# EDGAR Filing Document

**Accession Number:** 0001971381
**File Stem:** 0001193125-26-224382
**Filing Date:** 2026-5
**Character Count:** 243213
**Document Hash:** 9eb7866432bafbbc05adf54fc507e5ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-224382.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-224382

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Infrastructure Co LLC
- **CENTRAL INDEX KEY:** 0001971381
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC, GAS & SANITARY SERVICES [4900]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 923084689
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56561
- **FILM NUMBER:** 26980693

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2125153200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'? 10-Q

[<u>**Table of Contents**</u>](#toc_page)

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

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**FORM** 10-Q

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**(Mark One)** 

☒ **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 to .** 

**Commission file number** 000-56561

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Apollo Infrastructure Company LLC

**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| Delaware | 92-3084689 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 9 West 57th Street**,** 42nd Floor**,** New York**,** NY | 10019 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(**212**)** 515-3200

**Registrant's telephone number, including area code** 

**Securities registered pursuant to Section 12(b) of the Act: None** 

---

| | | |
|:---|:---|:---|
| **Title of each class**<br>| **Trading**<br>**Symbol(s)**<br>| **Name of each exchange**<br>**on which registered**<br>|

---

------

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 | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | 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 Act). Yes ☐ No ☒

As of May 14, 2026, the registrant had, (i) with respect to Series I limited liability company interests, 40 V Shares, 14,112,423 A-II Shares, 88,000 E Shares, 2,869,035 F-I Shares, 110 S Shares and 2,499,784 I Shares and (ii) with respect to Series II limited liability company interests, 40 V Shares, 43,980,906 A-II Shares, 57,440 E Shares, 2,479,074 F-I Shares, 110 S Shares and 521,384 I Shares outstanding.

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[<u>**Table of Contents**</u>](#toc_page)

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Special Note Regarding Forward-Looking Statements</u>](#special_note_regarding_forward_lookin) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Special Note Regarding Forward-Looking Statements</u>](#special_note_regarding_forward_lookin) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Part I.</u>** | [**<u>Financial Information</u>**](#balance_sheet) | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Item 1.</u> | [<u>Financial Statements</u>](#balance_sheet) | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and as of December 31, 202</u>](#balance_sheet)5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and as of December 31, 202</u>](#balance_sheet)5 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_operations) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_operations) | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_changes_in_net_assets) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_changes_in_net_assets) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_cash_flows) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_cash_flows) | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Schedules of Investments as of March 31, 2026 (Unaudited)</u>](#schedules_of_investments_current_year) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Schedules of Investments as of March 31, 2026 (Unaudited)</u>](#schedules_of_investments_current_year) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Schedules of Investments as of December 31, 2025</u>](#schedules_of_investment_previous_year) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Schedules of Investments as of December 31, 2025</u>](#schedules_of_investment_previous_year) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_consolidated_financial) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_consolidated_financial) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2.</u>](#item_2_management_discussion) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_management_discussion) | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3.</u>](#item_3_quantitative_and_qualitative) | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_and_qualitative) | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4.</u>](#item_4_controls_and_procedures) | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Part II.</u>**](#part_ii_other_information) | [**<u>Other Information</u>**](#part_ii_other_information) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1.</u>](#item_1_legal_proceedings) | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 1A.</u>](#item_1a_risk_factors) | [<u>Risk Factors</u>](#item_1a_risk_factors) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 2.</u>](#item_2_unregistered_sales_of_equity) | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 3.</u>](#item_3_defaults_upon) | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 4.</u>](#item_4_mine_safety_disclosures) | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 5.</u>](#item_5_other_information) | [<u>Other Information</u>](#item_5_other_information) | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Item 6.</u>](#item_6_exhibits) | [<u>Exhibits</u>](#item_6_exhibits) | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Signatures</u>](#signatures) | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Signatures</u>](#signatures) | &nbsp;&nbsp;57 |

---

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[<u>**Table of Contents**</u>](#toc_page)

**Special Note Regarding Forward-Looking Statements** 

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of the Infrastructure Assets (as defined herein) we acquire, control and manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise sufficient capital to execute our potential acquisition and lending strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Operating Manager (as defined herein) to source adequate acquisition and lending opportunities to efficiently deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Infrastructure Assets to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our current and expected financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources, financing sources and working capital;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Operating Manager or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we acquire, control and manage Infrastructure Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Operating Manager to identify, acquire and manage our Infrastructure Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Operating Manager or its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to structure acquisitions in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the tax status of the enterprises through which we acquire, control and manage Infrastructure Assets.

In addition, words such as "anticipate," "believe," "expect" and "intend," and similar words or variations thereof may 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, including factors outside of our control. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth elsewhere in this Quarterly Report on Form 10-Q, "*Part I, Item 1A. Risk Factors*" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), including our latest registration statement on Form 10 under the Exchange Act (the "Registration Statement"). Other factors that could cause actual results to differ materially include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•future changes in laws or regulations and conditions in our operating areas.

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 undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

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[<u>**Table of Contents**</u>](#toc_page)

**Part I. Financial Information**

**Item 1. Financial Statements**

**Apollo Infrastructure Company LLC** 

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

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **as of March 31, 2026 (unaudited)** | **as of March 31, 2026 (unaudited)** | **as of March 31, 2026 (unaudited)** | **as of December 31, 2025** | **as of December 31, 2025** | **as of December 31, 2025** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Assets** |  |  |  |  |  |  |
| Investments at fair value (cost at March 31, 2026 of $477,923; $1,134,490; $1,612,413; and at December 31, 2025 of $433,853; $1,019,236; $1,453,089; respectively) | $518484 | $1236431 | $1754915 | $468403 | $1106960 | $1575363 |
| Cash and cash equivalents | 47145 | 115343 | 162488 | 58111 | 139281 | 197392 |
| Foreign currencies at fair value (cost at March 31, 2026 of $488; $1,164; $1,652; respectively and at December 31, 2025 of $332; $785; $1,117; respectively) | 486 | 1159 | 1645 | 335 | 791 | 1126 |
| Receivable for investments sold | 5624 | 13412 | 19036 | - | - | - |
| Prepaid expenses and other assets | 1221 | 2914 | 4135 | 2412 | 5555 | 7967 |
| Deferred offering expenses | 414 | 986 | 1400 | 456 | 1078 | 1534 |
| Deferred financing costs | 1778 | 4241 | 6019 | - | - | - |
| Derivative assets | 842 | 1937 | 2779 | 313 | 747 | 1060 |
| Due from Operating Manager | 2363 | 5636 | 7999 | 2434 | 5753 | 8187 |
| &nbsp;&nbsp;**Total assets** | $578357 | $1382059 | $1960416 | $532464 | $1260165 | $1792629 |
| **Liabilities** |  |  |  |  |  |  |
| Derivative liabilities | $199 | $402 | $601 | $332 | $857 | $1189 |
| Management fee payable | 157 | 237 | 394 | 283 | 547 | 830 |
| Performance fee payable | 677 | 1337 | 2014 | 2766 | 5696 | 8462 |
| Distribution payable | 4122 | 9924 | 14046 | 3842 | 9155 | 12997 |
| Deferred taxes liability | 9397 | 15976 | 25373 | 7598 | 13435 | 21033 |
| Credit facility | 10341 | 24659 | 35000 | - | - | - |
| Other accrued expenses and liabilities | 2536 | 4792 | 7328 | 1506 | 2151 | 3657 |
| Due to Operating Manager | 2363 | 5636 | 7999 | 2434 | 5753 | 8187 |
| Notes Payable | 214 | 214 | 428 | 214 | 214 | 428 |
| &nbsp;&nbsp;**Total liabilities** | $30006 | $63177 | $93183 | $18975 | $37808 | $56783 |
| Commitments and contingencies **(Note 8)** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total net assets** | $548351 | $1318882 | $1867233 | $513489 | $1222357 | $1735846 |
| **Net assets are comprised of:** |  |  |  |  |  |  |
| A-II Shares, at March 31, 2026; Series I: 14,303,053; Series II: 43,055,056; and Total: 57,358,109 and at December 31, 2025; Series I: 13,598,460; Series II: 40,151,313; and Total: 53,749,773, shares authorized, issued and outstanding; respectively | $404169 | $1235938 | $1640107 | $381566 | $1142019 | $1523585 |
| F-I Shares, at March 31, 2026; Series I: 2,887,051; Series II: 2,487,467; and Total: 5,374,518, and at December 31, 2025; Series I: 2,747,440; Series II: 2,415,511; and Total: 5,162,951, shares authorized, issued and outstanding; respectively | 80276 | 70253 | 150529 | 75955 | 67681 | 143636 |
| E Shares, at March 31, 2026; Series I: 12,929; Series II: 57,657; and Total: 70,586 and at December 31, 2025; Series I: 10,128; Series II: 54,269; and Total: 64,397, shares authorized, issued and outstanding; respectively | 371 | 1680 | 2051 | 288 | 1565 | 1853 |
| V Shares, at March 31, 2026 Series I: 40; Series II: 40; and Total: 80, and at December 31, 2025; Series I: 40; Series II: 40; and Total: 80, shares authorized, issued and outstanding; respectively | 1 | 1 | 2 | 1 | 1 | 2 |

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[<u>**Table of Contents**</u>](#toc_page)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **as of March 31, 2026 (unaudited)** | **as of March 31, 2026 (unaudited)** | **as of March 31, 2026 (unaudited)** | **as of December 31, 2025** | **as of December 31, 2025** | **as of December 31, 2025** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| I Shares at March 31, 2026; Series I: 2,284,834; Series II: 389,233; and Total: 2,674,067 and at December 31, 2025; Series I: 2,011,856; Series II: 394,865; and Total: 2,406,721, shares authorized, issued and outstanding; respectively | 63531 | 11007 | 74538 | 55676 | 11088 | 66764 |
| S Shares at March 31, 2026; Series I: 110; Series II: 110; and Total: 220 shares and at December 31, 2025; Series I: 110 ; Series II: 110 ; and Total: 220, shares authorized, issued and outstanding; respectively | 3 | 3 | 6 | 3 | 3 | 6 |
| &nbsp;&nbsp;**Total net assets** | $548351 | $1318882 | $1867233 | $513489 | $1222357 | $1735846 |
| **Net asset value per share** |  |  |  |  |  |  |
| **A-II Shares:** |  |  |  |  |  |  |
| Net assets | $404169 | $1235938 | $1640107 | $381566 | $1142019 | $1523585 |
| Shares outstanding | 14303053 | 43055056 | 57358109 | 13598460 | 40151313 | 53749773 |
| &nbsp;&nbsp;**Net asset value per share** | $28.26 | $28.71 | $28.59 | $28.06 | $28.44 | $28.35 |
| **F-I Shares:** |  |  |  |  |  |  |
| Net assets | $80276 | $70253 | $150529 | $75955 | $67681 | $143636 |
| Shares outstanding | 2887051 | 2487467 | 5374518 | 2747440 | 2415511 | 5162951 |
| &nbsp;&nbsp;**Net asset value per share** | $27.81 | $28.24 | $28.01 | $27.65 | $28.02 | $27.82 |
| **E Shares:** |  |  |  |  |  |  |
| Net assets | $371 | $1680 | $2051 | $288 | $1565 | $1853 |
| Shares outstanding | 12929 | 57657 | 70586 | 10128 | 54269 | 64397 |
| &nbsp;&nbsp;**Net asset value per share** | $28.68 | $29.14 | $29.05 | $28.44 | $28.83 | $28.77 |
| **V Shares:** |  |  |  |  |  |  |
| Net assets | $1 | $1 | $2 | $1 | $1 | $2 |
| Shares outstanding | 40 | 40 | 80 | 40 | 40 | 80 |
| &nbsp;&nbsp;**Net asset value per share** | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 |
| **I Shares:** |  |  |  |  |  |  |
| Net assets | $63531 | $11007 | $74538 | $55676 | $11088 | $66764 |
| Shares outstanding | 2284834 | 389233 | 2674067 | 2011856 | 394865 | 2406721 |
| &nbsp;&nbsp;**Net asset value per share** | $27.81 | $28.28 | $27.87 | $27.67 | $28.08 | $27.74 |
| **S Shares:** |  |  |  |  |  |  |
| Net assets | $3 | $3 | $6 | $3 | $3 | $6 |
| Shares outstanding | 110 | 110 | 220 | 110 | 110 | 220 |
| &nbsp;&nbsp;**Net asset value per share** | $27.79 | $28.25 | $28.02 | $27.66 | $28.06 | $27.86 |

---

See notes to consolidated financial statements

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[<u>**Table of Contents**</u>](#toc_page)

**Apollo Infrastructure Company LLC** 

**Consolidated Statements of Operations (Unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Investment income** |  |  |  |  |  |  |
| Interest income | $3683 | $8842 | $12525 | $4095 | $10438 | $14533 |
| Dividend income | 1300 | 3083 | 4383 | - | - | - |
| **Total investment income** | $4983 | $11925 | $16908 | $4095 | $10438 | $14533 |
| **Expenses** |  |  |  |  |  |  |
| General and administration expenses | $813 | $1919 | $2732 | $606 | $1600 | $2206 |
| Directors fees | 45 | 107 | 152 | 42 | 111 | 153 |
| Deferred offering expenses amortization | 40 | 94 | 134 | 36 | 97 | 133 |
| Interest expense | 400 | 950 | 1350 | - | - | - |
| Management fees, net | 185 | 247 | 432 | 261 | 647 | 908 |
| Performance fees | 677 | 1337 | 2014 | 289 | 674 | 963 |
| **Total expenses** | $2160 | $4654 | $6814 | $1234 | $3129 | $4363 |
| Less: Net expense reimbursement (support) to/from Operating Manager | 56 | 132 | 188 | (117) | (319) | (436) |
| **Net expenses** | $2216 | $4786 | $7002 | $1117 | $2810 | $3927 |
| **Net investment income before taxes** | $2767 | $7139 | $9906 | $2978 | $7628 | $10606 |
| Provision for (benefit from) income taxes | 2277 | 2559 | 4836 | 1152 | 2417 | 3569 |
| **Net investment income** | $490 | $4580 | $5070 | $1826 | $5211 | $7037 |
| **Net realized and unrealized gain/(loss)** |  |  |  |  |  |  |
| Net realized gain/(loss) from investments | 368 | 877 | 1245 | 1 | 3 | 4 |
| Net realized gain/(loss) from derivatives | 84 | 200 | 284 | - | - | - |
| Net change in unrealized appreciation/(depreciation) from investments | 5999 | 14244 | 20243 | 1799 | 4530 | 6329 |
| Net change in unrealized appreciation/(depreciation) from foreign currencies | (5) | (11) | (16) | - | - | - |
| Net change in unrealized appreciation/(depreciation) from derivatives | 678 | 1629 | 2307 | 95 | 260 | 355 |
| **Net realized and unrealized gain/(loss)** | $7124 | $16939 | $24063 | $1895 | $4793 | $6688 |
| **Net increase (decrease) in net assets resulting from operations** | $7614 | $21519 | $29133 | $3721 | $10004 | $13725 |

---

See notes to consolidated financial statements

------

[<u>**Table of Contents**</u>](#toc_page)

**Apollo Infrastructure Company LLC** 

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

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Operations** |  |  |  |  |  |  |
| Net investment income | $490 | $4580 | $5070 | $1826 | $5211 | $7037 |
| Net realized gain/(loss) from investments | 368 | 877 | 1245 | 1 | 3 | 4 |
| Net realized gain/(loss) from derivatives | 84 | 200 | 284 | - | - | - |
| Net change in unrealized appreciation/(depreciation) from investments | 5999 | 14244 | 20243 | 1799 | 4530 | 6329 |
| Net change in unrealized appreciation/(depreciation) from foreign currencies | (5) | (11) | (16) | - | - | - |
| Net change in unrealized appreciation/(depreciation) from derivatives | 678 | 1629 | 2307 | 95 | 260 | 355 |
| **Net increase (decrease) in net assets resulting from operations** | $7614 | $21519 | $29133 | $3721 | $10004 | $13725 |
| **Distributions** |  |  |  |  |  |  |
| A-II Shares: | $(3037) | $(9299) | $(12336) | $(2047) | $(5674) | $(7721) |
| F-I Shares: | (604) | (529) | (1133) | (266) | (223) | (489) |
| E Shares: | (3) | (13) | (16) | (2) | (7) | (9) |
| I Shares: | (478) | (83) | (561) | (69) | (7) | (76) |
| S Shares: | - | - | - | - | - | - |
| **Net increase (decrease) in net assets resulting from distributions** | $(4122) | $(9924) | $(14046) | $(2384) | $(5911) | $(8295) |
| **Capital Share Transaction** |  |  |  |  |  |  |
| **A-II Shares:** |  |  |  |  |  |  |
| Consideration from issuance of shares | $21537 | $86754 | $108291 | $52226 | $85565 | $137791 |
| Reinvestment of distributions | 232 | 1292 | 1524 | 23 | 754 | 777 |
| Repurchases of shares | (1917) | (5081) | (6998) | (687) | (3944) | (4631) |
| **F-I Shares:** |  |  |  |  |  |  |
| Consideration from issuance of shares | $3987 | $1661 | $5648 | $4178 | $2298 | $6476 |
| Reinvestment of distributions | 218 | 363 | 581 | 64 | 162 | 226 |
| Repurchases of shares | (339) | - | (339) | (266) | - | (266) |
| **E Shares:** |  |  |  |  |  |  |
| Consideration from issuance of shares | $78 | $112 | $190 | $105 | $358 | $463 |
| Reinvestment of distributions | 2 | 9 | 11 | 1 | 3 | 4 |
| Repurchases of shares | - | (23) | (23) | - | - | - |
| **I Shares:** |  |  |  |  |  |  |
| Consideration from issuance of shares | $7465 | $2335 | $9800 | $9070 | $867 | $9937 |
| Reinvestment of distributions | 249 | 67 | 316 | - | - | - |
| Repurchases of shares | (142) | (2559) | (2701) | - | - | - |
| **S Shares:** |  |  |  |  |  |  |
| Consideration from issuance of shares | $- | $- | $- | $3 | $3 | $6 |
| Reinvestment of distributions | - | - | - | - | - | - |
| Repurchases of shares | - | - | - | - | - | - |
| **V Shares:** |  |  |  |  |  |  |
| Consideration from issuance of shares | $- | $- | $- | $- | $- | $- |
| **Net increase (decrease) in capital share transaction** | $31370 | $84930 | $116300 | $64717 | $86066 | $150783 |
| **Net Assets** |  |  |  |  |  |  |
| Total increase (decrease) in net assets during the period | $34862 | $96525 | $131387 | $66054 | $90159 | $156213 |
| Net assets at beginning of period | 513489 | 1222357 | 1735846 | 247549 | 692747 | 940296 |
| **Net assets at end of period** | $548351 | $1318882 | $1867233 | $313603 | $782906 | $1096509 |

---

See notes to consolidated financial statements

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[<u>**Table of Contents**</u>](#toc_page)

**Apollo Infrastructure Company LLC** 

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

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Operating activities** |  |  |  |  |  |  |
| Net increase/(decrease) in net assets resulting from operations | $7614 | $21519 | $29133 | $3721 | $10004 | $13725 |
| Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net realized (gain)/loss on investments | (368) | (877) | (1245) | - | - | - |
| &nbsp;&nbsp;Amortization of restricted stock shares | 15 | 35 | 50 | 14 | 36 | 50 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 162 | 385 | 547 | - | - | - |
| &nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation from investments | (5999) | (14244) | (20243) | (1799) | (4530) | (6329) |
| &nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation from foreign currency | 5 | 11 | 16 | - | - | - |
| &nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation from derivatives | (678) | (1629) | (2307) | (95) | (260) | (355) |
| &nbsp;&nbsp;Payment-in-kind interest capitalized | (1869) | (4456) | (6325) | (2499) | (6223) | (8722) |
| &nbsp;&nbsp;Acquisition of Infrastructure Assets, net of rebalancing transaction of $3,164 to Series I and $(3164) to Series II for the three months ended March 31, 2026 and $15,220 to Series I and $(15220) to Series II for the three months ended March 31, 2025 | (77905) | (195639) | (273544) | (97254) | (192226) | (289480) |
| &nbsp;&nbsp;Proceeds from sale of investments | 36072 | 85718 | 121790 | 2755 | 7110 | 9865 |
| &nbsp;&nbsp;Deferred offering expenses amortization | 40 | 94 | 134 | 36 | 97 | 133 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash<sup>(1)</sup> | 2353 | 5409 | 7762 | 797 | 2907 | 3704 |
| &nbsp;&nbsp;(Increase)/decrease in receivable for Investments sold | (5624) | (13412) | (19036) | - | - | - |
| &nbsp;&nbsp;(Increase)/decrease in deferred offering expenses | 2 | (2) | - | (45) | 45 | - |
| &nbsp;&nbsp;(Increase)/decrease in due from Operating Manager | 71 | 117 | 188 | (305) | (131) | (436) |
| &nbsp;&nbsp;(Decrease)/increase in Management fee payable | (126) | (310) | (436) | (114) | (302) | (416) |
| &nbsp;&nbsp;(Decrease)/increase in accrued performance fees | (2089) | (4359) | (6448) | (693) | (2047) | (2740) |
| &nbsp;&nbsp;(Decrease)/increase in deferred taxes liability | 1799 | 2541 | 4340 | 432 | 1165 | 1597 |
| &nbsp;&nbsp;(Decrease)/increase in other accrued expenses and liabilities | 1030 | 2641 | 3671 | 945 | 1637 | 2582 |
| &nbsp;&nbsp;(Decrease)/increase in due to Operating Manager | (71) | (117) | (188) | 340 | 232 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | $(45566) | $(116575) | $(162141) | $(93764) | $(182486) | $(276250) |
| **Financing activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from issuance of shares | 33067 | 90862 | 123929 | 65582 | 89091 | 154673 |
| &nbsp;&nbsp;Note Borrowings | - | - | - | 214 | 214 | 428 |
| &nbsp;&nbsp;Borrowings from credit facility | 10341 | 24659 | 35000 | - | - | - |
| &nbsp;&nbsp;Payment on repurchases of shares | (2398) | (7663) | (10061) | (953) | (3944) | (4897) |
| &nbsp;&nbsp;Distribution | (3142) | (7424) | (10566) | (1775) | (4262) | (6037) |
| &nbsp;&nbsp;Payment of deferred financing costs | (1940) | (4626) | (6566) | - | - | - |
| &nbsp;&nbsp;**Net cash provided by financing activities** | $35928 | $95808 | $131736 | $63068 | $81099 | $144167 |
| **Cash and cash equivalents** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net increase in cash and cash equivalents | (9638) | (20767) | (30405) | (30696) | (101387) | (132083) |
| &nbsp;&nbsp;Cash and cash equivalents, foreign currencies at fair value and restricted cash at beginning of period<sup>(1)</sup> | 58161 | 139397 | 197558 | 84681 | 236861 | 321542 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, Cash equivalents, foreign currencies at fair value and restricted cash at end of period**<sup>(2)</sup> | $48523 | $118630 | $167153 | $53985 | $135474 | $189459 |

---

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[<u>**Table of Contents**</u>](#toc_page)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2026 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** | **For the three months ended March 31, 2025 (unaudited)** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Supplemental disclosure of cash flow information:** |  |  |  |  |  |  |
| Income taxes paid | $245 | $361 | $606 | $- | $- | $- |
| Payment-in-kind income | 1869 | 4456 | 6325 | 2499 | 6223 | 8722 |
| Noncash financing activities not included - distribution payable | 4122 | 9924 | 14046 | 2384 | 5911 | 8295 |
| Noncash financing activities not included - reinvestment of distribution | 701 | 1731 | 2432 | 88 | 919 | 1007 |
| Interest expense paid | 235 | 554 | 789 | - | - | - |

---

<sup>(1)</sup> Included in Cash, cash equivalents and restricted cash at the beginning of period as of March 31, 2026 are $285, $675 and $960 for Series I, Series II and total Company respectively, of restricted cash as collateral, which are included in Prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. There was no restricted cash held at the beginning of period as of March 31, 2025 for Series I, Series II, or the Company.

<sup>(2)</sup> Included in Cash, cash equivalents and restricted cash as of March 31, 2026, are $892, $2,128, and $3,020 for Series I, Series II and the Company, respectively, of restricted cash as collateral, which are netted and included in either prepaid expenses and other assets or other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities. There was no restricted cash held as of March 31, 2025 for Series I, Series II, or the Company.

See notes to consolidated financial statements

------

[<u>**Table of Contents**</u>](#toc_page)

**Apollo Infrastructure Company LLC**

**Condensed Consolidated Schedules of Investments (Unaudited)** 

**March 31, 2026**

**(in thousands, except share and per share data)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Geography/Region** | **Industry/Type** | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> |
| **Investments in Partnership Investment Vehicle:**<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Power & Utilities |  | $74050 | 13.5% |  | $176587 | 13.4% |  | $250637 | 13.4% |
| &nbsp;&nbsp;AIC 3-Z Subsidiary, LLC<sup>(3)</sup> | United States | Various |  | 47995 | 8.8% |  | 114454 | 8.7% |  | 162449 | 8.7% |
| &nbsp;&nbsp;AP Aegis Aggregator, SCSp<sup>(4)</sup> | Europe | Digital |  | 40506 | 7.4% |  | 96595 | 7.3% |  | 137101 | 7.3% |
| &nbsp;&nbsp;Novus Holdings Parent, L.P. | United States | Transportation |  | 40624 | 7.4% |  | 96876 | 7.3% |  | 137500 | 7.4% |
| &nbsp;&nbsp;Phoebe JV Energy, LLC | United States | Power & Utilities | 19930 | 32168 | 5.9% | 47527 | 76711 | 5.8% | 67457 | 108879 | 5.8% |
| &nbsp;&nbsp;AP Ballast, L.P.<sup>(5)</sup> | United States | Transportation |  | 29391 | 5.4% |  | 70090 | 5.3% |  | 99481 | 5.3% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Transportation |  | 26855 | 4.9% |  | 64041 | 4.9% |  | 90896 | 4.9% |
| &nbsp;&nbsp;AP Jaguar Holdings, LLC<sup>(6)</sup> | United States | Power & Utilities |  | 45654 | 8.3% |  | 108870 | 8.3% |  | 154524 | 8.3% |
| &nbsp;&nbsp;Other Infrastructure Assets | Canada | Social |  | 17882 | 3.3% |  | 42643 | 3.2% |  | 60525 | 3.2% |
| &nbsp;&nbsp;Other Infrastructure Assets | Norway | Transportation |  | 27391 | 5.0% |  | 65318 | 5.0% |  | 92709 | 5.0% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Digital |  | 13309 | 2.4% |  | 31738 | 2.4% |  | 45047 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Partnership Investment Vehicle (Cost of $355,814; $845,452; $1,201,266)** |  |  |  | $**395825** | **72.3%** |  | $**943923** | **71.6%** |  | $**1339748** | **71.7%** |
| **Investments in Loans:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Power & Utilities |  | $26981 | 4.9% |  | $64342 | 4.9% |  | $91323 | 4.9% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Digital |  | 54199 | 9.9% |  | 129251 | 9.8% |  | 183450 | 9.8% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Transportation |  | 21186 | 3.9% |  | 50522 | 3.8% |  | 71708 | 3.8% |
| &nbsp;&nbsp;Other Infrastructure Assets | Europe | Digital |  | 7010 | 1.3% |  | 16716 | 1.3% |  | 23726 | 1.3% |
| &nbsp;&nbsp;Other Infrastructure Assets | Various | Transportation |  | 7022 | 1.3% |  | 16747 | 1.3% |  | 23769 | 1.3% |
| &nbsp;&nbsp;Other Infrastructure Assets | Various | Digital |  | 6261 | 1.1% |  | 14930 | 1.1% |  | 21191 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Loans (Cost of $122,109; $289,038; $411,147)** |  |  |  | $**122659** | **22.4%** |  | $**292508** | **22.2%** |  | $**415167** | **22.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments (Cost of $477,923; $1,134,490; $1,612,413)** |  |  |  | $**518484** | **94.7%** |  | $**1236431** | **93.8%** |  | $**1754915** | **93.9%** |

---

------

[<u>**Table of Contents**</u>](#toc_page)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Geography/Region** | **Industry/Type** | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> |
| **Derivative Assets:**<sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign Currency Forward Contracts | N/A | N/A |  | $842 | 0.2% |  | $1937 | 0.1% |  | $2779 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets** |  |  |  | $**842** | **0.2%** |  | $**1937** | **0.1%** |  | $**2779** | **0.1%** |
| **Derivative Liabilities:**<sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign Currency Forward Contracts | N/A | N/A |  | $(199) | 0.0% |  | $(402) | 0.0% |  | $(601) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities** |  |  |  | $**(199)** | **0.0%** |  | $**(402)** | **0.0%** |  | $**(601)** | **0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments, Derivative Assets and Derivative Liabilities (Cost of $477,923; $1,134,490; $1,612,413)** |  |  |  | $**519127** | **94.9%** |  | $**1237966** | **93.9%** |  | $**1757093** | **94.0%** |

---

<sup>(1)</sup> Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series. Numbers may not add due to rounding.

<sup>(2)</sup> Partnership investment vehicle includes investments in both limited partnerships and limited liability companies.

<sup>(3)</sup> Represents an investment in an affiliated entity of the Company.

<sup>(4)</sup> Series I, Series II and the Company indirectly own 361,246,464, 861,465,225, and 1,222,711,689 units, respectively, in Aegis TopCo S.a.rl., an investment in the Digital industry in Europe. The fair value of Series I, Series II and the Company investment in units of Aegis TopCo S.a.rl. were $40,434, $96,422 and $136,856, respectively, and the percentage of Net Asset Value of Series I, Series II, and the Company for each investment was 7.3%.

<sup>(5)</sup> Series I, Series II and the Company indirectly own 2,954, 7,046, and 10,000 units, respectively, in Watco Companies LLC, an investment in the Transportation industry in the United States. The fair value of Series I, Series II and the Company investment in units of Watco Companies LLC were $29,370, $70,038 and $99,408, respectively, and the percentage of Net Asset Value of Series I, Series II, and the Company for each investment was 5.4%.

<sup>(6)</sup> Series I, Series II and the Company indirectly own 44,317,046, 105,682,954, and 150,000,000 units, respectively, in Eagle Creek Holdings, LLC, an investment in the Power & Utilities industry in the United States. The fair value of Series I, Series II and the Company investment in units of Eagle Creek Holdings, LLC were $45,649, $108,859 and $154,508, respectively, and the percentage of Net Asset Value of Series I, Series II, and the Company for each investment was 8.3%.

<sup>(7)</sup> See [<u>Note 4. Derivative Instruments</u>](#note_4_derivative_instrument) for additional information of derivative assets and derivative liabilities.

See notes to consolidated financial statements.

------

[<u>**Table of Contents**</u>](#toc_page)

**Apollo Infrastructure Company LLC**

**Condensed Consolidated Schedules of Investments**

**December 31, 2025**

**(in thousands, except share and per share data)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Geography/Region** | **Industry/Type** | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> |
| **Investments in Partnership Investment Vehicle:**<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Power & Utilities |  | $69390 | 13.5% |  | $163989 | 13.4% |  | $233379 | 13.4% |
| &nbsp;&nbsp;AIC 3-Z Subsidiary, LLC<sup>(3)</sup> | United States | Various |  | 43483 | 8.5% |  | 102764 | 8.4% |  | 146247 | 8.4% |
| &nbsp;&nbsp;AP Aegis Aggregator, SCSp<sup>(4)</sup> | Europe | Digital |  | 39802 | 7.8% |  | 94061 | 7.7% |  | 133863 | 7.7% |
| &nbsp;&nbsp;Novus Holdings Parent, L.P. | United States | Transportation |  | 38435 | 7.5% |  | 90832 | 7.4% |  | 129267 | 7.4% |
| &nbsp;&nbsp;Phoebe JV Energy, LLC | United States | Power & Utilities | 20057 | 31855 | 6.2% | 47400 | 75281 | 6.2% | 67457 | 107136 | 6.2% |
| &nbsp;&nbsp;AP Ballast, L.P.<sup>(5)</sup> | United States | Transportation |  | 29363 | 5.7% |  | 69391 | 5.7% |  | 98754 | 5.7% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Transportation |  | 28132 | 5.5% |  | 66482 | 5.4% |  | 94614 | 5.5% |
| &nbsp;&nbsp;AP Hercules Aggregator SCSp<sup>(6)</sup> | Norway | Transportation |  | 26814 | 5.2% |  | 63367 | 5.2% |  | 90181 | 5.2% |
| &nbsp;&nbsp;Other Infrastructure Assets | Canada | Social |  | 17507 | 3.4% |  | 41374 | 3.4% |  | 58881 | 3.4% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Digital |  | 8767 | 1.7% |  | 20719 | 1.7% |  | 29486 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Partnership Investment Vehicle (Cost of $299,438; $703,624; $1,003,062)** |  |  |  | $**333548** | **65.0%** |  | $**788260** | **64.5%** |  | $**1121808** | **64.6%** |
| **Investments in Loans:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Power & Utilities |  | $56406 | 11.0% |  | $133305 | 10.9% |  | $189711 | 10.9% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Digital |  | 49102 | 9.6% |  | 116043 | 9.5% |  | 165145 | 9.5% |
| &nbsp;&nbsp;Other Infrastructure Assets | United States | Transportation |  | 14273 | 2.8% |  | 33730 | 2.8% |  | 48003 | 2.8% |
| &nbsp;&nbsp;Other Infrastructure Assets | Europe | Digital |  | 7172 | 1.4% |  | 16950 | 1.4% |  | 24122 | 1.4% |
| &nbsp;&nbsp;Other Infrastructure Assets | Various | Transportation |  | 6820 | 1.3% |  | 16116 | 1.3% |  | 22936 | 1.3% |
| &nbsp;&nbsp;Other Infrastructure Assets | Various | Digital |  | 1082 | 0.2% |  | 2556 | 0.2% |  | 3638 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Loans (Cost of $134,415; $315,612; $450,027)** |  |  |  | $**134855** | **26.3%** |  | $**318700** | **26.1%** |  | $**453555** | **26.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments (Cost of $433,853; $1,019,236; $1,453,089)** |  |  |  | $**468403** | **91.3%** |  | $**1106960** | **90.6%** |  | $**1575363** | **90.7%** |
| **Derivative Assets:**<sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Foreign Currency Forward Contracts | N/A | N/A |  | $313 | 0.1% |  | $747 | 0.1% |  | $1060 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets** |  |  |  | $**313** | **0.1%** |  | $**747** | **0.1%** |  | $**1060** | **0.1%** |
| **Derivative Liabilities:**<sup>(7)</sup> |  |  |  |  |  |  |  |  |  |  |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Series I** | **Series I** | **Series I** | **Series II** | **Series II** | **Series II** | **Total** | **Total** | **Total** |
| **Description** | **Geography/Region** | **Industry/Type** | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> | **Principal<br>Amount or Number of<br>Shares** | **Fair Value** | **Fair Value<br>as a Percentage<br>of Net Assets**<sup>(1)</sup> |
| &nbsp;&nbsp;Foreign Currency Forward Contracts | N/A | N/A |  | $(332) | -0.1% |  | $(857) | -0.1% |  | $(1189) | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities** |  |  |  | $**(332)** | **-0.1%** |  | $**(857)** | **-0.1%** |  | $**(1189)** | **-0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments, Derivative Assets and Derivative Liabilities (Cost of $433,853; $1,019,236; $1,453,089)** |  |  |  | $**468384** | **91.2%** |  | $**1106850** | **90.6%** |  | $**1575234** | **90.7%** |

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(1)Fair Value as a percentage of Net Assets shown as a percentage of Net Assets of the respective Series.

(2)Partnership investment vehicle includes investments in both limited partnerships and limited liability companies.

(3)Represents an investment in an affiliated entity of the Company.

(4)Series I, Series II and the Company indirectly own 363,550,624, 859,161,065, and 1,222,711,689 units, respectively, in Aegis TopCo S.a.rl., an investment in the Digital industry in Europe. The fair value of Series I, Series II and the Company investment in units of Aegis TopCo S.a.rl. were $39,726, $93,883 and $133,609, respectively, and the percentage of Net Asset Value of Series I, Series II, and the Company for each investment was 7.8%.

(5)Series I, Series II and the Company indirectly own 2,973, 7,027, and 10,000 units, respectively, in Watco Companies LLC, an investment in the Transportation industry in the United States. The fair value of Series I, Series II and the Company investment in units of Watco Companies LLC were $29,361, $69,389 and $98,750, respectively, and the percentage of Net Asset Value of Series I, Series II, and the Company for each investment was 5.7%.

(6)Series I, Series II and the Company indirectly own 24,570,172, 58,065,463, and 82,635,635 units, respectively, in AP Hercules UK Ltd, an investment in the Transportation industry in Norway. The fair value of Series I, Series II and the Company investment in units of AP Hercules UK Ltd were $26,843, $63,436 and $90,279, respectively, and the percentage of Net Asset Value of Series I, Series II, and the Company for each investment was 5.2%.

(7)Refer to [<u>Note 4. Derivative Instruments</u>](#note_4_derivative_instrument) for additional information of derivative assets and derivative liabilities.

See notes to consolidated financial statements.

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**Apollo Infrastructure Company LLC** 

**Notes to Consolidated Financial Statements (Unaudited)**

**(in thousands, except for share and per share data)**

**1.** **Organization**

Apollo Infrastructure Company LLC and subsidiaries (the "Company") is a limited liability company that was formed in accordance with the laws of Delaware on April 3, 2023. On April 10, 2023, the Company established two registered series of limited liability company interests, Apollo Infrastructure Company LLC - Series I ("Series I") and Apollo Infrastructure Company LLC - Series II ("Series II"). Series I and Series II are 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 Delaware Limited Liability Company Act (as amended from time to time, 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 Series conduct the business of the Company jointly and although they have the ability and intention to contract in their own name, they expect to do so jointly and in coordination with one another. 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. Series I and Series II are expected to invest, directly or indirectly, in the same portfolio of Infrastructure Assets on a pro rata basis. Series I is treated as a corporation for U.S. federal income tax purposes, and Series II is treated as a partnership for U.S. federal income tax purposes. The Company conducts its operations so that it is not required to register as an "investment company" under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company is a holding company that seeks to acquire, own and control portfolio companies, special purpose vehicles and other entities through which infrastructure assets or businesses will be held ("Infrastructure Assets"), with the objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation. Each Series is overseen by the Board and managed by the Operating Manager.

The Company conducts a continuous private offering of its investor shares: S Shares, I Shares, F-S Shares, F-I Shares, A-I Shares, and A-II Shares (collectively, the "Investor Shares" and, collectively with the E Shares and V Shares, the "Shares") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside of the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act).

The Company is sponsored by Apollo Asset Management, Inc. (together with its subsidiaries, "Apollo") and benefits from Apollo's infrastructure sourcing and management platform pursuant to the operating agreement the Company entered into with Apollo Manager, LLC (the "Operating Manager") to support the Company in managing its portfolio of Infrastructure Assets with the objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation for shareholders. The Company commenced principal operations on November 1, 2023.

The purchase of the Shares in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. V Shares have special rights and privileges, including entitling the holders thereof to the right to increase or decrease the number of directors of the Company, appoint and remove directors from the Board, and fill any vacancies on the Board. V Shares will not have economic participation in the Company. V Shares have not been and are not expected to be offered to investors other than Apollo, certain of its affiliates and employees and/or certain Apollo clients.

**2.**Summary of Significant Accounting Policies

***Basis of Accounting*** – The 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, which is the Company's functional currency. The Company's fiscal year end is December 31. The Company's consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies.

***Basis of Presentation*** – Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets, liabilities, income, and expenses. Allocation to each Series is based on attributable investment activity, net asset value ("NAV"), or other equitable allocation methodologies as determined by the Operating Manager. Series I and Series II reflect their allocable share of assets and liabilities of the Company's wholly-owned subsidiaries on the Consolidated Statements of Assets and Liabilities. Series I and Series II record their allocable share of profits and losses each month based on their relative ownership of the wholly-owned subsidiaries on the Consolidated Statements of Operations. Management has made all necessary adjustments (consisting only of normal recurring items) so that the consolidated financial statements are presented fairly and believes that any estimates made are reasonable and prudent.

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***Basis of Consolidation*** – As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

***Use of Estimates* –** The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could materially differ from those estimates.

***Cash and Cash Equivalents*** – As of March 31, 2026 and December 31, 2025, cash and cash equivalents were comprised of cash and fundings into money market funds sponsored by a U.S. financial institution. As of March 31, 2026, Series I, Series II, and the Company held $47,145, $115,343, and $162,488, respectively, in money market funds, all of which were held in the Goldman Sachs Financial Square Government Fund. As of December 31, 2025, Series I, Series II, and the Company held $58,111, $139,281, and $197,392, respectively, in money market funds, all of which were held in the Goldman Sachs Financial Square Government Fund.

***Organizational and Offering Expenses*** – Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business.

Offering expenses include registration fees and legal fees regarding the preparation of the Company's registration statement on Form 10. Offering expenses are accounted for as deferred costs until operations begin. For the three months ended March 31, 2026, Series I, Series II, and the Company deferred offering expenses amortization were $40, $94, and $134, respectively. For the three months ended March 31, 2025, Series I, Series II, and the Company deferred offering expenses amortization were $36, $97, and $133, respectively.

As of March 31, 2026, deferred offering expenses for Series I, Series II and the Company were $414, $986, and $1,400, respectively. As of December 31, 2025, Series I, Series II and the Company deferred offering expenses were $456, $1,078, and $1,534, respectively.

The Operating Manager may elect to provide expense support for certain organization and offering expenses which is subject to potential recoupment as described in [<u>Note 6. Related Party Considerations</u>](#note_related_party).

***Investment Income –*** The Company records dividend income and accrues interest income pursuant to the terms of the respective Infrastructure Asset, unless, in the case of dividend income, the Company determines that the Infrastructure Asset does not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind (PIK) interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Infrastructure Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and record any interest income, dividend income, realized gains or returns of capital accordingly. For the three months ended March 31, 2026 and 2025, investment income was comprised of interest and dividend income from Infrastructure Assets and cash and cash equivalents.

***Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments –*** Without regard to unrealized appreciation (depreciation) previously recognized, realized gains or losses will be 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) will reflect 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.

***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. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transaction costs that may be incurred upon disposition of investments.

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 in the 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, are as follows:

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Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The Company does not adjust the quoted price for these financial instruments, even in situations where the Company holds a large position and the sale of such position would likely deviate from the quoted price.

Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. These financial instruments exhibit higher levels of liquid market observability as compared to Level III financial instruments.

Level III — Pricing inputs are unobservable for the financial instrument and includes situations where there is little observable market activity for the financial instrument. The inputs into the determination of fair value may require significant management judgment or estimation. Financial instruments that are included in this category generally include investments where the fair value is based on observable inputs as well as unobservable inputs.

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.

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, we will consider 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 security is expected to generate in the future. The market approach relies upon valuations for comparable public 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. We also consider a range of additional factors that we deem relevant, including a potential sale of the Infrastructure Assets, macro and local market conditions, industry information and the relevant Infrastructure Asset's historical and projected financial data.

Infrastructure Assets will generally be valued at the relevant transaction price initially; however, to the extent the Operating Manager does not believe an Infrastructure Asset's transaction price reflects the current market value, the Operating Manager will adjust such valuation. When making fair value determinations for Infrastructure Assets, the Operating Manager will update the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the financial performance of the Infrastructure Assets since the prior valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Operating Manager will value 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, which the Company expects to be the case for a significant number of its Infrastructure Assets, the Operating Manager may engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date.

Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company'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 will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined, or in the future determines, that such changes are likely to result in a more accurate reflection of estimated fair value.

Certain partnership investments vehicles are measured at fair value using the reported NAV of the investee ("the Aggregator entity") as a practical expedient. The Aggregator entity applies due diligence, valuation policies, and monitoring procedures to assess whether NAV represents fair value. If NAV is deemed not reflective of fair value or if the Aggregator entity is not an investment company, the Aggregator entity will estimate fair value in good faith under its valuation policies. These investments may be subject to redemption restrictions, lock-up provisions, unfunded commitments and are excluded from the fair value hierarchy described above.

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***Derivative Instruments*** — The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. The Company does not utilize hedge accounting with respect to derivative instruments and as such, the Company recognizes its derivative instruments at fair value with changes included in net change in unrealized appreciation/(depreciation) from foreign currency forward contracts on the Consolidated Statements of Operations. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments.

Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

The Company enters into foreign currency forward contracts to reduce the Company's exposure to fluctuations in the fair value of foreign currencies to manage foreign currency risk or to facilitate settlement of foreign currency denominated Infrastructure Assets transactions. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Depending on the nature of the balance, the fair value of foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the foreign currency forward contracts are included in prepaid expenses and other assets or other accrued expenses and liabilities, respectively, on the Company's Consolidated Statements of Assets and Liabilities. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company recognizes its foreign currency forward contracts at fair value with changes included in the net change in unrealized appreciation/(depreciation) from foreign currency forward contracts on the Consolidated Statements of Operations.

***Income Taxes*** – Series I elected to be taxed as a corporation for U.S. federal income tax purposes. Series I is liable for income taxes, if any, on its net taxable income.

Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interests in Series II would then be treated as shareholders in a corporation, and Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Infrastructure Assets, through subsidiaries that are 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 taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset and liability and its reported valuation in the accompanying consolidated financial statements. Income taxes for both Series I and Series II are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the temporary differences in the basis of assets and liabilities for income tax and financial reporting purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statements of Operations in the period that includes the enactment date. For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount within prepaid expenses and other assets or other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities.

Both Series I and Series II recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Both Series I and Series II review and evaluate tax positions in their major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. The reserve for uncertain tax positions is recorded in other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Based on this review, both Series I and Series II have determined the major tax jurisdictions to be where both Series I and Series II are organized, where both Series I and Series II hold interests in Infrastructure Assets, and where the Operating Manager is located; however, no reserves for uncertain tax positions were recorded for Series I and Series II for the three months ended March 31, 2026 and 2025. Both Series I and Series II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Generally, both Series I and Series II's returns may be subject to examination for a period of three to five years from when they are filed under varying statutes of limitations.

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***Calculation of NAV*** – For each applicable Series, the NAV per Share of each type of the Company's Shares is determined by dividing the total assets (the value of investments, plus cash and other assets) attributable to such type less the value of any liabilities attributable to such type, by the total number of Shares outstanding of such type.

***Recent Accounting Pronouncements*** – In November 2024, the FASB issued Accounting Standards Update ("ASU") 2024-03, "Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." ASU 2024-03 requires public business entities to provide more detailed disclosures about the nature of their expenses in the footnotes to the financial statements. The guidance is mandatorily effective for the Company for annual periods beginning in 2027. The Company is currently evaluating the impact of the new standard on its consolidated financial statements.

The Company adopted FASB ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024, and early adoption is permitted. The adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.

There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the year beginning January 1, 2026, that would be expected to have a material impact on the Company.

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**3.** **Fair Value Measurement and Disclosures**

The following tables summarize the valuation of the Company's investments and cash and cash equivalents in the fair value hierarchy levels as of March 31, 2026 and December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Description** | **Total** | **Level I** | **Level II** | **Level III** | **Investments<br>Measured at NAV(1)(2)(3)** |
| **Series I** |  |  |  |  |  |
| Investments in Partnership Investment Vehicle | $395825 | $- | $- | $183976 | $211849 |
| Investments in Loans | 122659 | - | - | 122659 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $518484 | $- | $- | $306635 | $211849 |
| Foreign Currency Forward Contracts | 842 | - | 842 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets**<sup>(4)</sup> | $842 | $- | $842 | $- | $- |
| Foreign Currency Forward Contracts | (199) | - | (199) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities**<sup>(4)</sup> | $(199) | $- | $(199) | $- | $- |
| Cash and cash equivalents and foreign currencies at fair value | 47631 | 47631 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $566758 | $47631 | $643 | $306635 | $211849 |
| **Series II** |  |  |  |  |  |
| Investments in Partnership Investment Vehicle | $943923 | $- | $- | $438726 | $505197 |
| Investments in Loans | 292508 | - | - | 292508 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1236431 | $- | $- | $731234 | $505197 |
| Foreign Currency Forward Contracts | 1937 | - | 1937 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets**<sup>(4)</sup> | $1937 | $- | $1937 | $- | $- |
| Foreign Currency Forward Contracts | (402) | - | (402) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities**<sup>(4)</sup> | $(402) | $- | $(402) | $- | $- |
| Cash and cash equivalents and foreign currencies at fair value | 116502 | 116502 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1354468 | $116502 | $1535 | $731234 | $505197 |
| **Total** |  |  |  |  |  |
| Investments in Partnership Investment Vehicle | $1339748 | $- | $- | $622702 | $717046 |
| Investments in Loans | 415167 | - | - | 415167 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1754915 | $- | $- | $1037869 | $717046 |
| Foreign Currency Forward Contracts | 2779 | - | 2779 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets**<sup>(4)</sup> | $2779 | $- | $2779 | $- | $- |
| Foreign Currency Forward Contracts | (601) | - | (601) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities**<sup>(4)</sup> | $(601) | $- | $(601) | $- | $- |
| Cash and cash equivalents and foreign currencies at fair value | 164133 | 164133 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1921226 | $164133 | $2178 | $1037869 | $717046 |

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<sup>(1)</sup> Included within certain investments measured at NAV were Level III investments. Series I, Series II and the Company Level III amounts of these investments were $184,746, $440,565, and $625,311, respectively.

<sup>(2)</sup> As of March 31, 2026, Series I, Series II and the Company had unfunded commitments of $21,676, $51,690, and $73,366, respectively,

related to investments measured at NAV.

<sup>(3)</sup> The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statement of assets and liabilities.

<sup>(4)</sup> See [<u>Note 4. Derivative Instruments</u>](#note_4_derivative_instrument) for additional information of derivative assets and derivative liabilities.

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|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Description** | **Total** | **Level I** | **Level II** | **Level III** | **Investments<br>Measured at NAV**<sup>(1)(2)</sup> |
| **Series I** |  |  |  |  |  |
| Investments in Partnership Investment Vehicle | $333548 | $- | $- | $136428 | $197120 |
| Investments in Loans<sup>(3)</sup> | 134855 | - | - | 134855 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $468403 | $- | $- | $271283 | $197120 |
| Foreign Currency Forward Contracts | 313 | - | 313 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets**<sup>(4)</sup> | $313 | $- | $313 | $- | $- |
| Foreign Currency Forward Contracts | (332) | - | (332) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities**<sup>(4)</sup> | $(332) | $- | $(332) | $- | $- |
| Cash and cash equivalents and foreign currencies at fair value | 58446 | 58446 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $526830 | $58446 | $(19) | $271283 | $197120 |
| **Series II** |  |  |  |  |  |
| Investments in Partnership Investment Vehicle | $788260 | $- | $- | $322418 | $465842 |
| Investments in Loans | 318700 | - | - | 318700 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1106960 | $- | $- | $641118 | $465842 |
| Foreign Currency Forward Contracts | 747 | - | 747 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets**<sup>(4)</sup> | $747 | $- | $747 | $- | $- |
| Foreign Currency Forward Contracts | (857) | - | (857) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities**<sup>(4)</sup> | $(857) | $- | $(857) | $- | $- |
| Cash and cash equivalents and foreign currencies at fair value | 140072 | 140072 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1246922 | $140072 | $(110) | $641118 | $465842 |
| **Total** |  |  |  |  |  |
| Investments in Partnership Investment Vehicle | $1121808 | $- | $- | $458846 | $662962 |
| Investments in Loans | 453555 | - | - | 453555 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1575363 | $- | $- | $912401 | $662962 |
| Foreign Currency Forward Contracts | 1060 | - | 1060 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets**<sup>(4)</sup> | $1060 | $- | $1060 | $- | $- |
| Foreign Currency Forward Contracts | (1189) | - | (1189) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities**<sup>(4)</sup> | $(1189) | $- | $(1189) | $- | $- |
| Cash and cash equivalents and foreign currencies at fair value | 198518 | 198518 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1773752 | $198518 | $(129) | $912401 | $662962 |

---

<sup>(1)</sup> Included within certain investments measured at NAV were Level III investments. Series I, Series II and the Company Level III amounts of these investments were $171,384, $405,023, and $576,407, respectively.

<sup>(2)</sup> As of December 31, 2025, Series I, Series II and the Company had unfunded commitments of $25,414, $60,058, and $85,472, respectively, related to investments measured at NAV.

<sup>(3)</sup> The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statement of assets and liabilities.

<sup>(4)</sup> See <u>Note 4. Derivative Instruments</u> for additional information of derivative assets and derivative liabilities.

There were no transfers in or out of the Company's investments that are classified as Level III investments for the three months ended March 31, 2026.

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[<u>**Table of Contents**</u>](#toc_page)

The following table shows changes in the fair value of our Level III investment during the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Level III Investments** | **Level III Investments** | **Level III Investments** |
|  | **Series I** | **Series II** | **Total** |
| **Balance as of December 31, 2025** | $271283 | $641118 | $912401 |
| Purchases, including capitalized PIK and rebalancing transaction | 65637 | 162956 | 228593 |
| Net change in unrealized appreciation/(depreciation) from investments | 2979 | 6206 | 9185 |
| Sale and syndication | (33264) | (79046) | (112310) |
| Transfers out of Level III | - | - | - |
| Transfers into Level III | - | - | - |
| **Balance as of March 31, 2026** | $306635 | $731234 | $1037869 |

---

The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation/(depreciation) from investments for the three months ended March 31, 2026 attributable to Level III investments still held at March 31, 2026 for Series I, Series II and the Company were $3,001, $7,021, and $10,022, respectively.

There were no transfers in or out of the Company's investments that are classified as Level III investments for the three months ended March 31, 2026.

The following table shows the change in the fair value of our Level III investment during the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Level III Investments** | **Level III Investments** | **Level III Investments** |
|  | **Series I** | **Series II** | **Total** |
| **Balance as of December 31, 2024** | $109471 | $305614 | $415085 |
| Purchases, including capitalized PIK and rebalancing transaction | 67779 | 135806 | 203585 |
| Net change in unrealized appreciation/(depreciation) from investments | 591 | 1505 | 2096 |
| Sale and syndication | (71) | (177) | (248) |
| Transfers out of Level III | - | - | - |
| Transfers into Level III | - | - | - |
| **Balance as of March 31, 2025** | $177770 | $442748 | $620518 |

---

The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation/(depreciation) from investments for the three months ended March 31, 2025 attributable to Level III investments still held at March 31, 2025 for Series I, Series II and the Company were $591, $1,505, and $2,096, respectively.

There were no transfers in or out of the Company's investments that are classified as Level III investments for the three months ended March 31, 2025.

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[<u>**Table of Contents**</u>](#toc_page)

The following tables provide quantitative measures used to determine the fair values of the Level III investments as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Asset Type** | **Level III Fair Value** | **Valuation Technique** | **Unobservable Input** | **Input** |
| **Series I** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $183976 | Discounted Cash Flow | Discount Rate | 8.06% - 18.02% |
|  |  |  | Securitization Rate | 4.00% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
| Investments in Loans | $122659 | Discounted Cash Flow | Discount Rate | 6.20% - 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $306635 |  |  |  |
| **Series II** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $438726 | Discounted Cash Flow | Discount Rate | 8.06% - 18.02% |
|  |  |  | Securitization Rate | 4.00% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
| Investments in Loans | $292508 | Discounted Cash Flow | Discount Rate | 6.20% - 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $731234 |  |  |  |
| **Total** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $622702 | Discounted Cash Flow | Discount Rate | 8.06% - 18.02% |
|  |  |  | Securitization Rate | 4.00% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
| Investments in Loans | $415167 | Discounted Cash Flow | Discount Rate | 6.20% - 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1037869 |  |  |  |

---

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[<u>**Table of Contents**</u>](#toc_page)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Asset Type** | **Level III Fair Value** | **Valuation Technique** | **Unobservable Input** | **Input** |
| **Series I** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $136428 | Discounted Cash Flow | Discount Rate | 7.77% - 15.14% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
|  |  | Transaction Price | N/A | N/A |
| Investments in Loans | $134855 | Discounted Cash Flow | Discount Rate | 5.68% - 18.10% |
|  |  | Transaction Price | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $271283 |  |  |  |
| **Series II** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $322418 | Discounted Cash Flow | Discount Rate | 7.77% - 15.14% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
|  |  | Transaction Price | N/A | N/A |
| Investments in Loans | $318700 | Discounted Cash Flow | Discount Rate | 5.68% - 18.10% |
|  |  | Transaction Price | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $641118 |  |  |  |
| **Total** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $458846 | Discounted Cash Flow | Discount Rate | 7.77% - 15.14% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
|  |  | Transaction Price | N/A | N/A |
| Investments in Loans | $453555 | Discounted Cash Flow | Discount Rate | 5.68% - 18.10% |
|  |  | Transaction Price | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $912401 |  |  |  |

---

***Unconsolidated Significant Subsidiary***

The following table presents summarized financial information of the applicable significant subsidiaries in which the Company, Series I, and Series II has an indirect equity interest for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31, 2026**<sup>(1)</sup> | **For the three months ended March 31, 2025** |
| Total Revenue | $71875 | $63825 |
| Gross profit | 26955 | 26951 |
| Income (loss) before taxes | (12888) | (11522) |
| Net income (loss) | (13323) | (11610) |

---

<sup>(1)</sup> As of March 31, 2026, none of the assets meets the criteria to be classified as unconsolidated significant subsidiary. The summarized financial information presented for the three months ended March 31, 2026 is included solely for comparative purposes.

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[<u>**Table of Contents**</u>](#toc_page)

**4.**Derivative Instruments

The following tables present the fair value of the derivative assets and derivative liabilities of Series I, Series II, and the Company as reflected in the Consolidated Statements of Assets and Liabilities as of March 31, 2026, and December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> |
|  |  |  |  |  | **Notional** | **Notional** | **Notional** | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Settlement Date** | **Currency** | **Counterparty** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Currency Risk | Foreign Currency Forward Contracts | 9/28/2029 | CAD | BNP Paribas S.A. | $(4381999) | $(10409991) | $(14791990) | $55 | $59 | $114 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | EUR | BNP Paribas S.A. | (687979) | (1634381) | (2322360) | 112 | 266 | 378 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | SEK | BNP Paribas S.A. | (818919) | (1945444) | (2764363) | 61 | 144 | 205 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | SEK | Natixis S.A. | (1897911) | (4508725) | (6406636) | 187 | 444 | 631 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | EUR | Deutsche Bank | (682987) | (1622520) | (2305507) | 81 | 193 | 274 |
| Currency Risk | Foreign Currency Forward Contracts | 8/2/2030 | CHF | BNP Paribas S.A. | (796562) | (1892333) | (2688895) | 85 | 203 | 288 |
| Currency Risk | Foreign Currency Forward Contracts | 8/2/2030 | CHF | Deutsche Bank | (1994375) | (4737888) | (6732263) | 137 | 332 | 469 |
| Currency Risk | Foreign Currency Forward Contracts | 6/17/2026 | CAD | BNP Paribas S.A. | (92107) | (219648) | (311755) | 30 | 70 | 100 |
| Currency Risk | Foreign Currency Forward Contracts | 6/17/2026 | CAD | CitiBank, N.A. | (151659) | (361661) | (513320) | 46 | 111 | 157 |
| Currency Risk | Foreign Currency Forward Contracts | 6/17/2026 | EUR | CitiBank, N.A. | (595894) | (1421029) | (2016923) | 24 | 56 | 80 |
| Currency Risk | Foreign Currency Forward Contracts | 6/17/2026 | CAD | Deutsche Bank | (78305) | (186734) | (265039) | 24 | 59 | 83 |
| **Total** |  |  |  |  |  |  |  | $842 | $1937 | $2779 |
| **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> |
|  |  |  |  |  | **Notional** | **Notional** | **Notional** | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Settlement Date** | **Currency** | **Counterparty** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | NOK | BNP Paribas S.A. | $(968032) | $(2299683) | $(3267715) | $(96) | $(195) | $(291) |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | NOK | Natixis S.A. | (1985943) | (4717857) | (6703800) | (102) | (205) | (307) |
| Currency Risk | Foreign Currency Forward Contracts | 6/17/2026 | EUR | BNP Paribas S.A. | (13396) | (31945) | (45341) | (1) | (2) | (3) |
| **Total** |  |  |  |  |  |  |  | $(199) | $(402) | $(601) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Approximately, $6,452, $15,248, and $21,700 of collateral has been received as of March 31, 2026 for Series I, Series II, and the Company, respectively, with counterparties related to foreign currency forward contracts. Approximately, $7,351, $17,369, and $24,720 of collateral has been posted as of March 31, 2026 for Series I, Series II, and the Company, respectively, related to foreign currency forward contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of the contracts. The collateral posted and collateral received balances are netted and included in either prepaid expenses and other assets or other accrued expenses and liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.

------

[<u>**Table of Contents**</u>](#toc_page)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> | **Derivative Assets**<sup>(1)</sup> |
|  |  |  |  |  | **Notional** | **Notional** | **Notional** | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Settlement Date** | **Currency** | **Counterparty** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | EUR | BNP Paribas S.A. | $(2740421) | $(6549022) | $(9289443) | $48 | $115 | $163 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | NOK | BNP Paribas S.A. | (3855953) | (9214907) | (13070860) | 12 | 27 | 39 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | NOK | Natixis S.A. | (7910584) | (18904614) | (26815198) | 108 | 255 | 363 |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | EUR | Deutsche Bank | (2717839) | (6504189) | (9222028) | 17 | 41 | 58 |
| Currency Risk | Foreign Currency Forward Contracts | 8/2/2030 | CHF | BNP Paribas S.A. | (3172936) | (7582643) | (10755579) | 57 | 138 | 195 |
| Currency Risk | Foreign Currency Forward Contracts | 8/2/2030 | CHF | Deutsche Bank | (7936306) | (18992746) | (26929052) | 68 | 165 | 233 |
| Currency Risk | Foreign Currency Forward Contracts | 3/18/2026 | EUR | CitiBank, N.A. | (7259040) | (17154927) | (24413967) | 3 | 6 | 9 |
| **Total** |  |  |  |  |  |  |  | $313 | $747 | $1060 |
| **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> | **Derivative Liabilities**<sup>(1)</sup> |
|  |  |  |  |  | **Notional** | **Notional** | **Notional** | **Fair Value** | **Fair Value** | **Fair Value** |
| **Primary Underlying Risk** | **Derivative** | **Settlement Date** | **Currency** | **Counterparty** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Currency Risk | Foreign Currency Forward Contracts | 9/28/2029 | CAD | BNP Paribas S.A. | $(17167299) | $(42000662) | $(59167961) | $(193) | $(524) | $(717) |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | SEK | BNP Paribas S.A. | (3261989) | (7795461) | (11057450) | (50) | (119) | (169) |
| Currency Risk | Foreign Currency Forward Contracts | 8/1/2030 | SEK | Natixis S.A. | (7559927) | (18066617) | (25626544) | (67) | (162) | (229) |
| Currency Risk | Foreign Currency Forward Contracts | 3/18/2026 | CAD | BNP Paribas S.A. | (1084611) | (2563206) | (3647817) | (7) | (17) | (24) |
| Currency Risk | Foreign Currency Forward Contracts | 3/18/2026 | CAD | CitiBank, N.A. | (1788557) | (4226809) | (6015366) | (12) | (28) | (40) |
| Currency Risk | Foreign Currency Forward Contracts | 3/18/2026 | CAD | Deutsche Bank | (436109) | (1030634) | (1466743) | (3) | (7) | (10) |
| **Total** |  |  |  |  |  |  |  | $(332) | $(857) | $(1189) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Approximately, $3,987, $9,423, and $13,410 of collateral has been received as of December 31, 2025 for Series I, Series II, and the Company, respectively, with counterparties related to foreign currency forward contracts. Approximately, $4,272, $10,098, and $14,370 of collateral has been posted as of December 31, 2025 for Series I, Series II, and the Company, respectively, related to foreign currency forward contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of the contracts. The collateral posted and collateral received balances are netted and included in either prepaid expenses and other assets or other accrued expenses and liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.

The following table presents the gains (losses) recognized on derivatives, by contract type, of Series I, Series II, and the Company, included in the Consolidated Statements of Operations for the three months ended March 31, 2026 and March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2026** |
|  |  | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net change in unrealized appreciation/(depreciation) from derivatives** | **Net change in unrealized appreciation/(depreciation) from derivatives** | **Net change in unrealized appreciation/(depreciation) from derivatives** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Currency Risk | Foreign Currency Forward Contracts | $84 | $200 | $284 | $678 | $1629 | $2307 |
| **Total** |  | $84 | $200 | $284 | $678 | $1629 | $2307 |

---

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[<u>**Table of Contents**</u>](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** | **For the three months ended March 31, 2025** |
|  |  | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net realized gain (loss) on derivatives** | **Net change in unrealized appreciation/(depreciation) from derivatives** | **Net change in unrealized appreciation/(depreciation) from derivatives** | **Net change in unrealized appreciation/(depreciation) from derivatives** |
| **Primary Underlying Risk** | **Derivative** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Currency Risk | Foreign Currency Forward Contracts | $- | $- | $- | $95 | $260 | $355 |
| **Total** |  | $- | $- | $- | $95 | $260 | $355 |

---

The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other agreement is in place that provides the Company, in the event of counterparty default, the rights to liquidate collateral and the right to offset a counterparty's rights and obligations. The following tables present the offsetting of derivative assets and liabilities as of March 31, 2026 and December 31, 2025:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Cash Collateral Received** <sup>(1)</sup> | **Cash Collateral Received** <sup>(1)</sup> | **Cash Collateral Received** <sup>(1)</sup> | **Net Amount** | **Net Amount** | **Net Amount** |
| **Assets** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivative Assets | $842 | $1937 | $2779 | $199 | $402 | $601 | $643 | $1535 | $2178 | $- | $- | $- |
| **Total** | $842 | $1937 | $2779 | $199 | $402 | $601 | $643 | $1535 | $2178 | $- | $- | $- |
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Cash Collateral Posted** <sup>(1)</sup> | **Cash Collateral Posted** <sup>(1)</sup> | **Cash Collateral Posted** <sup>(1)</sup> | **Net Amount** | **Net Amount** | **Net Amount** |
| **Liabilities** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivative Liabilities | $199 | $402 | $601 | $199 | $402 | $601 | $- | $- | $- | $- | $- | $- |
| **Total** | $199 | $402 | $601 | $199 | $402 | $601 | $- | $- | $- | $- | $- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Amounts related to master netting agreements and collateral agreements which have been determined by the Company to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities for that instrument type.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Cash Collateral Received** <sup>(1)</sup> | **Cash Collateral Received** <sup>(1)</sup> | **Cash Collateral Received** <sup>(1)</sup> | **Net Amount** | **Net Amount** | **Net Amount** |
| **Assets** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivative Assets | $313 | $747 | $1060 | $190 | $454 | $644 | $82 | $200 | $282 | $41 | $93 | $134 |
| **Total** | $313 | $747 | $1060 | $190 | $454 | $644 | $82 | $200 | $282 | $41 | $93 | $134 |
|  |  |  |  | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** | **Gross amounts not offset in the accompanying Consolidated Statements of Assets and Liabilities** |  |  |  |
|  | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Gross and net amounts presented in the Consolidated Statements of Assets and Liabilities** | **Financial Instruments** | **Financial Instruments** | **Financial Instruments** | **Cash Collateral Posted** <sup>(1)</sup> | **Cash Collateral Posted** <sup>(1)</sup> | **Cash Collateral Posted** <sup>(1)</sup> | **Net Amount** | **Net Amount** | **Net Amount** |
| **Liabilities** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Derivative Liabilities | $332 | $857 | $1189 | $190 | $454 | $644 | $133 | $382 | $515 | $9 | $21 | $30 |
| **Total** | $332 | $857 | $1189 | $190 | $454 | $644 | $133 | $382 | $515 | $9 | $21 | $30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Amounts related to master netting agreements and collateral agreements which have been determined by the Company to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities for that instrument type.

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**5.** **Debt**

The Company's outstanding debt obligations as of March 31, 2026 were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Aggregate Principal Committed** | **Aggregate Principal Committed** | **Aggregate Principal Committed** | **Outstanding Principal** | **Outstanding Principal** | **Outstanding Principal** | **Carrying Value** | **Carrying Value** | **Carrying Value** | **Fair Value**<sup>(1)</sup> | **Fair Value**<sup>(1)</sup> | **Fair Value**<sup>(1)</sup> |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| Credit Facility | $118183 | $281817 | $400000 | $10341 | $24659 | $35000 | $10341 | $24659 | $35000 | $10341 | $24659 | $35000 |
| Promissory Notes | 214 | 214 | 428 | 214 | 214 | 428 | 214 | 214 | 428 | 214 | 214 | 428 |
| **Total Debt Obligations** | $118397 | $282031 | $400428 | $10555 | $24873 | $35428 | $10555 | $24873 | $35428 | $10555 | $24873 | $35428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The carrying amount outstanding under these debt obligations approximate their fair value as of March 31, 2026.

The Company's outstanding debt obligations as of December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Promissory Notes** | **Series I** | **Series II** | **Total** |
| Aggregate Principal Committed | $214 | $214 | $428 |
| Outstanding Principal | 214 | 214 | 428 |
| Unused Portion | - | - | - |
| Carrying Value | 214 | 214 | 428 |
| Fair Value<sup>(1)</sup> | $214 | $214 | $428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2025.

***Credit Facility***

On January 12, 2026, certain indirect subsidiaries of the Company entered into a revolving credit agreement (the "Revolving Credit Agreement") as borrowers (collectively with any future indirect subsidiaries of the Company that may be joined as borrowers from time to time party thereto, the "Borrowers") or subsidiary guarantors (collectively with any future indirect subsidiaries of the Company that may be joined as subsidiary guarantors from time to time party thereto, the "Subsidiary Guarantors"), as applicable, with Sumitomo Mitsui Banking Corporation, as administrative agent, letter of credit issuer and lead arranger, U.S. Bank Trust Company, National Association, as collateral trustee, and the lenders from time to time party thereto. In January 2026, the Company remitted $1,000 to an affiliate of the Company for arranger fees related to the Revolving Credit Agreement.

Under the Revolving Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $400,000, which amount may be increased from time to time with the consent of the parties thereto. The Revolving Credit Agreement matures on January 12, 2029, unless the maturity date is extended in accordance with the terms thereof or there is an earlier termination or an acceleration following an event of default. The obligations of the Borrowers and Subsidiary Guarantors under the Revolving Credit Agreement are secured by security interests in certain (i) accounts and credit investments of the Borrowers and the Subsidiary Guarantors and (ii) equity interests of the Borrowers in certain directly held subsidiaries.

Advances under the Revolving Credit Agreement denominated in U.S. dollars bear interest, at the relevant Borrower's option, at (i) the term Secured Overnight Financing Rate (SOFR) plus a spread of 2.95% per annum or (ii) a base rate plus a spread of 1.95% per annum. The Borrowers are also obligated to pay an unused fee of 0.50% per annum on undrawn commitments and a minimum utilization fee of 2.95% per annum on the undrawn portion of the Credit Facility.

Under the terms of the Revolving Credit Agreement, the Company is subject to customary representations and warranties, events of default, mandatory prepayment triggers and affirmative and negative covenants, including requirements related to maintaining certain borrowing base ratios. The Company is in compliance with all covenants as of March 31, 2026.

As of March 31, 2026, outstanding borrowings under the Credit Facility are presented within Credit Facility on the Company's Consolidated Statement of Assets and Liabilities. As of March 31, 2026, Series I, Series II, and the Company have drawn $10,341, $24,659, and $35,000, respectively, from the Credit Facility. For the three months ended March 31, 2026, Series I, Series II, and the Company incurred $400, $950, and $1,350 of interest expense related to the Credit Facility.

Series I, Series II and the Company incurred $1,940, $4,626, and $6,566, respectively, in costs related to the closing of the Revolving Credit Agreement. These costs have been capitalized within Deferred financing costs on the Consolidated Statement of Assets and Liabilities. For the three months ended March 31, 2026, total amortized deferred financing costs was $162, $385, and $547 for Series I, Series II, and the Company, respectively, and are recorded to Interest Expense on the Consolidated Statement of Operations. As of March 31, 2026, total remaining unamortized deferred financing costs was $1,778, $4,241, and $6,019 for Series I, Series II and the Company, respectively. Series I, Series II, and the Company did not enter into or have any outstanding borrowings under a credit facility as of December 31, 2025.

***Promissory Notes***

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| | | | |
|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Fair Value** |
| Legal Maturity Date | **Series I** | **Series II** | **Total** |
| 1/30/2055 | $214 | $214 | $428 |

---

The promissory notes are reported at amortized cost and are reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. The promissory notes pay interest on the principal balances at a rate of 12% per annum, payable semi-annually in arrears. However, the Company 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 general and administration expenses on the Company's Consolidated Statements of Operations.

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**6.** **Related Party Considerations**

***Initial Capital Contribution*** 

On April 12, 2023, the Company issued 40 V Shares of each of Series I and Series II at the aggregate issue prices of $1 and $1, respectively, to an affiliate of the Company.

***Infrastructure Assets*** 

On January 2, 2026, the Company sold its indirect interests in Hotspur SPV LLC to a fund managed by an affiliate of the Operating Manager for an aggregate amount of $4,950.

On January 2, 2026, the Company sold its indirect interests in Big Spring Transmission LLC to a fund managed by an affiliate of the Operating Manager for an aggregate amount of $9,128.

On January 2, 2026, the Company sold its indirect interests in Aypa Power 1 LLC to a fund managed by an affiliate of the Operating Manager for an aggregate amount of $25,764.

On January 2, 2026, the Company sold its indirect interests in Longroad High Street Holdings LLC to a fund managed by an affiliate of the Operating Manager for an aggregate amount of $32,483.

On January 9, 2026, the Company sold its indirect interests in Cypress Creek Sparrow Borrower LLC to a fund managed by an affiliate of the Operating Manager for an aggregate amount of $15,259.

On March 26, 2026, the Company sold its indirect interests in Valor to a fund managed by an affiliate of the Operating Manager for an aggregate amount of $9,281, which is outstanding as of March 31, 2026 and shown as Receivables for investments sold in the Consolidated Statement of Assets and Liabilities.

***Operating Agreement*** 

Pursuant to the Operating Agreement, the Operating Manager is responsible for sourcing, evaluating and monitoring the Company's investment opportunities and making recommendations to the Board related to the acquisition, management, financing and disposition of the Company's assets, in accordance with the Company's investment objectives, guidelines, policies and limitations.

Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (the "<u>Management Fee</u>"). The Management Fee is payable monthly in arrears in an amount equal to (i) 1.25% per annum of the month-end NAV attributable to S Shares and I Shares, (ii) 1.00% per annum of the month-end NAV attributable to F-S Shares and F-I Shares, (iii) 0.75% per annum of the month-end NAV attributable to the A-I Shares until December 31, 2026 and 1.00% per annum of the month-end NAV attributable to the A-I Shares thereafter and (iv) 0.50% per annum of the month-end NAV attributable to the A-II Shares. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee (as defined below), combined annual distribution fee and shareholder servicing fee or distributions payable on our Shares. We do not pay the Operating Manager a Management Fee on the Shares held by Apollo, and as a result, it is an expense specific to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares.

Any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), break-up fees, directors' fees, closing fees and merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of an Infrastructure Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees, whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, the "<u>Special Fees</u>") that are allocable to those Shareholders who bear Management Fees, will be applied to reduce the Management Fees paid by such Management Fee-bearing Shareholders. The Management Fee payable in any monthly

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period is subject to reduction, but not below zero, by an amount equal to any Special Fees allocable to Investor Shares pursuant to the terms of the Operating Agreement.

For the three months ended March 31, 2026, the Operating Manager earned gross Management Fees of $890, $1,722, and $2,612 from Series I, Series II, and the Company, respectively, with a Special Fees offset of $705, $1,475, and $2,180 from Series I, Series II, and the Company, respectively, resulting in net Management Fees of $185, $247, and $432 from Series I, Series II, and the Company, respectively.

For the three months ended March 31, 2025, the Operating Manager earned gross Management Fees of $410, $987, and $1,397 and from Series I, Series II, and the Company, respectively, with a Special Fees offset of $149, $340, and $489 from Series I, Series II, and the Company, respectively, resulting in net Management Fees of $261, $647, and $908 for Series I, Series II, and the Company, respectively.

The Operating Manager or an affiliate may rebate, waive, or reduce the Management Fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder's account. As of March 31, 2026 and 2025, there were no rebates or waivers of the Management Fees.

So long as the Operating Agreement has not been terminated, the Operating Manager is entitled to receive a performance fee (the "<u>Performance Fee</u>") equal to (i) 12.5% of the total return with respect to S Shares or I Shares, (ii) 9.0% of the total return with respect to F-S Shares or F-I Shares, (iii) 7.5% of the total return from inception through December 31, 2026 and 9.0% thereafter with respect to A-I Shares and (iv) 5.0% of the total return with respect to A-II Shares, in each case subject to a 5.0% hurdle amount and a high water mark with respect to such type of Shares, with a catch-up. Such fee will be paid annually and accrue monthly. The Performance Fee is not paid on E Shares or V Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares.

For the three months ended March 31, 2026, the Operating Manager earned Performance Fees of $677, $1,337, and $2,014 from Series I, Series II and the Company, respectively. For the three months ended March 31, 2025, the Operating Manager earned Performance Fees of $289, $674, and $963 from Series I, Series II and the Company, respectively.

Various affiliates of the Operating Manager are potentially involved in transactions with the Company's investments in Infrastructure Assets, and whereby affiliates of the Operating Manager may earn fees in, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, "Capital Solution" services).

For the three months ended March 31, 2026, an aggregate of $1,191 of fees allocable to the Company were paid by the Company's Infrastructure Assets to consolidated affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II, and the Company. For the three months ended March 31, 2025, $230 of fees allocable to the Company were paid by the Company's Infrastructure Assets to consolidated affiliates of the Operating Manager for Capital Solution services, which would have been excluded from Special Fees for each of Series I, Series II, and the Company. The Company's Infrastructure Assets may have directly or indirectly paid Capital Solution Fees to non-consolidated affiliates of the Operating Manager.

The Company incurred certain operating expenses related to services provided by personnel of the Operating Manager and/or its affiliates. For the three months ended March 31, 2026, these expenses were $121, $287, and $408, for Series I, Series II and the Company, respectively. For the three months ended March 31, 2025, these expenses were $108, $295, and $403, for Series I, Series II and the Company, respectively. These expenses are included in general and administration expenses in the Consolidated Statement of Operations.

In February 2025, the Company engaged Lyra Client Solutions Holdings, LLC ("Lyra"), an end-to-end client service platform affiliated with Apollo. Lyra provides administration, data management, trade operations, investor onboarding and servicing, technology and other similar services to institutional, global wealth, global family office and retail investors. During the three months ended March 31, 2026, the Company incurred expenses of $42, $101, and $143 for Series I, Series II, and the Company, respectively. These expenses are included in general and administration expenses in the Consolidated Statement of Operations.

An affiliate of Apollo was issued 1,849,495 of A-II Shares within Series II on April 1, 2025, for an aggregate consideration of $50,000. The said affiliate elected to reinvest its distributions.

***Company Expense Support and Conditional Reimbursement of the Operating Manager***

The Operating Manager may elect to pay certain of our expenses, including certain Organizational and Offering Expenses on the Company's behalf (each, an "Expense Support") in accordance with the Expense Support and Conditional Reimbursement Agreement.

It is expected that following any calendar month in which the Specified Expenses are below 0.60% of the Company's net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Support, but only if and to the extent that Specified

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Expenses plus any "Reimbursement Payments" (defined below) do not exceed 0.60% of the Company's net assets at the end of each calendar month on an annualized basis, until such time as all Expense Support made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a "Reimbursement Payment."

"Specified Expenses" is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) Infrastructure Asset related expenses, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company; (vii) taxes; (viii) certain insurance costs, (ix) Organizational and Offering Expenses; (x) certain non-routine items (as determined in the sole discretion of the Operating Manager), and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager).

For the three months ended March 31, 2026, the Operating Manager did not provide Expense Support for expenses incurred by Series I, Series II, and the Company, respectively.

For the three months ended March 31, 2025, the Operating Manager agreed to provide Expense Support of $117, $319, and $436 for expenses incurred by Series I, Series II, and the Company, respectively.

For the three months ended March 31, 2026, the Company reimbursed the Operating Manager for $56, $132, and $188 for previously provided Expense Support related to Series I, Series II, and the Company, respectively.

For the three months ended March 31, 2025, the Company did not reimburse the Operating Manager for any previously provided Expense Support related to Series I, Series II, or the Company, respectively.

As of March 31, 2026, total Due from Operating Manager for total Expense Support outstanding was $2,363, $5,636, and $7,999 for Series I, Series II, and the Company, respectively, of which the Operating Manager's ability to recoup 38% will expire in December 2026, 18% will expire in March 2027, 16% will expire in June 2027, 13% will expire in September 2027, 10% will expire in December 2027, and 5% will expire in March 2028.

As of December 31, 2025, total Due from Operating Manager for total Expense Support outstanding was $2,434, $5,753, and $8,187 for Series I, Series II, and the Company, respectively, of which the Operating Manager's ability to recoup 40% will expire in December 2026, 18% will expire in March 2027, 15% will expire in June 2027, 12% will expire in September 2027, 9% will expire in December 2027, and 5% will expire in March 2028.

As of March 31, 2026, Series I, Series II, and the Company had an outstanding payable to Operating Manager of $2,363, $5,636, and $7,999, respectively, and as of December 31, 2025, Series I, Series II, and the Company had an outstanding payable to Operating Manager of $2,434, $5,753, and $8,187, respectively, for payments made on their behalf.

***Dealer Manager Agreement***

On December 22, 2023, the Company entered into a dealer manager agreement ("Dealer Manager Agreement") with Apollo Global Securities, LLC (the "Dealer Manager"), an affiliate of the Operating Manager.

The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.5%, of the transaction price of each S Share and F-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager, provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company's outstanding S Shares and F-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-II Shares, I Shares or F-I Shares. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers.

The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs.

As of March 31, 2026 and December 31, 2025, neither Series paid the Dealer Manager for any annual distribution fees, shareholder servicing fees, upfront selling commission or dealer manager fees.

***Restricted Share Grants***

The Company's board of directors approved the Apollo Infrastructure Company LLC Restricted Share Plan for Independent Directors, pursuant to which, the Company's E Shares may be granted to independent directors.

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The following tables summarize the grants, vesting and forfeitures of restricted common shares during the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Restricted Shares** | **Grant Date Fair Value ($ in thousands)** |
| **Outstanding as of December 31, 2025** | 7289 |  |
| &nbsp;&nbsp;Granted | - |  |
| &nbsp;&nbsp;Vested | - |  |
| &nbsp;&nbsp;Forfeiture | - |  |
| **Outstanding as of March 31, 2026** | 7289 |  |

---

The fair value of these shares was determined using the most recent available NAV at issuance of the Restricted Stock and are subject to a one-year vesting period.

During the three months ended March 31, 2026, the Company recorded $15, $35, and $50 for Series I, Series II, and the Company, respectively, of restricted stock amortization as director fees in the Consolidated Statements of Operations. The remaining amortization related to the grants of restricted stock, which represents unrecognized compensation cost amounts to $10, $23, and $33 for Series I, Series II and the Company, respectively, as of March 31, 2026.

During the three months ended March 31, 2025, the Company recorded $14, $36, and $50 for Series I, Series II, and the Company, respectively, of restricted stock amortization as director fees in the Consolidated Statements of Operations. The remaining amortization related to the grants of restricted stock, which represents unrecognized compensation cost amounts to $13, $33 and $46 for Series I, Series II and the Company, respectively, as of March 31, 2025.

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**7.** **Shareholders' Equity**

The following table summarizes the shareholder transactions in common shares during the three months ended March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-II Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2025 | 13598460 | $356813 | 40151313 | $1056092 | 53749773 | $1412905 |
| Proceeds from issuance of shares<sup>(1)</sup> | 764655 | 21537 | 3036961 | 86754 | 3801616 | 108291 |
| Repurchases of shares | (68326) | (1917) | (178630) | (5081) | (246956) | (6998) |
| Reinvestment of distributions | 8264 | 232 | 45412 | 1292 | 53676 | 1524 |
| Net increase (decrease) | 704593 | $19852 | 2903743 | $82965 | 3608336 | $102817 |
| **Balance as of March 31, 2026** | 14303053 | $376665 | 43055056 | $1139057 | 57358109 | $1515722 |
| **F-I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2025 | 2747440 | $72595 | 2415511 | $64385 | 5162951 | $136980 |
| Proceeds from issuance of shares | 143992 | 3987 | 59018 | 1661 | 203010 | 5648 |
| Repurchases of shares | (12255) | (339) | - | - | (12255) | (339) |
| Reinvestment of distributions | 7874 | 218 | 12938 | 363 | 20812 | 581 |
| Net increase (decrease) | 139611 | $3866 | 71956 | $2024 | 211567 | $5890 |
| **Balance as of March 31, 2026** | 2887051 | $76461 | 2487467 | $66409 | 5374518 | $142870 |
| **E Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2025 | 10128 | $269 | 54269 | $1470 | 64397 | $1739 |
| Proceeds from issuance of shares | 2725 | 78 | 3847 | 112 | 6572 | 190 |
| Repurchases of shares | - | - | (783) | (23) | (783) | (23) |
| Reinvestment of distributions | 76 | 2 | 324 | 9 | 400 | 11 |
| Net increase (decrease) | 2801 | $80 | 3388 | $98 | 6189 | $178 |
| **Balance as of March 31, 2026** | 12929 | $349 | 57657 | $1568 | 70586 | $1917 |
| **V Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2025 | 40 | $1 | 40 | $1 | 80 | $2 |
| Proceeds from issuance of shares |  |  |  |  | - | - |
| Repurchases of shares |  |  |  |  | - | - |
| Reinvestment of distributions |  |  |  |  | - | - |
| Net increase (decrease) | - | $- | - | $- | - | $- |
| **Balance as of March 31, 2026** | 40 | $1 | 40 | $1 | 80 | $2 |
| **I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2025 | 2011856 | $54366 | 394865 | $10765 | 2406721 | $65131 |
| Proceeds from issuance of shares<sup>(2)</sup> | 269109 | 7465 | 82839 | 2335 | 351948 | 9800 |
| Repurchases of shares | (5116) | (142) | (90850) | (2559) | (95966) | (2701) |
| Reinvestment of distributions | 8985 | 249 | 2379 | 67 | 11364 | 316 |
| Net increase (decrease) | 272978 | $7572 | (5632) | $(157) | 267346 | $7415 |
| **Balance as of March 31, 2026** | 2284834 | $61938 | 389233 | $10608 | 2674067 | $72546 |
| **S Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2025 | 110 | $3 | 110 | $3 | 220 | $6 |
| Proceeds from issuance of shares | - | - | - | - | - | - |
| Repurchases of shares | - | - | - | - | - | - |
| Reinvestment of distributions | - | - | - | - | - | - |
| Net increase (decrease) | - | $- | - | $- | - | $- |
| **Balance as of March 31, 2026** | 110 | $3 | 110 | $3 | 220 | $6 |
| Total net increase (decrease) | 1119983 | 31370 | 2973455 | 84930 | 4093438 | 116300 |

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[<u>**Table of Contents**</u>](#toc_page)

<sup>(1)</sup> Includes an aggregate of 3,655 Series I A-II Shares that were exchanged from an aggregate of 3,606 Series II A-II Shares.

<sup>(2)</sup> Includes an aggregate of 88,560 Series I I Shares that were exchanged from an aggregate of 87,213 Series II I Shares.

The following table summarizes the shareholder transactions in common shares during the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series II** | **Series II** | **Total** | **Total** |
|  | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** | **Shares** | **Consideration Amount** |
| **A-II Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2024 | 8109427 | $208185 | 24755955 | $635417 | 32865382 | $843602 |
| Proceeds from issuance of shares | 1947990 | 52226 | 3175414 | 85565 | 5123404 | 137791 |
| Repurchases of shares | (25696) | (687) | (146689) | (3944) | (172385) | (4631) |
| Reinvestment of distributions | 865 | 23 | 28037 | 754 | 28902 | 777 |
| Net increase (decrease) | 1923159 | $51562 | 3056762 | $82375 | 4979921 | $133937 |
| **Balance as of March 31, 2025** | 10032586 | $259747 | 27812717 | $717792 | 37845303 | $977539 |
| **F-I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2024 | 1154705 | $30014 | 999415 | $26174 | 2154120 | $56188 |
| Proceeds from issuance of shares | 157210 | 4178 | 86039 | 2298 | 243249 | 6476 |
| Repurchases of shares | (10010) | (266) | - | - | (10010) | (266) |
| Reinvestment of distributions | 2395 | 64 | 6067 | 162 | 8462 | 226 |
| Net increase (decrease) | 149595 | $3976 | 92106 | $2460 | 241701 | $6436 |
| **Balance as of March 31, 2025** | 1304300 | $33990 | 1091521 | $28634 | 2395821 | $62624 |
| **E Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2024 | 4262 | $110 | 19052 | $499 | 23314 | $609 |
| Proceeds from issuance of shares | 3907 | 105 | 13186 | 358 | 17093 | 463 |
| Repurchases of shares | - | - | - | - | - | - |
| Reinvestment of distributions | 32 | 1 | 113 | 3 | 145 | 4 |
| Net increase (decrease) | 3939 | $106 | 13299 | $361 | 17238 | $467 |
| **Balance as of March 31, 2025** | 8201 | $216 | 32351 | $860 | 40552 | $1076 |
| **V Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2024 | 40 | $1 | 40 | $1 | 80 | $2 |
| Proceeds from issuance of shares |  |  |  |  | - | - |
| Repurchases of shares |  |  |  |  | - | - |
| Reinvestment of distributions |  |  |  |  | - | - |
| Net increase (decrease) | - | $- | - | $- | - | $- |
| **Balance as of March 31, 2025** | 40 | $1 | 40 | $1 | 80 | $2 |
| **I Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2024 | - | $- | - | $- | - | $- |
| Proceeds from issuance of shares | 338637 | 9070 | 32170 | 867 | 370807 | 9937 |
| Repurchases of shares | - | - | - | - | - | - |
| Reinvestment of distributions | - | - | - | - | - | - |
| Net increase (decrease) | 338637 | $9070 | 32170 | $867 | 370807 | $9937 |
| **Balance as of March 31, 2025** | 338637 | $9070 | 32170 | $867 | 370807 | $9937 |
| **S Shares:** |  |  |  |  |  |  |
| Balance as of December 31, 2024 | - | $- | - | $- | - | $- |
| Proceeds from issuance of shares | 110 | 3 | 110 | 3 | 220 | 6 |
| Repurchases of shares | - | - | - | - | - | - |
| Reinvestment of distributions | - | - | - | - | - | - |
| Net increase (decrease) | 110 | $3 | 110 | $3 | 220 | $6 |
| **Balance as of March 31, 2025** | 110 | $3 | 110 | $3 | 220 | $6 |
| **Total net increase (decrease)** | 2415440 | 64717 | 3194447 | 86066 | 5609887 | 150783 |

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[<u>**Table of Contents**</u>](#toc_page)

*Distribution Reinvestment Plan*

The Company adopted a distribution reinvestment plan (the "DRIP"), in which cash distributions to Shareholders will automatically be 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 will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series' NAV per Share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the Shareholder under the DRIP. There will be no sales load charges on Shares issued to a Shareholder under the DRIP.

For the three months ended March 31, 2026, the Company issued 8,264 Series I A-II Shares, 7,874 Series I F-I Shares, 8,985 Series I I Shares, 76 Series I E Shares, 45,412 Series II A-II Shares, 12,938 Series II F-I Shares, 2,379 Series II I Shares and 324 Series II E Shares for an aggregate purchase price of $2,432 under the DRIP.

For the three months ended March 31, 2025, the Company issued 865 Series I A-II Shares, 2,395 Series I F-I Shares, 32 Series I E Shares, 28,037 Series II A-II Shares, 6,067 Series II F-I Shares, and 113 Series II E Shares for an aggregate purchase price of $1,007, in each case under the DRIP.

*Share Repurchases*

The Company has a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that the Company repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under the Company's share repurchase plan, or none at all, in the Company's discretion at any time. The Company expects that each Series will conduct quarterly Share Repurchases for up to 5.0% of the aggregate NAV of the Company's outstanding Investor Shares and E Shares of each Series (measured across both Series using the average aggregate NAV across both Series as of the end of the immediately preceding three months). Generally, the price at which we make repurchases of our Shares will equal the NAV per Share of each applicable Share type of each applicable Series as of the last calendar day of the applicable, immediately preceding quarter. A repurchase window was opened to all share types in April 2026 and closed in May 2026. The transaction price per share for that repurchase window was the NAV per share of each respective share type as of March 31, 2026.

For the three months ended March 31, 2026, the Company repurchased 68,326 Series I A-II Shares, 12,255 Series I F-I Shares, 5,116 Series I I Shares, 178,630 Series II A-II Shares, 783 Series II E Shares, and 90,850 Series II I Shares of the Company's equity securities for a total purchase price of $10,061.

For the three months ended March 31, 2025, the Company repurchased 25,696 Series I A-II Shares, 10,010 Series I F-I Shares, and 146,689 Series II A-II Shares of the Company's equity securities for a total purchase price of $4,897.

*Distribution*

The following table reflects the aggregate distributions per share declared for each applicable share type of the Company:

---

| | | |
|:---|:---|:---|
| **Type** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** |
| **Series I** |  |  |
| A-II Shares | $0.21 | $0.20 |
| F-I Shares | $0.21 | $0.20 |
| E Shares | $0.22 | $0.20 |
| I Shares | $0.21 | $0.20 |
| S Shares | $0.21 | $0.20 |
| **Series II** |  |  |
| A-II Shares | $0.22 | $0.20 |
| F-I Shares | $0.21 | $0.20 |
| E Shares | $0.22 | $0.20 |
| I Shares | $0.21 | $0.20 |
| S Shares | $0.21 | $0.20 |

---

For the three months ended March 31, 2026, the distributions for each share type were payable to holders of record at the close of business day on March 31, 2026 and were paid on April 28, 2026. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP.

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For the three months ended March 31, 2025, the distributions for each outstanding share type were payable to holders of record at the close of business day on March 31, 2025 and were paid on April 25, 2025. The distributions were paid in cash or reinvested in the shares of the Company for shareholders participating in the DRIP.

**8.** **Commitments and Contingencies**

*Litigation*

The Company was not subject to any litigation nor was the Company aware of any material litigation threatened against it.

*Infrastructure Assets*

As of March 31, 2026, the Company had unfunded commitments of $216,441 related to Infrastructure Assets. Series I, Series II and the Company's share of unfunded commitments as of March 31, 2026 was $63,947, $152,494 and $216,441, respectively

As of December 31, 2025, the Company had unfunded commitments of $480,121 related to Infrastructure Assets. Series I, Series II and the Company's share of unfunded commitments as of December 31, 2025 was $142,755, $337,366, and $480,121, respectively.

As of March 31, 2026, the Company had entered into a financial guarantee in relation to the realization of one of its Infrastructure Assets. This guarantee may result in a liability of up to a maximum of $835, $1,992, and $2,827, by Series I, Series II and the Company, respectively.

As of December 31, 2025, the Company had entered into a financial guarantee in relation to the realization of one of its Infrastructure Assets. This guarantee may result in a liability of up to a maximum of $840, $1,987 and $2,827 by Series I, Series II and the Company, respectively.

*Indemnifications*

Under the Company's LLC Agreement and organizational documents, its members of the Board, the Operating Manager, Apollo, 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 enters into contracts that contain a variety of representations and that provide general indemnifications. The Company's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company.

**9.** **Income Taxes**

Series I has elected to be treated as a corporation and is subject to current and deferred U.S. federal, state and/or local income taxes. Series II holds interests in Infrastructure Assets, through subsidiaries that are 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.

For the three months ended March 31, 2026, the provision for (benefit from) income tax totaled $2,277, $2,559, and $4,836 for Series I, Series II and the Company, respectively, resulting in an effective tax rate of 23%, 11%, and 15% for Series I, Series II, and the Company, respectively.

For the three months ended March 31, 2025, the provision for (benefit from) income tax totaled $1,152, $2,417, and $3,569 for Series I, Series II and the Company, respectively, resulting in an effective tax rate of 24%, 19%, and 21% for Series I, Series II, and the Company, respectively.

For Series I, the primary items giving rise to the difference between the 21% federal statutory rate applicable to corporations and the effective tax rate are state and local income taxes (net of federal benefit). For Series II, the primary items giving rise to the difference between the 0% federal statutory rate applicable to partnerships and the effective tax rate are U.S. federal, state, and/or local taxes on the Series II taxable subsidiaries.

Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. In evaluating the realizability of deferred tax assets, the Company assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. The Company 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. As of March 31, 2026 and December 31, 2025, the Company had no gross deferred tax assets and therefore, no valuation allowance is necessary.

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**10.** **Financial Highlights**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
|  | **A-II Shares** | **F-I Shares** | **E Shares** | **I Shares** | **S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $28.06 | $27.65 | $28.44 | $27.67 | $27.66 |
| Proceeds from issuance of shares | - | - | - | - | - |
| Distributions declared <sup>(1)</sup> | (0.21) | (0.21) | (0.22) | (0.21) | (0.21) |
| Net investment income <sup>(2)</sup> | 0.04 | - | 0.07 | (0.03) | (0.02) |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.37 | 0.37 | 0.39 | 0.38 | 0.36 |
| Net increase (decrease) in net assets resulting from operations | $0.41 | $0.37 | $0.46 | $0.35 | $0.34 |
| Net asset value at end of period | $28.26 | $27.81 | $28.68 | $27.81 | $27.79 |
| Shares outstanding at end of period | 14303053 | 2887051 | 12929 | 2284834 | 110 |
| **Weighted average shares outstanding** | 14050636 | 2872727 | 11718 | 2213212 | 110 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $404169 | $80276 | $371 | $63531 | $3 |
| Annualized Ratio to average net assets <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses before expense support/reimbursement, special fee offset and after performance fees <sup>(5),(6)</sup> | 1.65% | 1.94% | 1.36% | 2.18% | 2.16% |
| &nbsp;&nbsp;Total expenses after expense support/reimbursement, special fee offset and after performance fees <sup>(5),(6)</sup> | 1.17% | 1.45% | 1.01% | 1.70% | 1.68% |
| &nbsp;&nbsp;Total expenses after expense support/reimbursement, special fee offset and before performance fees <sup>(5),(6)</sup> | 1.07% | 1.28% | 1.01% | 1.46% | 1.44% |
| &nbsp;&nbsp;Net investment income <sup>(5),(6)</sup> | 0.85% | 0.57% | 0.95% | 0.31% | 0.35% |
| Total return <sup>(7)</sup> | 1.46% | 1.33% | 1.58% | 1.23% | 1.22% |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
|  | **A-II Shares** | **F-I Shares** | **E Shares** | **I Shares** | **S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $28.44 | $28.02 | $28.83 | $28.08 | $28.06 |
| Proceeds from issuance of shares | - | - | - | - | - |
| Distributions declared <sup>(1)</sup> | (0.22) | (0.21) | (0.22) | (0.21) | (0.21) |
| Net investment income <sup>(2)</sup> | 0.10 | 0.07 | 0.14 | 0.05 | 0.04 |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.39 | 0.36 | 0.39 | 0.36 | 0.36 |
| Net increase (decrease) in net assets resulting from operations | $0.49 | $0.43 | $0.53 | $0.41 | $0.40 |
| Net asset value at end of period | $28.71 | $28.24 | $29.14 | $28.28 | $28.25 |
| Shares outstanding at end of period | 43055056 | 2487467 | 57657 | 389233 | 110 |
| **Weighted average shares outstanding** | 42128563 | 2465320 | 55534 | 395579 | 110 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $1235938 | $70253 | $1680 | $11007 | $3 |
| Annualized Ratio to average net assets <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses before expense support/reimbursement, special fee offset and after performance fees <sup>(5),(6)</sup> | 1.57% | 1.86% | 1.30% | 2.03% | 2.09% |
| &nbsp;&nbsp;Total expenses after expense support/reimbursement, special fee offset and after performance fees <sup>(5),(6)</sup> | 1.16% | 1.44% | 0.99% | 1.61% | 1.67% |
| &nbsp;&nbsp;Total expenses after expense support/reimbursement, special fee offset and before performance fees <sup>(5),(6)</sup> | 1.06% | 1.27% | 0.99% | 1.39% | 1.43% |
| &nbsp;&nbsp;Net investment income <sup>(5),(6)</sup> | 1.76% | 1.48% | 1.90% | 1.32% | 1.26% |
| Total return <sup>(7)</sup> | 1.68% | 1.56% | 1.80% | 1.45% | 1.44% |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** | **Total** | **Total** |
|  | **A-II Shares** | **F-I Shares** | **E Shares** | **I Shares** | **S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $28.35 | $27.82 | $28.77 | $27.74 | $27.86 |
| Proceeds from issuance of shares | - | - | - | - | - |
| Distributions declared <sup>(1)</sup> | (0.21) | (0.21) | (0.22) | (0.21) | (0.21) |
| Net investment income <sup>(2)</sup> | 0.09 | 0.03 | 0.13 | (0.02) | 0.01 |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.36 | 0.37 | 0.37 | 0.36 | 0.36 |
| Net increase (decrease) in net assets resulting from operations | $0.45 | $0.40 | $0.50 | $0.34 | $0.37 |
| Net asset value at end of period | $28.59 | $28.01 | $29.05 | $27.87 | $28.02 |
| Shares outstanding at end of period | 57358109 | 5374518 | 70586 | 2674067 | 220 |
| **Weighted average shares outstanding** | 56179198 | 5338047 | 67252 | 2608791 | 220 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $1640107 | $150529 | $2051 | $74538 | $6 |
| Annualized Ratio to average net assets <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses before expense support/reimbursement, special fee offset and after performance fees <sup>(5),(6)</sup> | 1.59% | 1.90% | 1.31% | 2.16% | 2.12% |
| &nbsp;&nbsp;Total expenses after expense support/reimbursement, special fee offset and after performance fees <sup>(5),(6)</sup> | 1.16% | 1.45% | 1.00% | 1.69% | 1.67% |
| &nbsp;&nbsp;Total expenses after expense support/reimbursement, special fee offset and before performance fees <sup>(5),(6)</sup> | 1.06% | 1.27% | 1.00% | 1.45% | 1.44% |
| &nbsp;&nbsp;Net investment income <sup>(5),(6)</sup> | 1.53% | 0.99% | 1.74% | 0.46% | 0.81% |
| Total return <sup>(7)</sup> | 1.63% | 1.44% | 1.76% | 1.26% | 1.33% |

---

<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 [<u>Note 7. Shareholders' Equity</u>](#note_shareholders_equity)).

<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 the Company's 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 weighted average net assets during the applicable period.

<sup>(6)</sup> For the applicable period, interest income and operating expenses are annualized except for non-recurring income, organizational expenses, and Performance Fees.

<sup>(7)</sup> The Total return is calculated for each share class as the change in the NAV for such share class during the period plus any distributions per share declared in the period, and assumes all distributions are reinvested in accordance with our DRIP. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in [<u>Note 6. Related Party Considerations.</u>](#note_related_party) The Company, Series I and Series II's 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 Company, Series I and Series II's shares.

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The following are the financial highlights for the three months ended March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
|  | **A-II Shares** | **F-I Shares** | **E Shares** | **I Shares** | **S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $26.73 | $26.55 | $26.88 | $- | $- |
| Proceeds from issuance of shares | - | - | - | 26.71 | 26.71 |
| Distributions declared <sup>(1)</sup> | (0.20) | (0.20) | (0.20) | (0.20) | (0.20) |
| Net investment income <sup>(2)</sup> | 0.18 | 0.13 | 0.22 | 0.14 | 0.10 |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.17 | 0.17 | 0.17 | 0.14 | 0.16 |
| Net increase (decrease) in net assets resulting from operations | $0.35 | $0.30 | $0.39 | $0.28 | $0.26 |
| Net asset value at end of period | $26.87 | $26.64 | $27.06 | $26.79 | $26.77 |
| Shares outstanding at end of period | 10032586 | 1304300 | 8201 | 338637 | 110 |
| **Weighted average shares outstanding** | 9240568 | 1283607 | 8201 | 157453 | 110 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $269559 | $34747 | $222 | $9071 | $3 |
| Annualized Ratio to average net assets <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses before expense support, special fee offset<br> and after performance fees <sup>(5),(6)</sup> | 1.55% | 2.12% | 0.97% | 2.38% | 2.42% |
| &nbsp;&nbsp;Total expenses after expense support, special fee offset <br>and after performance fees <sup>(5),(6)</sup> | 1.20% | 1.62% | 0.80% | 1.61% | 1.93% |
| &nbsp;&nbsp;Total expenses after expense support, special fee offset <br>and before performance fees <sup>(5),(6)</sup> | 1.11% | 1.47% | 0.80% | 1.30% | 1.73% |
| &nbsp;&nbsp;Net investment income <sup>(5),(6)</sup> | 2.91% | 2.45% | 3.26% | 3.05% | 2.13% |
| Total return <sup>(7)</sup> | 1.28% | 1.13% | 1.45% | 1.06% | 1.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
|  | **A-II Shares** | **F-I Shares** | **E Shares** | **I Shares** | **S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $26.88 | $26.69 | $27.03 | $- | $- |
| Proceeds from issuance of shares | - | - | - | 26.88 | 26.88 |
| Distributions declared <sup>(1)</sup> | (0.20) | (0.20) | (0.20) | (0.20) | (0.20) |
| Net investment income <sup>(2)</sup> | 0.19 | 0.15 | 0.23 | 0.13 | 0.12 |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.16 | 0.16 | 0.17 | 0.17 | 0.17 |
| Net increase (decrease) in net assets resulting from operations | $0.35 | $0.31 | $0.40 | $0.30 | $0.29 |
| Net asset value at end of period | $27.03 | $26.80 | $27.23 | $26.97 | $26.96 |
| Shares outstanding at end of period | 27812717 | 1091521 | 32351 | 32170 | 110 |
| **Weighted average shares outstanding** | 26956146 | 1083927 | 28350 | 19109 | 110 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $751900 | $29254 | $881 | $867 | $3 |
| Annualized Ratio to average net assets <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses before expense support, special fee offset <br>and after performance fees <sup>(5),(6)</sup> | 1.54% | 2.11% | 0.94% | 2.40% | 2.41% |
| &nbsp;&nbsp;Total expenses after expense support, special fee offset <br>and after performance fees <sup>(5),(6)</sup> | 1.20% | 1.61% | 0.79% | 1.75% | 1.91% |
| &nbsp;&nbsp;Total expenses after expense support, special fee offset <br>and before performance fees <sup>(5),(6)</sup> | 1.12% | 1.46% | 0.79% | 1.49% | 1.72% |
| &nbsp;&nbsp;Net investment income <sup>(5),(6)</sup> | 3.04% | 2.62% | 3.46% | 2.65% | 2.31% |
| Total return <sup>(7)</sup> | 1.32% | 1.17% | 1.49% | 1.10% | 1.08% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** | **Total** | **Total** |
|  | **A-II Shares** | **F-I Shares** | **E Shares** | **I Shares** | **S Shares** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value at beginning of period | $26.85 | $26.61 | $27.00 | $- | $- |
| Proceeds from issuance of shares | - | - | - | 26.79 | 26.79 |
| Distributions declared <sup>(1)</sup> | (0.20) | (0.20) | (0.20) | (0.20) | (0.20) |
| Net investment income <sup>(2)</sup> | 0.18 | 0.14 | 0.23 | 0.14 | 0.11 |
| Net realized and unrealized gain/(loss) <sup>(3)</sup> | 0.16 | 0.16 | 0.16 | 0.07 | 0.17 |
| Net increase (decrease) in net assets resulting from operations | $0.34 | $0.30 | $0.39 | $0.21 | $0.28 |
| Net asset value at end of period | $26.99 | $26.71 | $27.19 | $26.80 | $26.87 |
| Shares outstanding at end of period | 37845303 | 2395821 | 40552 | 370807 | 220 |
| **Weighted average shares outstanding** | 36196714 | 2367533 | 36551 | 176562 | 220 |
| **Ratio/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period | $1021459 | $64001 | $1103 | $9938 | $6 |
| Annualized Ratio to average net assets <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Total expenses before expense support, special fee offset <br>and after performance fees <sup>(5),(6)</sup> | 1.55% | 2.12% | 0.95% | 2.38% | 2.42% |
| &nbsp;&nbsp;Total expenses after expense support, special fee offset <br>and after performance fees <sup>(5),(6)</sup> | 1.20% | 1.62% | 0.79% | 1.63% | 1.92% |
| &nbsp;&nbsp;Total expenses after expense support, special fee offset <br>and before performance fees <sup>(5),(6)</sup> | 1.11% | 1.47% | 0.79% | 1.31% | 1.72% |
| &nbsp;&nbsp;Net investment income <sup>(5),(6)</sup> | 3.00% | 2.53% | 3.41% | 3.01% | 2.22% |
| Total return <sup>(7)</sup> | 1.28% | 1.14% | 1.48% | 1.07% | 1.04% |

---

<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 [<u>Note 7 Shareholders' Equity</u>](#note_shareholders_equity)).

<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 the Company's 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 weighted average net assets during the applicable period.

<sup>(6)</sup> For the applicable period, interest income and operating expenses are annualized except for non-recurring income, organizational expenses, and Performance Fees.

<sup>(7)</sup> The Total return is calculated for each share class as the change in the NAV for such share class during the period plus any distributions per share declared in the period, and assumes all distributions are reinvested in accordance with our DRIP. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in [<u>Note 6. Related Party Considerations</u>](#note_related_party)[<u>.</u>](#note_related_party) The Company, Series I and Series II's 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 Company, Series I and Series II's shares.

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**11.** **Segment Reporting**

Series I, Series II and the Company operate as one operating segment and one reporting segment, Infrastructure. Series I, Series II and the Company's chief operating decision maker ("CODM") is the chief executive officer, who reviews financial information including segment expenses presented on a consolidated basis. Series I, Series II and the Company generate its revenues from long-term control and management of control-oriented Infrastructure Assets, Infrastructure Asset financings and to a lesser extent strategic investments in Infrastructure Assets, which may consist of interest income, net realized gains or losses and net change in unrealized appreciation or depreciation of Infrastructure Assets. The CODM uses net increase (decrease) in net assets resulting from operations within the Consolidated Statements of Operations to assess financial performance and make key strategic decisions, such as identifying attractive Infrastructure Assets to allocate capital. Segment expenses are disclosed in the Consolidated Statements of Operations and segment assets are disclosed in the Consolidated Statement of Assets and Liabilities.

**12.**Subsequent Events

Management has evaluated subsequent events and determined to disclose the following subsequent events and transactions.

*April Financial Update*

On April 1, 2026, the Company issued and sold the following unregistered shares of the Company (with the final number of shares being determined on April 27, 2026) to third party investors for cash (unless otherwise noted):

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| | | |
|:---|:---|:---|
| **Type** | **Number of Shares Sold** | **Aggregate Consideration** |
| **Series I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A-II Shares | 240915 | $6808 |
| &nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 14386 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;E Shares | 74974 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Shares | 236985 | 6590 |
| **Series II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A-II Shares <sup>(1)</sup> | 1029523 | $29553 |
| &nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 1452 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Shares | 131368 | 3715 |

---

<sup>(1)</sup> Includes an aggregate of 924 Series II A-II Shares that were exchanged from an aggregate of 938 Series I A-II Shares.

*Distribution Reinvestment Plan*

On April 27, 2026, pursuant to the DRIP, the Company issued approximately 8,758 Series I A-II Shares, approximately 8,455 Series I F-I Shares, approximately 10,442 Series I I shares, approximately 97 Series I E Shares, approximately 46,645 Series II A-II Shares, approximately 13,295 Series II F-I Shares, approximately 2,456 Series II I shares, and approximately 353 Series II E Shares for an aggregate consideration of $2,570.

*Share Repurchases*

On May 11, 2026, the Company repurchased approximately 439,366 Series I A-II Shares, approximately 40,856 Series I F-I Shares, approximately 32,478 Series I I Shares and approximately 150,318 Series II A-II Shares, approximately 570 Series II E Shares, approximately 23,140 Series II F-I Shares, approximately 1,673 Series II I Shares, of the Company for an aggregate purchase price of $19,488. The final amount to be paid on May 18, 2026.

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**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 and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 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 "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. All dollar amounts in this "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" are in thousands, unless otherwise noted.*

**Overview**

The Company was formed on April 3, 2023 as a Delaware limited liability company and we conduct our operations in a manner so that we are not an "investment company" under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"). We are a holding company whose mission is to be a leading owner and operator of and capital provider to Infrastructure Assets across global private markets. In doing so, our objective is to generate excess returns per unit of risk for our Shareholders consisting of both current income and long-term capital appreciation. We plan to establish operations and provide capital to Infrastructure Assets across power and renewables, transportation, digital infrastructure, and social infrastructure sectors (collectively, the "<u>Target Sectors</u>"). We seek to have a global footprint, focusing primarily on opportunities in North America, countries in Western Europe and member states of the Organization for Economic Co-operation and Development ("<u>OECD</u>").

The term "<u>Infrastructure Assets</u>" refers, individually and collectively, to the infrastructure businesses or other assets that are or will be owned by the Company and its direct or indirect subsidiaries, including, as the context requires, (i) majority-controlled infrastructure businesses or other assets, holding companies, special purpose vehicles, as well as loans to such entities tied to specific infrastructure projects, and (ii) to a lesser extent, equity acquisitions, corporate carve outs, any investments made by us in any other infrastructure-related entities or assets not controlled by the Company and any other entities through which infrastructure assets or businesses are or will be held.

The Company commenced principal operations on November 1, 2023.

On April 10, 2023, the Company established two registered series of limited liability company interests, Apollo Infrastructure Company LLC - Series I ("<u>Series I</u>") and Apollo Infrastructure Company LLC - Series II ("<u>Series II</u>" and, together with Series I, the "<u>Series</u>"), pursuant to the Delaware Limited Liability Company Act (as amended from time to time, the "<u>LLC Act</u>"), and although the U.S. Internal Revenue Service ("<u>IRS</u>") has only issued proposed regulations relating to series entities, each Series is intended to be treated as a separate entity, and have a different tax classification, for U.S. federal income tax purposes. 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. Series I and Series II are expected to invest, directly or indirectly, in the same portfolio of Infrastructure Assets on a pro rata basis. Series I has elected to be treated as a corporation for U.S. federal income tax purposes and Series II is intended to be treated as a partnership for U.S. federal income tax purposes. The state tax treatment of a series limited liability company depends on the laws of each state, and it is possible that a particular state may treat Series I and Series II as a single entity for state tax purposes or may treat Series I or Series II as separate entities but classified differently than the IRS does for U.S. federal income tax purposes. The Series conduct the business of the Company jointly and although they have the ability and intention to contract in their own names, they expect to do so jointly and in coordination with one another. Each Series is overseen by the Company's board of directors (the "<u>Board</u>") and executive officers, and managed by Apollo Manager, LLC, a Delaware limited liability company (the "<u>Operating Manager</u>").

We are sponsored by Apollo Asset Management, Inc. (together with its subsidiaries, "<u>Apollo</u>") and benefit from Apollo's asset sourcing, operations, and portfolio management capabilities pursuant to an operating agreement (the "<u>Operating Agreement</u>") with the Operating Manager. The Operating Manager manages the Company on a day-to-day basis, together with our executive officers, and provides certain management, administrative and advisory services related to identifying, acquiring, owning, controlling and providing capital to Infrastructure Assets and to a lesser extent performs the same role with respect to the other investments described below. The Company, through the Operating Manager's guidance, leverages Apollo's extensive infrastructure investing strategy to identify potential Infrastructure Assets within its key business strategies, perform due diligence and acquire infrastructure assets.

Infrastructure Assets do and are expected to continue to make up a substantial portion of our assets. Additionally, we expect that the remainder of our assets will consist of cash and cash equivalents, U.S. Treasury securities, U.S. government agency securities, municipal securities, other sovereign debt, investment grade credit, and other investments including high yield credit, asset backed securities, mortgage backed securities, collateralized loan obligations, leveraged loans and/or debt of companies or assets (collectively, the "<u>Liquidity Portfolio</u>"), in each case to facilitate capital deployment and provide a potential source of liquidity. These types of liquid assets may exceed AIC's target investment allocations, if any, at any given time due to distributions from, or dispositions of, Infrastructure Assets or for other reasons as our Operating Manager determines.

We conduct a continuous private offering of our Shares on a monthly basis to (i) accredited investors (as defined in Regulation D under 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 (the "<u>Private Offering</u>"). We currently offer six types of investor shares, each of which represents the applicable type of limited liability company interest in Series I and Series II, as applicable: S Shares, I

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Shares, F-S Shares, F-I Shares, A-I Shares and A-II Shares (collectively, with respect to shares available through Series I, the "<u>Series I Investor Shares</u>" and, with respect to shares available through Series II, the "<u>Series II Investor Shares</u>", and, together, the "<u>Investor Shares</u>"). We may offer additional types of Investor Shares in the future. The share types have different upfront selling commissions and ongoing distribution and shareholder servicing fees.

We conduct our operations in a manner so that we are not an "investment company" under the Investment Company Act.

**Recent Developments** 

***Infrastructure Assets Activity*** 

For the three months ended March 31, 2026, the Company acquired interests in new Infrastructure Assets as follows:

A subsidiary of the Company has acquired a common equity position in a U.S. hydroelectric power platform operating a diversified portfolio of renewable power generation assets.

A subsidiary of the Company has acquired a common equity follow on position in a U.S. hyperscale data center developer.

A subsidiary of the Company has acquired both a common equity position and a senior first-lien debt follow on positions to support the purchase of GPUs by a technology business company.

***Revolving Credit Agreement***

On January 12, 2026, certain indirect subsidiaries of the Company entered into a revolving credit agreement (the "<u>Revolving Credit Agreement</u>") as borrowers (collectively with the other borrowers from time to time party thereto, the "<u>Borrowers</u>") or subsidiary guarantors (collectively with the other subsidiary guarantors from time to time party thereto, the "<u>Subsidiary Guarantors</u>"), as applicable, with Sumitomo Mitsui Banking Corporation, as administrative agent, letter of credit issuer and lead arranger, U.S. Bank Trust Company, National Association, as collateral trustee, and the lenders from time to time party thereto.

Under the Revolving Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $400 million, which amount may be increased from time to time with the consent of the parties thereto. The Borrowers' obligations under the Revolving Credit Agreement are secured by security interests in certain (i) accounts and credit investments of the Borrowers and the Subsidiary Guarantors and (ii) equity interests of the Borrowers in certain directly held subsidiaries. The Revolving Credit Agreement will mature on January 12, 2029, unless the maturity date is extended in accordance with the terms thereof or there is an earlier termination or an acceleration following an event of default. For more information on the Revolving Credit Agreement, see [<u>Note 5. Debt</u>](#credit_facility_and_notes_payable) to our financial statements in this Quarterly Report on Form 10-Q.

***Capital Raise and Distribution Results***

For the three months ended March 31, 2026, we raised aggregate subscription proceeds, inclusive of the DRIP, of $33,768, $92,593, and $126,361 for Series I, Series II and the Company, respectively. The subscription proceeds were used to acquire additional Infrastructure Assets and increase our Liquidity Portfolio.

For the three months ended March 31, 2025, we raised aggregate subscription proceeds, inclusive of the DRIP, of $65,670, $90,010, and $155,680 for Series I, Series II and the Company, respectively. The subscription proceeds were used to acquire additional Infrastructure Assets and increase our Liquidity Portfolio.

For the three months ended March 31, 2026, we declared distributions of $4,122, $9,924, and $14,046 for Series I, Series II, and the Company, respectively. For the three months ended March 31, 2025, we declared distributions of $2,384, $5,911, and $8,295 for Series I, Series II, and the Company, respectively.

**Results of Operations**

We are dependent upon the proceeds from our continuous Private Offering in order to conduct our business. We intend to continue to acquire Infrastructure Assets with the capital received from our continuous Private Offering and any indebtedness that we may incur in connection with such activities.

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Discussions of the results of operations for the three months ended March 31, 2026 are as follows:

***Overview of Results of Operations***

The following table presents our comparative results of operations (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2025** | **For the three months ended<br>March 31, 2025** | **For the three months ended<br>March 31, 2025** |
|  | **Series I** | **Series II** | **Total** | **Series I** | **Series II** | **Total** |
| **Investment income** |  |  |  |  |  |  |
| Interest income | $3683 | $8842 | $12525 | $4095 | $10438 | $14533 |
| Dividend income | 1300 | 3083 | 4383 | - | - | - |
| **Total investment income** | 4983 | 11925 | 16908 | 4095 | 10438 | 14533 |
| **Expenses** |  |  |  |  |  |  |
| General and administration expenses | 813 | 1919 | 2732 | 606 | 1600 | 2206 |
| Directors fees | 45 | 107 | 152 | 42 | 111 | 153 |
| Deferred offering expenses amortization | 40 | 94 | 134 | 36 | 97 | 133 |
| Interest expense | 400 | 950 | 1350 | - | - | - |
| Management fees, net | 185 | 247 | 432 | 261 | 647 | 908 |
| Performance fees | 677 | 1337 | 2014 | 289 | 674 | 963 |
| **Total expenses** | 2160 | 4654 | 6814 | 1234 | 3129 | 4363 |
| Less: Net expense reimbursement (support) to/from Operating Manager | 56 | 132 | 188 | (117) | (319) | (436) |
| **Net expenses** | 2216 | 4786 | 7002 | 1117 | 2810 | 3927 |
| **Net investment income before taxes** | 2767 | 7139 | 9906 | 2978 | 7628 | 10606 |
| Provision for (benefit from) income taxes | 2277 | 2559 | 4836 | 1152 | 2417 | 3569 |
| **Net investment income** | 490 | 4580 | 5070 | 1826 | 5211 | 7037 |
| **Net realized and unrealized gain/(loss)** |  |  |  |  |  |  |
| Net realized gain/(loss) from investments | 368 | 877 | 1245 | 1 | 3 | 4 |
| Net realized gain/(loss) from foreign currencies | - | - | - | - | - | - |
| Net realized gain/(loss) from derivatives | 84 | 200 | 284 | - | - | - |
| Net change in unrealized appreciation/(depreciation) from investments | 5999 | 14244 | 20243 | 1799 | 4530 | 6329 |
| Net change in unrealized appreciation/(depreciation) from foreign currencies | (5) | (11) | (16) | - | - | - |
| Net change in unrealized appreciation/(depreciation) from derivatives | 678 | 1629 | 2307 | 95 | 260 | 355 |
| **Net realized and unrealized gain/(loss)** | 7124 | 16939 | 24063 | 1895 | 4793 | 6688 |
| **Net increase in net assets resulting from operations** | $7614 | $21519 | $29133 | $3721 | $10004 | $13725 |

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Discussions of the results of operations for the three months ended March 31, 2026 and 2025 are as follows:

***Investment Income***

Series I investment income increased/(decreased) by $888 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $(412) from interest income and $1,300 of dividend income. Series II investment income increased/(decreased) by $1,487 during three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $(1,596) from interest income and $3,083 of dividend income. The Company investment income increased/(decreased) by $2,375

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during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $(2,008) from interest income and $4,383 of dividend income. The increases were primarily driven by the acquisition of Infrastructure Assets and the expansion of the liquidity portfolio during the three months ended March 31, 2026. The decreases in Interest Income were due to the bifurcation of Interest Income and Dividend Income in the Statement of Operations.

***Operating Expenses***

Each Series will pay or otherwise bear its proportionate portion of the 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's operations (collectively, the "<u>Operating Expenses</u>").

The Operating Manager and its affiliates will be entitled to reimbursement from each Series, in its proportionate share, for any Operating Expenses or Organizational and Offering Expenses paid or incurred by them on behalf of, or in relation to, such Series.

If any Operating Expenses are incurred for the account or for the benefit of each Series and one or more other Apollo Clients, the Operating Manager will allocate such Operating Expenses among such Series and each such other Apollo Client in proportion to the size of the investment made by each in the activity or entity to which such Operating Expenses relate, to the extent applicable, or in such other manner as the Operating Manager in good faith determines is fair and reasonable.

Operating Expenses increased by $210, $315, and $525 for Series I, Series II and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increases were due to higher operating costs incurred to support increased transaction activity, as well as an increase in interest expense due to the Credit Facility that began operations in January 2026.

***Performance Fees***

Performance Fees earned by the Operating Manager increased by $388, $663, and $1,051 for Series I, Series II and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increases were due to an increase in revenues from the Infrastructure Assets and the Liquidity Portfolio driven by investment income, realized gains on investments and unrealized appreciation on investments during the three months ended March 31, 2026.

Refer to <u>Note 6. Related Party Considerations</u> to our financial statements in this Quarterly Report on Form 10-Q for more information regarding Performance Fees.

***Net Management Fees***

Net Management Fees increased/(decreased) by $(76), $(400), and $(476) for Series I, Series II and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decreases were due to a higher net impact from special fee offsets.

Refer to [<u>Note 6. Related Party Considerations</u>](#note_related_party) to our financial statements in this Quarterly Report on Form 10-Q for more information regarding Management Fees.

***Interest Expense***

Interest Expense increased/(decreased) by $400, $950, and $1,350 for Series I, Series II, and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increases were due to the initiation and utilization of the Credit Facility during the three months ended March 31, 2026. The higher average debt balance and associated interest on drawn amounts, together with commitment and unused fees and amortization of deferred financing costs associated with the Credit Facility drove the year-over-year increase in total interest expense.

Refer to [<u>Note 5. Debt</u>](#credit_facility_and_notes_payable) to our financial statements in this Quarterly Report on Form 10-Q for more information regarding Interest Expense.

***Organizational and Offering Expenses***

The Company incurred organization and offering expenses in connection with the formation and organization of the Company and the Series, and the offering of Shares to investors, including legal, accounting, printing, mailing and filing fees and expenses, taxes, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design, website and electronic databases expenses, fees and expenses of our escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging and meals and other similar fees, costs and expenses but excluding upfront selling commissions, dealer manager fees and the combined annual distribution fees and shareholder servicing fees (collectively, the "<u>Organizational and Offering Expenses</u>").

The Company incurred no organizational expenses for Series I, Series II and the Company during the three months ended March 31, 2026 and 2025, as there were no organizational expenses incurred following the commencement of operations.

Deferred offering expenses amortization increased/(decreased) by $4, $(3), and $1 for Series I, Series II and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increases for Series I and the Company were due to

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additional offering costs that began amortizing during 2025 and continued during the three months ended March 31, 2026. The decreases for Series II were due to a decrease in deferred costs for the quarter ended March 31, 2026.

Organizational and Offering Expenses are paid by the Operating Manager, subject to potential recoupment as described in [<u>Note 6. Related Party Considerations</u>](#note_related_party) to our financial statements in this Quarterly Report on Form 10-Q.

***Selling Commissions and Ongoing Distribution and Servicing Fees***

For the three months ended March 31, 2026 and 2025, neither Series paid the Dealer Manager for any annual distribution fees, shareholder servicing fees, upfront selling commission or dealer manager fees.

Refer to [<u>Note 6. Related Party Considerations</u>](#note_related_party) to our financial statements in this Quarterly Report on Form 10-Q for more information regarding selling commissions or dealer manager fees.

***Special Fees***

Special Fees allocable to the Company used to offset Management Fees increased by $556, $1,135, and $1,691 for Series I, Series II, and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. Special Fees allocable for future Management Fee offset increased/(decreased) by $(106), $(296), and $(402) for Series I, Series II, and the Company, respectively, during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Refer to [<u>Note 6. Related Party Considerations</u>](#note_related_party) to our financial statements in this Quarterly Report on Form 10-Q for more information regarding Special Fees.

***Company Expense Support and Conditional Reimbursement of the Operating Manager***

Total Net Expense Support (including reimbursement payments) increased/(decreased) by $173, $451, and $624 for Series I, Series II and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increases were due to no expense support being provided by the Operating Manager during the three months ended March 31, 2026, as well as the Company reimbursing the Operating Manager for expense support previously provided.

Refer to [<u>Note 6. Related Party Considerations</u>](#note_related_party) to our financial statements in this Quarterly Report on Form 10-Q for more information regarding Expense Support and Reimbursement Payment.

***Income Taxes***

Income tax provision increased/(decreased) by $1,125, $142, and $1,267 for Series I, Series II and the Company, respectively, during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increases were due to higher pre-tax investment income and the tax profile of the investments and jurisdictional mix for Infrastructure Assets subject to federal and state income taxes.

***Net Realized Gains/(Losses) on Investments, Foreign Currency and Derivatives***

Series I total net realized gains/(losses) increased/(decreased) by $451 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $367 from Infrastructure Assets, $0 from foreign currency, and $84 from derivatives. Series II total net realized gains/(losses) increased/(decreased) by $1,074 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $874 from Infrastructure Assets, $0 from foreign currency, and $200 from derivatives. The Company total net realized gains/(losses) increased/(decreased) by $1,525 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $1,241 from Infrastructure Assets, $0 from foreign currency, and $284 from derivatives. The net increases were due to a higher volume of realization events with favorable exit outcomes during the three months ended March 31, 2026.

***Net Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency and Derivatives***

Series I total net change in unrealized appreciation/(depreciation) increased/(decreased) by $4,778 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $4,200 from Infrastructure Assets, $(5) from foreign currency, and $583 from foreign currency forward contracts. Series II total net change in unrealized appreciation/(depreciation) increased/(decreased) by $11,072 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $9,714 from Infrastructure Assets, $(11) from foreign currency, and $1,369 from foreign currency forward contracts. The Company total net change in unrealized appreciation/(depreciation) increased/(decreased) by $15,850 during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, consisting of an increase/(decrease) of $13,914 from Infrastructure Assets, $(16) from foreign currency, and $1,952 from foreign currency forward contracts. The net increases were due to the continued appreciation on existing Infrastructure Assets.

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**Net Asset Value** 

We calculate NAV per Share in accordance with valuation policies and procedures that have been approved by our Board. Our NAV per Share of each type of Share is the price at which we sell and repurchase our Shares. The following tables include the number of outstanding shares and provides a breakdown of the major components of our total Net Asset Value as of March 31, 2026 and 2025 ($ in thousands, except shares):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Components of Net Asset Value** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| Investments at fair value<sup>(1)</sup> | $— | 1754915 | $— | 926571 |
| Cash and cash equivalents |  | 162488 |  | 189459 |
| Foreign currencies at fair value<sup>(2)</sup> |  | 1645 |  | - |
| Other assets |  | 38589 |  | 13416 |
| Derivative assets |  | 2779 |  | 355 |
| Derivative liabilities |  | (601) |  | - |
| Other liabilities |  | (76128) |  | (24030) |
| Distributions payable |  | (14046) |  | (8295) |
| Accrued performance fee |  | (2014) |  | (963) |
| Management fee payable |  | (394) |  | (4) |
| **Net Asset Value** | $— | **1867233** | $— | **1096509** |
| **Number of outstanding shares** |  | **65477580** |  | **40652783** |

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<sup>(1)</sup> With respect to March 31, 2026 and 2025 at a cost of $1,612,413 and $881,987, respectively.

<sup>(2)</sup> With respect to March 31, 2026 at a cost of $1,652.

The following table provides a breakdown of our total Net Asset Value and our NAV per Share by type as of March 31, 2026 ($ in thousands, except shares and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Monthly Net Asset Value** | **Number of Outstanding Shares** | **Net Asset Value per share** | **Net Asset Value per share** |
| **Series I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A-II Shares | 404169 | 14303053 | $— | 28.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 80276 | 2887051 | $— | 27.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;V Shares | 1 | 40 | $— | 25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;E Shares | 371 | 12929 | $— | 28.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Shares | 63531 | 2284834 | $— | 27.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;S Shares | 3 | 110 | $— | 27.79 |
| **Series II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A-II Shares | 1235938 | 43055056 | $— | 28.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 70253 | 2487467 | $— | 28.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;V Shares | 1 | 40 | $— | 25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;E Shares | 1680 | 57657 | $— | 29.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Shares | 11007 | 389233 | $— | 28.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;S Shares | 3 | 110 | $— | 28.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**1867233** | **65477580** |  |  |

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***Valuation Methodologies and Significant Inputs*** 

The following table provides quantitative measures used to determine the fair values of our Level III investments as of March 31, 2026 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Asset Type** | **Level III Fair Value** | **Valuation Technique** | **Unobservable Input** | **Input** |
| **Series I** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $183976 | Discounted Cash Flow | Discount Rate | 8.06% - 18.02% |
|  |  |  | Securitization Rate | 4.00% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
| Investments in Loans | $122659 | Discounted Cash Flow | Discount Rate | 6.20% - 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $306635 |  |  |  |
| **Series II** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $438726 | Discounted Cash Flow | Discount Rate | 8.06% - 18.02% |
|  |  |  | Securitization Rate | 4.00% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
| Investments in Loans | $292508 | Discounted Cash Flow | Discount Rate | 6.20% - 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $731234 |  |  |  |
| **Total** |  |  |  |  |
| Investments in Partnership Investment Vehicle | $622702 | Discounted Cash Flow | Discount Rate | 8.06% - 18.02% |
|  |  |  | Securitization Rate | 4.00% |
|  |  |  | Terminal Multiple | 8.5x - 14.3x |
|  |  |  | Exit Cap Rate | 6.5x - 7.5x |
| Investments in Loans | $415167 | Discounted Cash Flow | Discount Rate | 6.20% - 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $1037869 |  |  |  |

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The Operating Manager is ultimately responsible for our NAV calculations.

**Hedging Activities** 

The Company and/or its operating subsidiaries employ hedging strategies (whether by means of derivatives or otherwise and whether in support of financing techniques or otherwise) that are designed to reduce the risks to the Company and/or such operating subsidiaries of fluctuations in interest rates, securities, commodities and other asset prices and currency exchange rates, as well as other identifiable risks. While the transactions implementing such hedging strategies are intended to reduce certain risks, such transactions themselves entail certain other risks, such as the risk that counterparties to such transactions default on their obligations and the risk that the prices and/or cash flows being hedged behave differently than expected. Thus, while the Company and/or its operating subsidiaries may benefit from the use of these hedging strategies, unanticipated changes in interest rates, securities, commodities and other asset prices or currency exchange rates or other events related to hedging activities may result in a poorer overall performance for the Company and/or its operating subsidiaries than if it or its operating subsidiaries had not implemented such hedging strategies.

With respect to any potential financings, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase and the value of our debt acquisitions to decline. We may seek to stabilize our financing costs as well as any potential decline in our assets by entering into derivatives, swaps or other financial products to hedge our interest rate risk. In the event we pursue any projects or acquisitions outside of the United States, we may have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S. dollar. We may in the future enter into derivatives or other financial instruments to hedge our foreign currency exchange risk. It is difficult to predict the impact hedging activities would have on our results of operations. See [<u>Note 4. Derivative Instruments</u>](#note_4_derivative_instrument) to our financial statements in this Quarterly Report on Form 10-Q for a discussion concerning our hedging activities.

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**Distributions** 

For the three months ended March 31, 2026, the Company declared distributions on the following outstanding shares of the Company in the amounts per share set forth below:

---

| | | |
|:---|:---|:---|
| **Type** | **For the three months ended March 31, 2026** | **For the three months ended March 31, 2025** |
| **Series I** |  |  |
| A-II Shares | $0.21 | $0.20 |
| F-I Shares | $0.21 | $0.20 |
| E Shares | $0.22 | $0.20 |
| I Shares | $0.21 | $0.20 |
| S Shares | $0.21 | $0.20 |
| **Series II** |  |  |
| A-II Shares | $0.22 | $0.20 |
| F-I Shares | $0.21 | $0.20 |
| E Shares | $0.22 | $0.20 |
| I Shares | $0.21 | $0.20 |
| S Shares | $0.21 | $0.20 |

---

**Liquidity and Capital Resources** 

As of March 31, 2026, the Company had $162,488 in cash and cash equivalents, primarily the result from sales of our Shares, and $1,645 in Foreign Currencies at fair value.

We expect to generate cash primarily from (i) the net proceeds of our continuous Private Offering, (ii) cash flows from our operations, (iii) the Revolving Credit Agreement and any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. 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 for (i) acquisition of Infrastructure Assets, financing of infrastructure developments and strategic investment in infrastructure-related investments, (ii) the cost of operations (including the Management Fee and Performance Fee), (iii) debt service of any borrowings, (iv) periodic repurchases, including under the Repurchase Plan (as described herein), and (v) cash distributions (if any) to the holders of our Shares to the extent declared by the Board.

**Share Repurchases** 

For the three months ended March 31, 2026, the Company repurchased 68,326 Series I A-II Shares, 12,255 Series I F-I Shares, 5,116 Series I I Shares, 178,630 Series II A-II Shares, 90,850 Series II I Shares, and 783 Series II E Shares for an aggregate purchase price of $10,061. We expect that the Company will continue to conduct quarterly Share repurchases (each, a "Share Repurchase") for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of a Share Repurchase (the "Repurchase Plan"). Due to tax considerations and other factors, the NAV between each Series will differ, and because of differential fees and other factors, NAV between Share type will differ, but all NAV calculations are expected to be based on the joint underlying economic interests of both Series in the Infrastructure Assets.

For the three months ended March 31, 2025, the Company repurchased 25,696 Series I A-II Shares, 10,010 Series I F-I Shares, and 146,689 Series II A-II Shares of the Company's equity securities for an aggregate purchase price of $4,897.

The Board may make exceptions to, modify or suspend our Repurchase Plan if, in its reasonable judgment, it deems such action to be in our best interest and the best interest of our Shareholders. Material modifications, including any amendment to the 5.0% quarterly limitations on repurchases, to and suspensions of the Repurchase Plan will be promptly disclosed to Shareholders in a supplement to our private placement memorandum or special or periodic report filed by us on the SEC's website at www.sec.gov. Material modifications will also be disclosed on our website.

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**Cash Flows** 

The following table summarizes the changes to our cash flows for the three months ended March 31, 2026 and 2025 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Flow From:** | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2026** | **For the three months ended<br>March 31, 2025** | **For the three months ended<br>March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Activities | $— | (162141) | $— | (276250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Activities |  | 131736 |  | 144167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) in cash and cash equivalents and foreign currencies | $— | (30405) | $— | (132083) |

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***Cash used in operating activities*** 

Our cash flow used in operating activities was $(162,141) for the three months ended March 31, 2026, which mostly relates to the acquisition, and the sale and syndication of Infrastructure Assets. Our net increase in net assets resulting from operations was $29,133 for the three months ended March 31, 2026, which reflects income from interest and dividends and an increase in the value of our Infrastructure Assets and Liquidity Portfolio, partially offset by expenses and income taxes incurred.

Our cash flow used in operating activities was $(276,250) for the three months ended March 31, 2025, which primarily reflects the acquisition, sale and syndication of Infrastructure Assets. In addition, our net increase in net assets resulting from operations was $13,725 for the three months ended March 31, 2025, which reflects income from interest, realized gains and an increase in the value of our Infrastructure Assets and Liquidity Portfolio, partially offset by expenses and income taxes incurred.

***Cash provided by financing activities*** 

Our cash flow provided by financing activities was $131,736 for the three months ended March 31, 2026, which reflects the gross proceeds from the sale of Shares pursuant to our Private Offering, repurchase of shares, and distribution to investors.

Our cash flow provided by financing activities was $144,167 for the three months ended March 31, 2025, which primarily reflects the gross proceeds from the sale of Shares pursuant to our Private Offering, repurchase of shares and distributions to investors.

**Critical Accounting Estimates** 

Below is a discussion of the accounting policies that management considers critical. 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 generally accepted accounting principles in the United States of America ("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 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 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 Guidelines*** 

The Company's Infrastructure Assets are valued at fair value in a manner consistent with U.S. GAAP, including Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC Topic 820"), issued by the FASB. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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.

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When making fair value determinations for Infrastructure Assets that do not have readily available market prices, we will consider 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 security is expected to generate in the future. The market approach relies upon valuations for comparable public 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. We also consider a range of additional factors that we deem relevant, including a potential sale of the Infrastructure Assets, macro and local market conditions, industry information and the relevant Infrastructure Asset's historical and projected financial data.

Infrastructure Assets are generally valued at the relevant transaction price initially; however, to the extent the Operating Manager does not believe an Infrastructure Asset's transaction price reflects the current market value, the Operating Manager will adjust such valuation. When making fair value determinations for Infrastructure Assets, the Operating Manager will update the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the financial performance of the Infrastructure Assets since the prior valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Operating Manager will value 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, which the Company expects to be the case for a significant number of its Infrastructure Assets, the Operating Manager may engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date.

Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company'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 will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.

**Recent Accounting Pronouncements**

See [<u>Note 2. Summary of Significant Accounting Policies</u>](#summary_of_significant_account_policies) to our financial statements in this Quarterly Report on Form 10-Q for a discussion concerning recent accounting pronouncements.

**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** 

See [<u>Note 8. Commitments and Contingencies</u>](#note7commitmentsandcontingencies) to our financial statements in this Quarterly Report on Form 10-Q for our contractual obligations and commitments with payments due subsequent to March 31, 2026.

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**Item 3. Quantitative and Qualitative Disclosures about Market Risk** 

Our exposure to market risks primarily relates to movements in the fair value of Infrastructure Assets. The fair value of Infrastructure Assets may fluctuate in response to changes in the values of Infrastructure Assets and interest rates. The quantitative information provided in this section was prepared using estimates and assumptions that management believes are appropriate. The actual impact of a hypothetical adverse movement in these risks could be materially different from the amounts shown below. All dollar amounts in this "*Item 3. Quantitative and Qualitative Disclosures about Market Risk*" are in thousands, unless otherwise noted.

**Changes in Fair Value** 

All of our Infrastructure Assets as of March 31, 2026 are reported at fair value. Net changes in the fair value of Infrastructure Assets impact the net increase or decrease in net assets resulting from operations in our Consolidated Statements of Operations. Based on Infrastructure Assets held as of March 31, 2026, we estimate that an immediate 10% increase or decrease in the fair value of Infrastructure Assets generally would result in a commensurate change in the amount of net increase or decrease in net assets resulting from operations, regardless of whether the Infrastructure Asset was valued using observable market prices or management estimates with significant unobservable pricing inputs.

Based on the fair value of Infrastructure Assets as of March 31, 2026, we estimate that an immediate, hypothetical 10% increase or decline in the fair value of Infrastructure Assets would result in an increase or decline, respectively, in net assets resulting from operations of $175,492, if not offset by other factors.

**Exchange Rate Risk**

We hold Infrastructure Assets denominated in currencies other than the U.S. dollar. Those Infrastructure Assets expose us to the risk that the value of the Infrastructure Assets will be affected by changes in exchange rates between the currency in which the Infrastructure Assets are denominated and the currency in which the Infrastructure Assets are made. Our policy is to reduce these risks by employing hedging techniques, including using foreign currency options and foreign exchange forward contracts to reduce exposure to future changes in exchange rates.

Our primary exposure to exchange rate risk relates to movements in the value of exchange rates between the U.S. dollar and other currencies in which our Infrastructure Assets are denominated, net of the impact of foreign exchange hedging strategies.

We estimate that an immediate, hypothetical 10% decline in the exchange rates between the U.S. dollar and all of the major foreign currencies in which our Infrastructure Assets were denominated as of March 31, 2026 (i.e., an increase in the value of the U.S. dollar against these foreign currencies) would result in a decline in net increase in net assets resulting from operations of $2,987 net of the impact of foreign exchange hedging strategies, if not offset by other factors.

**Interest Rate Risk** 

Changes in credit markets and in particular, interest rates, can impact investment valuations and may have offsetting results depending on the valuation methodology used. For example, we typically use a discounted cash flow analysis as one of the methodologies to ascertain the fair value of our Infrastructure Assets that do not have readily observable market prices. If applicable interest rates rise, then the assumed cost of capital for those Infrastructure Assets would be expected to increase under the discounted cash flow analysis, and this effect would negatively impact their valuations if not offset by other factors. Conversely, a fall in interest rates can positively impact valuations of certain Infrastructure Assets if not offset by other factors. These impacts could be substantial depending upon the magnitude of the change in interest rates. In certain cases, the valuations obtained from the discounted cash flow analysis and the other primary methodology we use, the market multiples approach, may yield different and offsetting results. For example, the positive impact of falling interest rates on discounted cash flow valuations may offset the negative impact of the market multiples valuation approach and may result in less of a decline in value than for those Infrastructure Assets that had a readily observable market price. Finally, low interest rates related to monetary stimulus and economic stagnation may also negatively impact expected returns on all investments, as the demand for relatively higher return assets increases and supply decreases.

Additionally, with respect to our business operations, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase, and the value of our debt acquisitions to decline. Conversely, general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of our debt acquisitions to increase.

We estimate that an immediate, hypothetical 1% increase or decrease in the interest rates would result in an increase or decrease of investment income in Infrastructure Assets of $1,021 and an increase or decrease of interest expense in the Credit Facility of $59 for the three months ended March 31, 2026.

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**Credit Risk** 

We are party to agreements providing for various financial services and transactions that contain an element of risk in the event that the counterparties are unable to meet the terms of such agreements. In these agreements, we depend on these counterparties to make payment or otherwise perform. We generally endeavor to reduce our risk of exposure by limiting the counterparties with which we enter into financial transactions to reputable financial institutions. In addition, availability of financing from financial institutions may be uncertain due to market events, and we may not be able to access these financing markets.

See "*Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Hedging Activities*" in this Quarterly Report on Form 10-Q and[<u>Note 4. Derivative Instruments</u>](#note_4_derivative_instrument) to our financial statements in this Quarterly Report on Form 10-Q for a discussion concerning our hedging activities.

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**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, and summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, 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 Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, our Chief Executive Officer and Chief 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 SEC rules and forms 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 Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Controls 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 quarter 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, which are filed or furnished as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Quarterly Report on Form 10-Q, are applicable to each Series individually and to the Company as a whole.

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**Part II. Other Information** 

**Item 1. Legal Proceedings** 

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026, we were not involved in any material legal 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 the information under "*Part I, Item 1A. Risk Factors*" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the risk factors previously disclosed in such filing.

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

The Company has a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. In addition, the aggregate NAV of total repurchases of Investor Shares and E Shares of each Series (measured across both Series) under our share repurchase plan will be limited to no more than 5% of our aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of the share repurchase plan.

During the three months ended March 31, 2026, the Company repurchased Shares in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of<br>Shares<br>Purchased** | **Average Price Paid per Share** | **Total Number of<br>Shares<br>Purchased<br>as Part of<br>Publicly<br>Announced Plans<br>or Programs** | **Maximum<br>Number<br>(or Approximate<br>Dollar Value) of<br>Shares that May<br>Yet Be Purchased<br>Under the Plans or<br>Programs** |
| January 1, 2026 to January 31, 2026 | - | $- | - |  |
| February 1, 2026 to February 28, 2026 | 265141 | $28.29 | 265141 |  |
| March 1, 2026 to March 31, 2026 | - | $- | - |  |
| &nbsp;&nbsp;Total | 265141 | $28.29 | 265141 |  |

---

The Shares listed above were repurchased on February 9, 2026. See *"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations–Share Repurchases"* in this Quarterly Report on Form 10-Q for a discussion of the Company's share repurchases for applicable share classes during the quarter ended March 31, 2026.

**Item 3. Defaults Upon Senior Securities** 

None.

**Item 4. Mine Safety Disclosures** 

Not applicable.

**Item 5. Other Information** 

None.

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[<u>**Table of Contents**</u>](#toc_page)

**Item 6. Exhibits** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 3.1 | [<u>Certificate of Formation (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10 filed with the SEC on June 15, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523168052/d463133dex31.htm) |
| 3.2 | [<u>Third Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1 to the Registrant's Current report on Form 8-K filed with the SEC on November 7, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523271664/d582667dex31.htm) |
| 3.3 | [<u>Series Agreement of Apollo Infrastructure Company LLC – Series I (incorporated by reference to Exhibit 3.4 to the Registrant's Form 10 filed with the SEC on June 15, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523168052/d463133dex34.htm) |
| 3.4 | [<u>Series Agreement of Apollo Infrastructure Company LLC – Series II (incorporated by reference to Exhibit 3.5 to the Registrant's Form 10 filed with the SEC on June 15, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523168052/d463133dex35.htm) |
| 4.1 | [<u>Form of Subscription Agreement (incorporated by reference to Exhibit 4.1 to the Registrant's Form 10/A filed with the SEC on December 19, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523298721/d116106dex41.htm) |
| 4.2 | [<u>Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.2 to the Registrant's Form 10/A filed with the SEC on December 19, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523298721/d116106dex42.htm) |
| 4.3 | [<u>Share Repurchase Plan (incorporated by reference to Exhibit 4.3 to the Registrant's Form 10/A filed with the SEC on December 19, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312523298721/d116106dex43.htm) |
| 10.1 | [<u>Revolving Credit Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on January 16, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1971381/000119312526015466/d54500dex101.htm) |
| 31.1 | [<u>Certification of Principal Executive Officer, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0001971381-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0001971381-ex31_2.htm) |
| 32.1 | [<u>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</u>](ck0001971381-ex32_1.htm) |
| 32.2 | [<u>Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0001971381-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

The agreements and other documents filed as exhibits to this report 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 you 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.

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[<u>**Table of Contents**</u>](#toc_page)

**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.

---

| | |
|:---|:---|
|  | APOLLO INFRASTRUCTURE COMPANY LLC |
|  | /s/ Yvette Novo |
| Date: May 14, 2026 | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

------

## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Harry Seekings, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 of Apollo 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(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;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(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

(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):

(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

(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.

Date: May 14, 2026

---

| |
|:---|
| /s/ Harry Seekings |
| Harry Seekings |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

I, Yvette Novo, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 of Apollo 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(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;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(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

(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):

(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

(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.

Date: May 14, 2026

---

| |
|:---|
| /s/ Yvette Novo |
| Yvette Novo |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Apollo Infrastructure Company LLC (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Harry Seekings, 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.

Date: May 14, 2026

---

| |
|:---|
| /s/ Harry Seekings |
| Harry Seekings |
| Chief Executive Officer |
| (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** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Apollo Infrastructure Company LLC (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Yvette Novo, Chief Financial 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.

Date: May 14, 2026

---

| |
|:---|
| /s/ Yvette Novo |
| Yvette Novo |
| Chief Financial 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.* 

------