | (80) | (80) | (80) | (80) | (31) | 333797 | 2452 | (25592) | (255847) | - |
| Net increase (decrease) in net assets resulting from operations | 614431 | (62874) | 41508 | 346017 | (25) | (21) | (18) | (21) | 13 | 782751 | 242204 | 2505912 | 208959 | 4678836 |
| Accrued service fees | (420385) | 1853 | - | (62903) | 3 | 1 | - | 1 | - | (301827) | - | (618106) | - | (1401363) |
| Balance at March 31, 2026 | $16004763 | $12669163 | $2309661 | $22149653 | $3062 | $3140 | $3173 | $3108 | $1329 | $23504962 | $12850624 | $124405216 | $15176348 | $229084202 |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Changes in Net Assets (Unaudited)**

---

| | |
|:---|:---|
|  | **Total<br> Shareholders'<br> Equity <br> (Net Assets)** |
| Balance at March 28, 2025 (Funding Date) | $- |
| Consideration from the issuance of shares | 1000<sup>(1)</sup> |
| Distributions declared | - |
| Net increase (decrease) in net assets resulting from capital activity | 1000 |
| Net investment loss | - |
| Net change in unrealized appreciation (depreciation) | - |
| Net increase (decrease) in net assets resulting from operations | - |
| Accrued service fees | - |
| Balance at March 31, 2025 | $1000 |

---

(1) Capital activity relates to
E<sub>TE</sub> Shares.

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the <br> three months<br> ended <br> March 31, <br> 2026** | **For the <br> period from<br> March 28, <br> 2025 <br> (Funding Date)<br> to<br> March 31, <br> 2025** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $4678836 | $- |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (67736980) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (87515) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash accretion of discount | (21012) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investments | (8314137) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on derivative investments | (99018) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs | 441226 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization/accretion of servicing fees | 227554 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 15452 | - |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Manager - Expense Support | 1257767 | (1067239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 41610 | - |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation payable | 1668011 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 1472100 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | 443660 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 372725 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax liability | 89710 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs payable | (171865) | 1067239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable & accrued expenses | (218430) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (1071665) | - |
| Net cash used in operating activities | (67011971) | - |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Capital contributions | 70318520 | 1000 |
| &nbsp;&nbsp;&nbsp;Distributions paid in cash, net of distribution payable and reinvestment of distributions | (194018) | - |
| &nbsp;&nbsp;&nbsp;Borrowings from loans | 22420955 | - |
| &nbsp;&nbsp;&nbsp;Repayment of loans | (23202370) |  |
| &nbsp;&nbsp;&nbsp;Servicing fees paid | (132667) | - |
| Net cash provided by financing activities | 69210420 | 1000 |
| Net increase (decrease) in cash | 2198449 | 1000 |
| Cash and cash equivalents, beginning of period | 2277971 | - |
| Cash and cash equivalents, end of period | $4476420 | $1000 |
| **Supplemental disclosure of cash flow information** |  |  |
| Cash paid for interest | $162581 | $- |
| **Supplemental disclosure of non-cash financing activities** |  |  |
| Reinvestment of distributions | $499233 | $- |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Portfolio Companies** | **Interest<br> Rate** | **Maturity Date** | **Type of<br> Investment** | **Industry** | **Principal** | **Cost** | **Fair Value** | **Fair Value <br> as a <br> Percentage of <br> Net Assets** |
| **Debt Investments** |  |  |  |  | | | | |
| **North America** |  |  |  |  | | | | |
| &nbsp;&nbsp;&nbsp;Galaxy Helios I LLC (1)(2) | SOFR + 4.75% Cash | 8/15/2028 | Delayed Draw Term Loan | Data Center | $5093490 | $4951333 | $5093490 | 2.2% |
| &nbsp;&nbsp;&nbsp;Pelican Power LLC (1)(3) | SOFR + 5.50% Cash | 8/29/2030 | Term Loan | Utilities | $7753333 | 7753333 | 7784684 | 3.4% |
| **Total North America** |  |  |  |  |  | 12704666 | 12878174 | 5.6% |
| **Europe** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Substantial Holdco Limited (4) | 8.00% Cash <br> 4.00% PIK | 4/20/2030 | Delayed Draw Term Loan | Telecommunications | £3915595 | 5224405 | 5163495 | 2.3% |
| **Total Europe** |  |  |  |  |  | 5224405 | 5163495 | 2.3% |
| **Total Debt Investments** |  |  |  |  |  | $17929071 | $18041669 | 7.9% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Portfolio Companies** | **Asset** | **Type of<br> Investment** | **Industry** | **Ownership<br> % of<br> Investment** | **Cost** | **Fair Value** | **Fair Value<br> as a <br> Percentage of<br> Net Assets** |
| **Equity Investments** |  |  |  | | | | |
| **North America** |  |  |  | | | | |
| &nbsp;&nbsp;&nbsp;ENTEK Technology Holdings LLC (5) | Equity Interest Held Through ISQ Liberty Aggregator, L.P. | Common Stock | Conventional Energy | 6.26% | $26324579 | $28244489 | 12.3% |
| &nbsp;&nbsp;&nbsp;Ezee Fiber Texas, LLC (5) | Equity Interest Held Through ISQGIF III U.S. AIV Telecom Aggregator, L.P. | Common Stock | Telecommunications | 1.49% | 23500000 | 25158236 | 11.0% |
| &nbsp;&nbsp;&nbsp;Liberty Tire Recycling LLC (5) | Equity Interest Held Through ISQ Eagle Aggregator L.P. | Common Stock | Environmental Infrastructure | 2.83% | 29193359 | 29937530 | 13.1% |
| &nbsp;&nbsp;&nbsp;Matterhorn Express Pipeline LLC (5) | Equity Interest Held Through ISQ Spyder Aggregator, L.P. | Common Stock | Energy Transportation | 6.92% | 34031465 | 46223769 | 20.2% |
| &nbsp;&nbsp;&nbsp;Summit School Services (5) | Equity Interest Held Through ISQ Bus Aggregator, L.P. | Common Stock | Transportation | 8.16% | 19304447 | 26036165 | 11.4% |
| &nbsp;&nbsp;&nbsp;Transport Equipment Network (TEN), LLC (6) | Equity Interest Held Through Transportation Equipment Network (TEN), LLC | Common Stock | Transportation | 6.29% | 57500000 | 85697731 | 37.3% |
| **Total North America** |  |  |  |  | 189853850 | 241297920 | 105.3% |
| **Total Equity Investments** |  |  |  |  | $189853850 | $241297920 | 105.3% |
| **Total Investments, at fair value** |  |  |  |  | $207782921 | $259339589 | 113.2% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Cost** | **Fair Value** |  |
| **Derivative Investments** | Notional Amount |  |  |  |
| **Foreign Currency Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase U.S. dollar/Sell British pound | 5048497 | $- | $99018 | 0.0% |
| **Total Forward Currency Contracts** |  | - | 99018 |  |
| **Total Derivative Investments, at fair value** |  | - | 99018 | 0.0% |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) - continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Equivalents** | **Type of<br> Investment** | **Shares** | **Cost** | **Fair Value** | **Fair Value<br> as a<br> Percentage<br> of<br> Net Assets** |
| **Cash Equivalents** |  | | | | |
| **Money Market Fund** |  | | | | |
| JPMorgan U.S. Government Money Market Fund | Cash Equivalents | 3370966 | $3370966 | $3370966 | 1.5% |
| **Total Cash Equivalents** |  |  | 3370966 | 3370966 | 1.5% |
| **Total Investments and Cash Equivalent** |  |  | $211153887 | $262809573 | 114.7% |

---

(1) Floating rate note. Rate shown
is the rate at March 31, 2026.

(2) Includes a delayed draw term
loan component where an additional principal of $1,573,177 is unfunded as of March 31, 2026. The unfunded loan commitment rate is 0.75%.

(3) Investment contains a 2.00%
floor rate at March 31, 2026.

(4) Includes a delayed draw term
loan component where an additional principal of £1,750,000 is unfunded as of March 31, 2026. The unfunded loan commitment rate
is 2.00%.

(5) Series II holds its investments
in Portfolio Companies indirectly through the Assets noted in the schedule above.

(6) Series II holds its investment
in Transport Equipment Network (TEN), LLC indirectly through an intermediate entity that is wholly owned by Series II.

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Schedule of Investments as of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Portfolio Companies** | **Interest Rate** | **Maturity Date** | **Type of Investment** | **Industry** | **Principal** | **Cost** | **Fair Value** | **Fair Value<br> as a<br> Percentage<br> of<br> Net Assets** |
| **Debt Investments** |  |  |  |  | | | | |
| **North America** |  |  |  |  | | | | |
| &nbsp;&nbsp;&nbsp;Galaxy Helios I LLC (1)(2) | SOFR + 4.75% Cash | 8/15/2028 | Delayed Draw Term Loan | Data Center | $4180891 | $4019126 | $4152093 | 2.6% |
| &nbsp;&nbsp;&nbsp;Pelican Power LLC (1)(3) | SOFR + 5.50% Cash | 8/29/2030 | Term Loan | Utilities | 7753333 | 7753333 | 7879852 | 5.0% |
| **Total North America** |  |  |  |  |  | 11772459 | 12031945 | 7.6% |
| **Europe** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Substantial Holdco Limited (4) | 8.00% Cash 4.00% PIK | 4/20/2030 | Delayed Draw Term Loan | Telecommunications | £3181759 | $4253445 | $4094453 | 2.6% |
| **Total Europe** |  |  |  |  |  | 4253445 | 4094453 | 2.6% |
| **Total Debt Investments** |  |  |  |  |  | 16025904 | 16126398 | 10.2% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Portfolio Companies** | **Asset** | **Type of Investment** | **Industry** | **Ownership<br> % of<br> Investment** | **Cost** | **Fair Value** | **Fair Value<br> as a<br> Percentage<br> of<br> Net Assets** |
| **Equity Investments** |  |  |  | | | | |
| **North America** |  |  |  | | | | |
| &nbsp;&nbsp;&nbsp;ENTEK Technology Holdings LLC (5) | Equity Interest Held Through ISQ Liberty Aggregator, L.P. | Common Stock | Conventional Energy | 1.58% | $6645179 | $6964870 | 4.4% |
| &nbsp;&nbsp;&nbsp;Ezee Fiber Texas, LLC (5) | Equity Interest Held Through ISQGIF III U.S. AIV Telecom Aggregator, L.P. | Common Stock | Telecommunications | 1.46% | 20700000 | 21635349 | 13.7% |
| &nbsp;&nbsp;&nbsp;Matterhorn Express Pipeline LLC (5) | Equity Interest Held Through ISQ Spyder Aggregator, L.P. | Common Stock | Energy Transportation | 6.92% | 34031465 | 42162460 | 26.7% |
| &nbsp;&nbsp;&nbsp;Summit School Services (5) | Equity Interest Held Through ISQ Bus Aggregator, L.P. | Common Stock | Transportation | 8.16% | 27455820 | 33108760 | 20.9% |
| &nbsp;&nbsp;&nbsp;Transport Equipment Network (TEN), LLC (6) | Equity Interest Held Through Transportation Equipment Network (TEN), LLC | Common Stock | Transportation | 6.29% | 35079046 | 63182108 | 39.9% |
| **Total North America** |  |  |  |  | 123911510 | 167053547 | 105.6% |
| **Total Equity Investments** |  |  |  |  | 123911510 | 167053547 | 105.6% |
| **Total Investments, at fair value** |  |  |  |  | 139937414 | 183179945 | 115.8% |

---

See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Consolidated Schedule of Investments as of December 31, 2025 – continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Equivalents** | **Type of<br> Investment** | **Shares** | **Cost** | **Fair Value** | **Fair Value<br> as a <br> Percentage<br> of<br> Net Assets** |
| **Cash Equivalents** |  | | | | |
| **Money Market Fund** |  | | | | |
| JPMorgan U.S. Government Money Market Fund | Cash Equivalents | 2180513 | $2180513 | $2180513 | 1.4% |
| **Total Cash Equivalents** |  |  | 2180513 | 2180513 | 1.4% |
| **Total Investments and Cash Equivalent** |  |  | $142117927 | $185360458 | 117.2% |

---

(1) Floating
rate note. Rate shown is the rate at December 31, 2025.

(2) Includes
a delayed draw term loan component where an additional principal of $2,485,776 is unfunded as of December 31, 2025. The unfunded loan
commitment rate is 0.75%.

(3) Investment
contains a 2.00% floor rate at December 31, 2025.

(4) Includes
a delayed draw term loan component where an additional principal of £2,450,000 is unfunded as of December 31, 2025. The unfunded
loan commitment rate is 0.75%.

(5) Series
II holds its investments in Portfolio Companies indirectly through the Assets noted in the schedule above.

(6) Series
II holds its investment in Transport Equipment Network (TEN), LLC indirectly through an intermediate entity that is wholly owned by Series
II. See notes to unaudited consolidated financial statements.

**ISQ Open Infrastructure Company LLC**

**Series II**

**Notes to Unaudited Consolidated Financial Statements**

**1.** **Organization** 

ISQ Open Infrastructure Company LLC (the "Company") is a limited liability company that was formed in accordance with the laws of Delaware on January 15, 2025. The Company is a series limited liability company with series established pursuant to Sections 18-215 or 18-218 of the Delaware Limited Liability Company Act (the "LLC Act"). On March 13, 2025, the Company established two registered series of limited liability company interests, ISQ Open Infrastructure Company LLC—Series I ("Series I") and ISQ Open Infrastructure Company LLC—Series II ("Series II" and together with Series I, "Series"). The purchase of shares of a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series is a separate series of segregated assets and liabilities and corresponding limited liability company interests of the Company.

Series I and Series II are intended to be treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the LLC Act provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and assets associated with a Series may be held, directly or indirectly, including in the name of such Series, in the name of the Company, through a nominee or otherwise. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series.

Each of Series I and Series II will remain in existence until its certificate of registered series has been cancelled in the manner required by the LLC Act following Series I's or Series II's, as applicable, dissolution and the completion of the winding up of such Series in accordance with the Fourth Amended and Restated Limited Liability Company Agreement of the Company (the "LLC Agreement"), the applicable series agreement and Delaware law. The LLC Agreement and the applicable series agreement provides that Series I or Series II will be dissolved upon (a) the adoption of a resolution by the board of directors (the "Board") approving the dissolution of Series I or Series II, as applicable, and the approval of such action by the controlling shareholder, (b) the operations of Series I or Series II, as applicable, ceasing to constitute legal activities under the LLC Act or any other applicable law (as determined by the Board), (c) the entry of a decree of judicial dissolution of a Series under Section 18-218(c)(11) of the LLC Act, or (d) the dissolution of the Company.

The Company conducts its operations so that neither Series I or Series II is required to register as an "investment company" under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Company primarily seeks to manage joint ventures that own and control private companies, infrastructure assets and infrastructure-related assets located globally but with a focus on North America, Europe and selected growth economies in Asia and Latin America (the "Infrastructure Assets") with the objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation.

The Company is conducting a continuous private offering of the shares to (i) accredited investors (as defined in Regulation D under the U.S. Securities Act of 1933 (the "Securities Act")) and (ii) in the case of shares sold outside the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act, including under Regulation D and Regulation S.

The Company is sponsored by I Squared Capital Advisors (US) LLC (together with its subsidiaries and affiliated entities, "I Squared") and benefits from I Squared's infrastructure sourcing and portfolio management platform pursuant to a management agreement (the "Management Agreement") entered into with ISQ OpenInfra Registered Advisor LLC (the "Manager"), an affiliate of I Squared, on September 2, 2025, to support the Company in managing its portfolio of Infrastructure Assets.

In pursuing its investment objective, Series I invests and continues to invest substantially all of its assets in Series II. The portfolio of Series I typically consists solely of Series II shares. Therefore, Series I's investment results correspond directly to the investment results of Series II. Series II has the same business objective and strategy as Series I. For convenience of the reader, references to Series II's investments also refer to Series I investments (vice versa), and references to the risks of investing in Series II also refer to the risks of investing in Series I (vice versa), except as otherwise provided. Series I and Series II are part of a master-feeder fund structure. The feeder fund, Series I, invests substantially all of its assets in the master fund, Series II, through the Blocker (as defined below).

On March 28, 2025 (the "Funding Date"), Series I contributed $1,000 to Series II through a blocker, ISQ Open Infrastructure Holdings, L.P. (the "Blocker"), domiciled in the Cayman Islands, and Series I and Series II commenced operations.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

 ****

***Basis of Accounting***— The unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in United States dollars. The Company's fiscal year end is December 31.

Series II unaudited consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services—Investment Companies. Series I and Series II qualify as investment companies solely for accounting purposes and not for any other purpose. Series I and Series II are not registered, and are not required to be registered, as investment companies under the Investment Company Act. Series I and Series II follow the significant accounting policies described below.

 ****

***Basis of Presentation***— Series I and Series II are treated as distinct entities under the LLC Act and for U.S. federal income tax purposes, each with its own segregated assets, liabilities, and expenses. If any expenses are incurred on behalf of or for the benefit of either Series, the Manager allocates those expenses among Series based on the relative size of each Series' investment in the relevant activity or entity, the net asset value of each Series, or another method the Manager, in good faith, deems fair and reasonable.

 ****

***Basis of Consolidation***— As provided under Regulation S-X and ASC 946, Series II generally does not consolidate its investments in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to Series II. Accordingly, Series II consolidated the financial position and results of operations of its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

 ****

***Use of Estimate*s**— The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, in particular the fair value of investments, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the amounts of income and expenses during the reporting period. Management believes that the estimates utilized in preparing the unaudited consolidated financial statements are reasonable and prudent; however, actual results could differ from those estimates, and such differences could be material to Series II.

***Derivative Investments***— Series II 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.

Series II 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, Series II 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 as the Net Realized and Unrealized 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 as the Net Change in Unrealized Gain/(Loss) on Derivative Instruments on the condensed consolidated statements of operations.

 ****

***Cash and Cash Equivalents***— Cash and cash equivalents include cash on hand, cash held in banks and money market funds with financial institutions with maturities of three months or fewer at the time of acquisition. As of March 31, 2026 and December 31, 2025, Series II held cash equivalents of $3,370,966 and $2,180,513, respectively.

***Organizational and Offering Expenses***— Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series II and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment as described in Note 6.

Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis.

 ****

***Distribution Fees and Servicing Fees***— Series II pays the applicable selling agents ongoing servicing fees (the "Servicing Fees") of 0.85% of NAV per annum for Class F-S Shares, Class F-S<sub>TE</sub> Shares, and Class S<sub>TE</sub> Shares, 0.50% of NAV per annum for Class F-J Shares, Class F-J<sub>TE</sub> and Class J<sub>TE</sub> Shares, and 0.25% of NAV per annum for Class F-D<sub>TE</sub> Shares, and Class D<sub>TE</sub> Shares, payable monthly in arrears, as they become contractually due.

Class F-I Shares, Class F-I<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares, Class E Shares, and Class E<sub>TE</sub> Shares do not incur Servicing Fees. Such Servicing Fees are calculated based on Series II's transactional net asset value, which is the price at which Series II sells and redeems its Shares.

All or a portion of the Servicing Fee may be used to pay for sub-transfer agency, platform, sub-accounting and certain other administrative services.

Under U.S. GAAP, Series II accrues the cost of the Servicing Fees and Distribution Fees as an offering cost at the time Series II sells the applicable classes of Shares and amortizes such costs over the estimated life of the Shares. For the three months ended March 31, 2026, and for the period from the Funding Date to March 31, 2025, Series II has incurred $1,401,363 and $0, respectively, of Servicing Fees payable to the selling agents related to the applicable classes of Shares sold.

 ****

***Investments, at Fair Value***— ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value. Series II recognizes and accounts for its assets (including the Infrastructure Assets) at fair value. The fair value of the assets does not reflect transaction costs that may be incurred upon disposition of the assets.

Fair value is the price 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. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes.

Assets and liabilities recorded at fair value on the Unaudited Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under U.S. GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, and are as follows:

Level 1— inputs are observable market inputs that reflect quoted prices for identical securities in active markets that the entity has the ability to access at the measurement date.

Level 2— inputs are observable market inputs other than quoted prices for identical assets in active markets the entity has the ability to access at the measurement date.

Level 3— inputs are unobservable markets inputs, for example, inputs derived through extrapolation or interpolation that are not able to be corroborated by observable market data.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.

The Board is responsible for overseeing the valuation of Series II's investments at fair value as determined in good faith pursuant to Series II's valuation policy. The Board has designated the Manager as Series II's valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in Series II's valuation policy.

There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Infrastructure Assets that do not have readily available market prices, the Manager considers industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business or asset is expected to generate in the future. The market approach relies upon valuations for comparable companies, transactions or assets, and includes making judgments about which companies, transactions, or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. It is common to use only the income approach for Infrastructure Assets. The Manager also considers a range of additional factors that it deems relevant, including a potential sale of an Infrastructure Asset, macro and local market conditions, industry information and the Infrastructure Asset's historical and projected financial data.

Infrastructure Assets are generally valued at transaction price initially; however, to the extent the Manager does not believe an Infrastructure Asset's transaction price reflects the current market value, the Manager may adjust such valuation. When making fair value determinations for Infrastructure Assets, the Manager updates the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the Infrastructure Assets financial performance since the valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Manager values Infrastructure Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.

When making fair value determinations for assets that do not have a reliable readily available market price, the Manager engages one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. However, the Manager is ultimately responsible for determining the fair value of all applicable investments in good faith in accordance with Series II's valuation policies and procedures.

Because assets are valued as of a specified valuation date, events occurring subsequent to that date are not reflected in Series II's valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it is evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Manager reviews the appropriateness of Series II's valuation policies and procedures and recommends any proposed changes to the Board. From time to time, the Board and the Manager may adopt changes to the valuation policies and procedures if they determine that such changes are likely to result in a more accurate reflection of estimated fair value.

***Net Realized Gains or Losses and Net Change in Unrealized Appreciation (Depreciation) on Investments and Derivatives***— Without regard to unrealized appreciation (depreciation) previously recognized, 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. Net change in unrealized appreciation (depreciation) reflects the change in investment values during the reporting period, including the reversal of any previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

 ****

***Income and Expense Recognition****—* Interest income is recognized on the accrual basis. Series II records dividend income and accrues interest income from private securities pursuant to the terms of the respective investment, unless, in the case of dividend income, Series II determines that the portfolio company does not have positive earnings in which case such dividend income is treated as a return of capital. The Company records unrealized appreciation or depreciation on their investments based upon the change in fair value of investments. Realized gains and losses on the sale of investments are recorded on the trade date basis using the specific identification method. Expenses are recorded as incurred. Interest and dividend income are recorded net of any withholding taxes. Interest income is not accrued when collection appears unlikely.

 ****

***Income Taxes***— Series II operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the entity in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. A partnership, such as each Series, may nonetheless be taxed as a corporation if it is a publicly traded partnership, unless it meets the qualifying income exception. The qualifying income exception applies with respect to a publicly traded partnership if (i) at least 90% of such partnership's gross income for each taxable year consists of "qualifying income" and (ii) the partnership would not be required to register under the Investment Company Act if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. Each Series is managed such that it meets the qualifying income exception in each taxable year. If either Series were recharacterized as a corporation for federal income tax purposes by not meeting the qualifying income exception, the holders of interest in that Series would then be treated as stockholders in a corporation, and the Series would become taxable as a corporation for U.S. federal income tax purposes. Further, each Series would be subject to U.S. corporate income tax on its net taxable income. In addition, each Series operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

***Deferred Income Taxes****—* Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in the Unaudited Consolidated Statements of Operations in the period when the change is enacted.

Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include the ability to carry back losses, future reversals of existing temporary differences, tax planning strategies, and expectations of future earnings.

***Uncertain Tax Positions****—* Series II analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Company determines that uncertainties in tax positions exist, a reserve is established. The reserve for uncertain tax positions is recorded in Taxes Payable in the accompanying Unaudited Consolidated Statements of Assets and Liabilities. Series II recognizes accrued interest and penalties related to uncertain tax positions within the provision for income taxes in the Unaudited Consolidated Statements of Operations. Series II records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that meet the more-likely-than-not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

 

***Calculation of Net Asset Value***— Net asset value ("NAV") under U.S. GAAP by share class is calculated by subtracting total liabilities for each class from the total carrying amount of all assets for that class, which includes the fair value of investments. At the end of each month, any change in our NAV (whether an increase or decrease) is allocated among each share class based on the relative percentage of the previous aggregate NAV for each share class, adjusted for issuances of shares that were effective on the first calendar day of such month and redemptions that were effective on the last calendar day of such month. NAV per share for each class is calculated by dividing the NAV for that class by the total number of outstanding shares of that class on the reporting date.

The Manager is ultimately responsible for the Company's NAV calculations.

***Borrowings—*** Series II records amounts drawn under its line of credit as borrowings within the Unaudited Consolidated Statements of Assets and Liabilities. Borrowings under the line of credit are initially recognized at cost, which represents the proceeds received, and are subsequently carried at amortized cost. Interest accrues at the contractual interest rate applicable under the Credit Agreement (as defined below), which is generally based on the Secured Overnight Financing Rate ("SOFR") plus a stated margin, or such other base rate as defined under the terms of the facility.

 ****

***Due to/Due from Manager—*** Balances due to or due from the Manager represent amounts payable or receivable arising from reimbursable expenses, fee waivers, expense support arrangements, or other related-party transactions. These amounts are recorded at their contractual amount and are settled in the normal course of business. Amounts due to the Manager are classified as liabilities, and amounts due from the Manager are classified as assets in the Unaudited Consolidated Statements of Assets and Liabilities.

 ****

***Performance Participation Allocation*—** Under the LLC Agreement, so long as the Management Agreement has not been terminated, the Company is entitled to receive a Performance Participation Allocation equal to 12.5% of the Total Return attributable to Investor Shares, subject to a 5.0% Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement) (the "Performance Participation Allocation"). The Performance Participation Allocation is measured and paid on an annual basis and accrued monthly; see "Note 6. RELATED PARTY TRANSACTIONS", below for further detail. Such Performance Participation Allocation is calculated based on the Company's transactional net asset value, which is the price at which the Company sells and redeems its Shares. The Company may elect to receive the Performance Participation Allocation in cash and/or Class E Shares. If the Performance Participation Allocation is paid in Class E Shares, such shares may be redeemed at the Company's request and are subject to the redemption limitations of our share redemption program.

 ****

***Segment Reporting***— Series II operates through a single operating and reporting segment with a primary objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. The chief operating decision maker ("CODM") is comprised of the Company's Chief Executive Officer and Chief Investment Officer (the "Principal Committee") which assesses the performance and makes operating decisions of the Company on a consolidated basis. The CODM has concluded that the Company operates as a single operating segment because the Company has a single investment strategy against which the CODM assesses the Company's performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess Series II's performance. As the Company's investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Unaudited Consolidated Statements of Assets and Liabilities and significant segment expenses are the same as those listed in the Unaudited Consolidated Statements of Operations.

**3.** **INVESTMENTS** 

**<u>Summarized Infrastructure Assets Financial Information</u>**

The following table presents unaudited summarized operating data for the three months ended March 31, 2026 and the audited summarized operating data for the period from the Funding Date to December 31, 2025 for the Infrastructure Assets listed in the Consolidated Schedule of Investments in the aggregate in which Series II has an indirect equity interest:

**<u>Summarized Operating Data:</u>**

---

| | |
|:---|:---|
|  | **For the <br> three months<br> ended<br> March 31,<br> 2026** |
| Revenues | $263635639 |
| Expenses | (224714414) |
| Income (loss) before taxes | 38921225 |
| Income tax expense (benefit) | 1808042 |
| Consolidated net income (loss) | 40729267 |
| Net income (loss) attributable to non-controlling interests | - |
| Net income (loss) | $40729267 |

---

The net income above represents the aggregated net income attributable to the controlling interests in each of Series II's Infrastructure Assets and does not represent Series II's proportionate share of income.

**4.** **FAIR VALUE MEASUREMENT AND DISCLOSURES** 

The following table summarizes the valuation of Series II's investments and derivatives intruments in the fair value hierarchy levels as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level I** | **Level II** | **Level III** | **Total** |
| **Investments and derivative instruments at fair value** | | | | |
| Equity Investments | $- | $- | $241297920 | $241297920 |
| Debt Investments | - | - | 18041669 | 18041669 |
| Derivative Assets | - | 99018 | - | 99018 |
| &nbsp;&nbsp;&nbsp;**Total Investments and derivative instruments at fair value** | $- | $99018 | $259339589 | $259438607 |

---

As of March 31, 2026, cash and cash equivalents at Series II include a money market fund balance of $3,370,966, which is considered a Level I asset.

The following table summarizes the valuation of Series II's investments 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 | $- | $- | $167053547 | $167053547 |
| Debt Investments | - | - | 16126398 | 16126398 |
| **Total Investments at fair value** | $- | $- | $183179945 | $183179945 |

---

As of December 31, 2025, cash and cash equivalents at Series II included 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 three months ended March 31, 2026.

---

| | |
|:---|:---|
| **Description** | **Amount** |
| Balance as of December 31, 2025 | $183179945 |
| Purchases of investments | 67845507 |
| Net change in unrealized gain (loss) on investments | 8314137 |
| Transfers out of Level III | - |
| Transfers into Level III | - |
| **Balance as of March 31, 2026** | $**259339589** |

---

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 Unaudited Consolidated Statements of Operations for the three months ended March 31, 2026 attributable to Level III assets still held at March 31, 2026 for Series II was $8,314,137.

There were no investments held for the period from the Funding Date to March 31, 2025.

The following table provides quantitative measures used to determine the fair values of Level III assets as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level III Assets** | **Fair Value** | **Valuation<br> Methodology<br> & Inputs** | **Unobservable <br> Input(s)<sup>(1)</sup>** | **Weighted<br> Average<sup>(2)</sup>** |  | **Range** | **Impact to<br> Valuation<br> from an<br> Increase in<br> Input <sup>(3)</sup>** |
| Equity Investments | $241297920 | Discounted Cash Flow | Discount Rate | 12.8 | % | 11.5% - 17.3% | Decrease |
|  |  | Discounted Cash Flow | Exit Multiple | 7.9 | x | 5.0x - 15.0x | Increase |
| Debt Investments | 12878174 | Discounted Cash Flow | Discount Rate | 10.0 | % | 9.5% - 10.3% | Decrease |

---

Investments with fair value of $5,163,495 are omitted from the above fair value table. Quantitative measures were used to determine the fair value of Substantial HoldCo Limited as this investment was valued based on an expected transaction.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level III Assets** | **Fair Value** | **Valuation<br> Methodology<br> & Inputs** | **Unobservable <br> Input(s)<sup>(1)</sup>** | **Weighted<br> Average<sup>(2)</sup>** |  | **Range** | **Impact to<br> Valuation<br> from an<br> Increase in<br> Input <sup>(3)</sup>** |
| Equity Investments | $167053547 | Discounted Cash Flow | Discount Rate | 12.3 | % | 11.5% - 17.3% | Decrease |
|  |  | Discounted Cash Flow | Exit Multiple | 7.4 | x | 5.0x -15.0x | Increase |
| Debt Investments | 16126398 | 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 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.

**5.** **DEBT** 

*Promissory Notes*

On September 2, 2025, Series II issued unsecured promissory notes (the "Promissory Notes") with a cumulative principal balance of $858,000. The Promissory Notes are reported at amortized cost and are reflected on Series II's Unaudited Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4% per annum, payable semi-annually in arrears, with a legal maturity date of September 2, 2055. However, the Manager intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within interest and financing expenses on Series II's Unaudited Consolidated Statements of Operations.

*Line of Credit*

On December 12, 2025, the Company, as well as certain wholly-owned subsidiaries which may be added and removed from time to time (the "Borrowers"), entered into an unsecured, uncommitted line of credit (the "Credit Agreement") up to a maximum aggregate principal amount of $60 million with I Squared Capital, LLC (the "Lender"), an affiliate of the Company. The line of credit expires on April 15, 2026, subject to extension options up to six months, requiring the Lender's approval. The interest rate is the then-current rate offered by a third-party lender or, if no such rate is available, SOFR applicable to such loan plus 2.25%. Interest is calculated on a 360-day year.

Each advance under the line of credit is repayable on or before the 10th business day after the month end following the earlier of (i) the date the Lender demands payment and (ii) the Stated Expiration Date (as defined in the Credit Agreement). To the extent Series II has not repaid all Loans and other Obligations (as defined in the Credit Agreement) under the line of credit after a repayment event has occurred, the Company shall use commercially reasonable efforts to apply excess available cash proceeds to the repayment in full of its Loans and Obligations; provided that the Borrowers will be permitted to (i) conduct the share redemption program on terms described in Series II's private placement memorandum, as amended from time to time; (ii) close on any acquisition entered into prior to the Lender's demand for payment; (iii) make elective distributions of an amount not to exceed amounts paid in the immediately preceding fiscal quarter; and (iv) pay any taxes when due. The line of credit also permits voluntary prepayment of principal and accrued interest without any penalty other than customary breakage costs subject to the Lender's discretion. Each Borrower may withdraw from the line of credit at the time all such obligations held by such Borrower to the Lender under the Credit Agreement have been repaid to the Lender in full. 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, the Lender 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.

None of the Lender and its assignees shall have any recourse to any entities with interests in the Borrowers such as a general partner or investor, including Series II, or any of their respective assets for any indebtedness or other monetary obligation incurred under the Credit Agreement.

As of March 31, 2026 and December 31, 2025, the Company had $9,728,585 and $10,510,000, respectively, outstanding under the Credit Agreement. For the three months ended March 31, 2026, the Company had accrued interest expenses of $266,409. There were no borrowings under the Credit Agreement for the period from the Funding Date to March 31, 2025.

 

**6.** **RELATED PARTY TRANSACTIONS** 

 

*Management Agreement*

The Company on behalf of each Series entered into the Management Agreement with the Manager on September 2, 2025. Under the Management Agreement, the Manager is responsible for identifying, assessing, and overseeing the Company's investment opportunities. The Manager also provides recommendations to the Principal Committee (or a member thereof) acting on behalf of Series II regarding the acquisition, management, financing, and sale of the Company's assets (including the Infrastructure Assets), in alignment with the Company's objectives, guidelines, policies, and limitations.

Pursuant to the Management Agreement, the Manager is entitled to receive a management fee (the "Management Fee") from the Company in an amount equal to (i) 0.75% per annum of the month-end NAV attributable to Class F-S Shares, Class F-D Shares, Class F-I Shares, Class F-J Shares, Class F-S<sub>TE</sub> Shares, Class F-D<sub>TE</sub> Shares, Class F-I<sub>TE</sub> Shares and Class F-J<sub>TE</sub> Shares; and (ii) 1.25% per annum of the month-end NAV attributable to Class S Shares, Class D Shares, Class I Shares, Class J Shares, Class S<sub>TE </sub>Shares, Class D<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares and Class J<sub>TE</sub> Shares.

Class E Shares and Class E<sub>TE </sub>Shares do not incur a Management Fee.

The Management Fee is calculated based on the Company's transactional NAV, which is the price at which the Company sells and redeems its Shares, and is computed before giving effect to any accruals for other fees and expenses.

The Manager earned a Management Fee of $372,725 for the three months ended March 31, 2026, none of which has been paid to the Manager as of March 31, 2026. The Manager did not earn a Management Fee for the period from the Funding Date to March 31, 2025.

*Performance Participation Allocation* 

Performance Participation Allocation means the performance participation allocation to be received by the Manager equal to 12.5% of the Total Return attributable to Investor Shares, subject to a 5.0% annual Hurdle Amount and a High Water Mark with a 100% Catch-Up (each term defined in the LLC Agreement). Such allocation is measured and allocated or paid annually and accrued monthly (subject to pro-rating for partial periods).

Such Performance Participation Allocation is calculated based on transactional NAV, which is used to determine the price at which the Company sells and redeems Shares. The Class E Shares and Class E<sub>TE</sub> Shares do not bear any Performance Participation Allocation, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which results in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares. To avoid duplication, Class I-type Shares bear their proportional share of the Performance Participation Allocation indirectly based on their proportional interest in the same class of Investor Shares directly subject to such Performance Participation Allocation.

Specifically, promptly following the end of each "Reference Period" (means the applicable year beginning on October 1 and ending on September 30 of the next succeeding year; provided, that the initial Reference Period shall be the period from July 1, 2025 to September 30, 2026), the Manager is allocated a Performance Participation Allocation in an amount equal to:

● First, if the Total Return with respect to Investor Shares for the applicable period exceeds the sum, with respect to such relevant type of Shares, of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to the Manager equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Manager with respect to such type of Shares pursuant to this clause (any such amount, the "Catch-Up"); and

● Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

The Manager is allocated a Performance Participation Allocation with respect to all Investor Shares that are redeemed in connection with redemptions of Shares, in an amount calculated as described above, with the relevant period being the portion of the Reference Period for which such Shares were outstanding, and proceeds for any such Share redemptions are reduced by the amount of the applicable Performance Participation Allocation.

The Manager may elect to receive the Performance Participation Allocation in cash, Class E Shares, or other beneficial interests or Shares in any Intermediate Entities, or any other class of Shares in the Manager's sole discretion. If the Performance Participation Allocation is paid in Class E Shares, such Shares may be redeemed at the Manager's request and are subject to the redemptions limitations of the share redemption program.

The Manager accrued a Performance Participation Allocation of $1,668,011 for the three months ended March 31, 2026, none of which has been paid to the Manager as of March 31, 2026. The Manager did not accrue a Performance Participation Allocation for the period from the Funding Date to March 31, 2025.

 

*Expense Limitation and Reimbursement Agreement*

The Company, on behalf of each Series, entered into an Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement") with the Manager on August 11, 2025, pursuant to which the Manager agreed to forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company (and in turn each Series), to the extent necessary through and including June 30, 2026, so that, for any fiscal year, the Company's annual Specified Expenses (as defined below) do not exceed 0.75% of the Company's net assets as of the end of each calendar month. The Company, on behalf of each Series, agreed to carry forward the amount of any forgone management fee and/or expenses paid, absorbed or reimbursed by the Manager, when and if requested by the Manager, within five years from the end of the month in which the Manager waived or reimbursed such fees or expenses ("Excess Expenses") and to reimburse the Manager in the amount of such Excess Expenses as promptly as possible, on a monthly basis, but only if and to the extent that Specified Expenses plus any recoupment do not exceed 0.75% of the Company's net assets at the end of each calendar month. The Manager is permitted to recapture a Specified Expense in the same year it is incurred. This arrangement is not permitted to be terminated prior to June 30, 2026 without the Board's consent. "Specified Expenses" is defined to include all expenses incurred in the business of the Company and each Series, including organizational and offering costs and any costs associated with the transfer of a warehoused Infrastructure Asset to the Company, with the exception of (i) the management fee, (ii) the performance participation allocation, (iii) the servicing fee, (iv) Infrastructure Asset level expenses, (v) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, in each case, accrued on or after the Company acquires its first Infrastructure Asset(s) (the "Initial Close"), (vi) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vii) taxes, (viii) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees, officers and directors of the Company) accrued on or after the Initial Close, (ix) certain insurance costs and (x) extraordinary expenses (as determined in the sole discretion of the Manager).

The Manager agreed to reimburse expenses of $2,017,077 and $6,371,865 incurred by Series II for the three months ended March 31, 2026, and for the period from the Funding Date to December 31, 2025, respectively, pursuant to the Expense Limitation Agreement. The amounts are subject to recoupment within a five-year period. As of March 31, 2026 and December 31, 2025, the Company recorded $3,102,568 and $4,360,335, respectively, as Due from Manager.

The Manager believes that it is not probable for Series II to be required to reimburse the expenses waived by the Manager.

---

| | | |
|:---|:---|:---|
| **For the Period Ended:** | **Amount** | **Last Expiration<br> Date** |
| December 31, 2025 | $6371865 | December 31, 2030 |
| March 31, 2026 | 2017077 | March 31, 2031 |
| Total | $8388942 |  |

---

 

*Investment related expenses*

For the three months ended March 31, 2026, Series II accrued $141,253 representing its allocated share of deal sourcing and unconsummated transaction costs incurred by affiliated ISQ funds, including ISQ Global Infrastructure Fund III, ISQ Global Infrastructure Fund IV, and ISQ Global Infrastructure Credit Fund II (collectively, the "Affiliated Funds"). These costs relate to investment sourcing, diligence, and underwriting activities performed by the Affiliated Funds in the ordinary course of evaluating potential investments. For the period from the Funding Date to March 31, 2025, Series II did not accrue any investment related expenses.

Series II invests alongside the Affiliated Funds and expects to have the opportunity to participate in all future investments that meet the investment criteria of the Company. As such, the Company participates in the costs associated with sourcing future investments. The expenses are recognized in the period in which the underlying costs are incurred by the Affiliated Funds.

For the three months ended March 31, 2026, Series II recorded $141,253 within Other expenses in the Unaudited Consolidated Statements of Operations. For the period from the Funding Date to March 31, 2025, Series II did not record any amounts.

*Organizational Expenses and Offering Expenses*

 

Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish Series II and enable it legally to do business. Organizational expenses are paid by the Manager, subject to potential recoupment. For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, Series II incurred organizational expenses of $0 and $1,067,239, respectively, related to legal, accounting, regulatory filings, and other out-of-pocket costs associated with the formation of Series II and its intermediate entities. Certain of these organizational expenses were initially paid by the Manager on behalf of Series II.

Pursuant to the Company's governing documents, the Company reimburses the Manager for organizational expenses incurred prior to the commencement of operations, subject to the terms of the Expense Limitation Agreement.

Offering expenses include registration fees and legal fees regarding the preparation of the general form of registration of securities. Offering expenses are accounted for as deferred costs until operations begin. Offering expenses are then amortized over the first twelve months of operations on a straight-line basis. As of March 31, 2026, and December 31, 2025, Series II incurred cumulative offering expenses of $0 and $1,734,837, respectively. For the three months ended March 31, 2026, Series II amortized $441,226 of deferred offering expenses. For the period from the Funding Date to March 31, 2025, Series II did not amortize any offering expenses.

 

*Line of Credit* 

 

As the Lender is an affiliate of Series II, borrowings under the line of credit constitute a related party transaction. Refer to Note 5 for additional information.

 

*Purchase of Investments* 

For the three months ended March 31, 2026, Series II acquired Liberty Tire Recycling LLC at a total cost of $29,193,359 from affiliates who are advised by affiliates of the Manager. Series II also acquired additional equity interests in Transport Equipment Network, Entek Technology Holdings LLC and Ezee Fiber Texas LLC. These were acquired at total costs of $22,420,955, $19,670,193 and $2,800,000, respectively.

For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, there were $590,468 and $0, respectively, of warehousing interest costs. The costs are included in the Expense Limitation Reimbursement Agreement as reimbursable expenses.

*Other Related Party Transactions*

For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, the Manager provided certain Manager Support Services and Operational Service Costs (as defined in the relevant Limited Partnership Agreements) to portfolio companies of Series II. In connection with the aforementioned arrangement, the Manager has the ability to charge the portfolio companies of Series II for such Manager Support Services and Operational Service Costs. Such fees exclude any board or related fees and incentives paid by portfolio companies directly to Operating Advisors.

For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, there were $152 and $0, respectively, of Manager Support Services and Operational Service Costs charged to Series II and its portfolio companies. As of March 31, 2026 and December 31, 2025, $152 and $849, respectively, was payable to the Manager, mainly related to Manager Support Services and Operational Service Costs. Manager charged a pro-rata portion of such Manager Support Services and Operational Service Costs to the co-investment vehicles.

Series II investments are co-invested with other affiliated I Squared entities, as further detailed in the Consolidated Schedule of Investments.

The Manager and/or its affiliates may provide services to other investment funds and co-investment vehicles that may have similar strategies as the Company.

In addition, at times, I Squared and its portfolio companies utilize the services of the same service provider. Such services are generally invoiced separately by the service provider to each party for their allocable services. For services invoiced solely to I Squared Capital but which also benefited the portfolio companies, I Squared's policy is to allocate based on the time and efforts associated with the services performed.

For the three months ended March 31, 2026, the Manager incurred certain travel and entertainment expenses on behalf of Series II. These expenses were recharged to Series II as part of the normal course of operations and are reflected within the unaudited consolidated financial statements as $6,051 recorded in organizational expenses. For the period from the Funding Date to March 31, 2025, the Manager did not incur any travel and entertainment expenses on behalf of Series II.

Series II incurred certain operating expenses related to services provided by personnel of the Manager and/or its affiliates. For the three months ended March 31, 2026, these expenses were $386,596 for Series II, and are included in professional fees in the Unaudited Consolidated Statements of Operations. For the period from the Funding Date to March 31, 2025, Series II did not incur any such expenses.

*Affiliate Capital Contributions*

For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, affiliate investors contributed $2,437,500 and $0 to Series II in exchange for Class E shares.

**7. DERIVATIVE INSTRUMENTS**

In the normal course of business, ISQ OpenInfra HedgeCo, L.P. (the "HedgeCo"), a wholly-owned subsidiary of Series II, may enter into derivative contracts to achieve certain risk management objectives on behalf of Series II.

The HedgeCo 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 include forward currency contracts. Series II utilizes forward currency 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 Series II. Additionally, the HedgeCo may enter into derivative instruments to hedge against other risks in its investments, including commodity price risk and equity price risk.

As a result of the use of derivative contracts, Series II is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the HedgeCo enters into contracts with certain major financial institutions, primarily those with investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.

The following table summarizes the aggregate notional amount and fair value of the derivative instruments as of March 31, 2026. The notional amount represents the absolute value amount of the foreign exchange contracts:

---

| | | |
|:---|:---|:---|
| **Derivative Investments** | **Notional Amount** | **Fair Value** |
| Foreign Currency Contracts - Purchase U.S. dollar/Sell British pound | £5048497 | $99018 |
| **Total** |  | $**99018** |

---

The following table summarizes the average notional amount and gains and losses of the derivative instruments for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Investments** | **Average Notional Amount** | **Realized gain (loss)** | **Unrealized gain <br> (loss)** |
| Foreign Currency Contracts - Purchase U.S. dollar/Sell British pound | £4698497 | $- | $99018 |
| **Total** |  | $**-** | $**99018** |

---

Series II maintains master netting agreement with all of its counterparties. Based on the terms outlined within each master netting agreement, there are no financial instruments available for offset as of March 31, 2026. Further, there have been no financial instruments or cash pledged or received as collateral as of March 31, 2026.

**8.** **SHAREHOLDERS' EQUITY** 

*Unregistered Sales of Equity Securities*

The following table is a summary of the Shares issued and redeemed during the three months ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares<br> Outstanding<br> as of<br> December 31, 2025** | **Shares<br> Issued<br> During the<br> Period** | **Shares<br> Redeemed<br> During the<br> Period** | **Shares<br> Reinvested<br> under DRIP<br> During the<br> Period** | **Transfers<br> In** | **Transfers<br> Out** | **Shares<br> Outstanding as of<br> March 31, 2026** |
| F-S<sub>TE</sub> Shares | 105792 | 397024 |  | 400 |  |  | 503216 |
| F-D<sub>TE</sub> Shares | 400100 | - |  | 1394 |  |  | 401494 |
| F-I<sub>TE</sub> Shares | 40677 | 30536 |  | 172 |  |  | 71385 |
| F-J<sub>TE</sub> Shares | 572307 | 124415 |  | 2083 |  |  | 698805 |
| S<sub>TE</sub> Shares | 100 | - |  | - |  |  | 100 |
| D<sub>TE</sub> Shares | 100 | - |  | - |  |  | 100 |
| I<sub>TE</sub> Shares | 100 | - |  | - |  |  | 100 |
| J<sub>TE</sub> Shares | 100 | - |  | - |  |  | 100 |
| E<sub>TE</sub> Shares | 40 | - |  | - |  |  | 40 |
| F-S Shares | 448694 | 310042 |  | 1062 |  |  | 759798 |
| F-I Shares | 207668 | 192398 |  | 492 |  |  | 400558 |
| F-J Shares | 2862789 | 1098441 |  | 9268 |  |  | 3970498 |
| E Shares | 377933 | 73807 |  | 1340 |  |  | 453080 |

---

For the three months ended March 31, 2026, Series II issued such Shares for an aggregate consideration of $70,318,520. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

The following table is a summary of the Shares issued and redeemed during the period from the Funding Date to March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares<br> Outstanding at<br> Formation** | **Shares<br> Issued<br> During the<br> Period** | **Shares<br> Redeemed<br> During the<br> Period** | **Shares<br> Reinvested<br> under DRIP<br> During the<br> Period** | **Transfers<br> In** | **Transfers<br> Out** | **Shares<br> Outstanding as of<br> March 31, 2025** |
| F-S<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| F-D<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| F-I<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| F-J<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| S<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| D<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| I<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| J<sub>TE</sub> Shares |  | - |  |  |  |  | - |
| E<sub>TE</sub> Shares |  | 40 |  |  |  |  | 40 |
| F-S Shares |  | - |  |  |  |  | - |
| F-I Shares |  | - |  |  |  |  | - |
| F-J Shares |  | - |  |  |  |  | - |
| E Shares |  | - |  |  |  |  | - |

---

For the period from the Funding Date to March 31, 2025, Series II issued such Shares for an aggregate consideration of $1,000. The offer and sale of the Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

*Distributions*

Beginning with the end of the first full calendar quarter in which the Shares were sold to non-affiliates of I Squared, Series II seeks to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series II will pay quarterly distributions consistently and at a specific rate, or at all. No distributions were declared for the period from the Funding Date to March 31, 2025. For the three months ended March 31, 2026 Series II made the following distributions.

**January 30, 2026** 

---

| | |
|:---|:---|
| **Class** | **Net Distribution Per Share** |
| F-S Shares | $0.11 |
| F-I Shares | $0.11 |
| F-J Shares | $0.11 |
| E Shares | $0.11 |

---

**March 31, 2026**

---

| | |
|:---|:---|
| **Class** | **Net Distribution Per Share** |
| F-S Shares | $0.34 |
| F-I Shares | $0.34 |
| F-J Shares | $0.34 |
| E Shares | $0.34 |

---

*Distribution Reinvestment Plan* 

The Company adopted a distribution reinvestment plan (the "DRIP"), in which cash distributions to shareholders are automatically reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested is determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Company's or a Series' NAV per share as of the end of the prior month. Shares are distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There is no sales load charges on Shares issued to a shareholder under the DRIP.

For the three months ended March 31, 2026, Series II issued the below Shares under the DRIP. For the three months ended March 31, 2025, Series II had not issued any Shares under the DRIP.

---

| | | |
|:---|:---|:---|
| **Class** | **Shares Reinvested** | **Dollars Reinvested** |
| F-S<sub>TE</sub> Shares | 400 | $13000 |
| F-D<sub>TE</sub> Shares | 1394 | $44000 |
| F-I<sub>TE</sub> Shares | 172 | $5485 |
| F-J<sub>TE</sub> Shares | 2083 | $66623 |
| F-S Shares | 1062 | $32193 |
| F-I Shares | 492 | $14921 |
| F-J Shares | 9268 | $280927 |
| E Shares | 1340 | $42075 |
| **Total** | **16211** | $**499224** |

---

*Share Redemption Program* 

Series II offers a share redemption program pursuant to which, on a quarterly basis, shareholders may request that the Company redeems all or any portion of their Shares. Series II may redeem fewer Shares than have been requested in any particular quarter to be redeemed under Series II's share redemption program, or none at all, in the Board's discretion at any time. The Company expects that Series II will conduct quarterly Share redemptions (each, a "Share Redemption") for up to 5.0% of Series II's aggregate NAV per calendar quarter (measured using the average aggregate NAV attributable to shareholders as of the end of the immediately preceding calendar quarter), without duplication. Per our share redemption program, requests for redemption are subject to an early redemption fee (the "Early Redemption Fee") of 5% of the NAV of the Shares redeemed from a Shareholder if Shares are redeemed within 24 months of the original issue date of such Shares. Any Early Redemption Fee benefits Series II. Aggregate NAV is reflective of Series I NAV which consists of all the underlying assets of Series II. For the three months ended March 31, 2026 and for the period from the Funding Date to March 31, 2025, Series II did not redeem any Shares under the share redemption program.

**9.** **COMMITMENTS AND CONTINGENCIES** 

The Company and Series were not subject to any litigation nor were the Company and Series aware of any material litigation threatened against them.

*Delayed draw term loan - unfunded commitment*

The investment in Galaxy Helios I LLC includes a delayed draw term loan component where an additional principal of $1,573,177 is unfunded as of March 31, 2026. The unfunded loan commitment rate is 0.75%.

The investment in Substantial Holdco Limited includes a delayed draw term loan component where an additional principal of $2,364,865 is unfunded as of March 31, 2026. The unfunded loan commitment rate is 2.00%.

*Indemnifications*

Under the LLC Agreement and organizational documents, members of each Series' Board, the Manager, I Squared, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons' actions constitute actual fraud or willful misconduct. In the normal course of business, the Company (on behalf of each Series) enters into contracts that contain a variety of representations and that provide general indemnifications. Each Series' maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against either Series.

**10.** **INCOME TAXES** 

Series II operates so that it qualifies to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it is not subject to any U.S. federal and state income taxes.

Series II holds certain equity investments in taxable subsidiaries (the "Taxable Subsidiaries"). The Taxable Subsidiaries permit Series II to hold equity investments in Infrastructure Assets which are "pass through" entities for tax purposes. The Taxable Subsidiaries are not consolidated with Series II for income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries' ownership of certain Infrastructure Assets in the United States.

Income (loss) before tax expense (benefit) includes the following components:

---

| | | |
|:---|:---|:---|
|  | **For the three<br> months<br> ended <br> March 31, <br> 2026** | **For the period from<br> March 28, 2025 <br> (Funding Date) to<br> March 31, 2025** |
| **Income (loss) before income taxes:** | | |
| Total income (loss) before income taxes | $6240646 | $- |

---

Series II incurs income tax expense (benefit) related to its holdings of certain equity investments in Taxable Subsidiaries. The components of the provision for (benefit from) income taxes are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three<br> months ended<br> March 31,<br> 2026** | **For the period<br> from<br> March 28, <br> 2025 <br> (Funding Date) to<br> March 31,<br> 2025** |
| **Deferred:** | | |
| Federal Income Tax | $1358415 | $- |
| State and Local Income Tax | 113685 | - |
|  | $1472100 | $- |
| **Current:** |  |  |
| Federal Income Tax | $87263 | $- |
| State and Local Income Tax | 2447 | - |
|  | $89710 | $- |
| **Total Income Tax Provision (Benefit)** | $**1561810** | $**-**  |

---

The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate:

---

| | |
|:---|:---|
|  | **For the three<br> months ended<br> March 31,<br> 2026** |
| U.S. Partnership Federal Statutory Tax Rate | -% |
| Income taxes at federal corporate tax rate | 23.17% |
| State and Local Income Taxes (net of federal tax) | 1.86% |
| Effective Income Tax Rate | 25.03% |

---

The following table represents significant components of Series II's deferred tax assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | **For the three<br> months ended<br> March 31,<br> 2026** | **For the period from<br> March 28, <br> 2025 <br> (Funding Date) to<br> March 31, 2025** |
| Deferred Tax Asset | $- | $&nbsp;&nbsp;&nbsp;&nbsp;- |
| Unrealized Appreciation (Depreciation) | $- | $- |
| Deferred Tax Liability | $10205521 | $- |
| Current Tax Payable | $89710 | $- |
| Unrealized Appreciation (Depreciation) | $10295231 | $- |

---

In evaluating the appropriateness of accruing tax assets, Series II assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. Series II considers, among other things, the generation of future taxable income (including reversals of deferred tax assets) during the periods in which the related temporary differences will become deductible.

*Tax Contingencies*

Series II files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Series II is subject to examination by U.S. federal and certain state, local and foreign tax regulators. As of March 31, 2026 and December 31, 2025, tax years including and after 2025 are subject to examinations by the tax authorities.

**11.** **FINANCIAL HIGHLIGHTS** 

The following are the financial highlights for three months ended March 31, 2026:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **F-S<sub>TE</sub><br> Shares** | **F-D<sub>TE<br> </sub> Shares** | **F-I<sub>TE<br> </sub> Shares** | **F-J<sub>TE</sub> <br> Shares** | **S<sub>TE</sub> <br> Shares** | **D<sub>TE</sub> <br> Shares** | **I<sub>TE</sub> <br> Shares** | **J<sub>TE<br> </sub> Shares** | **E<sub>TE<br> </sub> Shares** | **F-S<br> Shares** | **F-I<br> Shares** | **F-J <br> Shares** | **E Shares** |
| **Per Share Data:** | | | | | | | | | | | | | |
| Net asset value at beginning of period | $30.54 | $32.19 | $32.44 | $31.73 | $31.36 | $32.12 | $32.43 | $31.80 | $33.60 | $30.12 | $32.07 | $31.33 | $33.57 |
| Distributions declared <sup>(1)</sup> | (0.46) | (0.48) | (0.56) | (0.48) | (0.48) | (0.48) | (0.48) | (0.48) | (0.48) | (0.45) | (0.45) | (0.45) | (0.45) |
| Premium/(Discount) on issuance of shares | 1.21 | 0.01 | (0.23) | 0.02 | (0.05) | (0.06) | (0.04) | (0.04) | (0.22) | 0.52 | (0.31) | (0.06) | (0.12) |
| Service fees | (1.10) |  |  | (0.09) | 0.03 | 0.01 |  | 0.01 |  | (0.48) |  | (0.17) |  |
| Net investment income/(loss) <sup>(2)</sup> | (0.31) | (0.46) | (0.27) | (0.43) | (0.54) | (0.49) | (0.48) | (0.51) |  | (0.32) | (0.21) | (0.36) | 0.02 |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.99 | 1.10 | 1.02 | 1.08 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.02 | 0.97 | 1.05 | 1.09 |
| Reallocation of unrealized gain/(loss) | 0.93 | (0.80) | (0.05) | (0.13) | (0.80) | (0.80) | (0.80) | (0.80) | (0.77) | 0.53 | 0.01 | (0.01) | (0.61) |
| Net increase/(decrease) in net assets resulting from operations | 1.61 | (0.16) | 0.70 | 0.52 | (0.24) | (0.19) | (0.18) | (0.21) | 0.33 | 1.23 | 0.77 | 0.68 | 0.50 |
| Net asset value at end of period | $31.80 | $31.56 | $32.35 | $31.70 | $30.62 | $31.40 | $31.73 | $31.08 | $33.23 | $30.94 | $32.08 | $31.33 | $33.50 |
| Shares outstanding at end of period | 503216 | 401494 | 71385 | 698805 | 100 | 100 | 100 | 100 | 40 | 759798 | 400558 | 3970498 | 453080 |
| Weighted average shares outstanding | 383327 | 401014 | 59523 | 662502 | 100 | 100 | 100 | 100 | 40 | 634847 | 313767 | 3659537 | 420695 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net assets at end of period | $16004763 | $12669163 | $2309661 | $22149653 | $3062 | $3140 | $3173 | $3108 | $1329 | $23504962 | $12850624 | $124405216 | $15176348 |
| Ratio to average net assets <sup>(4)(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total expenses before expense support and after performance participation allocation | 10.79% | 12.60% | 10.27% | 12.23% | 14.05% | 13.04% | 12.77% | 13.44% | 6.39% | 11.13% | 9.27% | 11.39% | 6.39% |
| Total expenses after expense support and after performance participation allocation | 6.55% | 8.74% | 6.16% | 8.29% | 10.07% | 9.16% | 8.94% | 9.52% | 2.74% | 7.01% | 5.20% | 7.45% | 2.55% |
| Total expenses after expense support and before performance participation allocation | 4.24% | 3.66% | 3.37% | 3.93% | 4.90% | 4.13% | 3.96% | 4.44% | 2.74% | 4.22% | 3.28% | 3.84% | 2.55% |
| Net investment loss <sup>(5)</sup> | -3.99% | -5.89% | -3.49% | -5.45% | -7.16% | -6.32% | -6.13% | -6.65% | 0.00% | -4.17% | -2.65% | -4.62% | 0.19% |
| Total return <sup>(6)</sup> | 5.62% | -0.47% | 1.45% | 1.40% | -0.84% | -0.76% | -0.69% | -0.76% | 0.32% | 4.22% | 1.43% | 1.44% | 1.13% |

---

(1) The per share data for distributions
was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 8).

(2) The per share data was derived
by using the weighted average shares outstanding during the applicable period.

(3) The amount shown at this caption
is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout
the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales
of Series II shares in relation to fluctuating market value for the portfolio.

(4) Actual results may not be indicative
of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole.

(5) The ratios were derived using
the simple average net assets during the applicable period.

(6) The total return is calculated
for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared
in the period. Amounts are not representative of total return as calculated for purposes of the Performance Participation Allocation
as described in Note 6. The Series II performance changes over time and currently may be different than that shown above. Past performance
is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders
in the purchase of the Series II shares.

The financial highlights for period from the Funding Date to March 31, 2025 are not shown as Series II had not yet commenced investment operations.

**12.** **SUBSEQUENT EVENTS** 

Management has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined to disclose the following subsequent events and transactions.

*Unregistered Sales of Equity Securities*

 

In April 2026, Series II issued 1,072,371 Shares for total aggregate net consideration of $34,301,116. The offer and sale of such Shares were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

 

Series II acquired a further $16,900,000 of equity investments and $1,341,793 of debt investments from affiliates after March 31, 2026.

In addition, during April 2026, the line of credit expired on April 15, 2026 and Series II subsequently repaid the outstanding balance of $9,728,585 on its unsecured, uncommitted line of credit. All repayments were executed in accordance with the terms of the Credit Agreement.

There are no other events that require disclosure or adjustment to the unaudited consolidated financial statements.

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

 

*The following discussion should be read in conjunction with the financial statements of each Series and notes thereto appearing in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"). In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in "Item 1A. Risk Factors" in the Annual Report.*

**Overview**

We were formed as a Delaware limited liability company on January 15, 2025. The Company is sponsored by I Squared and indirectly benefits from I Squared's asset sourcing, operations, and portfolio management capabilities.

We are a series limited liability company with series established or formed, as applicable, pursuant to Sections 18-215 or 18-218 of the Delaware Limited Liability Company Act (the "LLC Act"). The purchase of Shares of a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series is a separate series of limited liability company interests in the Company and not a separate legal entity.

Each of Series I and Series II were formed on March 13, 2025, as a registered series of the Company. Each of Series I and Series II will remain in existence until its certificate of registered series has been cancelled in the manner required by the LLC Act following Series I's or Series II's, as applicable, dissolution and the completion of the winding up of such Series in accordance with the Fourth Amended and Restated Limited Liability Company Agreement, as amended from time to time (the "LLC Agreement"), the applicable series agreement and Delaware law. The LLC Agreement and the applicable series agreement provide that Series I or Series II will be dissolved upon (a) the adoption of a resolution by the applicable Board approving the dissolution of Series I or Series II, as applicable, (b) the operations of Series I or Series II, as applicable, ceasing to constitute legal activities under the LLC Act or any other applicable law (as determined by the applicable Board), (c) the entry of a decree of judicial dissolution of a Series under Section 18-218(c)(11) of the LLC Act, or (d) the dissolution of the Company.

We have a limited operating history and were formed to own, control and provide capital to private companies, infrastructure assets and infrastructure-related assets located globally but with a focus on North America, Europe and selected growth economies, in particular, in Asia Pacific and Latin America.

Our business objective is to primarily achieve long-term capital appreciation as well as current income for Shareholders generally by owning and, in most cases, controlling and managing Infrastructure Assets with the objective of generating attractive risk-adjusted returns consisting of both current income and long-term capital appreciation (the "Joint Ventures") through which we hold and will continue to hold, directly or indirectly, majority and/or primarily controlling stakes in Infrastructure Assets and to a lesser extent, Joint Ventures that own influential yet non-controlling stakes in Infrastructure Assets. We may also provide financing in relation to certain infrastructure projects. The establishment of the Company reflects I Squared's commitment to acquiring Infrastructure Assets. Notwithstanding the foregoing, we may also hold non-controlling stakes in one or more Joint Ventures.

Infrastructure Assets make up and are expected to continue to make up a substantial portion of our assets. Additionally, we continue to maintain our control-oriented acquisitions of Infrastructure Assets and loans made to a specific infrastructure project or, to a lesser extent, our other strategic investments in Infrastructure Assets, generally comprise approximately 80% of our assets (with no more than 30% of our assets made up of Joint Ventures and Infrastructure Assets located in countries that are not members of the Organization for Economic Co-operation and Development (the "OECD")).

We actively manage a dynamic Liquidity Portfolio to support our ongoing cash flow needs, to bridge capital deployment and to enhance our liquidity position. While the size of the Liquidity Portfolio may fluctuate from time to time due to factors such as new subscriptions, shareholder redemptions, portfolio distributions or asset dispositions, we generally seek to maintain the Liquidity Portfolio below 20% of our total assets. Adverse market and economic conditions may impact our sources of liquidity and, in turn, affect our operations. Investments in blind pools or publicly traded equity securities are not considered part of the Liquidity Portfolio and are therefore excluded from this 20% target.

We operate and will continue to operate our business in a manner such that neither Series will be defined as an investment company, as that term is used under the Investment Company Act of 1940, as amended (the "Investment Company Act").

**Results of Operations**

From January 15, 2025 (date of formation) through September 30, 2025, we were in our organizational period, had not commenced our principal operations and were focused on our formation and the Form 10. Our Form 10 automatically became effective on June 13, 2025. We are dependent upon the proceeds from the Company's continuous private offering of its Series' Shares on a monthly basis (the "Private Offering") in order to conduct our business. We intend to continue to acquire Infrastructure Assets with the capital received from our Private Offering and any indebtedness that we may incur in connection with such activities. We commenced our principal operations on October 1, 2025.

**Income**

We generate income primarily from our long-term ownership and control of Joint Ventures and Infrastructure Assets and, to a lesser extent, investments in our Liquidity Portfolio, which may consist of dividend income, interest income, and net realized gains or losses and net change in unrealized appreciation or depreciation.

Series II recorded $1,418,358 of revenues for the three months ended March 31, 2026, consisting of dividend income and interest income, of which $219,504 and $105,406, respectively, is attributable to investors in Series I through its investment in Series II. Income was received from realized dividends on our equity investments, interest received from credit investments, and interest from the Liquidity Portfolio.

**Expenses**

Management Fee

Pursuant to the management agreement with the Manager (the "Management Agreement"), the Manager is entitled to receive the management fee (the "Management Fee"), which shall be reduced by the Offsetable Fees (as defined below), as applicable, from the Company. The Management Fee is paid by Series II and indirectly borne by Series I through its indirect investment in Series II.

The Management Fee is payable monthly in arrears in an amount equal to (i) 0.75% per annum for Class F-S Shares, Class F-D Shares, Class F-I Shares, Class F-J Shares, Class F-S<sub>TE </sub>Shares, Class F-D<sub>TE </sub>Shares, Class F-I<sub>TE </sub>Shares and Class F-J<sub>TE</sub> Shares (together with Class F-S Shares, Class F-D Shares, Class F-I Shares, Class F-J Shares, Class F-S<sub>TE </sub>Shares, Class F-D<sub>TE </sub>Shares and Class F-I<sub>TE</sub> Shares, the "Founder Shares"), and (ii) 1.25% per annum for Class S Shares, Class D Shares, Class I Shares, Class J Shares, Class S<sub>TE</sub> Shares, Class D<sub>TE</sub> Shares, Class I<sub>TE</sub> Shares and Class J<sub>TE</sub> Shares of the month-end net asset value ("NAV") attributable to the Shares, before giving effect to any accruals for the Management Fee, ongoing shareholder servicing fees of 0.85% of NAV per annum for Class F-S Shares, Class S Shares, Class F-S<sub>TE</sub> Shares and Class S<sub>TE</sub> Shares, shareholder servicing fees of 0.50% of NAV per annum of Class F-J Shares, Class F-J<sub>TE</sub> Shares, Class J Shares and Class J<sub>TE</sub> Shares and shareholder servicing fees of 0.25% for Class F-D Shares, Class D Shares, Class F-D<sub>TE</sub> Shares and Class D<sub>TE</sub> Shares (the "Servicing Fee"), the Performance Participation Allocation (defined below), share redemptions for that month, any distributions and without taking into account any taxes (whether paid, payable, accrued or otherwise) of any intermediate entity through which we indirectly acquire, hold, provide financing with respect to, or dispose of any one or more Infrastructure Assets (each, an "Intermediate Entity" and together "Intermediate Entities"), as determined in the good faith judgment of the Manager. Such Management Fee is calculated on a monthly basis based on our transactional NAV, which is used to determine the price at which we sell and redeem our Shares. With respect to the Founder Shares, the Management Fee is payable monthly in arrears in an amount equal to 0.75% per annum for the Founder Shares (the "Management Fee Rate") and will increase to 1.25% per annum after the first 36 months in which the Founder Shares are offered measured from the date of commencement of the initial offering period (the first six (6) months of the Private Offering). The Manager, in its sole discretion, may agree to waive all or a portion of the Management Fee, or to agree to a reduced/rebated Management Fee Rate, with respect to any particular Shareholder or financial intermediary. The Class E Shares and Class E<sub>TE</sub> Shares will not bear a Management Fee. To avoid duplication, Series I Shares will bear their proportional share of the Management Fee indirectly based on their proportional interest in the same class of Series II Shares directly subject to such Management Fee.

In addition to the fees paid to the Manager, we pay all other costs and expenses of our operations, including compensation of our employees and non-investment professional employees of the Manager or I Squared, directors, custodial expenses, leveraging expenses, transfer agent expenses, legal fees, expenses of independent auditors, expenses of our periodic redemptions, expenses of preparing, printing and distributing offering documents, Shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any.

The Manager earned $372,725 total Management Fees for the three months ended March 31, 2026, $92,687 of which is attributable to investors in Series I through its investment in Series II and $280,038 of which is attributable to investors in Series II.

Performance Participation Allocation

The performance participation allocation payable to I Squared (the "Performance Participation Allocation") is equal to 12.5% of the Total Return attributable to Investor Shares subject to a 5.0% annual Hurdle Amount and a High Water Mark with a 100% Catch-Up (each term defined herein). Such allocation is measured and allocated or paid annually and accrued monthly (subject to pro-rating for partial periods). Such Performance Participation Allocation is calculated based on our transactional NAV, which is used to determine the price at which we sell and redeem our Shares. The Class E Shares and Class E<sub>TE</sub> Shares do not bear any Performance Participation Allocation, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which results in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares. To avoid duplication, Series I Shares bear their proportional share of the Performance Participation Allocation indirectly based on their proportional interest in the same class of Series II Shares directly subject to such Performance Participation Allocation.

Specifically, promptly following the end of each Reference Period (as described below), I Squared is allocated a Performance Participation Allocation in an amount equal to:

● First, if the Total Return with respect to Investor Shares for the applicable period exceeds the sum, with respect to such relevant type of Shares, of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to I Squared equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to I Squared with respect to such type of Shares pursuant to this clause (any such amount, the "Catch-Up"); and

● Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

I Squared is also allocated a Performance Participation Allocation with respect to all Investor Shares that are redeemed in connection with redemptions of Shares in an amount calculated as described above with the relevant period being the portion of the Reference Period for which such Shares were outstanding, and proceeds for any such Share redemptions are reduced by the amount of any such Performance Participation Allocation. Such Performance Participation Allocation is calculated based on the transactional NAV.

Series II pays the Performance Participation Allocation to I Squared. I Squared may elect to receive the Performance Participation Allocation in cash, Class E Shares and/or shares, interests or other forms of beneficial ownership in any Intermediate Entities. If the Performance Participation Allocation is paid in Class E Shares, such Shares may be redeemed at I Squared's or its affiliate's request and are subject to the quarterly redemption limitations of our redemption limitations of our quarterly share redemption program. I Squared intends to only request redemption of the Initial Capital Commitment (as defined below) following the earlier of (i) two years from the date the Company acquires its first Seed Asset(s) or (ii) such time the Company's NAV exceeds $750 million; provided that such redemption requests may be accepted only after all redemption requests from unaffiliated shareholders have been fulfilled. I Squared intends to initially elect to receive the Performance Participation Allocation in Class E Shares. To align its economic interests with those of Shareholders, I Squared intends to delay the timing for when it will receive cash proceeds in respect of the Performance Participation Allocation. I Squared will give Shareholders at least one calendar quarter's notice prior to making significant changes in the manner in which I Squared expects to receive its Performance Participation Allocation.

"Total Return" with respect to any Shares for any period since the end of the prior Reference Period shall equal the sum of: (i) all distributions accrued or paid (without duplication) on such Investor Shares outstanding at the end of such period since the beginning of the then-current Reference Period; plus (ii) the change in NAV per Share of such Investor Shares since the beginning of the Reference Period before giving effect to (x) changes resulting solely from the proceeds of issuances of the Investor Shares, (y) any allocation/accrual to the Performance Participation Allocation and (z) applicable expenses for the Servicing Fee (including any payments made to the Company generally or the Series for payment of such expenses).

For the avoidance of doubt, the calculation of the Total Return will (i) include any appreciation or depreciation in the NAV per Share of Investor Shares issued during the then-current Reference Period, (ii) treat any withholding tax on distributions paid by or received by the Company generally or any Series as part of the distributions accrued or paid on Investor Shares, (iii) exclude the proceeds from the initial issuance of such Shares and (iv) exclude any taxes (whether paid, payable, accrued or otherwise) of any Intermediate Entities, and may be calculated without taking into account certain deferred tax liabilities of such Intermediate Entities, as determined in the good faith judgment of the Manager.

"Hurdle Amount" for any period during a Reference Period means that amount that results in a 5% annualized internal rate of return on the NAV of the Investor Shares outstanding at the beginning of the then-current Reference Period and all Investor Shares issued since the beginning of the then-current Reference Period, calculated in accordance with recognized industry practices and taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Shares but excluding applicable expenses for the Servicing Fee.

The ending NAV of Investor Shares used in calculating the internal rate of return will be calculated before giving effect to any allocation/accrual to the Performance Participation Allocation and applicable expenses for the Servicing Fee. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Investor Shares redeemed during such period, which will be subject to the Performance Participation Allocation upon redemption as described above.

Except as described in the definition of "Loss Carryforward Amount" below, any amount by which the Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods.

I Squared is not obligated to return any portion of the Performance Participation Allocation paid due to the subsequent performance of the Company.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return; provided, that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Investor Shares redeemed during the applicable Reference Period, which will be subject to the Performance Participation Allocation upon redemption as described above. For the avoidance of doubt, with respect to Shares redeemed during the applicable Reference Period, the Loss Carryforward Amount shall not include amounts that would have been attributable to such redeemed Shares had such Shares not been redeemed during the applicable Reference Period. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Performance Participation Allocation. This is referred to as a "High Water Mark."

"Reference Period" means the applicable year beginning on October 1 and ending on September 30 of the next succeeding year; provided, that the initial Reference Period shall be the period from July 1, 2025, to September 30, 2026.

The Manager earned a Performance Participation Allocation of $1,668,011 for the three months ended March 31, 2026, $466,530 of which is attributable to investors in Series I through its investment in Series II and $1,201,481 of which is attributable to investors in Series II.

Servicing Fees

The Company pays the applicable selling agents ("Selling Agents") ongoing servicing fees (a) of 0.85% of NAV per annum for Class F-S Shares, Class S Shares, Class F-S<sub>TE</sub> Shares and Class S<sub>TE</sub> Shares, (b) of 0.50% of NAV per annum for Class F-J Shares, Class J Shares, Class J<sub>TE</sub> Shares and Class F-J<sub>TE </sub>Shares and (c) of 0.25% of NAV per annum for Class F-D Shares, Class D Shares, Class F-D<sub>TE</sub> Shares and Class D<sub>TE</sub> Shares, accrued and payable monthly. Such Servicing Fees are calculated based on the transactional NAV. To avoid duplication, Class F-S<sub>TE</sub> Shares, Class S<sub>TE</sub> Shares, Class J<sub>TE</sub> Shares, Class F-J<sub>TE </sub>Shares, Class F-D<sub>TE</sub> Shares and Class D<sub>TE</sub> Shares will bear their proportional share of the Servicing Fee indirectly based on their proportional interest in the same class of Series II Shares directly subject to such Servicing Fee.

The Class I Shares, Class F-I Shares, Class E Shares, Class I<sub>TE</sub> Shares, Class F-I<sub>TE</sub> Shares and Class E<sub>TE</sub> Shares do not bear Servicing Fees. In certain cases, the Servicing Fee may be paid to one or more placement support agents (each a "Placement Support Agent") engaged by the Company to assist the Company's engagement of placement agents and other financial intermediaries in selling Shares and then remitted to the applicable Selling Agent. The Company may also pay for certain sub-transfer agency, platform, sub-accounting and administrative services outside of the Servicing Fee.

For the three months ended March 31, 2026, the Company incurred Servicing Fees of $227,554, consisting of $61,395 and $166,159 for Series I investors and Series II investors, respectively.

Administration

SS&C GIDS, Inc. serves as the administrator (the "Administrator") and accounting agent. Pursuant to the administration agreement, the Administrator is responsible for generally managing the administrative affairs of the Company. The Administrator is entitled to receive a monthly fee relative to the monthly value of the Company's net assets, subject to a minimum annual fee, plus out-of-pocket expenses. For the three months ended March 31, 2026, the Company incurred fees to Administrator of $295,658.

Organizational and Offering Expenses

The Company bears all fees, costs and expenses incurred in connection with the organization of the Company, its *pro rata* share of fees, costs and expenses incurred with the organization of any Intermediate Entities and all fees, costs and expenses incurred in connection with the offering of the Shares, including, without limitation, related legal and accounting fees, printing costs, expenses associated with initial registrations, or any similar regime in other jurisdictions, travel, accommodation and other out-of-pocket expenses (collectively, the "Organizational and Offering Expenses").

The Company reimburses the Manager or its affiliates for the Organizational and Offering Expenses incurred prior to the commencement of operations of the Company subject to the Expense Limitation Agreement discussed herein (including legal, accounting, audit, printing, mailing, subscription processing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company and/or the Series), to the extent necessary so that, for any fiscal year, the Company's annual Specified Expenses (defined below) do not exceed 0.75% of the Company's net assets as of the end of each calendar month.

For the three months ended March 31, 2026, Series II did not incur Organizational and Offering Expenses. For the three months ended March 31, 2026, Series II amortized $441,226 of deferred offering expenses.

Expense Limitation and Reimbursement Agreement

The Company, on behalf of each Series, entered into an Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement") with the Manager on August 11, 2025, pursuant to which the Manager agreed to forgo an amount of its monthly Management Fee and/or pay, absorb or reimburse certain expenses of the Company (and in turn each Series), to the extent necessary through and including June 30, 2026, so that, for any fiscal year, the Company's annual Specified Expenses (as defined below) do not exceed 0.75% of the Company's net assets as of the end of each calendar month. The Company, on behalf of each Series, agreed to carry forward the amount of any forgone management fee and/or expenses paid, absorbed or reimbursed by the Manager, when and if requested by the Manager, within five years from the end of the month in which the Manager waived or reimbursed such fees or expenses ("Excess Expenses") and to reimburse the Manager in the amount of such Excess Expenses as promptly as possible, on a monthly basis, but only if and to the extent that Specified Expenses plus any recoupment do not exceed 0.75% of the Company's net assets at the end of each calendar month. The Manager is permitted to recapture a Specified Expense in the same year it is incurred. This arrangement is not permitted to be terminated prior to June 30, 2026, without the Board's consent. "Specified Expenses" is defined to include all expenses incurred in the business of the Company and the Series, including organizational and offering costs and any costs associated with the transfer of a warehoused Infrastructure Asset to the Company, with the exception of (i) the Management Fee, (ii) the Performance Participation Allocation, (iii) the Servicing Fee, (iv) Infrastructure Asset level expenses, (v) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, in each case, accrued on or after the Company acquires its first Infrastructure Asset(s) (the "Initial Close"), (vi) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vii) taxes, (viii) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees, officers and directors of the Company) accrued on or after the Initial Close, (ix) certain insurance costs and (x) extraordinary expenses (as determined in the sole discretion of the Manager).

The Company, on behalf of each Series, agreed that its obligations under the Expense Limitation Agreement shall survive termination of the Expense Limitation Agreement. Further, upon dissolution, liquidation, sale of substantially all of the assets of the Company or termination of the Management Agreement, including termination of the Management Agreement by the Company, the Company agreed first to reimburse the Manager any amounts previously reimbursed by the Manager to the Company under the Expense Limitation Agreement in excess of the total Management Fee that would have otherwise been due to the Manager by the Company.

For the three months ended March 31, 2026, the Manager elected to provide Series II Expense Support of $2,017,077, of which $471,193 was attributable to investors in Series I through its investment in Series II.

Operating Expenses

Each Series pays all costs, expenses and liabilities incurred in connection with affairs of the Company generally or any Series (collectively, the "Operating Expenses"), including its pro rata share of costs, expenses and liabilities incurred by any Intermediate Entities, including, without limitation: (a) the Organizational and Offering Expenses; (b) the Management Fee; (c) any taxes and governmental charges imposed on the Company generally or any Series; (d) costs of obtaining expenses incurred in connection with any tax audit, investigation, settlement or review of the Company generally or any Series; (e) fees, costs and expenses (including qualifying out-of-pocket travel expenses) for and/or relating to attorneys, accountants, an administrator, auditors, administrative agents, paying agents, depositaries, advisors (including tax advisors and senior advisors), prime brokers, deal finders, consultants, custodians, investment bankers, operating partners, the transfer agent, I Squared Service Providers and certain other third-party service providers or professionals; (f) valuation costs (including all fees, costs and expenses incurred in connection with establishing, implementing, monitoring and/or measuring the impact of sustainability ("Sustainability") policies and programs with respect to the Company generally, any Series or their Infrastructure Assets or prospective Infrastructure Assets, including without limitation all fees, costs, and expenses incurred in connection with Sustainability tracking tools, climate risk assessments and any other assessments, measurements, advice or reports conducted as part of implementing, monitoring and maintaining the Manager's responsible infrastructure acquisition strategy and its Sustainability policies and procedures with respect to the Company generally, any Series or their Infrastructure Assets or prospective Infrastructure Assets or otherwise designed to promote or evaluate the Company's (generally), any Series' or their Infrastructure Assets' or prospective Infrastructure Assets' achievement of Sustainability objectives); (g) expenses relating to the administrative, governance, accounting, technology and/or technology-related services and compliance-related matters and regulatory filings relating to the activities of the Company generally or any Series that are otherwise necessary for the operation of the Company generally, any Series and their Infrastructure Assets (including, without limitation, (i) expenses relating to the preparation and filing of the Company's private placement memorandum, the Form 10, reports (including the Securities Exchange Act of 1934, as amended (the "Exchange Act") reports), disclosures, notifications and other correspondence to be filed with the SEC on behalf of the Company generally or any Series or in connection with the laws and/or regulations of jurisdictions in which the Company generally, any Series and their Infrastructure Assets engage in activities and any related regulations, or the laws and/or regulations of jurisdictions in which the Company generally or any Series engages in activities) and/or any other regulatory filings, notices or disclosures of the Manager and/or its affiliates relating to the Company generally, any Series and their activities, compensation of the independent directors and preparing materials and coordinating materials of the Board, and (ii) expenses relating to the Freedom of Information Act (FOIA) requests; (h) notices required by the Company generally or any Series pursuant to the LLC Agreement and other reporting obligations of the Company generally or any Series and the maintenance of the books and records of the Company generally or any Series, depositary, safekeeping and other professional fees, costs, expenses, retainers and/or other payments; (i) brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, investment banking fees, arranger fees, clearing and settlement charges and other acquisition costs, fees and expenses actually incurred in connection with making, holding, settling, sourcing, structuring, negotiating, financing, refinancing, pledging, monitoring or disposing of actual and potential Infrastructure Assets or investments (including, without limitation, any costs and expenses arising from any foreign exchange or other currency transactions); (j) the cost and expenses incurred in connection with the negotiation and establishment of the Credit Facilities, guarantees and other financing or credit support obligations (including interest, fees and related legal expenses and arrangements), bank fees, and expenses of loan servicers, loan administrators and other service providers; (k) fees, costs and expenses related to the organization or maintenance of any Intermediate Entities or other person used to directly or indirectly acquire, hold, provide financing with respect to, or dispose of any one or more Infrastructure Asset(s) or investments or otherwise facilitating the Company generally, or any Series and their activities, including without limitation, any travel expenses, including chartered or first class travel and other related air travel administrative fees and expenses, provided that any such chartered air travel shall only be charged as an Operating Expenses (otherwise the first-class air travel equivalent cost will be charged) if such chartered air travel is used when commercial air travel is not practically feasible under the circumstances from a health, safety or destination perspective (as determined by the Manager) (such expenses, the "Travel Expenses"), and accommodation expenses related to such person and the salary and benefits of any personnel (including personnel of the Manager or its affiliates) reasonably necessary and/or advisable for the maintenance and operation of such person, or other overhead expenses in connection therewith; (l) expenses associated with compliance by the Company generally or any Series with applicable laws and regulations; (m) expenses and fees associated with any third-party advisory committees, each Audit Committee, each Board, and any independent representatives of I Squared and any meetings of, or conferences with, the Shareholders (including, without limitation, (i) the Travel Expenses and fees related to accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with meetings of the Board (including such fees, costs and expenses incurred with respect to non-independent directors) and (ii) the fees, costs and expenses of any legal counsel or other advisors retained by, or at the direction or for the benefit of, the Board); (n) expenses associated with auditing, research, reporting, printing, publishing and technology-related services, including, without limitation, news and quotation equipment and services (including other notices and communications), preparation of periodic reports and financial or other related statements, tax returns, IRS Schedule K-1s and any other communications or notices relating to the Company generally or any Series; (o) technology and technology-related expenses, including, without limitation, expenses of technology-service providers and related software/hardware and market data and research used in connection with the Company's or any Series' acquisition and operational activities, as well as technology expenses relating to the oversight and management of the Company generally, any Series and their Infrastructure Assets, including data aggregation in respect of Infrastructure Assets; (p) costs, fees and expenses associated with responding to information requests from Shareholders and other persons; (q) expenses relating to the maintenance of any website, data room or communication medium used in relating to the Company generally or any series (including for the hosting of constitutional documents or any other documents to be communicated to investors, prospective investors or third parties); (r) expenses for accounting and audit services (including valuation support services), account management services, corporate secretarial services, data management services, compliance with data privacy/protection policies and regulation, directorship services, information technology services, finance/budget services, human resources, judicial processes, legal services, operational services, risk management services, tax services, treasury services, loan management services, construction management services, asset/property management services, leasing services, transaction support services, transaction consulting services and other similar operational matters; (s) all fees, costs and expenses associated with the developing, negotiating, acquiring, trading, settling, holding, monitoring, financing and disposing of Infrastructure Assets (including, without limitation, any legal, tax, administrative, accounting, advisory, sourcing, brokerage, custody, hedging and consulting and other similar costs and expenses in connection therewith, including Travel Expenses and other similar costs and any costs and expenses in connection therewith, including other related expenses and any expenses related to attending retail, trade association and/or industry meetings, conferences or similar meetings (including with prospective Infrastructure Assets or other similar companies and any other matters related to the Company's business) and any other costs and expenses associated with the Intermediate Entities); (t) the costs and expenses of any investigation, litigation (including discovery requests), arbitration or settlement involving the Company generally, any Series or entities in which the Company generally or any Series holds an Infrastructure Asset or otherwise relating to such Infrastructure Asset and the amount of any judgments, fines, remediation or settlements paid in connection therewith and any other extraordinary expenses of the Company generally or any Series, directors and officers, liability or other insurance (including title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Company generally or any Series, in each case, to the extent such costs, expenses and amounts relate to claims or matters that are otherwise entitled to indemnification under applicable law; (u) expenses of dissolving, winding up, liquidating and ultimately terminating the Company generally, any Series or any Intermediate Entities (including fees payable to service providers engaged to complete the liquidation of the Company generally or any Series, if any); (v) expenses and any placement fees payable to a placement agent or financial intermediary in respect of the subscription by Shareholders admitted through a placement agent or financial intermediary (to the extent such fees or expenses are not borne directly by the Company generally or any Series); provided that neither the Company generally or any Series shall bear fees or expenses payable to Placement Support Agents who introduce the Company generally or any Series to placement agents or financial intermediaries; (w) fees, costs, expenses and compensation for (i) the employees of the Manager or its affiliates (including, but not limited to, salary, benefits and bonus which may be in the form of Performance Participation Allocation or similar incentive equity (as applicable)) and (ii) tax services (e.g., tax compliance, tax oversight and tax structuring), legal, hedging and currency management and transfer pricing services to the Company generally or any Series in each case as such fees, costs, expenses and compensation are allocable to the Company generally or any Series, as applicable, and at rates believed by the Manager to be fair to the Company generally and/or such Series, as applicable, and commercially reasonable, related to oversight functions and support services provided by the employees of the Manager, I Squared or its affiliates arising from, or incurred in connection with, the Company's (generally) or any Series' reporting, accounting, administration and valuations; (x) expenses incurred in complying with the LLC Agreement and the governing agreements of any Intermediate Entity, as well as the out-of-pocket expenses incurred in connection with any amendments to the LLC Agreement or the governing documents of any Intermediate Entities (including any exhibits or annexes thereto) of any Intermediate Entities, any amendments or modifications to I Squared's or the valuation policy and procedures of the Company generally or any Series, any transfer or redemption of Shares (to the extent not reimbursed by the parties to any such transfer or redemption); and (y) the allocable share of the Broken Deal Expenses of the Company generally or any Series. In determining the amount of Operating Expenses that may be fairly allocable to the Company generally, any Series and to any I Squared Vehicles that may participate in Joint Ventures with the Company generally or any Series, the Manager and its affiliates will take into account such factors as they deem appropriate, including, for example, capital of the Company generally, the applicable Series and applicable I Squared Vehicles, the amount of capital historically held or remaining in a particular holding or similar holdings, the aggregate NAV of the Company generally, the applicable Series and applicable I Squared Vehicles and the percentage of similar acquisitions in which the Company generally, the applicable Series or applicable I Squared Vehicles have historically participated. For the avoidance of doubt, any fees, costs and expenses related to the provision of products and services within the definition of Operating Expenses that are provided by I Squared Service Providers will be borne by the Company generally and/or the Series. Each Series will pay or otherwise bear its proportionate portion of the foregoing payments, fees, costs, expenses and other liabilities (for the avoidance of doubt, including any applicable value added tax) or obligations resulting from, related to, associated with, arising from or incurred in connection with the Company generally and/or operations. The Company will bear any extraordinary expenses it may incur, including any litigation expense.

**Series II**

Series II incurred Operating Expenses of $3,336,019, of which $777,821 is allocated to Series I through its investment in Series II, for the three months ended March 31, 2026. Series I further incurred its own Operating Expenses of $140,151, for the three months ended March 31, 2026.

**Net Unrealized Gain (Loss)**

Series II recorded $6,847,710 of net change in unrealized appreciation for the three months ended March 31, 2026. Of this amount, $1,541,341 is attributable to Series I for its investment in Series II. Net changes in unrealized appreciation were generated from positive changes in value of our Infrastructure Assets. A smaller portion of unrealized appreciation was generated from our Liquidity Portfolio holdings.

**Hedging Activities**

The Company may, at its discretion, exercise hedging transactions for risk management purposes, rather than market speculation. Hedging activities are governed by the Manager's hedging policy.

The Company may enter into foreign exchange hedging arrangements to manage foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to reduce the valuation and/or income impact of adverse foreign exchange rate movement on its non-USD denominated Infrastructure Asset transactions. These hedging instruments are used to reduce the Company's exposure to fluctuations in exchange rates that may impact the value of its investments and transactions. The fair value of such instruments is typically marked-to-market on a continuous basis, with changes in value recognized by the Company as unrealized gains or losses. Upon settlement or closure of the hedging position, the Company recognizes a realized gain or loss equal to the difference between the value at the inception of the hedge and the value at its conclusion.

Foreign exchange hedging activities involve elements of market risk beyond the amounts recognized in the Company's financial statements. The Company's primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the hedging instrument. Additional risks may arise from the potential inability of counterparties to meet the terms of their agreements. By using derivative instruments, the Company is exposed to counterparty credit risk, which is the risk that derivative counterparties may not perform in accordance with contractual provisions. The Company's exposure to credit risk from counterparty non-performance is limited to the unrealized gains inherent in such transactions that are recognized in the Company's financial statements.

**Liquidity and Capital Resources**

As of March 31, 2026, Series I and Series II had $6,818 and $4,476,420 in cash and cash equivalents, respectively, primarily the result from sales of our Shares.

In addition, Series II entered into the Credit Agreement with the Lender, a related party, under which the Lender may, at its discretion, provide short-term financing up to an aggregate amount of $60,000,000. During the three months ended March 31, 2026, the Company borrowed $22,420,955 and repaid $23,202,370, including principal and interest, resulting in an outstanding loan payable balance of $9,728,585 as of March 31, 2026, which is recorded as Loan Payable in the Consolidated Statement of Assets and Liabilities.

We expect to generate cash primarily from (i) the net proceeds of our continuous Private Offering, (ii) any financing arrangements we may enter into in the future and (iii) any future offerings of our equity or debt securities. Also see "Expense Limitation and Reimbursement Agreement" above. We believe that cash provided by such means will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future.

Our primary use of cash is (i) the acquisition of Infrastructure Assets, (ii) the cost of operations including the Management Fee and Performance Participation Allocation), (iii) debt service of any borrowings, and (iv) periodic redemptions, including under any share redemptions or tender offers, subject to quarterly offering of a redemption window.

**Cash Flows**

The following table summarizes the changes to our cash flows for the three months ended March 31, 2026:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026<br> (Series I)** | **March 31, 2026<br> (Series II)** |
| Net Cash flows provided by (used in): |  |  |
| Operating activities | $(17703416) | $(67011971) |
| Financing activities | $17703234 | $69210420 |
| Net increase/(decrease) in cash | $(182) | $2198449 |

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Cash flows used in operating activities

Our cash flows used in operating activities primarily reflects the acquisition, sale and syndication of Infrastructure Assets. In addition, our net increase in net assets reflects income from interest, increase in the value of our Infrastructure Assets and Liquidity Portfolio, partially offset by expenses and income taxes incurred.

Cash flows provided by financing activities

Our cash flows provided by financing activities primarily reflects the gross proceeds from the issuance of Shares in our Private Offering and borrowings.

**Critical Accounting Estimates**

Below is a discussion of the accounting policies that management believes are critical to understanding our historical and future performance. We consider these policies critical because they involve significant judgments and assumptions and require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. Our accounting policies have been established to conform with U.S. GAAP. The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to use judgments in the application of such policies. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our consolidated financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

**Valuation of Company Assets**

The fair value of all Infrastructure Assets will ultimately be determined by the Manager in accordance with the Company's valuation policies and procedures approved by the Board. It will, in certain circumstances, be the case that the valuation of an Infrastructure Asset may not reflect the price at which the Infrastructure Asset is ultimately sold, and the difference between the valuation and the ultimate sale price could be material. The valuation methodologies used to value any Infrastructure Assets will involve subjective judgments and projections and may, in certain circumstances, not be accurate. Valuation methodologies will also involve assumptions and opinions about future events, which may or may not turn out to be correct. Valuation methodologies may permit reliance on a prior period valuation of particular Infrastructure Assets. Ultimate realization of the value of an asset depends to a great extent on economic, market and other conditions beyond the Manager's control. There will be no retroactive adjustment in the valuation of any Infrastructure Asset, the price at which Shares were purchased or sold by Shareholders or redeemed by the Company, as applicable, the Management Fee or the Performance Participation Allocation to the extent any valuation proves to not accurately reflect the realizable value of an asset in the Company. The valuation of Infrastructure Assets will affect the amount and timing of the Performance Participation Allocation payable to I Squared and the amount of the Management Fee payable to the Manager. The valuation of investments of I Squared Vehicles will, in certain circumstances, affect the decision of potential Shareholders to subscribe for Shares. Similarly, the valuation of the Company's Infrastructure Assets will, in certain circumstances, affect the ability of I Squared to form and attract capital to I Squared Vehicles. As a result, there may be circumstances in which the Manager is incentivized to make more speculative acquisitions of Infrastructure Assets, seek to deploy capital in Infrastructure Assets at an accelerated pace, hold Infrastructure Assets longer and/or the Manager is incentivized to determine valuations that are higher than the actual fair value of Infrastructure Assets. In particular, given that the Management Fee and the Performance Participation Allocation will be dependent on the valuation of illiquid assets, which will be determined by the Manager, the Manager could be incentivized to value the assets higher than if the Management Fee were not based on the valuation of such assets. The foregoing conflicts arising from valuation matters will not necessarily be resolved in favor of the Company, and Shareholders may not be entitled to receive notice or disclosure of the occurrence of these conflicts.

**Recent Accounting Pronouncements**

There were no accounting pronouncements issued during the three months ended March 31, 2026 that are expected to have a material impact on our financial statements included in this Quarterly Report on Form 10-Q.

**Off-Balance Sheet Arrangements**

We currently have no off-balance sheet arrangements that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Contractual Obligations**

I Squared committed to invest at least $15,000,000, in the aggregate, across the Company and other associated vehicles managed by the Manager (the "Initial Capital Commitment"), including $7,500,000 in the Company. See "*—Results of Operations"* above for other contractual obligations and commitments with payments due subsequent to March 31, 2026.

**Net Asset Value**

We calculate NAV per share in accordance with valuation policies and procedures that have been approved by the Board. Our U.S. GAAP net asset value ("GAAP NAV") is our NAV determined in accordance with U.S. GAAP. Our transactional NAV is calculated by adjusting our GAAP NAV as of the relevant valuation date for (i) the Excess Expenses paid by the Manager pursuant to the Expense Limitation Agreement will be recognized as a reduction to Transactional NAV in the month we reimburse the Manager for such costs, (ii) shareholder servicing fees, as applicable, are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued, (iii) the exclusion of tax liabilities of certain taxable subsidiaries through which we hold Infrastructure Assets that are contingent upon the expected manner of the divestment of the associated underlying Infrastructure Asset and are not expected to be recognized by us (although the current tax liabilities of any such taxable subsidiaries may be taken into account in determining the fair value of the associated underlying Infrastructure Assets) and (iv) for assets acquired or sold pursuant to seller provided financing and/or delayed payment terms, Transactional NAV shall only reflect the portion of the asset acquired or sold that has been paid for and shall not account for the portion of the asset that remains financed.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Our primary risk exposures include potential changes in fair market value, interest rate risks, and liquidity risk. Subject to oversight by the Principal Committee (or a member thereof) and any committee of the Board or the Manager is responsible for the oversight of risks to our business.

**Changes in Fair Market Value**

We invest and will continue to invest, primarily, in privately held infrastructure assets where market prices may not be readily apparent. Any portfolio assets will be held at fair value as determined using a discounted cash flow, market comparable, and/or precedent transaction approach and in accordance with our valuation policy.

Changes to these inputs, whether due to macroeconomic conditions, changes in market interest rates, regulatory changes, operating performance, or market comparables may result in material increases or decreases in reported fair market value.

**Interest Rate Risk**

Changes in benchmark interest rates may impact discount rates used to determine asset fair market values in a discounted cash flow approach, alter comparable market multiples, or change required rates of return on assets. As a result, increases in interest rates may have a negative impact on fair values, while a decrease in interest rates may have a positive impact on fair values.

**Credit Risk**

Many portfolio assets utilize debt financing. Changes in benchmark interest rates, particularly increases in benchmark rates, may adversely impact the financing costs of underlying portfolio assets. Liquidity impacts, increased interest expenses, and refinancing risks all exist in scenarios where market interest rates change.

Additionally, we intend to utilize a NAV-based credit facility for working capital purposes. Adverse movement in interest rates will directly impact the cost of borrowing to the vehicle and potentially reduce liquidity availability.

Further, we are subject to credit risk in connection with our investments in debt securities and other credit instruments. Credit risk is the risk that a company or counterparty will fail to meet its obligations in accordance with agreed terms. Adverse changes in the credit quality of a company or a deterioration in general economic conditions may increase the likelihood of default or non-payment, which could result in losses to us.

**Exchange Rate Risk**

Foreign exchange rates: We intend to invest in infrastructure assets globally. Relative changes in interest rates between currency pairs have shown to impact foreign exchange rates. As such, relative global changes in interest rates against us, a USD denominated vehicle, may impact the fair market values of portfolio assets, as well as have adverse effects on the mark-to-market of any hedge positions we may choose to exercise.

**Liquidity Risk**

We intend to invest, primarily, in illiquid assets that are not actively traded. As such, our ability to realize value from investments is dependent on strategic transactions, corporate events, or other liquidity events, and the timing and outcomes of which are uncertain and subject to market conditions.

In a stressed scenario, our ability to generate adequate liquidity from our portfolio assets may be challenged. Further, any required asset liquidation will have unknown timing and uncertain outcomes.

Item 4. Controls and Procedures

**Evaluation of Disclosure Controls and Procedures**

The Company and the Series maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in the Company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC, and that such information is accumulated and communicated to the Company's management, including its Principal Executive Officer and Principal Financial Officer to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer. Based upon this evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is timely recorded, processed, summarized and reported within the time periods specified by the SEC and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

There were no changes 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) that occurred during our most recent fiscal period, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Certifications**

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Company, required by Section 302 and Section 906 of The Sarbanes–Oxley Act of 2002, which are filed or furnished as Exhibits 31.1, 31.2, 32.1 and 32.2 to this report, are applicable to each Series individually and to the Company as a whole.

**Part II. Other Information**

Item 1. Legal Proceedings.

The Company is not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. 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 Infrastructure Assets. We may also be subject to regulatory proceedings.

Item 1A. Risk Factors.

For information regarding the risk factors that could affect the Company's business, operating results, financial condition and liquidity, see "*Item 1A. Risk Factors*" in the Annual Report. There have been no material changes to the risk factors previously disclosed in the Annual Report.

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br> Number**<br>| **Description** |
| 3.1 | [Amended and Restated Certificate of Formation, dated January 15, 2025 (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form 10 filed with the SEC on April 11, 2025)](https://www.sec.gov/Archives/edgar/data/2059924/000121390025031262/ea023727001ex3-1_isqopen.htm) |
| 3.2 | [Certificate of Registered Series of ISQ Open Infrastructure Company LLC - Series I, dated March 13, 2025 (incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2025)](https://www.sec.gov/Archives/edgar/data/2059924/000121390025076709/ea025240501ex3-2_isqopen.htm) |
| 3.3 | [Certificate of Registered Series of ISQ Open Infrastructure Company LLC - Series II, dated March 13, 2025 (incorporated by reference to Exhibit 3.3 to the Registrant's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2025)](https://www.sec.gov/Archives/edgar/data/2059924/000121390025076709/ea025240501ex3-3_isqopen.htm) |
| 3.4 | [Fourth Amended and Restated Limited Liability Company Agreement, by and among I Squared Capital Registered Advisor LLC, ISQ Holdings, LLC, ISQ Open Infrastructure Holdings, L.P., ISQ Open Infrastructure Investors, L.P., I Squared Capital Registered Advisor LLC and any other Persons who are or hereafter become Members or parties, dated as of August 11, 2025 (incorporated by reference to Exhibit 3.4 to the Registrant's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2025)](https://www.sec.gov/Archives/edgar/data/2059924/000121390025076709/ea025240501ex3-4_isqopen.htm) |
| 4.1 | [Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the SEC on September 2, 2025)](https://www.sec.gov/Archives/edgar/data/2059924/000121390025083415/ea025510601ex4-1_isqopen.htm) |
| 4.2 | [Share Redemption Program (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed with the SEC on September 2, 2025)](https://www.sec.gov/Archives/edgar/data/2059924/000121390025083415/ea025510601ex4-2_isqopen.htm) |
| 31.1\* | [Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029048801ex31-1.htm) |
| 31.2\* | [Certification of Principal Financial Officer, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029048801ex31-2.htm) |
| 32.1\*\* | [Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029048801ex32-1.htm) |
| 32.2\*\* | [Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029048801ex32-2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith

\*\* Furnished herewith

The agreements and other documents filed or furnished as exhibits to this Quarterly Report on Form 10-Q 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 shareholders 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.

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| ISQ OPEN INFRASTRUCTURE COMPANY LLC | ISQ OPEN INFRASTRUCTURE COMPANY LLC |
| By: | /s/ Walid Chammah |
| Name: | Walid Chammah |
| Title: | Chief Executive Officer |
|  | (Principal Executive Officer) |
| By: | /s/ Starr Frohlich |
| Name: | Starr Frohlich |
| Title: | Principal Financial Officer and Principal Accounting Officer |

---

Date: May 15, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION<br> PURSUANT TO 17 CFR 240.13a-14<br> PROMULGATED UNDER<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Walid Chammah, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 of ISQ Open
Infrastructure Company LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Intentionally omitted];

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 15, 2026

---

| | |
|:---|:---|
| By: | /s/ Walid Chammah |
|  | Walid Chammah |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION<br> PURSUANT TO 17 CFR 240.13a-14<br> PROMULGATED UNDER<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Starr Frohlich, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 of ISQ Open
Infrastructure Company LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Intentionally omitted];

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 15, 2026

---

| | |
|:---|:---|
| By: | /s/ Starr Frohlich |
|  | Starr Frohlich |
|  | Principal Financial Officer and Principal<br> Accounting Officer (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350,<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of ISQ Open Infrastructure Company LLC (the "Company") for the three months ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Walid Chammah, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

Dated: May 15, 2026

---

| | |
|:---|:---|
| By: | /s/ Walid Chammah |
|  | Walid Chammah |
|  | Chief Executive Officer<br> (Principal Executive Officer) |

---

\* *The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350,<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of ISQ Open Infrastructure Company LLC (the "Company") for the three months ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Starr Frohlich, Principal Financial Officer and Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

Dated: May 15, 2026

---

| | |
|:---|:---|
| By: | /s/ Starr Frohlich |
|  | Starr Frohlich |
|  | Principal Financial Officer and Principal Accounting Officer (Principal Financial Officer) |

---

*\** *The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*