# EDGAR Filing Document

**Accession Number:** 0002030772
**File Stem:** 0002030772-26-000008
**Filing Date:** 2026-5
**Character Count:** 316326
**Document Hash:** 28f4eb5342890d5804b32c4da6497d4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002030772-26-000008.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0002030772-26-000008

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Infrastructure Strategies L.P.
- **CENTRAL INDEX KEY:** 0002030772
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56672
- **FILM NUMBER:** 26969481

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-583-5000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

?xml version='1.0' encoding='ASCII'? bxinfra-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒&nbsp;&nbsp;&nbsp;&nbsp;**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**

☐&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO &nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File Number: 000-56672**

![Blackstone updated logo.jpg](bxinfra-20260331_g1.jpg)

**Blackstone Infrastructure Strategies L.P.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**<br>(State or other jurisdiction of<br>incorporation or organization) | **99-4067586**<br>(I.R.S. Employer<br>Identification No.) |

---

**345 Park Avenue**

**New York, New York 10154**

(Address of principal executive offices) (Zip Code)

**(212) 583-5000**

(Registrant's telephone number, including area code)

–––––––––––––––––

**&nbsp;&nbsp;&nbsp;&nbsp;Securities registered pursuant to Section 12(b) of the Act:**

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;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 ☐

&nbsp;&nbsp;&nbsp;&nbsp;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 ☐

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☒

&nbsp;&nbsp;&nbsp;&nbsp;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. ☐

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

As of April 30, 2026, the registrant had the following limited partnership units outstanding: 106,192,456 Class I-Series I Units, 0 Class I-Series II Units, 0 Class I-Series III Units, 50,739,069 Class S Units and 5,561,576 Class D Units.

------

---

| | | |
|:---|:---|:---|
| | **Table of Contents** | |
| | | <u>Page</u> |
| **[Part I.](#ie32ee7747e2241df89ba94459b2a7211_48)** | **[Financial Information](#ie32ee7747e2241df89ba94459b2a7211_48)** |  |
| [Item 1.](#ie32ee7747e2241df89ba94459b2a7211_1105) | [Financial Statements](#ie32ee7747e2241df89ba94459b2a7211_1105) | [4](#ie32ee7747e2241df89ba94459b2a7211_1105) |
|  | **[Unaudited Condensed Financial Statements of Blackstone Infrastructure Strategies L.P.:](#ie32ee7747e2241df89ba94459b2a7211_1105)** | [4](#ie32ee7747e2241df89ba94459b2a7211_1105) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Assets and Liabilities](#ie32ee7747e2241df89ba94459b2a7211_51) as of March 31, 2026 and December 31, 2025 | [5](#ie32ee7747e2241df89ba94459b2a7211_51) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Operations](#ie32ee7747e2241df89ba94459b2a7211_57) for the Three Months Ended March 31, 2026 and 2025 | [6](#ie32ee7747e2241df89ba94459b2a7211_57) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Changes in Net Assets](#ie32ee7747e2241df89ba94459b2a7211_2939) for the Three Months Ended March 31, 2026 and 2025 | [7](#ie32ee7747e2241df89ba94459b2a7211_2939) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Statements of Cash Flows](#ie32ee7747e2241df89ba94459b2a7211_72) for the Three Months Ended March 31, 2026 and 2025 | [8](#ie32ee7747e2241df89ba94459b2a7211_72) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Schedule](#ie32ee7747e2241df89ba94459b2a7211_78)[s](#ie32ee7747e2241df89ba94459b2a7211_78)[of Investments](#ie32ee7747e2241df89ba94459b2a7211_78) as of March 31, 2026 and December 31, 2025 | [9](#ie32ee7747e2241df89ba94459b2a7211_78) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Financial Statements](#ie32ee7747e2241df89ba94459b2a7211_1175) | [10](#ie32ee7747e2241df89ba94459b2a7211_87) |
|  | **[Unaudited Condensed Consolidated Financial Statements of BXINFRA Aggregator (CYM) L.P.:](#ie32ee7747e2241df89ba94459b2a7211_93)** | [21](#ie32ee7747e2241df89ba94459b2a7211_93) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Assets and Liabilities](#ie32ee7747e2241df89ba94459b2a7211_96) as of March 31, 2026 and December 31, 2025 | [22](#ie32ee7747e2241df89ba94459b2a7211_96) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Operations](#ie32ee7747e2241df89ba94459b2a7211_102) for the Three Months Ended March 31, 2026 and 2025 | [24](#ie32ee7747e2241df89ba94459b2a7211_102) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Changes in Net Assets](#ie32ee7747e2241df89ba94459b2a7211_108) for the Three Months Ended March 31, 2026 and 2025 | [25](#ie32ee7747e2241df89ba94459b2a7211_108) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows](#ie32ee7747e2241df89ba94459b2a7211_114) for the Three Months Ended March 31, 2026 and 2025 | [26](#ie32ee7747e2241df89ba94459b2a7211_114) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Schedule](#ie32ee7747e2241df89ba94459b2a7211_120)[s](#ie32ee7747e2241df89ba94459b2a7211_120)[of Investments](#ie32ee7747e2241df89ba94459b2a7211_120) as of March 31, 2026 and December 31, 2025 | [28](#ie32ee7747e2241df89ba94459b2a7211_120) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Consolidated Financial Statements](#ie32ee7747e2241df89ba94459b2a7211_1427) | [39](#ie32ee7747e2241df89ba94459b2a7211_156) |
| [Item 2.](#ie32ee7747e2241df89ba94459b2a7211_162) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ie32ee7747e2241df89ba94459b2a7211_162) | [60](#ie32ee7747e2241df89ba94459b2a7211_162) |
| [Item 3.](#ie32ee7747e2241df89ba94459b2a7211_1652) | [Quantitative and Qualitative Disclosures About Market Risk](#ie32ee7747e2241df89ba94459b2a7211_1652) | [66](#ie32ee7747e2241df89ba94459b2a7211_1652) |
| [Item 4.](#ie32ee7747e2241df89ba94459b2a7211_1672) | [Controls and Procedures](#ie32ee7747e2241df89ba94459b2a7211_1672) | [66](#ie32ee7747e2241df89ba94459b2a7211_1672) |
| **[Part II.](#ie32ee7747e2241df89ba94459b2a7211_1692)** | **[Other Information](#ie32ee7747e2241df89ba94459b2a7211_1692)** |  |
| [Item 1.](#ie32ee7747e2241df89ba94459b2a7211_1712) | [Legal Proceedings](#ie32ee7747e2241df89ba94459b2a7211_1712) | [68](#ie32ee7747e2241df89ba94459b2a7211_1712) |
| [Item 1A.](#ie32ee7747e2241df89ba94459b2a7211_1732) | [Risk Factors](#ie32ee7747e2241df89ba94459b2a7211_1732) | [68](#ie32ee7747e2241df89ba94459b2a7211_1732) |
| [Item 2.](#ie32ee7747e2241df89ba94459b2a7211_1752) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ie32ee7747e2241df89ba94459b2a7211_1752) | [68](#ie32ee7747e2241df89ba94459b2a7211_1752) |
| [Item 3.](#ie32ee7747e2241df89ba94459b2a7211_1772) | [Defaults Upon Senior Securities](#ie32ee7747e2241df89ba94459b2a7211_1772) | [68](#ie32ee7747e2241df89ba94459b2a7211_1772) |
| [Item 4.](#ie32ee7747e2241df89ba94459b2a7211_1792) | [Mine Safety Disclosures](#ie32ee7747e2241df89ba94459b2a7211_1792) | [68](#ie32ee7747e2241df89ba94459b2a7211_1792) |
| [Item 5.](#ie32ee7747e2241df89ba94459b2a7211_1812) | [Other Information](#ie32ee7747e2241df89ba94459b2a7211_1812) | [68](#ie32ee7747e2241df89ba94459b2a7211_1812) |
| [Item 6](#ie32ee7747e2241df89ba94459b2a7211_1832). | [Exhibits](#ie32ee7747e2241df89ba94459b2a7211_1832) | [70](#ie32ee7747e2241df89ba94459b2a7211_1832) |
| Signatures |  | [71](#ie32ee7747e2241df89ba94459b2a7211_165) |

---

------

**Forward-Looking Statements**

This report may contain forward-looking statements, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies, portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "seeks," "anticipates," "will," "should," "could," "may," "designed to," "foreseeable future," "believe," "scheduled" and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Potential investors should not rely on these statements as if they were fact. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

References herein to "expertise" or any party being an "expert" are based solely on the belief of Blackstone (as defined below) and are intended only to indicate proficiency as compared to an average person and in no way limit any exculpation provisions or alter any standard of care applicable to Blackstone. Additionally, any awards, honors, or other references or rankings referred to herein with respect to Blackstone or any investment professional are provided solely for informational purposes and are not intended to be, nor should they be construed or relied upon as, any indication of future performance or other future activity. Any such awards, honors, or other references or rankings may have been based on subjective criteria and may have been based on a limited universe of participants, and there are other awards, honors, or other references or rankings given to others and not received by Blackstone and/or any investment professional of Blackstone.

There are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov or on our website at www.bxinfra.com. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Our website contains additional information about our business, but the contents of the website are not incorporated by reference in, or otherwise a part of, this report.

________________________

In this report, except where the context suggests otherwise:

The term "Aggregator" refers to BXINFRA Aggregator (CYM) L.P. (including any successor vehicle or vehicles used to aggregate the holdings of BXINFRA (as defined below)), a Cayman Islands exempted limited partnership, together with its consolidated subsidiaries and through which BXINFRA invests all or substantially all of its assets.

The term "Blackstone" refers collectively to Blackstone Inc. and its subsidiaries and affiliated entities.

The term "BXINFRA U.S." refers to Blackstone Infrastructure Strategies L.P.

The terms "BXINFRA," the "Fund," "we," "us" or "our" collectively refer to BXINFRA U.S., the Feeder (as defined below), the Aggregator and any Parallel Funds (as defined below), as the context requires.

The term "BXINFRA Lux" means Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, a European long-term investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions or certain other jurisdictions, together with BXINFRA Aggregator SCSp, a Luxembourg special limited partnership and its parallel funds as may exist from time to time.

BXINFRA and BXINFRA Lux are together referred to as the "BXINFRA Fund Program."

The term "Feeder" refers to Blackstone Infrastructure Strategies (TE) L.P. together with its consolidated subsidiary.

------

The term "Feeder Fund" refers to a limited partner of BXINFRA U.S. that is formed by, or at the direction of, the General Partner or its Affiliates to serve as a vehicle which will invest all or substantially all of its investable assets in BXINFRA U.S. including the Feeder.

The term "General Partner" refers to Blackstone Infrastructure Strategies Associates L.P., our general partner.

The term "Intermediate Entity" refers to one or more entities through which the General Partner or any of its affiliates may, in its sole discretion, cause BXINFRA to hold certain investments directly or indirectly through (a) entities that may elect to be classified as corporations for U.S. federal corporate income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each a "Corporation") or (b) one or more limited liability companies or limited partnerships (each, a "Lower Entity," and together with any Corporation, including the Aggregator, "Intermediate Entities").

The term "Investment Manager" refers to Blackstone Infrastructure Advisors L.L.C., our investment manager.

The term "Other Blackstone Accounts" refers to investment funds and other vehicles or accounts managed or advised by Blackstone from time to time (other than Parallel Funds, Feeder Funds and alternative vehicles), and any successors thereto, in each case, including any alternative vehicles formed in connection therewith, any supplemental capital vehicles formed in connection with any investments made thereby and any vehicles formed in connection with Blackstone's side-by-side or additional general partner investments relating thereto, including BXINFRA Lux.

The term "Parallel Fund" refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXINFRA U.S., but excluding BXINFRA Lux (as determined in the Investment Manager's discretion). Parallel Funds may be established to allow certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXINFRA U.S. or the Feeder. One or more such Parallel Funds invest directly, or indirectly through one or more Intermediate Entities in the Aggregator alongside BXINFRA U.S.

The term "Portfolio Entity" refers to any individual, partnership, corporation, limited liability company, unincorporated organization or association, trust (including the trustees thereof, in their capacity as such) or other entity, in which Investments are made by BXINFRA U.S.

The term "Sponsor" refers to, as the context or applicable law requires, individually and collectively, the General Partner and the Investment Manager.

The term "Transactional NAV" refers to the price at which transactions in BXINFRA U.S.'s Units (as defined below) are made (as the context requires), calculated in accordance with a valuation policy that has been approved by BXINFRA U.S.'s board of directors ("Board of Directors" or "Board"). Unless the context requires otherwise, references herein to "net asset value" or "NAV" shall refer to Transactional NAV.

The term "Units" refers to limited partnership units of BXINFRA U.S. There are five classes, or series of classes, of Units outstanding at BXINFRA U.S.: Class I-Series I ("Class I-Series I Units"), Class I-Series II ("Class I-Series II Units"), Class I-Series III ("Class I-Series III Units"), Class S ("Class S" or the "Class S Units") and Class D ("Class D" or the "Class D Units").

The investment activities of BXINFRA are carried out through the Aggregator, a non-consolidated affiliate of BXINFRA U.S. As such, we believe it is important to present information for each of BXINFRA U.S. and the Aggregator in this report. The financial statements of each entity are presented in "Part I. Item 1. Financial Statements." See also "Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

This report does not constitute an offer of BXINFRA or any Other Blackstone Accounts.

------

 **Part I. Financial Information**

**Item 1. Financial Statements**

**Blackstone Infrastructure Strategies L.P.**

------

**Blackstone Infrastructure Strategies L.P.**

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

**(Dollars in Thousands, Except Unit Data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;Investment in the Aggregator at Fair Value (Cost $4,001,592 as of March 31, 2026; $3,324,540 as of December 31, 2025) | $4373365 | $3555635 |
| &nbsp;&nbsp;Cash and Cash Equivalents | 430 | 1063 |
| &nbsp;&nbsp;Redemptions Receivable | 1610 | 644 |
| &nbsp;&nbsp;Dividend Receivable | 33724 | 28393 |
| &nbsp;&nbsp;Due from Affiliates | 651 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $4409780 | $3585735 |
| **Liabilities and Net Assets** |  |  |
| &nbsp;&nbsp;Due to Affiliates | $636 | $138 |
| &nbsp;&nbsp;Accounts Payable, Accrued Expenses and Other Liabilities | 1446 | 2177 |
| &nbsp;&nbsp;Distributions Payable | 33714 | 28388 |
| &nbsp;&nbsp;Redemptions Payable | 1540 | 617 |
| &nbsp;&nbsp;Servicing Fees Payable | 79098 | 69167 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 116434 | 100487 |
| **Commitments and Contingencies** |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Limited Partnership Unit — Class I-Series I Units, unlimited Units authorized (100,229,731 Units issued and outstanding as of March 31, 2026; 83,138,103 Units issued and outstanding as of December 31, 2025) (a) | 2858523 | 2289703 |
| &nbsp;&nbsp;Limited Partnership Unit — Class I-Series II Units, unlimited Units authorized (no Units issued and outstanding as of March 31, 2026; no Units issued and outstanding as of December 31, 2025) (a) |  |  |
| &nbsp;&nbsp;Limited Partnership Unit — Class I-Series III Units, unlimited Units authorized (no Units issued and outstanding as of March 31, 2026; no Units issued and outstanding as of December 31, 2025) (a) |  |  |
| &nbsp;&nbsp;Limited Partnership Unit — Class S Units, unlimited Units authorized (48,242,448 Units issued and outstanding as of March 31, 2026; 41,962,043 Units issued and outstanding as of December 31, 2025) | 1286093 | 1080003 |
| &nbsp;&nbsp;Limited Partnership Unit — Class D Units, unlimited Units authorized (5,313,214 Units issued and outstanding as of March 31, 2026; 4,271,682 Units issued and outstanding as of December 31, 2025) | 148480 | 115292 |
| &nbsp;&nbsp;General Partner Interest | 250 | 250 |
| &nbsp;&nbsp;&nbsp;**Total Net Assets** | 4293346 | 3485248 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $4409780 | $3585735 |

---

___________________

(a)On March 6, 2026, BXINFRA U.S. redesignated existing Class I Units as Class I-Series I Units and designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units.

See notes to condensed financial statements.

------

**Blackstone Infrastructure Strategies L.P.**

**Condensed Statements of Operations (Unaudited)**

**(Dollars in Thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| **Income** | | |
| &nbsp;&nbsp;&nbsp;Dividend Income | $33724 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 33724 |  |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Professional Fees | 219 | 250 |
| &nbsp;&nbsp;&nbsp;Directors' Fees | 128 | 53 |
| &nbsp;&nbsp;&nbsp;Warehousing Fees | 2397 | 1839 |
| &nbsp;&nbsp;&nbsp;Other | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2749 | 2146 |
| &nbsp;&nbsp;&nbsp;Warehousing Fees Waived | (2397) | (1839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 352 | 307 |
| **Net Investment Income (Loss)** | 33372 | (307) |
| **Net Change in Unrealized Gain (Loss) on Investment in the Aggregator** | 140678 | 31594 |
| **Net Increase in Net Assets Resulting from Operations** | $174050 | $31287 |

---

See notes to condensed financial statements.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(Dollars in Thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I (a)** | **Class I (a)** | **Class I (a)** | | | **General<br>Partner<br>Interest** | | |
| | **Series I<br> Units** | **Series II Units** | **Series III Units** |<br>**Class S<br>Units** |<br>**Class D<br>Units** | **General<br>Partner<br>Interest** | |<br>**Total<br>Net Assets** |
| **Balance at December 31, 2025** | $2289703 | $— | $— | $1080003 | $115292 | $250 |  | $3485248 |
| &nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 465532 |  |  | 166947 | 28052 |  |  | 660531 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 21823 |  |  | 10396 | 1153 |  |  | 33372 |
| &nbsp;&nbsp;&nbsp;Distribution Reinvested | 12544 |  |  | 7748 | 920 |  |  | 21212 |
| &nbsp;&nbsp;&nbsp;Distributions | (21970) |  |  | (10575) | (1165) |  |  | (33710) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments in the Aggregator | 91677 |  |  | 44348 | 4653 |  |  | 140678 |
| &nbsp;&nbsp;&nbsp;Servicing Fees |  |  |  | (11865) | (590) |  |  | (12455) |
| &nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | 389 |  |  | (551) | 162 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of Units, Net of Early Redemption Deduction | (1175) |  |  | (358) | 3 |  |  | (1530) |
| **Balance at March 31, 2026** | $2858523 | $— | $— | $1286093 | $148480 | $250 |  | $4293346 |
| **Balance at December 31, 2024** | $100 | $— | $— | $— | $— | $— |  | $100 |
| &nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 901782 |  |  | 529146 | 46991 | 250 | (b) | 1478169 |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | (190) |  |  | (108) | (9) |  |  | (307) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments in the Aggregator | 19698 |  |  | 11003 | 893 |  |  | 31594 |
| &nbsp;&nbsp;&nbsp;Servicing Fees |  |  |  | (35811) | (936) |  |  | (36747) |
| **Balance at March 31, 2025** | $921390 | $— | $— | $504230 | $46939 | $250 |  | $1472809 |

---

_________________________

(a)On March 6, 2026, BXINFRA U.S. redesignated existing Class I Units as Class I-Series I Units and designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units.

(b)The General Partner did not receive any Units for its contribution to BXINFRA U.S.

See notes to condensed financial statements.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(Dollars in Thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | $174050 | $31287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized (Gain) Loss on Investment in the Aggregator | (140678) | (31594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in the Aggregator | (673680) | (1476265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from investment in Aggregator | 644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Flows Due to Changes in Operating Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Receivable | (5331) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable, Accrued Expenses and Other Liabilities | (731) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Affiliates | (640) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Affiliates | 498 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Operating Activities | (645868) | (1476173) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Issuance of Units | 655550 | 1478169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution Reinvested | 6738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Servicing Fees | (2525) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Cash Distributions | (13911) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units, net of Early Redemption Deduction | (617) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 645235 | 1477905 |
| **Cash and Cash Equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | (633) | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 1063 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of Period** | $430 | $1832 |
| **Supplemental Disclosure of Non-Cash Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of Class I-Series I Units for Performance Participation Allocation | $4981 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution Reinvested | $14474 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution Payable | $5326 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | $(1530) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Servicing Fees | $12455 | $36747 |

---

See notes to condensed financial statements.

------

**Blackstone Infrastructure Strategies L.P.**

**Condensed Schedules of Investments (Unaudited)**

**(Dollars in Thousands, Except Unit Data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Name of Investment** | **Type of<br>Investment** | **Industry** | **Geography** | **Fair Value** | **Fair Value as a Percentage of Net Assets** |
| **Investments** | | | | | |
| BXINFRA Aggregator (CYM) L.P. (153,291,044 Units) (a) | Investee Fund | Various | Various | $4373365 | 101.9% |
| **Total Investments (Cost $4,001,592)** |  |  |  | $4373365 | 101.9% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Name of Investment** | **Type of<br>Investment** | **Industry** | **Geography** | **Fair Value** | **Fair Value as a Percentage of Net Assets** |
| **Investments** | | | | | |
| BXINFRA Aggregator (CYM) L.P. (129,060,376 Units) (a) | Investee Fund | Various | Various | $3555635 | 102.0% |
| **Total Investments (Cost $3,324,540)** |  |  |  | $3555635 | 102.0% |

---

____________________

(a)Refer to Note 3. "Investment in the Aggregator" for details on BXINFRA U.S.'s proportional share of investments through investees.

See notes to condensed financial statements.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

**1. Organization**

Blackstone Infrastructure Strategies L.P. ("BXINFRA U.S.") is a Delaware limited partnership formed on July 16, 2024, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). BXINFRA U.S. was organized to invest primarily in infrastructure equity, secondaries and credit strategies (collectively, "Infrastructure Investments"). BXINFRA U.S. is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions. BXINFRA U.S. is conducting a continuous private offering of its limited partnership units ("Units") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act) and (b) qualified purchasers (as defined in the 1940 Act and rules thereunder).

Blackstone Infrastructure Strategies (TE) L.P. (together with its consolidated subsidiary, the "Feeder"), a Delaware limited partnership, invests all or substantially all of its assets in BXINFRA U.S. The Feeder was established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors.

BXINFRA U.S. invests all or substantially all of its assets through its investment in BXINFRA Aggregator (CYM) L.P. (together with its consolidated subsidiaries, the "Aggregator"). The Aggregator has the same investment objectives as BXINFRA U.S. The condensed consolidated financial statements of the Aggregator, including the Condensed Consolidated Schedules of Investments, are an integral part of BXINFRA U.S.'s condensed financial statements and are included following these condensed financial statements.

The term "Parallel Fund" refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXINFRA U.S., but excluding Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, BXINFRA Aggregator SCSp and its parallel funds (together, "BXINFRA Lux"). Parallel Funds may be established for certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXINFRA U.S. or the Feeder. BXINFRA U.S., the Feeder, the Aggregator and any Parallel Funds collectively form "BXINFRA." BXINFRA and BXINFRA Lux collectively form the "BXINFRA Fund Program," but are operated as distinct investment structures.

BXINFRA's investment objective is to deliver attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. BXINFRA seeks to meet its investment objectives by investing primarily in Infrastructure Investments, leveraging the talent and investment capabilities of Blackstone Inc.'s ("Blackstone") infrastructure platform to create an attractive portfolio of alternative infrastructure investments.

Investment operations commenced on January 2, 2025 (the "Initial Closing Date") when BXINFRA U.S. and the Feeder first sold unregistered limited partnership units to third-party investors and began investment operations.

Blackstone Infrastructure Strategies Associates L.P., a Delaware limited partnership, is the general partner (the "General Partner") of BXINFRA U.S., the Feeder and the Aggregator. Overall responsibility for oversight of BXINFRA U.S. and the entities that carry out its investment objectives rests with the General Partner, subject to certain oversight rights held by BXINFRA U.S.'s board of directors (the "Board of Directors" or "Board"). The General Partner has delegated BXINFRA U.S.'s portfolio management function to Blackstone Infrastructure Advisors L.L.C. (the "Investment Manager"). The Investment Manager has discretion to make investments on behalf of BXINFRA U.S. and is responsible for initiating, structuring and negotiating BXINFRA U.S.'s investments, as well as actively managing each investment to seek to maximize value. The Investment Manager and its affiliates also provide certain administrative services to BXINFRA U.S. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the "Sponsor." Both the General Partner and Investment Manager are subsidiaries of Blackstone.

**2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed financial statements of BXINFRA U.S. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q. BXINFRA U.S. is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946"). The condensed financial statements, including these notes, are unaudited. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed financial statements are presented fairly. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed financial statements should be read in conjunction with the audited financial statements included in BXINFRA U.S.'s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.

**Use of Estimates**

The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed financial statements. Management believes that estimates made in preparing its condensed financial statements are reasonable. Such estimates include those used in the valuation of the investment in the Aggregator and servicing fee accruals recognized as payables on certain BXINFRA U.S. Units by BXINFRA U.S. Actual results may ultimately differ from those estimates.

**Principles of Consolidation**

In accordance with ASC 946, BXINFRA U.S. generally does not consolidate investments unless BXINFRA U.S. has a controlling financial interest in an investment company or operating company whose business consists of providing services to BXINFRA U.S. A controlling financial interest is defined as (a) the power to direct the activities of the investment company that most significantly impact the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the investment company. BXINFRA U.S. determines whether it has a controlling financial interest in an investment company at such company's inception and continuously reconsiders that conclusion. In instances where BXINFRA U.S. wholly owns another investment company, BXINFRA U.S. believes this would constitute a controlling interest and consolidation would be appropriate. For non-wholly owned interests in investment companies, BXINFRA U.S. assesses the nature of the investment structure and considers its interests in and governance rights over the investment company to determine whether BXINFRA U.S. holds a controlling financial interest. Performance of that analysis requires the exercise of judgment.

BXINFRA U.S. does not have a controlling financial interest in and, as a result, does not consolidate the Aggregator, nor any other reporting entities within BXINFRA, because (a) the General Partner is not acting solely on behalf of BXINFRA U.S. as it carries out its duties and (b) BXINFRA U.S. does not absorb essentially all of the Aggregator's variability. At each reporting date, BXINFRA U.S. assesses whether it has a controlling financial interest in the Aggregator or any other reporting entities within BXINFRA, and any associated consolidation implications.

**Valuation of Investments at Fair Value**

BXINFRA U.S. has indirect exposure to gains and losses on underlying investments because it invests in the Aggregator. Valuations of investments held by the Aggregator are disclosed in the notes to the Aggregator's condensed consolidated financial statements. For information regarding net realized and change in unrealized gains and losses on such investments held indirectly by BXINFRA U.S., see the Aggregator's condensed consolidated financial statements included following these condensed financial statements and see Note 3. "Investments and Fair Value Measurement" in the "Notes to Condensed Consolidated Financial Statements" of the Aggregator for information regarding the valuation of investments.

BXINFRA U.S. measures its investment in the Aggregator at fair value using the net asset value of the Aggregator. The net asset value of the Aggregator is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the Aggregator's net asset value is not published or the basis for current transactions, (b) the Aggregator is an investment company and (c) the net asset value of the Aggregator is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of BXINFRA U.S.'s investment in the Aggregator are presented within Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

**Cash and Cash Equivalents**

Cash and Cash Equivalents represents cash on hand, cash held in banks and short-term, highly liquid investments with original maturities of three months or less. BXINFRA U.S. may have bank balances in excess of federally insured amounts; however, BXINFRA U.S. deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

**Income Taxes**

BXINFRA U.S. is treated as a partnership for U.S. federal income tax purposes and therefore generally is not subject to any U.S. federal and state income taxes. Taxable income is allocated to BXINFRA U.S.'s unitholders. It is possible that BXINFRA U.S. may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, BXINFRA U.S. would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in BXINFRA U.S. would be treated as shareholders in a corporation, and BXINFRA U.S. itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. BXINFRA U.S. would be required to pay income tax at corporate rates on its net taxable income.

**Deferred Taxes**

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established when BXINFRA U.S. determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. BXINFRA U.S. assesses all available positive and negative evidence, including the amount and character of future taxable income.

**Uncertain Tax Positions**

BXINFRA U.S. recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than-not threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. BXINFRA U.S. reevaluates its tax positions each period in which new information becomes available. BXINFRA U.S.'s policy is to recognize tax-related interest and penalties, if applicable, as a component of the provision for income taxes on the Condensed Statements of Operations.

**Distributions**

BXINFRA U.S. may declare quarterly distributions to its unitholders. Distributions to unitholders are recognized on the record date of the distribution. All distributions will be declared at the discretion of the General Partner considering factors such as earnings, cash flow, capital needs, taxes and general financial condition, and other such factors as the General Partner may deem relevant from time to time. Although the gross distribution per Unit is equivalent for each class, or series of a class, of Units, the net distribution for each class, or series of a class, of Units may be reduced for any class- or series-specific fees and expenses, if any.

BXINFRA U.S. has adopted a distribution reinvestment plan ("DRIP") pursuant to which unitholders will have their cash distributions automatically reinvested in additional Units of BXINFRA U.S.'s same class of Units to which the distribution relates unless they elect to receive their distributions in cash. Distributions that are reinvested are recognized in net assets on the first calendar day following the record date of a distribution.

**Affiliates**

The General Partner, the Investment Manager, the Dealer Manager (as defined in Note 6. "Related Party Transactions"), the Feeder, Parallel Funds, the Aggregator, BXINFRA Lux, and other investment vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of BXINFRA U.S. Investments of BXINFRA and investments of other investment vehicles managed by the Investment Manager are considered affiliates of BXINFRA based on Blackstone's level of ownership and control.

**Segment Reporting**

BXINFRA U.S. operates through a single reportable segment. The chief operating decision maker (the "CODM") is a group consisting of the BXINFRA U.S.'s Chief Executive Officer and Chief Financial Officer. The CODM assesses the

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

performance of, allocates resources to and makes operating decisions for BXINFRA U.S. primarily based on BXINFRA U.S.'s Net Increase in Net Assets Resulting from Operations. Reportable segment assets are reflected on the accompanying Condensed Statements of Assets and Liabilities as Total Assets and reportable segment significant expenses reviewed by the CODM are listed on the accompanying Condensed Statements of Operations.

**3. Investment in the Aggregator**

BXINFRA U.S. recognizes dividend income on the record date of distributions from the Aggregator, if any. BXINFRA U.S. has an interest of 94.0% and 93.1% in the Aggregator as of March 31, 2026 and December 31, 2025, respectively. The remaining interest in the Aggregator is held by a Parallel Fund. BXINFRA U.S.'s interest in the Aggregator may result in BXINFRA U.S. indirectly holding investments of the Aggregator that, on a proportional basis, at times may exceed 5% of the net assets of BXINFRA U.S. For a listing of investments that may proportionally exceed 5% of BXINFRA U.S.'s net assets, see the Condensed Consolidated Schedules of Investments of the Aggregator.

**4. Line of Credit Agreement**

On January 2, 2025, BXINFRA U.S. (the "Borrower") entered into an unsecured, uncommitted line of credit agreement ("Line of Credit") with Blackstone Holdings Finance Co. L.L.C. ("Finco") providing up to a maximum amount of $300.0 million. On November 26, 2025, the term of the Line of Credit was extended to January 2, 2027, subject to one-year extension options requiring Finco approval.

Under the Line of Credit, the interest rate on the unpaid balance of the principal amount of each loan is the then-current borrowing rate offered by a third-party lender, or, if no such rate is available, the applicable Secured Overnight Financing Rate ("SOFR") plus 3.50%. Each advance under the Line of Credit is repayable on the earliest of (a) the expiration of the Line of Credit, (b) Finco's demand or (c) the date on which the Investment Manager no longer acts as investment manager to the Borrower, provided that the Borrower will have 180 days to make such repayment in the cases of clauses (a) and (b) and 45 days to make such repayment in the case of clause (c). To the extent the Borrower has not repaid all loans and other obligations under the Line of Credit after a repayment event has occurred, the Borrower is obligated to apply the net cash proceeds from its offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that the Borrower will be permitted to (a) make distributions to avoid any entity level tax, (b) make payments to fulfill any redemption requests of the Borrower pursuant to any established unit redemption plans, (c) use funds to close any investment which the Borrower committed to prior to receiving a demand notice and (d) make distributions to its unitholders or shareholders at per unit or per share levels consistent with the immediately preceding fiscal quarter. The Line of Credit also permits voluntary pre-payment of principal and accrued interest without any penalty other than customary SOFR breakage costs. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, Finco may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. As of March 31, 2026 and December 31, 2025, BXINFRA U.S. had no borrowings or amounts outstanding under the Line of Credit.

**5. Net Assets**

BXINFRA U.S., at the direction of the General Partner, has the authority to issue an unlimited number of Units of each class, or series of a class.

Through March 5, 2026, BXINFRA U.S. offered three classes of limited partnership units: Class I, Class S and Class D units. On March 6, 2026, BXINFRA U.S. redesignated existing Class I Units as Class I-Series I Units and designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units. The Class I-Series II Units and Class I-Series III Units have substantially similar rights and terms as BXINFRA U.S.'s existing classes of Units. As of March 31, 2026, BXINFRA U.S. offers five classes, or series of classes, of limited partnership Units: Class I-Series I, Class I-Series II, Class I-Series III, Class S and Class D Units. The key differences among each class, or series of a class, of Units relate to the ongoing servicing fees, management fees, upfront subscription fee, and distribution channels. The term "Transactional NAV" refers to the price at which transactions in BXINFRA U.S. are made, calculated in accordance with a valuation policy that has been approved by the Board of Directors. The purchase price per Unit of each class, or series of a class, is equal to the Transactional NAV per Unit for such class, or series of a class, as of the last calendar day of the immediately preceding month. Before BXINFRA U.S. determined its first Transactional NAV, the initial subscription price for Class I-Series I, Class S and Class D Units was $25.00 per Unit plus applicable subscription fees that are paid by the unitholder outside its investment in BXINFRA U.S. and not reflected in BXINFRA U.S.'s Transactional NAV. The initial Transactional NAV for Class I-Series II Units and Class I-Series III Units will be equal to the Transactional NAV per Unit for

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**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

Class I-Series I Units. The Transactional NAV for each class, or series of a class, of Units was first determined as of the end of the first full month after the Initial Closing Date and is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities and the deduction of expenses attributable to certain classes, or series of classes, such as applicable management and servicing fees. At the end of each month, BXINFRA U.S. allocates its Net Investment Income (Loss) and Net Change in Unrealized Gain (Loss) on Investment in the Aggregator across each class, or series of a class, of Units based on their relative ownership share in BXINFRA U.S. as of the first calendar day of that month. From time to time, the Sponsor, out of its own resources and without additional cost to BXINFRA or its investors, may offer other discounts, waivers or other incentives to investors.

Unit issuances related to monthly subscriptions are effective the first calendar day of each month. Units are issued at a price per Unit equivalent to BXINFRA U.S.'s most recent Transactional NAV per Unit available for each class, or series of a class, of Units, which is BXINFRA U.S.'s prior month-end Transactional NAV per Unit. No Class I-Series II Units or Class I-Series III Units have been issued since inception.

The following tables present transactions in the Units during the periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | | | |
| | **Series I Units** | **Class S Units** | **Class D Units** | **Total** |
| **Units Outstanding as of December 31, 2025** | 83138103 | 41962043 | 4271682 | 129371828 |
| &nbsp;&nbsp;Units Issued | 16667234 | 6030769 | 1002156 | 23700159 |
| &nbsp;&nbsp;Distribution Reinvested | 455072 | 283557 | 33469 | 772098 |
| &nbsp;&nbsp;Conversion of Units Between Classes | 13813 | (19893) | 5907 | (173) |
| &nbsp;&nbsp;Redemption of Units | (44491) | (14028) |  | (58519) |
| **Units Outstanding as of March 31, 2026** | 100229731 | 48242448 | 5313214 | 153785393 |
| **Units Outstanding as of December 31, 2024** | 4000 |  |  | 4000 |
| &nbsp;&nbsp;Units Issued | 35888971 | 21044968 | 1865218 | 58799157 |
| **Units Outstanding as of March 31, 2025** | 35892971 | 21044968 | 1865218 | 58803157 |

---

**Unit Redemption Plan**

In accordance with the BXINFRA U.S. Partnership Agreement (as defined in Note 6. "Related Party Transactions"), BXINFRA U.S. expects to periodically redeem up to 3% of its Units outstanding per quarter (the "Unit Redemption Plan"). Under the Unit Redemption Plan, to the extent BXINFRA U.S. redeems Units in any particular quarter, BXINFRA U.S. expects to use a purchase price equal to the Transactional NAV per Unit as of the date specified in the Unit Redemption Plan. Any redemption requests of Units that have been outstanding for less than two years will be subject to an early redemption deduction equal to 5% of the value of such Transactional NAV of the Units being redeemed, subject to certain exceptions in the General Partner's sole discretion (the "Early Redemption Deduction"). Any Early Redemption Deduction will be retained by BXINFRA U.S. for the benefit of all investors. Certain unitholders have agreed to certain additional restrictions, including a minimum holding period and certain redemption limitations in addition to the quarterly limitation described above.

In accordance with the terms of the Feeder's limited partnership agreement, unitholders of the Feeder, as indirect holders of BXINFRA U.S., participate in BXINFRA U.S.'s Unit Redemption Plan under the same terms as direct unitholders of BXINFRA U.S. Accordingly, a redemption request by a unitholder of the Feeder will be satisfied by redeeming the same number of Units in BXINFRA U.S.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for redemption during such quarter will be redeemed on a pro-rata basis after BXINFRA U.S. has redeemed all Units for which redemption has been requested due to death, disability or divorce and other limited exceptions. Unsatisfied redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request to be reconsidered, unitholders must resubmit their request in the next available redemption window.

The General Partner, with the approval of the Independent Directors, as applicable, may make exceptions to, modify or suspend the Unit Redemption Plan if, in its reasonable judgment, it deems such action to be in the best interest of

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**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

BXINFRA U.S. and its unitholders (including the Feeder), including, but not limited to, for tax, regulatory or other structuring reasons. As a result, Unit redemptions may not be available each quarter, such as when redemptions would place an undue burden on BXINFRA U.S.'s liquidity, adversely affect its operations or pose a potential adverse impact on BXINFRA U.S. that would outweigh the benefit of the redemptions.

During the three months ended March 31, 2026, 58,519 Units were redeemed for an aggregate value, net of the Early Redemption Deduction, of $1.5 million, of which 8,000 Units at an aggregate value of $0.2 million related to redemptions by the Feeder. BXINFRA U.S. commenced its first offering pursuant to the Unit Redemption Plan on April 15, 2025 and, therefore, did not redeem any Units for the three months ended March 31, 2025.

**Distributions**

BXINFRA U.S. may declare quarterly distributions as authorized by the General Partner and may pay such distributions to unitholders on a quarterly basis.

The following table presents a summary of the aggregate distributions declared and payable for the three months ended March 31, 2026 for each applicable class of Units. No Class I-Series II Units or Class I-Series III Units have been issued by BXINFRA U.S. since inception.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Distributions per Unit** | **Distributions per Unit** | **Distributions per Unit** |
| | | | **Class I Units** | | |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Series I Units** |<br>**Class S Units** |<br>**Class D Units** |
| April 23, 2026 | March 31, 2026 | May 5, 2026 | $0.2192 | $0.2192 | $0.2192 |

---

During the three months ended March 31, 2025, there were no distributions declared or payable.

***Distribution Reinvestment Plan***

BXINFRA U.S. has adopted an "opt out" DRIP for unitholders. When a cash distribution is declared, each unitholder that has not "opted out" of the DRIP will have their distributions automatically reinvested in additional Units rather than receive cash distributions, for a purchase price equal to the most recently available Transactional NAV per Unit for such Unit. Distributions on fractional Units will be credited to each participating unitholder's account to three decimal places. Investors and clients of certain participating brokers that do not permit automatic enrollment in BXINFRA U.S.'s DRIP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Units. Unitholders will not pay subscription fees when receiving Units under the DRIP.

For the three months ended March 31, 2026, $12.5 million, $7.7 million, and $0.9 million of distributions were reinvested in Class I-Series I, Class S and Class D Units, respectively. There were no distributions declared for the three months ended March 31, 2025.

**6. Related Party Transactions**

**Partnership Agreement**

BXINFRA U.S. has entered into a third amended and restated limited partnership agreement (as may be further amended and restated from time to time, the "BXINFRA U.S. Partnership Agreement") with the General Partner. Under the terms of the BXINFRA U.S. Partnership Agreement, overall responsibility for BXINFRA U.S.'s oversight rests with the General Partner, subject to certain oversight rights held by the Board of Directors.

**Performance Participation Allocation**

The General Partner receives a performance participation allocation ("Performance Participation Allocation") by BXINFRA. Investors in BXINFRA U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Performance Participation Allocation paid by the Aggregator, but such expenses are not duplicated at BXINFRA U.S., the Feeder or Parallel Funds. The Performance Participation Allocation is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator's condensed consolidated financial statements for more information regarding the Performance Participation Allocation.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

The General Partner elected to receive $5.0 million of BXINFRA's Performance Participation Allocation accrued during the year ended December 31, 2025 as equity of intermediate entities of the Aggregator. During the three months ended March 31, 2026, the equity of intermediate entities of the Aggregator was issued and then contributed to BXINFRA U.S. in exchange for 180,705 BXINFRA U.S. Class I-Series I Units.

For the three months ended March 31, 2026, BXINFRA U.S. was allocated $25.0 million of the Performance Participation Allocation recognized by the Aggregator. For the three months ended March 31, 2025, BXINFRA U.S. was allocated $5.2 million of the Performance Participation Allocation recognized by the Aggregator.

**Investment Management Agreement**

BXINFRA U.S. has entered into an amended and restated investment management agreement with the Investment Manager (as may be further amended and restated from time to time, the "Investment Management Agreement"). As part of carrying out its investment management services, the Investment Manager has entered, and may in the future enter, into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement.

**Management Fee**

In consideration for its investment management services, BXINFRA pays the Investment Manager a management fee (the "Management Fee"). Investors in BXINFRA U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Management Fee paid by the Aggregator, but such expenses are not duplicated at BXINFRA U.S., the Feeder or Parallel Funds.

The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. Effective July 1, 2025, the Investment Manager ceased waiving the Management Fee attributable to BXINFRA U.S. The Management Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator's condensed consolidated financial statements for more information regarding the Management Fee.

For the three months ended March 31, 2026, BXINFRA U.S. was allocated $12.9 million of the Management Fee recognized by the Aggregator. For the three months ended March 31, 2025, BXINFRA U.S. was allocated $4.0 million of the gross Management Fee recognized by the Aggregator, which was fully waived by the Investment Manager.

**Administration Fee**

The Investment Manager and its affiliates provide administration services to BXINFRA, consistent with the BXINFRA U.S. Partnership Agreement and the Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the "Administration Fee") payable by BXINFRA. Investors in BXINFRA U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Administration Fee, paid by the Aggregator, but such expenses are not duplicated at BXINFRA U.S., the Feeder or Parallel Funds. The Administration Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator's condensed consolidated financial statements for more information regarding the Administration Fee.

For the three months ended March 31, 2026, BXINFRA U.S. was allocated $1.0 million of the Administration Fee recognized by the Aggregator. For the three months ended March 31, 2025, BXINFRA U.S. was allocated $0.3 million of the Administration Fee recognized by the Aggregator.

**Dealer Manager Agreement**

BXINFRA U.S. and the Feeder entered into a second amended and restated dealer manager agreement (as may be further amended and restated from time to time, the "Dealer Manager Agreement") with Blackstone Securities Partners L.P. (the "Dealer Manager"), a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority. Pursuant to the Dealer Manager Agreement, the Dealer Manager manages BXINFRA U.S.'s relationships with third-party brokers engaged by the Dealer Manager to participate in the distribution of Units, which are referred to as participating brokers, and financial advisors. The Dealer Manager also coordinates BXINFRA U.S.'s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of BXINFRA U.S.'s offering, its investment strategies, material aspects of its operations and subscription procedures.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.85% and 0.25% of the value of BXINFRA U.S.'s Transactional NAV attributable to Class S and Class D Units, respectively, as of the last day of each month. In calculating the servicing fees, BXINFRA U.S. uses the Transactional NAV before giving effect to any accruals for the servicing fees, redemptions for that month and distributions, if any, payable on BXINFRA U.S.'s Units. There are no unitholder servicing fees with respect to Class I-Series I, Class I-Series II and Class I-Series III Units. The unitholder servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all of such fees will be retained by, or reallowed (paid) to, participating brokers or other financial intermediaries.

BXINFRA U.S. accrues the cost of the unitholder servicing fees for the estimated life of the Units, as applicable, as a distribution cost at the time Class S and Class D Units are sold. During the three months ended March 31, 2026 and March 31, 2025, BXINFRA U.S. paid $2.5 million and $0.3 million, respectively, of Servicing Fees Payable.

**Line of Credit and Warehousing Agreements**

BXINFRA U.S. entered into an unsecured, uncommitted Line of Credit with Finco. BXINFRA U.S. and the Investment Manager, in its capacity as investment manager, on behalf of BXINFRA U.S. and not for its own account, entered into the A&R Warehousing Agreement (as defined below) with Finco in connection with the launch and ramp-up of the BXINFRA Fund Program. For additional information, see Note 4. "Line of Credit Agreement" and Note 9. "Warehousing Agreement."

**Due to/from Affiliates**

Due to Affiliates consists of cash advances made by Finco on behalf of BXINFRA U.S. for the payment of fund expenses. These amounts are intended to be cash reimbursed by BXINFRA U.S. and are non-interest bearing. Due from Affiliates consists of balances owed to BXINFRA U.S. from other non-consolidated entities within BXINFRA.

**BXINFRA Lux**

BXINFRA invests alongside BXINFRA Lux, a European long-term investment fund available to investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions or certain other jurisdictions. While BXINFRA and BXINFRA Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXINFRA and BXINFRA Lux are operated as distinct investment structures.

**7. Commitments and Contingencies**

**Commitments**

For information regarding investment commitments, see the Aggregator's condensed consolidated financial statements. To the extent funded, these investments are expected to reside at the Aggregator but may be funded from BXINFRA U.S.'s available liquidity, including proceeds from the issuance of Units by BXINFRA U.S. and available borrowing capacity under the Line of Credit. For information regarding the Line of Credit, see Note 4. "Line of Credit Agreement."

**Contingencies**

BXINFRA U.S. may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of March 31, 2026, BXINFRA U.S. was not subject to any material litigation nor was BXINFRA U.S. aware of any material litigation threatened against it.

**Indemnifications**

In the normal course of business, BXINFRA U.S. enters into contracts that contain a variety of indemnification arrangements. BXINFRA U.S.'s exposure under these arrangements, if any, cannot be quantified. However, BXINFRA U.S. has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of March 31, 2026.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

**8. Income Taxes**

**Uncertain Tax Positions**

As of March 31, 2026 and December 31, 2025, BXINFRA U.S. is not aware of any uncertain tax positions that would require recognition in the condensed financial statements.

**9. Warehousing Agreement**

On August 22, 2025, BXINFRA U.S., BXINFRA Lux, the Investment Manager and Finco entered into an amended and restated warehousing agreement (as may be further amended and restated from time to time, the "A&R Warehousing Agreement"). Under the A&R Warehousing Agreement, in connection with the launch and ramp-up of the BXINFRA Fund Program, Finco and its affiliates agreed to acquire certain investments that were approved by the Investment Manager and the BXINFRA Investment Committee up to an aggregate invested amount of $675.0 million (or such higher amount as is agreed between the parties), subject in each case, to Finco's approval at the time of acquisition (each, an "Approved Warehoused Investment"). At any time during the term of the A&R Warehousing Agreement, an Approved Warehoused Investment is acquired by consolidated legal entities of Finco, which together act as the "BXINFRA Warehouse."

Finco agreed to subsequently transfer each Approved Warehoused Investment to BXINFRA U.S. or BXINFRA Lux, as applicable, and BXINFRA U.S. or BXINFRA Lux agreed to acquire such investments from Finco on the terms described in the A&R Warehousing Agreement following the point or points in time at which BXINFRA U.S. or BXINFRA Lux has sufficient capital to acquire such investments, as determined by the Investment Manager in its sole discretion (each such date, a "Warehouse Closing Date") at a price equal to the cost of such Approved Warehoused Investment paid by Finco plus an amount equal to an annualized rate of 5% (or such lower amount as is agreed between the parties) measured over the period from the date the Approved Warehoused Investment was acquired by the BXINFRA Warehouse to the applicable Warehouse Closing Date. The Investment Manager has determined, and will continue to determine, in its sole discretion which and what portions of Approved Warehoused Investments BXINFRA U.S. or BXINFRA Lux, as applicable, has acquired, or will acquire, on each Warehouse Closing Date. Finco will continue to provide committed funding for Approved Warehoused Investments until the applicable Warehouse Closing Date, unless extended by the mutual agreement of the parties. BXINFRA will bear its proportionate (a) fees, costs and expenses, if any, incurred in developing, negotiating and structuring any Approved Warehoused Investment that is transferred to BXINFRA and (b) broken deal expenses. The term of the A&R Warehousing Agreement shall be through August 21, 2026 (one year), unless extended by mutual agreement of the parties.

During the three months ended March 31, 2026, BXINFRA acquired three investments from the BXINFRA Warehouse at cost pursuant to the A&R Warehousing Agreement. Finco agreed to waive the 5% annualized amount in excess of cost contemplated by the A&R Warehousing Agreement in connection with the transfer of such investments. The fee accrued is reported in Warehousing Fees and the waived fee is reported in Warehousing Fees Waived on the Condensed Statements of Operations.

As of March 31, 2026, there were five investments for a total commitment amount of $719.8 million remaining in the BXINFRA Warehouse, out of which $98.9 million has been funded by Finco. Any investments that have not yet closed are subject to customary closing conditions, and the BXINFRA Fund Program's obligation to purchase any of the investments from Finco is contingent upon BXINFRA and BXINFRA Lux raising sufficient capital to purchase such assets as determined by the Investment Manager. As of March 31, 2026, the Investment Manager had not determined the allocation of investments of the BXINFRA Warehouse between BXINFRA and BXINFRA Lux and it is not certain whether BXINFRA will ultimately acquire any such investments.

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

**10. Financial Highlights**

The following financial highlights are calculated for the unitholders of BXINFRA U.S. as a whole and exclude data for the General Partner, except as otherwise noted herein. Calculation of these highlights on an individual unitholder basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements. No Class I-Series II Units or Class I-Series III Units have been issued by BXINFRA U.S. since inception.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026 (a)** | **Three Months Ended March 31, 2026 (a)** | **Three Months Ended March 31, 2026 (a)** |
| | **Class I** | | |
| | **Series I <br>Units (b)** |<br>**Class S<br> Units** |<br>**Class D<br> Units** |
| **Per Unit Data** | | | |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $27.54 | $25.74 | $26.99 |
| &nbsp;&nbsp;&nbsp;Proceeds from Units Issued |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 0.22 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 0.98 | 0.97 | 0.98 |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations | 1.20 | 1.19 | 1.19 |
| &nbsp;&nbsp;&nbsp;Distributions | (0.22) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;Servicing Fees |  | (0.05) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets | 0.98 | 0.92 | 0.96 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $28.52 | $26.66 | $27.95 |
| &nbsp;&nbsp;&nbsp;Units Outstanding, End of Period | 100229731 | 48242448 | 5313214 |
| &nbsp;&nbsp;&nbsp;Total Return Based on Net Asset Value (c) | 4.35% | 4.43% | 4.35% |
| **Ratios to Weighted-Average Net Assets (Non-Annualized)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses without Waivers (d) | 0.16% | 0.16% | 0.16% |
| &nbsp;&nbsp;&nbsp;Warehousing Fees Waivers | -0.14% | -0.14% | -0.14% |
| &nbsp;&nbsp;&nbsp;Total Expenses (d) | 0.02% | 0.02% | 0.02% |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 1.91% | 1.92% | 1.99% |

---

------

**Blackstone Infrastructure Strategies L.P.**

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

**(All Dollars in Thousands, Except Unit and Per Unit Data, Except Where Noted)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025 (a)** | **Three Months Ended March 31, 2025 (a)** | **Three Months Ended March 31, 2025 (a)** |
| | **Class I** | | |
| | **Series I <br>Units (b)** |<br>**Class S<br> Units** |<br>**Class D<br> Units** |
| **Per Unit Data** | | | |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period | $— | $— | $— |
| &nbsp;&nbsp;Proceeds from Units Issued | 25.00 | 25.00 | 25.00 |
| &nbsp;&nbsp;Net Investment Loss | (0.01) | (0.01) | (0.01) |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 0.68 | 0.68 | 0.68 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations | 0.67 | 0.67 | 0.67 |
| &nbsp;&nbsp;Servicing Fees |  | (1.71) | (0.50) |
| &nbsp;&nbsp;Net Increase (Decrease) in Net Assets | 0.67 | (1.04) | 0.16 |
| &nbsp;&nbsp;Net Asset Value, End of Period | $25.67 | $23.96 | $25.16 |
| &nbsp;&nbsp;Units Outstanding, End of Period | 35892971 | 21044968 | 1865218 |
| Total Return Based on Net Asset Value (e) | 2.67% | -4.16% | 0.65% |
| **Ratios to Weighted-Average Net Assets (Non-Annualized)** |  |  |  |
| &nbsp;&nbsp;Expenses without Waivers (d) | 0.30% | 2.06% | 0.01% |
| &nbsp;&nbsp;Warehousing Fees Waivers | -0.26% | -1.77% | -0.01% |
| &nbsp;&nbsp;Total Expenses (d) | 0.04% | 0.29% | —% |
| &nbsp;&nbsp;Net Investment Income (Loss) | -0.04% | -0.29% | —% |

---

____________________

(a)Amounts may not add due to rounding.

(b)On March 6, 2026, BXINFRA U.S. redesignated Class I Units as Class I-Series I Units.

(c)Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with BXINFRA U.S.'s distribution reinvestment plan) divided by the beginning Net Asset Value per Unit. Total return does not include upfront transaction fees, if any.

(d)Expense ratio includes Professional Fees, Directors' Fees, Warehousing Fees and Other.

(e)Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with BXINFRA U.S.'s distribution reinvestment plan) divided by the initial Net Asset Value per Unit of $25.00. Total return does not include upfront transaction fees, if any.

**11. Subsequent Events**

There have been no events since March 31, 2026 that require recognition or disclosure in the condensed financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Unit Data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;Investments at Fair Value (Cost $3,752,971 as of March 31, 2026; $3,019,921 as of December 31, 2025) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpledged | $4051083 | $3167543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pledged to counterparties | 72526 | 72049 |
| &nbsp;&nbsp;Investments in Affiliated Investee Funds at Fair Value (Cost $1,086,126 as of March 31, 2026; $802,546 as of December 31, 2025) | 1257270 | 920479 |
| &nbsp;&nbsp;Cash and Cash Equivalents | 164801 | 64744 |
| &nbsp;&nbsp;Due from Affiliates | 384 | 193 |
| &nbsp;&nbsp;Derivative Assets at Fair Value (Cost $— as of March 31, 2026 and December 31, 2025) | 2861 | 143 |
| &nbsp;&nbsp;Interest and Dividend Receivable and Other Assets | 96080 | 75138 |
| &nbsp;&nbsp;Deferred Assets | 5258 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $5650263 | $4301470 |
| **Liabilities and Equity** |  |  |
| &nbsp;&nbsp;Due to Affiliates | $2489 | $918 |
| &nbsp;&nbsp;Credit Facilities | 450000 | 70000 |
| &nbsp;&nbsp;Repurchase Agreements | 58005 | 58005 |
| &nbsp;&nbsp;Accounts Payable, Accrued Expenses, and Other Liabilities | 4667 | 4319 |
| &nbsp;&nbsp;Payable for Investments Purchased | 391958 | 256138 |
| &nbsp;&nbsp;Accrued Performance Participation Allocation | 26694 | 47377 |
| &nbsp;&nbsp;Management Fee Payable | 13768 | 7848 |
| &nbsp;&nbsp;Derivative Liabilities at Fair Value (Cost $— as of March 31, 2026 and December 31, 2025 | 811 | 265 |
| &nbsp;&nbsp;Deferred Tax Liabilities, Net | 3443 | 3165 |
| &nbsp;&nbsp;Taxes Payable | 876 | 507 |
| &nbsp;&nbsp;Organization Costs Payable | 3669 | 3188 |
| &nbsp;&nbsp;Administration Fees Payable | 1101 | 628 |
| &nbsp;&nbsp;Offering Costs Payable | 418 | 410 |
| &nbsp;&nbsp;Distributions Payable | 35892 | 30486 |
| &nbsp;&nbsp;Redemptions Payable | 2768 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 996559 | 484432 |
| **Commitments and Contingencies** |  |  |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Unit Data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **March 31, 2026** | **December 31, 2025** |
| **Net Assets (a)** | | |
| Limited Partnership Unit — Class I-Series I Units, unlimited Units authorized (163,100,023 Units issued and outstanding as of March 31, 2026; 138,551,291 Units issued and outstanding as of December 31, 2025) | 4653704 | 3817038 |
| Limited Partnership Unit — Class I-Series II Units, unlimited Units authorized (no Units issued and outstanding as of March 31, 2026; no Units issued and outstanding as of December 31, 2025) |  |  |
| Limited Partnership Unit — Class I-Series III Units, unlimited Units authorized (no Units issued and outstanding as of March 31, 2026; no Units issued and outstanding as of December 31, 2025) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 4653704 | 3817038 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $5650263 | $4301470 |

---

___________________

(a)On March 6, 2026, the Aggregator redesignated existing Class A Units as Class I-Series I Units, designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units, and discontinued its Class B Units.

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Statements of Operations (Unaudited)**

**(Dollars in Thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Income | $19935 | $10301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | 8558 | 5883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 439 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Income** | 28932 | 18428 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees | 13768 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational Expenses | 489 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Participation Allocation | 26694 | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Fees | 4428 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Financing Cost Amortization | 95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Offering Costs Amortization |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 1101 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 1591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 465 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 48631 | 13592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees Waived |  | (4167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense Support |  | (665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 48631 | 8760 |
| **Net Investment Income (Loss) Before Provision for Taxes** | (19699) | 9668 |
| **Provision for Taxes** | 904 | 2952 |
| **Net Investment Income (Loss)** | (20603) | 6716 |
| **Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies | (2608) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 223631 | 28547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Derivative Instruments | 2172 | (1729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | (16501) | (934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Realized and Unrealized Gain on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies** | 206694 | 25623 |
| **Net Increase in Net Assets Resulting from Operations** | $186091 | $32339 |

---

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I (a)** | **Class I (a)** | **Class I (a)** | |
| | **Series I Units** | **Series II Units** | **Series III Units** | **Total<br>Net Assets** |
| **Balance at December 31, 2025** | $3817038 | $— | $— | $3817038 |
| &nbsp;&nbsp;Proceeds from Units Issued | 668020 |  |  | 668020 |
| &nbsp;&nbsp;Net Investment Income (Loss) | (20603) |  |  | (20603) |
| &nbsp;&nbsp;Distributions Reinvested | 21214 |  |  | 21214 |
| &nbsp;&nbsp;Distributions | (35891) |  |  | (35891) |
| &nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies | (2608) |  |  | (2608) |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 223631 |  |  | 223631 |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Derivative Instruments | 2172 |  |  | 2172 |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | (16501) |  |  | (16501) |
| &nbsp;&nbsp;Redemption of Units, Net of Early Redemption Deduction | (2768) |  |  | (2768) |
| **Balance at March 31, 2026** | $4653704 | $— | $— | $4653704 |
| **Balance at December 31, 2024** | $— | $— | $— | $— |
| &nbsp;&nbsp;Proceeds from Units Issued | 1638265 |  |  | 1638265 |
| &nbsp;&nbsp;Net Investment Income | 6716 |  |  | 6716 |
| &nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies | (261) |  |  | (261) |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 28547 |  |  | 28547 |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) of Derivative Instruments | (1729) |  |  | (1729) |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | (934) |  |  | (934) |
| **Balance at March 31, 2025** | $1670604 | $— | $— | $1670604 |

---

____________________

(a)On March 6, 2026, the Aggregator redesignated existing Class A Units as Class I-Series I Units, designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units, and discontinued its Class B Units.

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Unit and Per Unit Data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | $186091 | $32339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies | 2608 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized (Gain) Loss on Investments | (223631) | (28547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized (Gain) Loss on Derivative Instruments | (2172) | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized (Gain) Loss on Translation of Assets and Liabilities in Foreign Currencies | 16501 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Amortization of Debt Investments - Liquids | 215 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Accretion of Debt Investments - Infrastructure | (117) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Investments | (1308534) | (1889706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvested Dividends in Affiliated Investee Funds | (5668) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Investments | 297854 | 71730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Flows Due to Changes in Operating Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Affiliates | (191) | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable |  | (3449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets | (20942) | (34473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Assets | (4077) | (307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Affiliates | 1571 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable and Accrued Expenses | 348 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for Investments Purchased | 135820 | 327456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Performance Participation Allocation | (15702) | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee Payable | 5920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax Liabilities, Net | 278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes Payable | 369 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization Costs Payable | 481 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Payable | 473 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering Costs Payable | 8 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by (Used in) Operating Activities | (932497) | $(1510288) |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Unit and Per Unit Data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Issuance of Units | $663039 | $1638265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Reinvested | 21214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Credit Facilities | 708000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of Credit Facilities | (328000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Paid in Cash | (30486) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for Redemptions | (1178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 1032589 | 1638265 |
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | (35) |  |
| **Cash and Cash Equivalents** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | 100057 | 127977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 64744 |  |
| **End of Period** | $164801 | $127977 |
| **Supplemental Disclosure of Cash Flows Information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for Income Taxes | $257 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for Interest | $2756 | $— |
| **Supplemental Disclosure of Non-Cash Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Payable | $5405 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions of Units | $1590 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Class I-Series I Units for Performance Participation Allocation | $4981 | $— |

---

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| **Investments and Investments in Affiliated Investee Funds** | | | |
| &nbsp;&nbsp;&nbsp;**Equity Investments (a)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Digital Infrastructure** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eucalyptus I HoldCo (CYM) L.P. (b) (1,637,829,051,635 Shares) | APAC | $415242 | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odyssey Holdco L.L.C (c) (967,833 Shares) | Americas | 301727 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Holdco III L.P. (283,141 Shares) | Americas | 256500 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 60596 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Digital Infrastructure** |  | 1034065 | 22.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 133749 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Infrastructure** |  | 133749 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Media & Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 12052 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology, Media & Entertainment** |  | 12052 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Co-Invest L.P. (e) (859,103 Shares) | Americas | 618811 | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poseidon Holdco I L.P. (d) (500,000 Shares) | Americas | 599953 | 12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hieroglyphs L.P. (220 Shares) | EMEA | 289940 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 100312 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Infrastructure** |  | 1609016 | 34.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Various (f)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Investments L.P.(g)(645,000 Shares) | Various | 852972 | 18.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SP Ibex Acquisitions L.P. (327,250,000 Shares) | Various | 261810 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Various | 142488 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Various** |  | 1257270 | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments (Cost: Americas $1,716,659, EMEA $407,460, APAC $297,475, Various $1,086,126)** |  | 4046152 | 86.9% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Debt Investments (i)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Infrastructure** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer and Services** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | $41374 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 13732 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer and Services** |  | 55106 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Digital Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odyssey Holdco L.L.C. (Outstanding Principal of $24,966) | Americas | 24994 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 101344 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Digital Infrastructure** |  | 126338 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 193855 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy** |  | 193855 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 71881 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Infrastructure** |  | 71881 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 2536 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrials** |  | 2536 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 98860 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 2512 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Infrastructure Services** |  | 101372 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 57466 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** |  | 57466 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Media & Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 19931 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology, Media & Entertainment** |  | 19931 | 0.4% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Debt Investments (continued) (i)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Infrastructure (continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poseidon Seller 3 L.L.C. (Outstanding Principal of $73,035) | Americas | 72527 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 65336 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Infrastructure** |  | 137863 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Various (f)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 10275 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Various** |  | 10275 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments - Infrastructure**<br>**(Cost: Americas $724,165, EMEA $40,817)** |  | 776623 | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Liquid (j)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer and Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 144712 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 9801 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer and Services** |  | 154513 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Digital Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 7115 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Digital Infrastructure** |  | 7115 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 7765 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy** |  | 7765 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 7251 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Infrastructure** |  | 7251 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 51403 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare** |  | 51403 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 42748 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrials** |  | 42748 | 0.9% |

---

continued..

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;**Debt Investments (continued) (i)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Liquid (continued) (j)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure Services** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | $152733 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | APAC | 7117 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 4119 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Infrastructure Services** |  | 163969 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 8103 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** |  | 8103 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Media and Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 91752 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 3998 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | APAC | 3988 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology, Media and Entertainment** |  | 99738 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 15499 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Infrastructure** |  | 15499 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments - Liquid (Cost: Americas $537,095, EMEA $21,157, APAC $8,144)** |  | 558104 | 12.0% |
| &nbsp;&nbsp;&nbsp;**Total Debt Investments (Cost: Americas $1,261,260, EMEA $61,974, APAC $8,144)** |  | 1334727 | 28.7% |
| **Total Investments and Investments in Affiliated Investee Funds (Cost:$4,839,097)** |  | 5380879 | 115.6% |

---

continued..

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| **Cash and Cash Equivalents** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Fund** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Treasury | Americas | $69369 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management | Americas | 9177 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Money Market Fund (Cost: $78,547 Americas)** |  | 78546 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Held at Banks | n/a | 86255 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash (Cost $86,255)** |  | 86255 | 1.9% |
| **Total Cash and Cash Equivalents (Cost: $164,801)** |  | 164801 | 3.5% |
| **Derivative at Fair Value** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivative Assets at Fair Value** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | n/a | 2861 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets at Fair Value (Cost: $—)** |  | 2861 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivative Liabilities at Fair Value** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | n/a | 811 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities at Fair Value (Cost: $—)** |  | 811 | 0.0% |
| **Total Derivatives (Cost: $—)** |  | 2050 | 0.0% |
| **Total Investments, Investments in Affiliated Investee Funds, Cash and Cash Equivalents and Derivative Instruments (Cost: $5,003,899)** |  | 5547730 | 119.2% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Schedule of Investments as of December 31, 2025 (Unaudited)**

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| **Investments and Investments in Affiliated Investee Funds** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments (a)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Digital Infrastructure** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eucalyptus I HoldCo (CYM) L.P. (k) <br>(1,637,829,051,635 Shares) | APAC | $346583 | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odyssey Holdco L.L.C. (l) (811,288 Shares) | Americas | 244587 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 21259 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Digital Infrastructure** |  | 612429 | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 123060 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Infrastructure** |  | 123060 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poseidon Holdco I L.P. (m) (500,000 Shares) | Americas | 580177 | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Co-Invest L.P. (n) (783,265 Shares) | Americas | 534915 | 14.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hieroglyphs L.P. (220 Shares) | EMEA | 222041 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 76 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Infrastructure** |  | 1337209 | 35.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Various (f)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Investments L.P. (o) (640,423 Shares) | Various | 790228 | 20.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Various | 130251 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Various** |  | 920479 | 24.1% |
| **Total Equity Investments (Cost: Americas $1,349,855, EMEA $219,658, APAC $297,475, Various $802,546)** |  | 2993177 | 78.4% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Schedule of Investments as of December 31, 2025 (Unaudited)**

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments (i)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Infrastructure** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer and Services** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | $29670 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 9738 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer and Services** |  | 39408 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Digital Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odyssey Holdco L.L.C. | Americas | 25001 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 101724 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Digital Infrastructure** |  | 126725 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt (h) | Americas | 197485 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy** |  | 197485 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 62031 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Infrastructure** |  | 62031 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 2549 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrials** |  | 2549 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 112436 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Infrastructure Services** |  | 112436 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Media and Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 20012 | 0.5% |
| **Total Technology, Media and Entertainment** |  | 20012 | 0.5% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Schedule of Investments as of December 31, 2025 (Unaudited)**

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| **Debt Investments (continued) (i)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Infrastructure (continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poseidon Seller 3 L.L.C. | Americas | $72049 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 65836 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Infrastructure** |  | 137885 | 3.6% |
| **Total Debt Investments - Infrastructure (Cost: Americas $658,321, EMEA $25,914)** |  | 698531 | 18.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Liquid (j)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer and Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 128251 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | EMEA | 9014 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer and Services** |  | 137265 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Digital Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 2135 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Digital Infrastructure** |  | 2135 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 4283 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy** |  | 4283 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 6408 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Infrastructure** |  | 6408 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 33875 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 4156 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare** |  | 38031 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrials** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 35592 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrials** |  | 35592 | 0.9% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Schedule of Investments as of December 31, 2025 (Unaudited)**

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| **Debt Investments (continued) (i)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments - Liquid (continued) (j)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure Services** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | $123976 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | APAC | 5149 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 2136 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Infrastructure Services** |  | 131261 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 6147 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** |  | 6147 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Media and Entertainment** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 91082 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | APAC | 3015 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 2010 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology, Media and Entertainment** |  | 96107 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation Infrastructure** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 11134 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation Infrastructure** |  | 11134 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments - Liquid (Cost: Americas $443,224, EMEA $20,329, APAC $5,145)** |  | 468363 | 12.3% |
| &nbsp;&nbsp;**Total Debt Investments (Cost: Americas $1,101,545, EMEA $46,243, APAC $5,145)** |  | 1166894 | 30.6% |
| **Total Investments and Investments in Affiliated Investee Funds (Cost: $3,822,467)** |  | 4160071 | 109.0% |

---

continued...

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Schedule of Investments as of December 31, 2025 (Unaudited)**

**(Dollars in Thousands, Except Share Data)**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Investment** | **Geography** | **Fair Value** | **Fair Value as<br>a Percentage<br>of Net Assets** |
| **Cash and Cash Equivalents** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Fund** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management | Americas | $8745 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Treasury | Americas | 4737 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Money Market Fund (Cost: Americas $13,482)** |  | 13482 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Held at Banks | n/a | 51262 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash (Cost: $51,262)** |  | 51262 | 1.3% |
| **Total Cash and Cash Equivalents (Cost: $64,744)** |  | 64744 | 1.7% |
| **Derivative Instruments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivative Assets at Fair Value** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | n/a | 143 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets at Fair Value (Cost: $—)** |  | 143 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivative Liabilities at Fair Value** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | n/a | 265 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities at Fair Value (Cost: $—)** |  | 265 | 0.0% |
| **Total Derivatives (Cost: $—)** |  | (122) | 0.0% |
| **Total Investments, Investments in Affiliated Investee Funds, Cash and Cash Equivalents and Derivative Instruments (Cost: $3,887,211)** |  | 4224693 | 110.7% |

---

________________

Fair Value as a Percentage of Net Assets may not add due to rounding.

n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

EMEA&nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and Africa.

APAC&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific.

(a)Equity Investments are generally considered equity interests, which includes different forms of interests and rights and obligations that represent ownership in an entity or the right to acquire or dispose of ownership in an entity, including but not limited to (i) common equity, (ii) preferred equity, (iii) limited partner interest (iv) warrants and (v) other equity-linked securities.

(b)BXINFRA through its interest in Infrastructure Investments L.P. also holds interests in Eucalyptus I HoldCo (CYM) L.P. with BXINFRA's proportionate fair value representing $41.9 million, or 0.9% of BXINFRA Net Assets and BXINFRA indirectly owns 163,262,094,673 shares in the investee.

(c)BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in Odyssey Holdco L.L.C. and Odyssey Holdco II L.L.C. BXINFRA's proportionate fair value in the equity investment is $235.5 million, representing 5.1% of BXINFRA Net Assets and BXINFRA indirectly owns 716,228 shares in the investee.

continued...

------

**BXINFRA Aggregator (CYM) L.P.**

**Condensed Consolidated Schedule of Investments as of December 31, 2025 (Unaudited)**

**(Dollars in Thousands, Except Share Data)**

(d)BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in an investee also held by Poseidon Holdco I L.P. with BXINFRA's proportionate fair value representing $38.6 million, or 0.8% of BXINFRA Net Assets and BXINFRA indirectly owns 31,758 shares in the investee.

(e)BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in an investee also held by Mercury Co-Invest L.P. with BXINFRA's proportionate fair value representing $94.4 million, or 2.0% of BXINFRA Net Assets and BXINFRA indirectly owns 129,468 shares in the investee.

(f)Fund investments are diversified and are not categorized to one industry.

(g)BXINFRA is indirectly exposed to portfolio companies owned by Infrastructure Investments L.P. The investments of Infrastructure Investments L.P. are within the following industries: Energy, Transportation, and Digital which are 30.0%, 27.2%, and 42.8% of the Infrastructure Investments L.P. vehicle's investments, respectively.

(h)There were no single investments included in this category that exceeded 5% of net assets of BXINFRA Aggregator (CYM) L.P., Blackstone Infrastructure Strategies L.P., Blackstone Infrastructure Strategies (TE) L.P. or a Parallel Fund (as defined below).

(i)Includes different forms of interests that represent a creditor relationship with an investee, including but not limited to (1) bank loans, (2) interests in collateralized loan obligations and (3) direct lending debt investments.

(j)Investments that are generally liquid in nature are intended to be held for short durations and may be used to generate income, facilitate capital deployment or provide a potential source of liquidity. Industries may be diversified outside of infrastructure industries.

(k)BXINFRA through its interest in Infrastructure Investments L.P. also holds interests in Eucalyptus I HoldCo (CYM) L.P. with BXINFRA's proportionate fair value representing $34.8 million, or 0.9% of BXINFRA Net Assets and BXINFRA indirectly owns 165,605,569,717 shares in the investee.

(l)BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in Odyssey Holdco L.L.C. and Odyssey Holdco II L.L.C. BXINFRA's proportionate fair value in the equity investment is $217.2 million, representing 5.7% of BXINFRA Net Assets and BXINFRA indirectly owns 719,237 shares in the investee.

(m)BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in an investee also held by Poseidon Holdco I L.P. with BXINFRA's proportionate fair value representing $37.1 million, or 1.0% of BXINFRA Net Assets and BXINFRA indirectly owns 32,214 shares in the investee.

(n)BXINFRA through its interest in Infrastructure Investments L.P. holds an interest in an investee also held by Mercury Co-Invest L.P. with BXINFRA's proportionate fair value representing $89.0 million, or 2.3% of BXINFRA Net Assets and BXINFRA indirectly owns 131,326 shares in the investee.

(o)BXINFRA is indirectly exposed to portfolio companies owned by Infrastructure Investments L.P. The investments of Infrastructure Investments L.P. are within the following industries: Energy, Transportation and Digital which are 29.1%, 28.4% and 42.6% of the Infrastructure Investments L.P. vehicle's investments, respectively.

See notes to condensed consolidated financial statements.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

**1. Organization**

BXINFRA Aggregator (CYM) L.P. is a Cayman Islands exempted limited partnership formed on August 13, 2024. BXINFRA Aggregator (CYM) L.P. with its consolidated subsidiaries collectively form the "Aggregator." The Aggregator operates in accordance with the second amended and restated exempted limited partnership agreement (as may be further amended and restated from time to time, the "Aggregator Partnership Agreement").

Blackstone Infrastructure Strategies L.P. ("BXINFRA U.S.") and Blackstone Infrastructure Strategies (TE) L.P. (together with its consolidated subsidiary, the "Feeder") are private funds exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended. BXINFRA U.S. and the Feeder are organized to invest primarily in infrastructure equity, secondaries and credit strategies (collectively, "Infrastructure Investments"). BXINFRA U.S. and the Feeder are structured as a perpetual-life strategy with monthly, fully funded subscriptions and periodic redemptions. The Feeder invests all or substantially all of its assets in BXINFRA U.S. In turn, BXINFRA U.S. invests all or substantially all of its assets in the Aggregator.

The term "Parallel Fund" refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXINFRA U.S., but excluding Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, BXINFRA Aggregator SCSp and its parallel funds (together, "BXINFRA Lux"). Parallel Funds may be established to allow certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXINFRA U.S. or the Feeder. Parallel Funds are expected to invest directly, or indirectly through one or more intermediate entities, into the Aggregator. BXINFRA U.S., the Feeder, the Aggregator and any Parallel Funds collectively form "BXINFRA." BXINFRA and BXINFRA Lux collectively form the "BXINFRA Fund Program," but are operated as distinct investment structures.

BXINFRA's investment objective is to deliver attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. BXINFRA seeks to meet its investment objectives by investing primarily in Infrastructure Investments, leveraging the talent and investment capabilities of Blackstone Inc.'s ("Blackstone") infrastructure platform to create an attractive portfolio of alternative infrastructure investments. The Aggregator has the same investment objectives as BXINFRA U.S.

Investment operations commenced on January 2, 2025 (the "Initial Closing Date") when BXINFRA U.S. and the Feeder first sold unregistered limited partnership units to third-party investors and subsequently invested those proceeds into the Aggregator, which, in turn, began investment operations.

Blackstone Infrastructure Strategies Associates L.P., a Delaware limited partnership, is the general partner (the "General Partner") of BXINFRA U.S., the Feeder and the Aggregator. Overall responsibility for oversight of BXINFRA U.S. and the entities that carry out its investment objectives rests with the General Partner, subject to certain oversight rights held by BXINFRA U.S.'s board of directors (the "Board of Directors" or "Board"). The General Partner has delegated BXINFRA U.S.'s portfolio management function to Blackstone Infrastructure Advisors L.L.C. (the "Investment Manager"). The Investment Manager has discretion to make investments on behalf of BXINFRA U.S. and is responsible for initiating, structuring and negotiating BXINFRA U.S.'s investments, as well as actively managing each investment to seek to maximize value. The Investment Manager and its affiliates also provide certain administrative services to BXINFRA U.S. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the "Sponsor." Both the General Partner and Investment Manager are subsidiaries of Blackstone.

**2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements of the Aggregator have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Aggregator is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946"). The condensed consolidated financial statements, including the notes, are unaudited and exclude some of the disclosures required in audited consolidated financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

condensed consolidated financial statements are presented fairly. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire period.

**Use of Estimates**

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the fair value of investments and financial instruments and provision for taxes, as of the date of the condensed consolidated financial statements. Management believes that estimates made in preparing its condensed consolidated financial statements are reasonable. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results may ultimately differ from those estimates.

**Principles of Consolidation**

In accordance with ASC 946, the Aggregator generally does not consolidate its investment in a company unless the Aggregator has a controlling financial interest in (a) an investment company or (b) an operating company whose business consists of providing services to the Aggregator. A controlling financial interest is defined as (a) the power to direct the activities of the investment company that most significantly impact the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the investment company. Accordingly, the Aggregator consolidates wholly owned investment company subsidiaries where BXINFRA has the power to direct activities that most significantly impact such vehicles' economic performance. All intercompany balances and transactions have been eliminated in consolidation.

**Fair Value of Investments and Financial Instruments**

ASC Topic 820, Fair Value Measurement ("ASC 820"), establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace. Investments with readily available, actively quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level I – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I are publicly traded securities in an active market. The Aggregator does not adjust the quoted price for these investments (to the extent it holds them) even in situations where the Aggregator holds a large position and a sale could reasonably impact the quoted price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. The types of investments that would generally be included in this category include publicly traded securities with restrictions on disposition, certain convertible securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. Fair value for these investments is determined using valuation methodologies that consider a range of factors, including, but not limited to, the price at which the investment was acquired, the nature of the investment, local market conditions, valuations for comparable companies, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant judgment. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments that are included in this category generally are privately held debt, equity and certain convertible securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

value measurement. The Investment Manager's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

**Investments at Fair Value and Investments in Affiliated or Unaffiliated Investee Funds**

***Investments at Fair Value***

The Aggregator records public and private investments at trade date and closing date, respectively, and values its investments at fair value in accordance with ASC 820. Fair value is the amount 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. In the absence of observable market prices, the Aggregator's investments are valued using valuation methodologies applied on a consistent basis as described below. Additional information regarding these investments is provided in Note 3. "Investments and Fair Value Measurement."

The Aggregator's determination of fair value is based on the best information available in the circumstances and incorporates the Aggregator's own assumptions, including assumptions that the Aggregator believes market participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including appropriate risk adjustments for non-performance and liquidity. The values estimated by the Aggregator may differ significantly from values that would have been used had a readily available market for the investments existed and the differences could be material to the condensed consolidated financial statements.

Under the income approach, which is generally the Aggregator's primary valuation approach, fair value is determined by converting future amounts, such as cash flows or earnings, discounted to a single present amount using current market expectations about those future amounts. In determining fair value under this approach, the Aggregator makes assumptions over a projection period regarding unobservable inputs such as revenues, operating income, capital expenditures, income taxes, working capital needs and the terminal value and exit multiple of the investee company, among other things. The Aggregator discounts those projected cash flows by deriving a discount rate based on a capital structure similar to that of a market participant using observable inputs such as the rate of return available in the market on an investment free of default risk, an equity risk premium to reflect the additional risk of a market portfolio of equity instruments over risk-free instruments, beta as a measure of risk based on share price correlation to the market, and equity and debt-to-capital ratios of companies deemed comparable to the investee company.

Under the market approach, which is generally the Aggregator's secondary valuation approach, fair value may be determined by reference to a recent transaction involving the investment or by reference to observable valuation measures for companies or assets that are determined by the Aggregator to be comparable, such as multiplying a key performance metric of the investee company, by a relevant valuation multiple observed in the range of comparable companies or transactions, adjusted by the Aggregator for differences between the investment and the referenced comparables. Observable inputs used in the market approach to derive a valuation multiple may include the public prices for securities issued by, and the relevant performance metrics of, companies deemed comparable to the investee company, and/or transaction prices involving significant equity interests in companies deemed comparable to the investee company. Unobservable inputs used in the market approach may include the key performance metric of the investee company, such as earnings before interest, taxes, depreciation and amortization ("EBITDA").

Investments may also be valued at their acquisition price for a period of time after an acquisition as the best measure of fair value in the absence of any conditions or circumstances that would indicate otherwise. In the event of an announced sale of investments with a definitive agreement in place, investments may also be valued using a discount-to-sale approach as the primary method with emphasis given to certain considerations including, but not limited to unitholder approval, regulatory approval, financing, completion of due diligence and break-up fees.

Investments in debt securities that are not listed on an exchange, but for which external pricing sources such as dealer quotes or independent pricing services may be available, are valued utilizing valuation techniques such as external pricing sources, recent trading activity or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks.

Publicly traded investments in active markets are reported at the market closing price, less a discount, as appropriate, as determined by the Aggregator to reflect restrictions on disposition where such restrictions are an attribute of the investment.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

Convertible preferred investments may be valued using an option pricing model based on the specific terms of the security, including, but not limited to, the publicly traded share price of the common shares or units in active markets as of the reporting date, preferred-in-kind dividend rate, relative yield and other adjustments to the common shares or units, as well as restrictions related to timing of conversion, as applicable, or actual trades of the convertible preferred investment.

***Investments in Affiliated or Unaffiliated Investee Funds***

Investments in Blackstone-affiliated investee funds ("Investments in Affiliated Investee Funds") or unaffiliated investee funds may be valued using the reported net asset value ("NAV" or "Net Asset Value") of the investee funds as a practical expedient for fair value. If the Aggregator determines, based on its own due diligence, investment fair value policies and investment monitoring procedures, that NAV does not represent fair value or if the investee fund is not an investment company, such as a collateralized loan obligation vehicle, the Aggregator will estimate the fair value of an investment in good faith and in a manner that it reasonably chooses, in accordance with its valuation policies. For certain Investments in Affiliated Investee Funds that are managed by the Investment Manager, investments held directly on such funds' balance sheets may also be direct investments of BXINFRA. In these circumstances, the Aggregator and the affiliated investee fund shall apply a consistent fair value methodology to value such investments, with the Aggregator applying a methodology as discussed under the Investments at Fair Value section above.

**Derivative Instruments**

The Aggregator recognizes derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative Assets at Fair Value and Derivative Liabilities at Fair Value, respectively.

Derivative instruments are valued based on contractual cash flows and observable inputs generally comprising of yield curves and foreign currency rates. The Aggregator recognizes changes in fair value of derivative instruments in current period earnings. For derivative financial positions that are closed or that mature during a reporting period, the Aggregator recognizes realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed. Realized gains and losses are presented net in Net Realized Gain (Loss) on Investments and Derivative Instruments on the Condensed Consolidated Statements of Operations. Changes in the value of contracts that remain outstanding as of period end are measured based on the difference between the unrealized balance as of the beginning of the reporting period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded unrealized gains or losses once realized. Unrealized gains and losses are presented net in Net Change in Unrealized Gain (Loss) on Derivative Instruments on the Condensed Consolidated Statements of Operations.

The Aggregator has elected to not offset derivative assets and liabilities in its Condensed Consolidated Statements of Assets and Liabilities, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Aggregator, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations.

The Aggregator's other disclosures regarding derivative instruments are discussed in Note 4. "Derivative Instruments."

**Repurchase Agreements**

Securities sold under agreements to repurchase ("repurchase agreements") represent collateralized financing transactions. Such transactions are recorded as secured borrowings rather than sales as the Aggregator retains effective control of transferred assets through the term of a repurchase agreement. Secured borrowings are presented within Repurchase Agreements in the Condensed Consolidated Statements of Assets and Liabilities at their contractual amounts and include accrued interest.

The Aggregator may manage credit exposure arising from repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Aggregator, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations.

The Aggregator may also pledge its investments to counterparties to collateralize repurchase agreements. Investments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded within Investments at Fair Value – Pledged to Counterparties in the Condensed Consolidated Statements of Assets and Liabilities. Investments which are not pledged to counterparties or which are pledged but cannot be repledged are

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

recorded within Investments at Fair Value – Unpledged in the Condensed Consolidated Statements of Assets and Liabilities. The Aggregator does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Assets and Liabilities. Additional disclosures relating to repurchase agreements are included in Note 5. "Repurchase Agreements."

**Cash and Cash Equivalents**

Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds, Treasury Bills and short-term, highly liquid investments with original maturities of three months or less. Interest income from Cash and Cash Equivalents is recorded in Interest Income in the Condensed Consolidated Statements of Operations. The Aggregator may have bank balances in excess of federally insured amounts; however, the Aggregator deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

**Performance Participation Allocation, Administration Fee and Management Fee Payables**

For more information regarding these payables reported on the Condensed Consolidated Statements of Assets and Liabilities, see Note 8. "Related Party Transactions."

**Foreign Currency**

In the normal course of business, the Aggregator makes investments in non-U.S. dollar currency investments. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rates at the respective transaction dates. Translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies on the Condensed Consolidated Statements of Operations.

**Net Realized and Unrealized Gain (Loss) on Investments**

The Aggregator recognizes net realized gains (losses) on investments when earned at the time of receipt of proceeds. Without regard to unrealized gains or losses 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 Gain (Loss) on Investments is the change in fair value of its underlying investments. Net change in unrealized gains or losses will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized. The Aggregator presents unrealized gains and losses resulting from changes in fair value of its investments reflected in Net Change in Unrealized Gain (Loss) on Investments on the Condensed Consolidated Statements of Operations.

**Income Recognition**

The Aggregator recognizes interest income from investments when earned pursuant to the terms of the respective investment. The Aggregator recognizes dividend income from its investments when declared. In the case of proceeds received from investments, the Aggregator determines the character of such proceeds and records any interest income, dividend income, realized gain or loss, or return of capital accordingly.

**Organizational and Offering Expenses**

Prior to the Initial Closing Date, organizational and offering expenses were paid by the Investment Manager. After BXINFRA U.S. and the Feeder first accepted third-party investors and commenced investment operations, costs associated with the organization of BXINFRA were expensed. Costs associated with the offering of BXINFRA U.S. and the Feeder are capitalized as a deferred expense and included as an asset on the Condensed Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. Organization and offering expenses are borne by the Aggregator since the expenses benefit all investors that invest through BXINFRA U.S., the Feeder or any Parallel Fund. Organizational expenses are reported in Organizational Expenses and offering expenses are reported in Deferred Offering Costs Amortization on the Condensed Consolidated Statements of Operations.

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

**Management Fees Offset and Waived**

The Investment Manager agreed to waive the Management Fee (as defined in Note 8. "Related Party Transactions") for the first six months following the Initial Closing Date. The waived Management Fees are reported in Management Fees Waived on the Condensed Consolidated Statements of Operations.

As described in the Investment Management Agreement (as defined in Note 8. "Related Party Transactions"), the Management Fee shall be reduced (but not below zero) by an amount equal to the respective unitholder's pro-rata share of 100% of the net break-up, topping, commitment, transaction, monitoring, directors', organization and divestment fees and management and performance fees borne by BXINFRA through secondary market purchases of existing investments in investment funds and other vehicles or accounts managed or advised by Blackstone from time to time (other than Parallel Funds, Feeder Funds and alternative vehicles), and any successors thereto, in each case, including any alternative vehicles formed in connection therewith, any supplemental capital vehicle formed in connection with any investments made thereby and any investment vehicles formed in connection with Blackstone's side-by-side or additional general partner investments relating thereto, including BXINFRA Lux ("Other Blackstone Accounts") (excluding secondary investments in Other Blackstone Accounts that were made as part of the portfolio transaction) paid to the Investment Manager or its affiliates in connection with BXINFRA's investments. These fees, when recognized, are presented as Management Fees Waived. Refer to Note 8. "Related Party Transactions" for more information.

**Expense Support**

The Investment Manager voluntarily agreed to pay certain expenses on behalf of BXINFRA such that the total expenses borne by BXINFRA (excluding interest expense, organization and offering expenses, servicing fees, the Performance Participation Allocation (as defined in Note 8. "Related Party Transactions") and taxes) do not exceed a certain threshold. The amount of expenses the Investment Manager has agreed to pay pursuant to this arrangement is reported in Expense Support on the Condensed Consolidated Statements of Operations. Refer to Note 8. "Related Party Transactions" for more information.

**Income Taxes**

The Aggregator is treated as a partnership for U.S. federal and state income tax purposes and is not directly subject to U.S. federal and state income taxes. It is possible that the Aggregator may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, the Aggregator would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in the Aggregator would be treated as shareholders in a corporation, and the Aggregator itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Aggregator would be required to pay income tax at corporate rates on its net taxable income. Additionally, the Aggregator owns a controlling interest in several subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes ("Aggregator Corporations") which are subject to U.S. federal, state and/or local income taxes.

To the extent investments made by the non-U.S. subsidiaries are engaged in a U.S. trade or business, the subsidiaries will generally be subject to a U.S. federal corporate income tax of 21% of their share of taxable income effectively connected with the conduct of a U.S. trade or business and may be subject to additional branch profits tax of 30% of its share of effectively connected earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state and local taxes. Federal and state income taxes are expected to be withheld at the source of the U.S. trade or business and taxes withheld can be used as a credit against the income tax liability of the subsidiaries.

**Deferred Taxes**

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established where the Aggregator determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Aggregator assesses all available positive and negative evidence, including the amount and character of future taxable income.

**Uncertain Tax Positions**

The Aggregator recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than-not

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Aggregator reevaluates its tax positions each period in which new information becomes available. The Aggregator's policy is to recognize tax related interest and penalties, if applicable, as a component of the Provision for Taxes on the Condensed Consolidated Statements of Operations.

**Distributions**

The Aggregator may declare quarterly distributions on Aggregator Units (as defined in Note 7. "Net Assets") as authorized by the General Partner. The declaration of distributions by the Aggregator to BXINFRA U.S. and any Parallel Fund generally occur concurrent with BXINFRA U.S. and any Parallel Fund declaring distributions to its unitholders. Distributions to unitholders are recognized on the record date of the distribution. For further detail on the quarterly distributions to be declared by BXINFRA U.S., see Note 5. "Net Assets" in the "Notes to Condensed Financial Statements" of BXINFRA U.S.

**Affiliates**

The General Partner, the Investment Manager, Blackstone Securities Partners L.P. (the "Dealer Manager"), BXINFRA U.S., Parallel Funds, the Feeder, BXINFRA Lux, and other investment vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of the Aggregator. Investments of BXINFRA and investments of other investment vehicles managed by the Investment Manager are considered affiliates of BXINFRA based on Blackstone's level of ownership and control.

**Recent Accounting Developments**

In December 2023, the Financial Accounting Standards Board issued amended guidance addressing income tax disclosures. The guidance requires greater disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosure. The guidance is effective for the Aggregator's annual period ending December 31, 2026.

**3. Investments and Fair Value Measurement**

The following tables summarize the valuation of the Aggregator's investments by the fair value hierarchy levels:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level I** | **Level II** | **Level III** | **NAV** | **Total** |
| **Assets** | | | | | |
| Cash and Cash Equivalents | $164801 | $— | $— | $— | $164801 |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;Equity Investments |  | 31060 | 2753583 | 4239 | 2788882 |
| &nbsp;&nbsp;Debt Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure |  | 559105 | 217518 |  | 776623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquids |  | 548117 | 9987 |  | 558104 |
| &nbsp;&nbsp;Total Debt Investments |  | 1107222 | 227505 |  | 1334727 |
| Total Investments |  | 1138282 | 2981088 | 4239 | 4123609 |
| Investments in Affiliated<br>Investee Funds |  |  | 915565 | 341705 | 1257270 |
| Derivative Assets |  | 2861 |  |  | 2861 |
|  | $164801 | $1141143 | $3896653 | $345944 | $5548541 |
| **Liabilities** |  |  |  |  |  |
| Derivative Liabilities | $— | $811 | $— | $— | $811 |

---

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level I** | **Level II** | **Level III** | **NAV** | **Total** |
| **Assets** | | | | | |
| Cash and Cash Equivalents | $64744 | $— | $— | $— | $64744 |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;Equity Investments |  | 31285 | 2041413 |  | 2072698 |
| &nbsp;&nbsp;Debt Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure |  | 491358 | 207173 |  | 698531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquids |  | 468363 |  |  | 468363 |
| &nbsp;&nbsp;Total Debt Investments |  | 959721 | 207173 |  | 1166894 |
| Total Investments |  | 991006 | 2248586 |  | 3239592 |
| Investments in Affiliated<br>Investee Funds | 18866 | 55268 | 776568 | 69777 | 920479 |
| Derivative Assets |  | 143 |  |  | 143 |
|  | $83610 | $1046417 | $3025154 | $69777 | $4224958 |
| **Liabilities** |  |  |  |  |  |
| Derivative Liabilities | $— | $265 | $— | $— | $265 |

---

The Aggregator may hold equity securities that are subject to sale restrictions that are contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual restrictions may include, but are not limited to, (a) consent-rights or event-based transfer restrictions imposed by third parties, (b) underwriter lock-ups and (c) sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or after a predetermined date. As of March 31, 2026, there were no equity securities subject to sale restrictions within the Aggregator's Level I and II assets. The Aggregator's Level III equity securities are generally illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements.

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | **Valuation<br>Techniques** | **Unobservable<br>Inputs** | **Ranges** | **Weighted-Average** | **Impact to <br>Valuation<br>from an <br>Increase<br>in Input** |
| **Financial Assets** | | | | | | |
| Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;Equity Investments | $2445820 | Discounted Cash Flows | WACC | 8.5% - 12.3% | 10.4% | Lower |
|  |  |  | Exit Capitalization Rate | 6.0% - 6.1% | 6.0% | Lower |
|  |  |  | Exit Multiple | 11.5x - 20.4x | 15.5x | Higher |
|  | 307763 | Transaction Price | n/a |  |  |  |
| &nbsp;&nbsp;Debt Investments - Infrastructure | 97521 | Third-Party Pricing | n/a |  |  |  |
|  | 119997 | Yield Analysis | Discount Rate | 4.5% | 4.5% | Lower |
| &nbsp;&nbsp;Debt Investments - Liquids | 9987 | Transaction Price | n/a |  |  |  |
| Total Investments | 2981088 |  |  |  |  |  |
| Investments in Affiliated Investee Funds | 913321 | Discounted Cash Flows | WACC | 5.4% - 12.7% | 12.7% | Lower |
|  |  |  | Exit Capitalization Rate | 4.6% - 7.2% | 7.2% | Lower |
|  |  |  | Exit Multiple | 1.7x - 22.0x | 22.0x | Higher |
|  | 2244 | Transaction Price | n/a |  |  |  |
|  | $3896653 |  |  |  |  |  |

---

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | **Valuation<br>Techniques** | **Unobservable<br>Inputs** | **Ranges** | **Weighted-Average** | **Impact to <br>Valuation<br>from an <br>Increase<br>in Input** |
| **Financial Assets** | | | | | | |
| Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;Equity Investments | $2041413 | Discounted Cash Flows | WACC | 8.7% - 11.9% | 10.4% | Lower |
|  |  |  | Exit Capitalization Rate | 6.1% | 6.1% | Lower |
|  |  |  | Exit Multiple | 11.5x - 20.4x | 17.7x | Higher |
|  |  | Transaction Price | n/a |  |  |  |
| &nbsp;&nbsp;Debt Investments - Infrastructure | 207173 | Third-Party Pricing | n/a |  |  |  |
|  |  | Other | n/a |  |  |  |
|  |  | Transaction Price | n/a |  |  |  |
| Total Investments | 2248586 |  |  |  |  |  |
| Investments in Affiliated Investee Funds | 776568 | Discounted<br>Cash Flows | WACC | 5.4% - 21.4% | 10.0% | Lower |
|  |  |  | Exit Capitalization Rate | 4.6% - 7.2% | 6.2% | Lower |
|  |  |  | Exit Multiple | 11.5x - 24.7x | 14.8x | Higher |
|  |  | Other | Discount to Escrow | 30.1% | 30.1% | Higher |
|  |  | Transaction Price | n/a |  |  |  |
|  | $3025154 |  |  |  |  |  |

---

____________________

n/a&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

WACC&nbsp;&nbsp;&nbsp;&nbsp;Weighted-Average Cost of Capital.

Exit Multiple&nbsp;&nbsp;&nbsp;&nbsp;Ranges include the last twelve months EBITDA multiples and the next twelve months forward EBITDA multiples.

Third-Party Pricing&nbsp;&nbsp;&nbsp;&nbsp;Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

The following tables present changes in the fair value of investments for which Level III inputs were used to determine the fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** |
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Equity<br>Investments** | **Debt<br>Investments - Infrastructure** | **Debt<br>Investments - Liquids** | **Investments<br>in Affiliates** | **Total** |
| Balance, Beginning of Period | $2041413 | $207173 | $— | $776568 | $3025154 |
| Purchases | 298182 | 11208 | 5025 | 5668 | 320083 |
| Sales and Proceeds from Investments | (2030) | (2776) |  |  | (4806) |
| Transfers Into Level III (a) |  |  | 4994 |  | 4994 |
| Change in Gain (Loss) Included in Net Assets | 416018 | 1913 | (32) | 133329 | 551228 |
| Balance, End of Period | $2753583 | $217518 | $9987 | $915565 | $3896653 |
| Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $416018 | $1913 | $(32) | $133329 | $551228 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** | **Level III Financial Assets at Fair Value** |
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Equity<br>Investments** | **Debt<br>Investments - Infrastructure** | **Debt<br>Investments - Liquids** | **Investments<br>in Affiliates** | **Total** |
| Balance, Beginning of Period | $— | $— | $— | $— | $— |
| Purchases | 913037 |  |  |  | 913037 |
| Sales and Proceeds from Investments | (5111) |  |  |  | (5111) |
| Change in Gain Included in Net Assets | 19848 |  |  |  | 19848 |
| Balance, End of Period | $927774 | $— | $— | $— | $927774 |
| Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $19848 | $— | $— | $— | $19848 |

---

____________________

(a)The transfers into Level III financial assets were primarily due to a change of observability of inputs used in the valuation of such assets.

**NAV as a Practical Expedient**

The table below summarizes investments that estimate the fair value of an investment using NAV as a practical expedient. This includes investment information such as investment strategy, or industry, unfunded commitments (if applicable) and the fair value of the respective investment(s). As of March 31, 2026 and December 31, 2025, a majority of these investments may not be redeemed at or within three months of the reporting date and certain investments may not be sold without a general partner's consent. Certain investments cannot be redeemed and distributions received will be a result of income and/or sales of underlying assets of each investment; however, an estimate of the period of time over which the underlying assets are expected to be liquidated for such investments cannot be made.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**NAV as a Practical Expedient Investments** | **Unfunded<br>Commitment** | **Fair Value** | **Unfunded<br>Commitment** | **Fair Value** |
| Affiliated Investee Funds (a) | $518823 | $341705 | $355000 | $69777 |

---

____________________

(a)These Affiliated Investee Funds primarily hold investments in limited partner interests of private funds in the Various sector.

**4. Derivative Instruments**

In the normal course of business, the Aggregator may enter into derivative contracts to achieve certain risk management objectives.

The Aggregator may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated investments. These instruments primarily include (a) forward currency contracts and (b) foreign currency swaps. The Aggregator utilizes forward currency contracts and foreign currency swaps, collectively referred to as foreign exchange contracts, to economically hedge the currency exposure associated with certain foreign-denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by the Aggregator. Additionally, the Aggregator may enter into derivative instruments to hedge against other risks in its investments, including commodity price risk and equity price risk.

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

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the foreign exchange contracts (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| | **Notional** | **Fair<br>Value** | **Notional** | **Fair<br>Value** | **Notional** | **Fair<br>Value** | **Notional** | **Fair<br>Value** |
| | **Notional** | **Fair<br>Value** | **Notional** | **Fair<br>Value** | **Notional** | **Fair<br>Value** | **Notional** | **Fair<br>Value** |
| **Derivative Instruments** | | | | | | | | |
| Foreign Currency Contracts (GBP) | £117750 | $2558 | £117750 | $296 | £70000 | $14 | £125000 | $234 |
| Foreign Currency&nbsp;&nbsp;&nbsp;&nbsp;Contracts (EUR) | 12000 | 303 | 12000 | 515 | 32000 | 129 | 20000 | 31 |
|  |  | $2861 |  | $811 |  | $143 |  | $265 |

---

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative instruments:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Derivative Instruments** |  |  |
| &nbsp;&nbsp;Realized Gain (Loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | $1773 | $— |
| &nbsp;&nbsp;Net Change in Unrealized Gain (Loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | 2172 | (1729) |
|  | $3945 | $(1729) |

---

As of March 31, 2026 and December 31, 2025, the Aggregator had not designated any derivatives as fair value, cash flow or net investment hedges for accounting purposes.

**5. Repurchase Agreements**

As of March 31, 2026 and December 31, 2025, the Aggregator held investments pledged as collateral with a carrying value of $72.5 million and $72.0 million, respectively.

The following table presents information regarding the Aggregator's repurchase agreement obligations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight<br>and<br>Continuous** | **Up to<br>30 Days** | **30 - 90<br>Days** | **Greater<br>than<br>90 days** | **Total** |
| **Repurchase Agreements** | | | | | |
| &nbsp;&nbsp;Debt Investments (a) | $— | $— | $— | $58005 | $58005 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight<br>and<br>Continuous** | **Up to<br>30 Days** | **30 - 90<br>Days** | **Greater<br>than<br>90 days** | **Total** |
| **Repurchase Agreements** | | | | | |
| &nbsp;&nbsp;Debt Investments (a) | $— | $— | $— | $58005 | $58005 |

---

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Gross and Net Amount of Recognized Liabilities for Repurchase Agreements | $58005 | $58005 |
| Amounts Subject to an Enforceable Master Netting Arrangement | $58005 | $58005 |

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_____________________

(a)Represents collateral type.

**6. Borrowings**

**Brentwood Credit Facility**

On March 3, 2025, BXINFRA Brentwood Funding LCS L.L.C. and BXINFRA Brentwood Funding ICP L.L.C. (together, the "Brentwood Borrowers" and each, a "Brentwood Borrower"), each as a consolidated wholly owned subsidiary of the Aggregator that holds broadly syndicated loans, entered into a senior secured revolving credit agreement (the "Brentwood

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

Credit Facility") pursuant to which the lenders thereunder agreed to provide loans for an aggregate principal amount not to exceed $300.0 million, subject to customary conditions. The Brentwood Credit Facility contains customary representations and warranties. The obligations of the Brentwood Borrowers under the Brentwood Credit Facility have limited recourse and are secured by a first priority security interest in all of the Brentwood Borrowers' portfolio investments and cash. Under the Brentwood Credit Facility, the Brentwood Borrowers will bear customary expenses for a credit facility of this size and type, including closing fees, arrangement fees, administration fees, and commitment fees. The parties to the Brentwood Credit Facility include the Brentwood Borrowers, BXINFRA ICP L.L.C. and BXINFRA LCS L.L.C. as co-collateral managers, a third-party administrative agent (in such capacity, the "Brentwood Administrative Agent"), also serving as sole lead arranger, and the other third-party lenders as identified in the Brentwood Credit Facility. The period in which the Brentwood Borrowers may make borrowings under the Brentwood Credit Facility expires on March 3, 2028, and the Brentwood Credit Facility matures on March 5, 2029. Upon an event of default, the Brentwood Administrative Agent may also terminate its commitment.

Under the Brentwood Credit Facility, advances bear interest at a per annum rate equal to the benchmark for the currency of the applicable advance (which, for U.S. dollar advances, at the election of the Brentwood Borrowers, is the one-month or three-month term Secured Overnight Financing Rate ("SOFR") or the "base rate" (as defined in the Brentwood Credit Facility)), plus an applicable margin of 1.35% per annum. From and after March 3, 2028, the applicable margin for advances will increase by 0.30% per annum. The Aggregator may voluntarily prepay any loans upon notice to the Brentwood Administrative Agent without a premium or penalty, subject to certain conditions.

The Brentwood Credit Facility is subject to a commitment fee that is generally calculated based on two components, the First Unused Amount and Second Unused Amount (as defined below) which are multiplied by a 1.00% and 0.30% commitment fee rate, respectively. The "First Unused Amount" is zero for the first three months the Brentwood Credit Facility is outstanding; thereafter, the amount is generally equal to a varying percentage of the unused aggregate commitment amount, less total borrowings outstanding. The "Second Unused Amount" means an amount equal to the aggregate commitment less total borrowings outstanding less the First Unused Amount. As of March 31, 2026, the Aggregator had $300.0 million outstanding under the Brentwood Credit Facility. The carrying value of amounts outstanding under the Brentwood Credit Facility approximates fair value and this facility would be classified as Level III within the fair value hierarchy. As of March 31, 2026, the effective interest rate on borrowings outstanding was 5.02%. As of December 31, 2025, the Aggregator had no balance outstanding under the Brentwood Credit Facility.

**Jutland Credit Facility**

On October 9, 2025, BXINFRA Jutland Funding ICP L.L.C. (the "Jutland Borrower"), a consolidated wholly owned subsidiary of the Aggregator, entered into a senior secured revolving credit agreement (the "Jutland Credit Facility") pursuant to which the lender thereunder agreed to provide loans for an aggregate commitment amount not to exceed $150.0 million, subject to customary conditions. The Jutland Credit Facility contains customary representations and warranties. The obligations of the Jutland Borrower under the Jutland Credit Facility have limited recourse and are secured by a first priority security interest in the assets of the Jutland Borrowers. Under the Jutland Credit Facility, the Jutland Borrower will bear customary expenses for a credit facility of this size and type, including unused commitment fees, average utilization fees and prepayment premiums.

The parties to the Jutland Credit Facility include the Jutland Borrower, BXINFRA ICP L.L.C. as portfolio manager, a third-party collateral agent and collateral administrator, and another third-party lender, also serving as administrative agent (the "Jutland Administrative Agent"), as identified in the Jutland Credit Facility. The period in which the Jutland Borrower may make borrowings under the Jutland Credit Facility expires on October 9, 2028, and the Jutland Credit Facility matures on October 9, 2029. Upon an event of default, the Jutland Administrative Agent may also terminate its commitment.

Under the Jutland Credit Facility, borrowings denominated in U.S. dollars will bear interest at a rate of the three-month SOFR plus an applicable margin of 1.45% per annum. The Aggregator may voluntarily prepay any loans upon notice to the Jutland Administrative Agent, without a premium or penalty, subject to certain conditions. The Jutland Credit Facility is subject to a commitment fee that accrues at 0.45% per annum on the average daily unused aggregate commitment above a Minimum Utilization Percentage (defined below). If during any quarter, the aggregate outstanding principal amount of advances divided by the aggregate commitments (the "Average Utilization"), is less than (a) for the period from October 9, 2025 to and including February 9, 2026, 40.00%, (b) for the period from February 10, 2026 to and including April 9, 2026, 50.00% and (c) thereafter, 65.00% (the "Minimum Utilization Percentage"), the Aggregator shall also pay an average

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

utilization fee (the "Average Utilization Fee"). The Average Utilization Fee is calculated as 1.45%, multiplied by the Minimum Utilization Percentage minus the Average Utilization, multiplied by the aggregate commitment.

As of March 31, 2026, the Aggregator had $150.0 million outstanding under the Jutland Credit Facility. As of March 31, 2026, the effective interest rate on borrowings outstanding was 5.12%. As of December 31, 2025, the Aggregator had $70.0 million outstanding under the Jutland Credit Facility. As of December 31, 2025, the effective interest rate on borrowings outstanding was 5.15%. The carrying value of amounts outstanding under the Jutland Credit Facility approximates fair value and this facility would be classified as Level III within the fair value hierarchy.

**Aggregator Credit Agreement**

On January 26, 2026, the Aggregator entered into a revolving credit agreement (the "Aggregator Credit Agreement") pursuant to which multiple third-party lenders and letter of credit issuers thereunder agreed to provide loans and letters of credit for up to an aggregate initial commitment of $400.0 million, subject to customary conditions. The available capacity under the Aggregator Credit Agreement may be increased on a permanent or a temporary basis up to an amount agreed by the Joint Lead Arrangers (as defined below) and the increasing lenders, provided that the Aggregator, among other things, may not incur new loans or letters of credit in excess of the applicable loan to value ratio of 22.5%, where value equals the sum of the adjusted net asset values of eligible investments and certain other items (as specified in the Aggregator Credit Agreement).

The parties to the Aggregator Credit Agreement include the Aggregator, as borrower, a third-party administrative agent (in such capacity, the "Aggregator Administrative Agent"), third-party joint lead arrangers (in such capacities, the "Joint Lead Arrangers"), and certain other lenders and the letter of credit issuers as identified in the Aggregator Credit Agreement. The Aggregator Credit Agreement matures on January 26, 2028, subject to a one-year extension option requiring approval by the Aggregator Administrative Agent and extending lenders and the satisfaction of customary conditions.

Under the Aggregator Credit Agreement, borrowings denominated in U.S. dollars will bear interest, at the Aggregator's discretion, at a rate of the (a) one-month term SOFR plus a spread of 3.00% per annum, (b) daily simple SOFR plus a spread of 3.00% per annum, or (c) base rate (as defined in the Aggregator Credit Agreement) plus a spread of 2.00%. Such rates may be increased by up to 2.50% per annum during a continuing event of default and/or a cash sweep event. The Aggregator Credit Agreement is subject to a commitment fee that is generally based on (a) the total facility commitments, less total borrowings outstanding, multiplied by (b) the commitment fee rate. The unused commitment fee per annum rate varies from 0.45% to 0.65% and is dependent on the total borrowings outstanding. Under the Aggregator Credit Agreement, the Aggregator will bear customary expenses for a credit facility of this size and type, including closing fees, arrangement fees, administration fees and unused commitment fees.

The Aggregator Credit Agreement contains customary representations and warranties, events of default, cash sweep events and affirmative and negative covenants. The Aggregator's obligations under the Aggregator Credit Agreement are non-recourse to BXINFRA U.S. and secured by the Aggregator's distributions received from investments and the equity interest in certain of its subsidiaries. Upon an event of default, the lenders of the Aggregator Credit Agreement may also terminate their commitment.

As of March 31, 2026 and December 31, 2025, the Aggregator had no borrowings or amounts outstanding.

**7. Net Assets**

Through March 5, 2026, the Aggregator offered two classes of limited partnership units: Class A and Class B units. On March 6, 2026, the Aggregator redesignated existing Class A units as Class I-Series I Units (defined below), discontinued its Class B units and designated two new series of Class I Units, Class I-Series II Units and Class I-Series III Units. The Aggregator, at the direction of the General Partner, has the authority to issue an unlimited number of units (each, an "Aggregator Unit" or "Unit"). As of March 31, 2026, the Aggregator has two limited partners, BXINFRA U.S. and a Parallel Fund. BXINFRA U.S. and the Parallel Fund receive monthly subscriptions from their investors, which are in turn invested into the Aggregator. BXINFRA U.S. and the Parallel Fund are issued the applicable series of Class I Units in exchange for their contributions to the Aggregator; specifically, contributions from BXINFRA U.S. Class I-Series II units are invested into Class I-Series II Aggregator Units, contributions from BXINFRA U.S. Class I-Series III units are invested into Class I-Series III Aggregator Units, and contributions from all other BXINFRA U.S. and the Parallel Fund units are invested into Class I-Series I Aggregator Units.

------

**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

The term "Transactional NAV" refers to the price at which transactions in the Aggregator's Units are made, calculated in accordance with a valuation policy that has been approved by the BXINFRA U.S. Board of Directors. The purchase price per Aggregator Unit of each limited partner is equal to the Transactional NAV per Aggregator Unit for such limited partner as of the last calendar day of the immediately preceding month. Before the Aggregator determined its first Transactional NAV, the initial purchase price for the Aggregator's Units was $25.00 per Aggregator Unit. The Aggregator's Transactional NAV was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities, the accrual and allocation of the Management Fee, Administration Fee and the Performance Participation Allocation (each as defined in Note 8. "Related Party Transactions") and the deduction of expenses.

Aggregator Unit issuances related to monthly contributions are effective the first calendar day of each month. Aggregator Units are issued at a price per Aggregator Unit equivalent to the Aggregator's most recent Transactional NAV per Aggregator Unit available for each class, or series of a class, which is the Aggregator's prior month-end Transactional NAV per Aggregator Unit. The initial Transactional NAV for Class I-Series II Units and Class I-Series III Units will be equal to the Transactional NAV per Aggregator Unit for Class I-Series I Units. No Class I-Series II Units or Class I-Series III Units have been issued since inception.

The following table presents transactions in the Aggregator's Units during the periods:

---

| | | |
|:---|:---|:---|
| | | **Total** |
| | **Class I**<br>**Series I Units** | **Total** |
| **Units Outstanding as of December 31, 2025** | 138551291 | 138551291 |
| &nbsp;&nbsp;&nbsp;Units Issued | 23878412 | 23878412 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 769258 | 769258 |
| &nbsp;&nbsp;&nbsp;Redemption of Units | (98938) | (98938) |
| **Units Outstanding as of March 31, 2026** | 163100023 | 163100023 |
| **Units Outstanding as of December 31, 2024** |  |  |
| &nbsp;&nbsp;&nbsp;Units Issued | 65062200 | 65062200 |
| **Units Outstanding as of March 31, 2025** | 65062200 | 65062200 |

---

In accordance with the Aggregator Partnership Agreement, the General Partner can cause the Aggregator to redeem Aggregator Units from limited partners to match any redemptions made by BXINFRA U.S. and any Parallel Fund. Any redemption of Aggregator Units will be effected by the Aggregator as needed to comply with the redemption plan of BXINFRA U.S. and any Parallel Fund and otherwise as determined by the General Partner. A Parallel Fund may withdraw entirely from the Aggregator and have all of its Aggregator Units redeemed by the Aggregator only with the consent of BXINFRA U.S., including, if applicable, approval by the Board of Directors.

During the three months ended March 31, 2026, 98,938 Aggregator Units were redeemed for an aggregate value of $2.8 million. No Aggregator Units were redeemed during the three months ended March 31, 2025.

**Distributions** 

The Aggregator may declare quarterly distributions on Aggregator Units as authorized by the General Partner.

The following table presents a summary of the aggregate distributions declared and payable for the three months ended March 31, 2026 for each applicable class of Units. There were no distributions declared or payable for the three months ended March 31, 2025. No Class I-Series II Units or Class I-Series III Units have been issued by the Aggregator since inception.

---

| | | | |
|:---|:---|:---|:---|
| | | | **Distributions Per Unit** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Class I-Series I Units** |
| April 23, 2026 | March 31, 2026 | May 5, 2026 | $0.2200 |

---

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

**Distribution Reinvestment Plan**

When a cash distribution is declared, each Aggregator unitholder that has not "opted out" of the Distribution Reinvestment Plan ("DRIP") will have their distributions automatically reinvested in additional Aggregator Units rather than receive cash distributions, for a purchase price equal to the most recently available Transactional NAV per Aggregator Unit for such Aggregator Unit. For further details on the DRIP, see Note 5. "Net Assets" in the "Notes to Condensed Financial Statements" of BXINFRA U.S.

For the three months ended March 31, 2026, $21.2 million of distributions were reinvested in Class I-Series I Units. During the three months ended March 31, 2025, there were no distributions declared or payable.

**8. Related Party Transactions**

**Partnership Agreement**

The Aggregator has entered into the Aggregator Partnership Agreement with the General Partner. Under the terms of the Aggregator Partnership Agreement, overall responsibility for the Aggregator rests with the General Partner. The General Partner has delegated BXINFRA's portfolio management function to the Investment Manager on January 2, 2025.

**Performance Participation Allocation**

The General Partner receives a performance participation allocation ("Performance Participation Allocation") by BXINFRA (indirectly through the Aggregator) equal to 12.5% of total return subject to a 5% annual hurdle amount and a high water mark with 100% catch-up. Such allocation is measured on a calendar year basis, paid quarterly, accrued monthly (subject to pro-rating for partial periods), and without taking into account accrued and unpaid taxes of any intermediate entity through which BXINFRA indirectly invests in an investment (or any comparable entities of Other Blackstone Accounts in which BXINFRA directly or indirectly participates) or taxes paid by any such intermediate entity during the applicable month. For the first calendar year of BXINFRA's operations, the allocation was payable annually, after the end of such first calendar year, and thereafter, the allocation is payable quarterly. The General Partner may elect to receive the Performance Participation Allocation in (a) cash, (b) the Aggregator's, BXINFRA U.S.'s, the Feeder's, or the Parallel Fund's units or shares (as applicable) and/or (c) units, shares, or interests (as applicable) of intermediate entities. If the Performance Participation Allocation is paid in units, such units may be redeemed at the General Partner's request and will be subject to certain limitations.

The General Partner elected to receive $5.0 million of Performance Participation Allocation accrued during the year ended December 31, 2025 as equity of intermediate entities. During the three months ended March 31, 2026, the equity of intermediate entities was issued and then contributed to BXINFRA U.S. in exchange for 180,705 BXINFRA U.S. Class I-Series I units, after which BXINFRA U.S. contributed such equity to the Aggregator in exchange for 180,640 Units.

For the three months ended March 31, 2026 and 2025, the Aggregator accrued Performance Participation Allocation of $26.7 million and $5.3 million, respectively.

**Investment Management Agreement**

On January 2, 2025, BXINFRA U.S. entered into an investment management agreement with the Investment Manager (as may be further amended and restated from time to time, the "Investment Management Agreement"). As part of carrying out its investment management services (including structuring investments through the Aggregator), the Investment Manager has entered into, and may in the future enter into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement.

**Management Fee**

In consideration for its investment management services, the Aggregator, on behalf of its limited partners, pays the Investment Manager a management fee (the "Management Fee") equal to, in the aggregate, (a) 1.25% of the Aggregator's Transactional NAV attributable to Class I-Series I Units, (b) 1.05% of the Aggregator's Transactional NAV attributable to Class I-Series II Units and (c) 0.95% of the Aggregator's Transactional NAV attributable to Class I-Series III Units, accrued monthly (1/12th of the total annual Management Fee) and payable monthly (or payable at such later time in the discretion of the Investment Manager), before giving effect to any accruals for the Management Fee, servicing fees, Administration Fee (as defined below), Performance Participation Allocation, pending Aggregator unit redemptions,

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

distributions, if any, and without taking into account accrued and unpaid taxes of any intermediate entity through which BXINFRA indirectly invests in an investment (or any comparable entities of Other Blackstone Accounts in which BXINFRA directly or indirectly participates) or taxes paid by any such intermediate entity during the applicable month.

The Investment Manager may elect to receive the Management Fee in (a) cash, (b) the Aggregator's, BXINFRA U.S.'s, the Feeder's, or the Parallel Fund's units or shares (as applicable) and/or (c) units, shares, or interests (as applicable) of intermediate entities. If the Management Fee is paid in units, such units may be redeemed at the Investment Manager's request and will be subject to certain limitations. Additionally, the Investment Manager may separately elect for the Management Fee to be paid (in whole or in part) to an affiliate of the Investment Manager in satisfaction of Management Fee amounts owed to the Investment Manager in connection with services provided by such affiliate to BXINFRA and/or any intermediate entity.

The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. As of July 1, 2025, Management Fees may be offset by certain fees paid to the Investment Manager or its affiliates in connection with BXINFRA's investments consistent with the Aggregator Partnership Agreement and the Investment Management Agreement. These fees, when recognized, are presented as Management Fees Waived. There were no such management fee offsets for the three months ended March 31, 2026 and 2025. Refer to Note 2, "Summary of Significant Accounting Policies" for more information on management fee waivers.

For the three months ended March 31, 2026, the Aggregator accrued Management Fees of $13.8 million. For three months ended March 31, 2025, the Aggregator had $4.2 million gross Management Fee, of which the Investment Manager waived all $4.2 million. The waived Management Fees are reported in Management Fees Waived on the Condensed Consolidated Statements of Operations.

**Administration Fee**

The Investment Manager and its affiliates provide administration services to BXINFRA, consistent with the Aggregator Partnership Agreement and Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the "Administration Fee") payable by BXINFRA directly or indirectly through an intermediate entity, equal to, in the aggregate, 0.10% of the Aggregator's Transactional NAV per annum, accrued monthly (1/12th of the total annual Administration Fee) and payable monthly (or payable at such later time in the discretion of the Investment Manager), before giving effect to any accruals for the Management Fee, servicing fee, Administration Fee and Performance Participation Allocation, pending Aggregator unit redemptions, distributions, if any, and without taking into account accrued and unpaid taxes of any intermediate entity through which BXINFRA indirectly invests in an investment (or any comparable entities of Other Blackstone Accounts in which BXINFRA directly or indirectly participates) or taxes paid by any such intermediate entity during the applicable month.

From time to time, the Investment Manager may outsource certain administrative duties provided to BXINFRA with respect to the Administration Fee to third parties. The fees, costs and expenses of any such third-party service providers will be payable by the Investment Manager out of its Administration Fee such that the Administration Fee should not exceed, in the aggregate, 0.10% of the Aggregator's Transactional NAV.

For the three months ended March 31, 2026 and 2025, the Aggregator accrued Administration Fees of $1.1 million and $0.3 million, respectively.

**Investments in Affiliated Investee Funds**

As of March 31, 2026 and December 31, 2025, the Aggregator had Investments in Affiliated Investee Funds of $1.3 billion and $920.5 million, respectively. Refer to Note 2. "Summary of Significant Accounting Policies" for more information on Investments in Affiliated Investee Funds.

**Expense Support**

During the year ended December 31, 2025, the Investment Manager has voluntarily agreed to pay certain expenses on behalf of BXINFRA such that the total expenses borne by BXINFRA (excluding interest expense, organization and offering expenses, servicing fees, the Performance Participation Allocation and taxes) did not exceed an annualized rate of 0.50% of BXINFRA's NAV.

For the three months ended March 31, 2025, the Aggregator accrued Expense Support of $0.7 million, that was subsequently paid by the Investment Manager. No fees were charged to the Investment Manager for agreeing to bear

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

these expenses and the Investment Manager will not be reimbursed by the Aggregator. There was no accrued Expense Support for the three months ended March 31, 2026.

**Due to/from Affiliates**

Due to Affiliates consists of cash advances made by Blackstone Holdings Finance Co. L.L.C., a subsidiary of Blackstone, on behalf of the Aggregator for the payment of fund and tax expenses. These amounts are intended to be cash reimbursed by the Aggregator and are non-interest bearing. Due from Affiliates consists of balances owed to the Aggregator from other non-consolidated entities within BXINFRA.

**BXINFRA Lux**

BXINFRA invests alongside BXINFRA Lux, a European long-term investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions or certain other jurisdictions. While BXINFRA and BXINFRA Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXINFRA and BXINFRA Lux are operated as distinct investment structures.

**Related Party Transactions**

BXINFRA may, from time to time, enter into transactions with certain affiliates and controlled portfolio companies of Other Blackstone Accounts. Such transactions are subject to oversight and, where required, approval by the independent directors of BXINFRA U.S. and are conducted in accordance with the terms of BXINFRA U.S.'s limited partnership agreement and applicable policies and procedures.

During the three months ended March 31, 2026 and 2025, the Aggregator acquired Infrastructure Investments, liquid debt and other securities, including but not limited to loans, debt securities, certain public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments, cash and cash equivalents ("Debt and Other Securities") and future commitments to acquire Infrastructure Investments totaling up to $150.0 million and $1.9 billion, respectively, from Blackstone Holdings Finance Co. L.L.C., an affiliate of the Investment Manager, pursuant to the Amended and Restated Warehousing Agreement. For more information on the Amended and Restated Warehousing Agreement, see Note 9. "Warehousing Agreement" in the "Notes to Financial Statements" of BXINFRA U.S.

During the three months ended March 31, 2026 and 2025, the Aggregator extended credit to Other Blackstone Accounts and portfolio companies controlled by BXINFRA in connection with one investment for an aggregate amount of $10.8 million and $26.9 million, respectively. The terms of the investments were negotiated by participating third-party investors and the Aggregator participated on the same terms as such third-party investors and Other Blackstone Accounts, if any.

Additionally, during the three months ended March 31, 2026, the Aggregator acquired one loan from Blackstone Holdings Finance Co. L.L.C. ("Finco") for an aggregate amount of $9.6 million. The loan was purchased from Finco at a purchase price of cost. There were no such investments during the three months ended March 31, 2025.

A portion of BXINFRA's portfolio consists of fund interests in Blackstone's infrastructure funds, including capital commitments to such funds. During the three months ended March 31, 2026 and 2025, the Aggregator funded capital commitments to such funds for an aggregate amount of $16.6 million and $440.4 million, respectively, and received a cash distribution from one such fund for an aggregate amount of $5.7 million for the three months ended March 31, 2026. See Note 9. "Commitments and Contingencies" for more information on the commitments made to other Blackstone funds.

Additionally, the Investment Manager has delegated the portfolio management of BXINFRA's Investments in Debt and Other Securities to other Blackstone investment managers (the "Sub-Investment Managers") and, from time to time, the Sub-Investment Managers identify opportunities for cross transactions between BXINFRA and Other Blackstone Accounts. During the three months ended March 31, 2026 and 2025, the Aggregator did not participate in any cross-transactions with an Other Blackstone Account.

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

**9. Commitments and Contingencies**

**Commitments**

The Investment Manager agreed to advance organizational and offering expenses, other than servicing fees, on BXINFRA's behalf through the first anniversary of the Initial Closing Date (such first anniversary, the "Effective Date"). The Aggregator will reimburse the Investment Manager for all such advanced expenses ratably over the 60 months following the Effective Date. As of December 31, 2025, the Investment Manager and its affiliates have incurred organizational and offering expenses on BXINFRA's behalf in the amount of $3.6 million of which $3.2 million relates to Organizational Expenses and was expensed as incurred and $0.4 million relates to offering costs that are capitalized as a deferred expense and amortized over 12 months. During the three months ended March 31, 2026, the Investment Manager advanced $0.5 million of additional Organizational Expenses on BXINFRA's behalf. As of March 31, 2026, the Aggregator had Organizational Cost Payable of $3.7 million and Offering Cost Payable of $0.4 million due to the Investment Manager.

As of March 31, 2026, the Aggregator had unfunded commitments to existing investments of $1.2 billion, of which $401.7 million is committed to other Blackstone funds, and had additional conditional commitments of $125.0 million to new investments, which excludes investment commitments of the BXINFRA Warehouse as it is not certain whether BXINFRA will ultimately acquire any such investments. Conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions and there can be no assurance that such transactions will close as expected or at all.

**Contingencies**

The Aggregator may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of March 31, 2026, the Aggregator was not subject to any material litigation nor was the Aggregator aware of any material litigation threatened against it.

**Indemnifications**

In the normal course of business, the Aggregator enters into contracts that contain a variety of indemnification arrangements. The Aggregator's exposure under these arrangements, if any, cannot be quantified. However, the Aggregator has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of March 31, 2026.

**10. Income Taxes**

**Uncertain Tax Positions**

As of March 31, 2026 and December 31, 2025, the Aggregator is not aware of any uncertain tax positions that would require recognition in the condensed consolidated financial statements.

**Tax Contingencies**

The Aggregator files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Aggregator and the Aggregator Corporations are subject to examination by various taxing authorities.

**11. Financial Highlights**

The following financial highlights are calculated for the limited partners as a whole. Calculation of these highlights on an individual limited partner basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements. No Class I-Series II Units or Class I-Series III Units have been issued since inception.

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**BXINFRA Aggregator (CYM) L.P.**

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

**(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)**

---

| | | |
|:---|:---|:---|
| | **Class I-Series I Units (a)** | **Class I-Series I Units (a)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Per Unit Data** |  |  |
| &nbsp;&nbsp;Net Asset Value, Beginning of Period (b) | 27.55 |  |
| &nbsp;&nbsp;Proceeds from Units Issued |  | 25.00 |
| &nbsp;&nbsp;Net Investment Loss | (0.12) | (0.02) |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments and Translation of Assets and Liabilities in Foreign Currencies | 1.33 | 0.70 |
| &nbsp;&nbsp;Net Increase in Net Assets | 1.20 | 0.68 |
| &nbsp;&nbsp;Distributions | (0.22) |  |
| &nbsp;&nbsp;Net Asset Value, End of Period | $28.53 | $25.68 |
| &nbsp;&nbsp;Units Outstanding, End of Period | 163100021 | 65062200 |
| &nbsp;&nbsp;Total Return Based on Net Asset Value (c) (d) | 4.37% | 2.71% |
| **Ratios to Weighted-Average Net Assets (Non-Annualized)** |  |  |
| &nbsp;&nbsp;Expenses without Waivers (e) | 0.51% | 1.03% |
| &nbsp;&nbsp;Expenses and Management Fees Waivers (e) | 0.00% | 0.37% |
| &nbsp;&nbsp;Accrued Performance Participation Allocation | 0.62% | 0.40% |
| &nbsp;&nbsp;Total Expenses | 1.13% | 1.80% |
| &nbsp;&nbsp;Net Investment Income (Loss) | -0.48% | 0.51% |

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____________________

(a)Amounts may not add due to rounding.

(b)On March 6, 2026, the Aggregator redesignated existing Class A units as Class I-Series I Units and discontinued its Class B units.

(c)For the three months ended March 31, 2026, total return is calculated as the change in Net Asset Value per Aggregator Unit during the period, plus distributions per Aggregator Unit (assuming dividends and distributions are reinvested in accordance with the Aggregator's distribution reinvestment plan) divided by the beginning Net Asset Value per Aggregator Unit. Total return does not include upfront transaction fees, if any.

(d)For the three months ended March 31, 2025, total return is calculated as the change in Net Asset Value per Aggregator Unit during the period, plus distributions per Aggregator Unit (assuming dividends and distributions are reinvested in accordance with the Aggregator's distribution reinvestment plan) divided by the initial Net Asset Value per Aggregator Unit of $25.00. Total return does not include upfront transaction fees, if any.

(e)Expense ratio includes Management Fees, Organizational Expenses, Professional Fees, Interest Expense, Deferred Offering Costs Amortization, Administration Fees and Other.

**12. Subsequent Events**

The Aggregator has evaluated the impact of all subsequent events through May 12, 2026, which is the date that these condensed consolidated financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment to, or disclosure in, the condensed consolidated financial statements.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis should be read in conjunction with the unaudited condensed financial statements and the related notes of Blackstone Infrastructure Strategies L.P. and the unaudited condensed consolidated financial statements and the related notes of BXINFRA Aggregator (CYM) L.P. both included within this Quarterly Report on Form 10-Q.*

In this report, we refer to Blackstone Infrastructure Strategies L.P. as "BXINFRA U.S." The terms "BXINFRA," the "Fund," "we," "us" or "our" collectively refer to BXINFRA U.S., Blackstone Infrastructure Strategies (TE) L.P. (together with its consolidated subsidiary, the "Feeder"), BXINFRA Aggregator (CYM) L.P., together with its consolidated subsidiaries (the "Aggregator"), and any Parallel Funds, as the context requires. Blackstone Private Markets Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF, BXINFRA Aggregator SCSp and its parallel funds (together, "BXINFRA Lux"), together with BXINFRA, are referred to as the "BXINFRA Fund Program."

The investment activities of BXINFRA are carried out through the Aggregator, a non-consolidated affiliate of BXINFRA U.S. As such, in this discussion and analysis, we believe it is important to present information for both BXINFRA U.S. and the Aggregator. The unaudited financial statements of each entity are presented in "Item 1. Financial Statements" of this document.

**Overview** 

We were organized on July 16, 2024 as a limited partnership under the laws of the State of Delaware. We are a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940.

Our investment objectives are to deliver attractive risk-adjusted returns consisting of both current income and long-term capital appreciation. We seek to meet our investment objectives by investing primarily in infrastructure equity, secondaries, and credit strategies (collectively, "Infrastructure Investments"), leveraging the talent and investment capabilities of Blackstone's infrastructure platform to create an attractive portfolio of alternative infrastructure investments.

Our investment strategy will employ the full breadth of Blackstone's Infrastructure Platform, including:

---

| | | |
|:---|:---|:---|
| **Infrastructure Equity** | **Infrastructure Secondaries** | **Infrastructure Credit** |
| **Infrastructure Equity** | **Infrastructure Secondaries** | **Infrastructure Credit** |
| Infrastructure equity investments generally include direct investments in infrastructure platforms and other assets where we can drive long-term growth, including through operational improvements | Infrastructure secondaries investments include investments in limited partner interests of private funds in the secondary market, including Core+ and Core infrastructure funds, fund continuation vehicles and other structured solutions | Infrastructure credit investments include structured loans to infrastructure companies often secured by assets with long-term contracted cash flows |

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To a lesser extent, we also invest in liquid debt and other securities, including but not limited to loans, debt securities, certain public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments, cash and cash equivalents ("Debt and Other Securities") across asset classes (not limited to infrastructure). Debt and Other Securities may be used to generate income, facilitate capital deployment and provide a potential source of liquidity.

We will generally seek to invest at least 80% of our NAV in Infrastructure Investments and up to 20% of our NAV in Debt and Other Securities. Our investments may vary materially from these indicative allocation ranges, including due to factors such as a large inflow to capital over a short period of time, the Sponsor's assessment of the relative attractiveness of opportunities, or an increase in anticipated cash requirements or redemption requests and subject to any limitations or requirements relating to applicable law. Certain investments could be characterized by the Investment Manager, in its discretion, as either Infrastructure Investments or Debt and Other Securities depending on the terms and characteristics of such investments. We may make investments by investing in or alongside Other Blackstone Accounts, subject to the terms and conditions of our and such Other Blackstone Accounts' governing documents.

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We expect to access Infrastructure Investments in a variety of ways, including through direct investments in companies and other operating assets; secondary market purchases of existing investments in established investment funds, fund continuation vehicles and other structured solutions managed by Blackstone affiliates or third-party managers; and capital commitments to commingled investment funds managed by Blackstone affiliates or third-party managers.

**Business Environment**

As of May 12, 2026, BXINFRA has generated strong returns driven by the performance of its underlying investments across digital, energy and transportation infrastructure. At the same time, continued demand for data center capacity — supported by increasing data creation, consumption, and storage — along with new leasing activity has contributed to favorable long-term demand expectations within the digital infrastructure portfolio. We also see rising power demand in the US and internationally that we believe necessitates continued investment in energy infrastructure across the broader portfolio. Nevertheless, power availability, costs, and the broader policy and regulatory environment remain in focus across the portfolio.

Regarding broader market dynamics, volatility and broader uncertainty given the ongoing conflict in the Middle East has had the effect of slowing some realization activity in the near term. We believe a durable resolution to the conflict, however, should contribute to improved transaction activity across asset classes, though no assurance can be given as to timing or outcome.

**Investment Portfolio**

BXINFRA's portfolio is primarily invested in companies headquartered in North America and diversified across Blackstone Infrastructure's key themes of digital, energy and transportation.

As of March 31, 2026, BXINFRA's portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provides exposure to over 30 underlying infrastructure platforms and portfolio companies, including infrastructure investments held through fund interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consists of Infrastructure Investments and future commitments to acquire investments totaling up to $5.5 billion, exclusive of the investment commitments acquired by consolidated legal entities of Blackstone Holdings Finance Co. L.L.C. under a warehousing agreement (the "BXINFRA Warehouse"). Out of the $5.5 billion, BXINFRA has invested or committed $4.1 billion to Infrastructure Equity investments, $726.0 million to Infrastructure Secondaries and $654.2 million to Infrastructure Credit. On an invested basis, 20.0% of BXINFRA's fair market value consists of fund interests in Blackstone's infrastructure funds and diversified secondaries portfolios. BXINFRA holds $566.4 million of Debt Investments – Liquids at cost.

As of March 31, 2026, the BXINFRA Warehouse had $719.8 million of commitments. The BXINFRA Fund Program's obligation to acquire any of the investments of the BXINFRA Warehouse is contingent upon BXINFRA and BXINFRA Lux raising sufficient capital to acquire such assets as determined by the Investment Manager. As of March 31, 2026, the Investment Manager had not determined the allocations of investments of the BXINFRA Warehouse between BXINFRA and BXINFRA Lux and it is not certain whether BXINFRA will ultimately acquire any such investments.

**Key Components of Our Results of Operations and Financial Metrics**

From inception through January 2, 2025, we had not commenced our principal operations and were focused on our formation and preparation for fundraising and the commencement of investment operations. Our key financial measures and the results of operations are discussed below.

***BXINFRA U.S. - Net Change in Unrealized Gain (Loss) on Investment in the Aggregator***

BXINFRA U.S. generates income primarily from its investment in the Aggregator. BXINFRA U.S. had an interest of 94.0% in the Aggregator as of March 31, 2026, an increase of 3.7% compared to an interest of 90.3% as of March 31, 2025. The increase in BXINFRA U.S. interest is driven by relative subscriptions between BXINFRA U.S. and the Parallel Fund.

For the three months ended March 31, 2026, the Aggregator generated a Net Increase in Net Assets Resulting from Operations of $186.1 million, an increase of $153.8 million, compared to $32.3 million for the three months ended March 31, 2025. This resulted in BXINFRA U.S. recognizing a Net Change in Unrealized Gain (Loss) on Investment in the

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Aggregator of $140.7 million, an increase of $109.1 million compared to $31.6 million for the three months ended March 31, 2025. There were no net realized gains or losses from the investment in the Aggregator for the three months ended March 31, 2026 and 2025. Key drivers of the results of operations of the Aggregator are discussed below.

***Aggregator - Income, Expenses and Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies***

The Aggregator generates income from investments in Infrastructure Investments, including dividends, and distributions on our investments. The Aggregator also generate income in the form of interest income from our investments in Debt and Other Securities.

The Aggregator's Infrastructure Investments and Debt and Other Securities also generate net realized and unrealized gains and losses and net realized and unrealized gains and losses of foreign exchange translation of assets and liabilities denominated in foreign currencies. Realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized gains or losses previously recognized. Net change in unrealized gains or losses reflects the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses, when gains or losses are realized.

For the three months ended March 31, 2026, the increase in the Aggregator's Net Increase in Net Assets Resulting from Operations of $153.8 million compared to the three months ended March 31, 2025 was attributable to an increase of $181.1 million in Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, partially offset by a decrease of $27.3 million in Net Investment Income (Loss).

*Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies*

For the three months ended March 31, 2026, the Aggregator had $206.7 million of Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, an increase of $181.1 million, compared to $25.6 million for the three months ended March 31, 2025. The primary drivers contributing to the increase for the three months ended March 31, 2026 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $223.6 million of Net Change in Unrealized Gain (Loss) on Investments, an increase of $195.1 million, compared to $28.5 million for the three months ended March 31, 2025, primarily due to an increase in the investment asset base and unrealized appreciation on Investments in Affiliated Investee Funds and digital infrastructure and transportation infrastructure investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2.2 million of Net Change in Unrealized Gain (Loss) on Derivative Instruments, an increase of $3.9 million, compared to $(1.7) million for the three months ended March 31, 2025, primarily due to the reversal of previously recognized unrealized losses on derivative instruments during the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(2.6) million of Net Realized Gain (Loss) on Investments, Derivative Instruments, and Translation of Assets and Liabilities in Foreign Currencies, a decrease of $2.3 million, compared to $(0.3) million for the three months ended March 31, 2025, primarily attributable to higher realized loss on liquid debt investments in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $(16.5) million of Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies, a decrease of $15.6 million, compared to $(0.9) million for the three months ended March 31, 2025, primarily due to purchases of new foreign-denominated investments and the fluctuation of foreign exchange rates.

*Net Investment Income (Loss)*

For the three months ended March 31, 2026, the Aggregator's Net Investment Income (Loss) was $(20.6) million, a decrease of $27.3 million, compared to $6.7 million for the three months ended March 31, 2025. The decrease in Net Investment Income (Loss) was primarily attributable to increases of $39.8 million in Net Expenses, partially offset by an increase of $10.5 million in Total Income.

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*Aggregator Income*

For the three months ended March 31, 2026, the Aggregator generated $28.9 million in Total Income, an increase of $10.5 million, compared to $18.4 million for the three months ended March 31, 2025. The increase was primarily driven by an increase of $9.6 million in Interest Income, principally due to an increase in interest income from liquid debt investments.

*Aggregator Expenses*

Except as specifically provided below, all investment professionals and staff of the Investment Manager, when and to the extent engaged in providing investment management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Investment Manager. In consideration for its investment management services, BXINFRA U.S. (indirectly through the Aggregator) pays the Investment Manager a management fee (the "Management Fee"). The Aggregator bears other expenses of its operations, including, but not limited to (a) investment management and administration fees paid to the Investment Manager pursuant to BXINFRA U.S.'s Investment Management Agreement (as defined in Item 1. Financial Statements), (b) Performance Participation Allocation (as defined in Item 1. Financial Statements) paid to the General Partner, (c) other expenses incurred, charged or specifically attributed or allocated by the General Partner, the Investment Manager and/or their affiliates in performing administrative and/or accounting services for BXINFRA or any Portfolio Entity and (d) all other expenses of BXINFRA's operations, administrations and transactions, excluding expenses specific to BXINFRA U.S. (described below).

For the three months ended March 31, 2026, the Aggregator incurred $48.6 million in gross Total Expenses, and increase of $35.0 million, compared to $13.6 million for the three months ended March 31, 2025. The increase was primarily composed of increases in gross Management Fees and Performance Participation Allocation, both primarily driven by an increase in Transactional NAV. For the three months ended March 31, 2026, the aggregator had $26.7 million of Performance Participation Allocation, an increase of $21.4 million, compared to $5.3 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, the Aggregator had $13.8 million of gross Management Fees, an increase of $9.6 million, compared to $4.2 million, which was fully waived by the Investment Manager, for the three months ended March 31, 2025.

*Provision (Benefit) for Taxes*

For the three months ended March 31, 2026, the Aggregator incurred $0.9 million in Provision for Taxes, a decrease of $2.1 million, compared to $3.0 million for the three months ended March 31, 2025. This was primarily driven by a smaller increase in Net Change in Unrealized Gain (Loss) on Investments from Investments held by the underlying partnership and allocated to Aggregator corporations.

***BXINFRA U.S. - Expenses***

For the three months ended March 31, 2026, BXINFRA U.S. incurred $0.4 million in Net Expenses, an increase of $0.1 million, compared to $0.3 million for the three months ended March 31, 2025.

**Financial Condition, Liquidity and Capital Resources**

We generate cash primarily from BXINFRA U.S.'s net proceeds of its continuous offering of Units, which are then invested into the Aggregator. The Aggregator further generates cash from realizations and other income earned from investments and proceeds from net borrowings on its credit facility. The primary uses of our Cash and Cash Equivalents include purchasing investments in companies via intermediaries and funding other equity and debt instruments, funding the costs of our operations, funding redemptions under our unit redemption plan (the "Unit Redemption Plan"), debt service, repayment and other financing costs of our borrowings and cash distributions to the holders of our Units.

As of March 31, 2026, debt financing available to BXINFRA U.S. and the Aggregator consisted of two senior secured revolving credit facilities, an unsecured, uncommitted line of credit agreement, a revolving credit facility and an asset-backed repurchase agreement. As of March 31, 2026, the Aggregator had a principal amount of $450.0 million outstanding under the senior secured revolving credit facilities and the revolving credit facility, and BXINFRA U.S. had no borrowings or amounts outstanding under its line of credit agreement. We have and may continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions,

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and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. We also receive and deploy proceeds from our continuous private offerings of Units on a monthly basis.

As described below, as of March 31, 2026, BXINFRA U.S.'s and the Aggregator's Cash and Cash Equivalents, taken together with the unused capacity under the Aggregator's credit facilities and the unused capacity under BXINFRA U.S.'s line of credit agreement, proceeds from new or amended financing arrangements and the continuous offering of Units is expected to be sufficient for investing activities and to conduct operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our units and the use of existing and future financing arrangements.

***The Aggregator***

As of March 31, 2026, the Aggregator had $164.8 million in Cash and Cash Equivalents which, in combination with $400.0 million of unused capacity under the Aggregator's credit facilities, and net proceeds from Units, we expect to be sufficient for investing activities and to conduct operations in the near term. Additionally, as of March 31, 2026, the Aggregator held $558.1 million of liquid debt investments, which could provide additional liquidity if necessary. As of March 31, 2026, the Aggregator had conditional commitments of $125.0 million to new investments. This excludes commitments of the BXINFRA Warehouse as it is not certain whether the Aggregator will ultimately acquire any such investments. Generally, conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions. Conditional commitments of the Aggregator are generally expected to close within twenty-four months of signing, although there can be no assurance that such transactions will close as expected or at all. As of March 31, 2026, the Aggregator had unfunded commitments of $1.2 billion to existing investments, which are generally due upon demand, of which $401.7 million is committed to Other Blackstone Accounts, which while due upon demand are generally called over a period of up to four years. These amounts remain unfunded as they relate to reserves for future capital deployments on existing investment funds and capital commitments to investments that have not yet been called. Commitments are expected to be funded by available cash and cash generated from net proceeds from Units issued and investment sale realizations. BXINFRA expects to continue making fund commitments in the future and, at times, reevaluate commitments to existing vehicles.

As of March 31, 2026, the Aggregator had Total Assets of $5.7 billion, an increase of $1.4 billion, compared to $4.3 billion as of December 31, 2025. The increase in Total Assets was principally due to an increase of $900.0 million in Investments at Fair Value. As of March 31, 2026, the Aggregator had Total Liabilities of $996.6 million, an increase of $512.2 million, compared to $484.4 million as of December 31, 2025. The increase in Total Liabilities was primarily driven by increases of $380.0 million of Credit Facilities and $135.9 million in Payables for Investments Purchased.

***BXINFRA U.S.***

As of March 31, 2026, BXINFRA U.S. had $0.4 million in Cash and Cash Equivalents and $300.0 million of unused capacity under BXINFRA U.S.'s line of credit agreement which, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term. As of March 31, 2026, BXINFRA U.S. had Total Assets of $4.4 billion, an increase of $0.8 billion, compared to $3.6 billion as of December 31, 2025. The increase in Total Assets was principally due to an increase of $817.8 million in Investment in the Aggregator at Fair Value driven by an increase in subscriptions in BXINFRA U.S. and continued appreciation of investments. As of March 31, 2026, BXINFRA U.S. had Total Liabilities of $116.4 million, an increase of $15.9 million, compared to $100.5 million as of December 31, 2025. The increase in Total Liabilities was principally driven by an increase of $9.9 million in Servicing Fees Payable, which was primarily driven by an increase in Transactional Net Asset Value.

**Transactional Net Asset Value**

BXINFRA U.S. calculates its Transactional NAV per Unit in accordance with valuation policies and procedures that have been approved by the Board of Directors. Transactional NAV is the price at which it sells and redeems its Units and serves as a basis for certain fees incurred by BXINFRA U.S. The Sponsor also evaluates changes to Transactional NAV to monitor fund performance. Transactional NAV is based on the month-end values of its investments and other assets and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with the valuation policies and procedures that have been approved by the Board of Directors. Organizational and offering expenses advanced on BXINFRA U.S.'s behalf by the Investment Manager are recognized as a reduction to Transactional NAV ratably over 60 months beginning on January 1, 2026, and unitholder servicing fees, as applicable, are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may

------

not be recognized as a reduction to Transactional NAV if the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment. BXINFRA U.S. believes that the presentation of Transactional NAV is useful to investors because it is the basis for subscriptions, redemptions and certain key fees and expenses incurred by BXINFRA and it enables investors to evaluate the change in value of their investment.

---

| | |
|:---|:---|
| | **March 31, 2026** |
| | **(Dollars in Thousands)** |
| Components of BXINFRA U.S.'s Transactional Net Asset Value |  |
| &nbsp;&nbsp;Investment in the Aggregator (a) | $4376936 |
| &nbsp;&nbsp;Cash and Cash Equivalents | 430 |
| &nbsp;&nbsp;Other Assets | 35985 |
| &nbsp;&nbsp;Accrued Unitholder Servicing Fees (b) | (1940) |
| &nbsp;&nbsp;Other Liabilities | (37335) |
| Transactional Net Asset Value | $4374076 |

---

____________________

(a)For BXINFRA U.S.'s Transactional NAV, Investment in the Aggregator includes organizational and offering expenses paid by the Investment Manager in the month the Aggregator reimburses the Investment Manager for such costs, Performance Participation Allocation accrual and Management Fee accrual. Investment in the Aggregator may be adjusted for certain contingent tax liabilities to the extent the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment.

(b)Accrued unitholder servicing fees only apply to Class S and Class D Units, as applicable. For purposes of BXINFRA U.S.'s Transactional NAV, the fees are recognized as a reduction of BXINFRA U.S.'s Transactional NAV on a monthly basis.

The Transactional NAV per Unit for each class, or series of a class, of BXINFRA U.S. was as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Transactional NAV<br>per Unit** | **Number of<br>Units** |
| | **Transactional NAV<br>per Unit** | **Number of<br>Units** |
| Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series I | $28.54 | 100229732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series II (a) | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series III (a) | $— |  |
| Class S | $28.23 | 48242448 |
| Class D | $28.44 | 5313214 |
|  |  | 153785394 |

---

____________________

(a)The initial Transactional NAV per Unit for Class I-Series II Units and Class I-Series III Units will be equal to the Transactional NAV per Unit for Class I-Series I Units at the time of initial sale.

The following table reconciles GAAP Net Asset Value to BXINFRA U.S.'s Transactional Net Asset Value.

---

| | |
|:---|:---|
| | **March 31, 2026** |
| | **(Dollars in Thousands)** |
| GAAP Net Asset Value | $4293346 |
| Adjustments |  |
| &nbsp;&nbsp;Organizational and Offering Expenses (a) | 3572 |
| &nbsp;&nbsp;Servicing Fee (b) | 77158 |
| Transactional Net Asset Value | $4374076 |

---

------

____________________

(a)Represents an adjustment to the Investment in the Aggregator to reflect the recognition of organizational and offering expenses ratably over 60 months beginning January 1, 2026.

(b)Represents an adjustment to reflect unitholder servicing fees on Class S and Class D Units, as applicable, as they are accrued on a monthly basis.

**Critical Accounting Estimates**

Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the financial statements in accordance with GAAP involve significant judgments and assumptions and require estimates about matters that are inherently uncertain. There have been no material changes to our Critical Accounting Estimates, including significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions, which are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**Recent Accounting Developments**

&nbsp;&nbsp;&nbsp;&nbsp;Information regarding recent accounting developments and their impact on BXINFRA U.S. and the Aggregator, if any, can be found in Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Financial Statements" of BXINFRA U.S. and Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Consolidated Financial Statements" of the Aggregator in "Part 1. Item 1. Financial Statements" in this Quarterly Report on Form 10-Q.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

Uncertainty with respect to economic conditions introduces significant volatility in the financial markets, and the effect of that volatility could materially impact our market risks. We are subject to financial market risks, including fair value risk, foreign exchange risk and interest rate risk.

**Fair Value Risk**

BXINFRA makes Infrastructure Investments and, to a lesser extent, investments in Debt and Other Securities, all of which are reported at fair value. Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments made by the Aggregator. Based on the fair value of the equity investments and debt investments held by the Aggregator as of March 31, 2026, we estimate that a 10% decline in the fair value of such investments would result in a decline in the Net Increase in Net Assets Resulting from Operations of the Aggregator of $432.3 million and a decline in Net Increase in Net Assets Resulting from Operations of BXINFRA U.S. of $406.4 million. The Aggregator's Net Increase in Net Assets Resulting from Operations represents the cumulative effect that a decline in fair value of investments has on Net Change in Unrealized Gain (Loss) on Investments, net of Management Fees, Performance Participation Allocation and Administration Fees.

**Exchange Rate Risk and Interest Rate Risk**

There were no other material changes in our market risks as of March 31, 2026 as compared to December 31, 2025. For additional information, see "Part II. Item 7A. Quantitative and Qualitative Disclosures about Market Risk" in BXINFRA U.S.'s Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

We maintain "disclosure controls and procedures," as such 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 by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information 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.

------

In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information 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 Control over Financial Reporting**

No change 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) occurred during our most recent quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

------

**Part II.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

We are not currently subject to any pending material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings.

**Item 1A. Risk Factors**

There have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2025. For a discussion of our potential risks and uncertainties, see the information under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequently filed periodic reports as such factors may be updated from time to time, all of which are accessible on the Securities and Exchange Commission's website at www.sec.gov and www.bxinfra.com. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

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

**Unregistered Sales of Equity Securities**

All sales of unregistered securities during the three months ended March 31, 2026 were previously disclosed.

**Unit Redemptions**

For additional information on our Unit Redemption Plan, including a breakdown by class, see Note 5. "Net Assets" — "Unit Redemption Plan" in the "Notes to Condensed Financial Statements" of BXINFRA U.S. "Part I. Item 1. Financial Statements" in this Quarterly Report on Form 10-Q.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Redemption Period (a)** | **Total Number of Units Redeemed (All Classes)** | **Average Price Paid per Unit (All Classes) (b)** | **Total Number of Units Redeemed as Part of Publicly Announced Plans of Programs (All Classes)** | **Maximum Number of Units that May Yet Be Redeemed Under the Plans or Programs (All Classes) (c)** |
| January 15th - February 12th, 2026 | 58519 | $27.51 | 58519 | $— |

---

(a) Redemptions were effective as of January 1, 2026.

(b) Average Price Paid per Unit reflects the 5% Early Redemption Deduction, as applicable.

(c) All redemption requests were satisfied in full.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities**

None.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

*Amendment No. 1 to BXINFRA U.S. Third Amended and Restated Limited Partnership Agreement*

On May 12, 2026, BXINFRA U.S. entered into Amendment No. 1 (the "Amendment") to its Third Amended and Restated Limited Partnership Agreement with the General Partner.

------

The Amendment memorializes certain updates to BXINFRA U.S.'s Unit Redemption Plan with respect to the redemption timing and mechanics set forth therein. BXINFRA U.S.'s first redemption window under the updated Unit Redemption Plan commences on the open of business on July 1, 2026 and, unless extended, will close at 4:00 pm (Eastern time) on July 31, 2026, subject to the terms of the Unit Redemption Plan. More information on the Unit Redemption Plan, including the redemption price for each calendar quarter, is available on BXINFRA U.S.'s website at www.bxinfra.com.

The foregoing summary description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is included as Exhibit 3.1 to this report and incorporated herein by reference.

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

---

| | |
|:---|:---|
| <u>Exhibit<br>Number</u> | <u>Exhibit Description</u> |
| 3.1 | <u>[Certificate of Limited Partnership of Blackstone Infrastructure Strategies L.P. (incorporated herein by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form 10 filed with the SEC on August 2, 2024).](https://www.sec.gov/Archives/edgar/data/2030772/000119312524192976/d817918dex32.htm)</u> |
| 3.2 | <u>[Blackstone Infrastructure Strategies L.P. Third Amended and Restated Limited Partnership Agreement, dated as of March 6, 2026 (incorporated herein by reference to Exhibit 3.2 to the Registrant's Annual Report on Form 10-K filed with the SEC on March 6, 2026).](https://www.sec.gov/Archives/edgar/data/2030772/000119312526096453/d70902dex32.htm)</u> |
| 3.3\* | <u>[Amendment No. 1 to the Blackstone Infrastructure Strategies L.P. Third Amended and Restated Limited Partnership Agreement, dated as of May 12, 2026](exhibit33bxinfra-amendment.htm)</u>. |
| 10.1 | <u>[Second Amended and Restated Dealer Manager Agreement, dated as of March 10, 2026, between Blackstone Infrastructure Strategies L.P., Blackstone Infrastructure Strategies (TE) L.P. and Blackstone Securities Partners L.P. (incorporated herein by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex101.htm)[10.1](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex101.htm)[to Blackstone Infrastructure Strategies (TE) L.P.'s Registration Statement on Form 10 filed with the SEC on April](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex101.htm)[28](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex101.htm)[, 2026).](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex101.htm)</u> |
| 10.2 | <u>[Form of Selected Dealer Agreement (incorporated herein by reference to Exhibit 10.2](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex102.htm)[to](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex102.htm)[Blackstone Infrastructure Strategies (TE) L.P.'s Registration Statement on Form 10 filed with](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex102.htm)[the SEC on April 28, 2026).](https://www.sec.gov/Archives/edgar/data/2050229/000119312526187434/d255350dex102.htm)</u> |
| 10.3 | <u>[Credit Agreement, dated as of January 26, 2026, among BXINFRA Aggregator (CYM) L.P., as borrower, Citibank N.A. and Sumitomo Mitsui Banking Corporation, as joint lead arrangers, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and the letter of credit issuers party thereto (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on January 29, 2026).](https://www.sec.gov/Archives/edgar/data/2030772/000119312526027864/d49670dex101.htm)</u> |
| 10.4 | <u>[Amended and Restated Investment Management Agreement, dated as of March 6, 2026,](https://www.sec.gov/Archives/edgar/data/2030772/000119312526096453/d70902dex103.htm)[between Blackstone Infrastructure Strategies L.P. and Blackstone Infrastructure Advisors](https://www.sec.gov/Archives/edgar/data/2030772/000119312526096453/d70902dex103.htm)[L.L.C. (incorporated herein by reference to Exhibit 10.3 to the Registrant's Annual Report on](https://www.sec.gov/Archives/edgar/data/2030772/000119312526096453/d70902dex103.htm)[Form 10-K filed with the SEC on March 6, 2026).](https://www.sec.gov/Archives/edgar/data/2030772/000119312526096453/d70902dex103.htm)</u> |
| 31.1\* | <u>[Certification of the Principal Executive Officer](exhibit311principalexecuti.htm)[P](exhibit311principalexecuti.htm)[ursuant to Rule 13a-14(a).](exhibit311principalexecuti.htm)</u> |
| 31.2\*&nbsp;&nbsp;&nbsp;&nbsp; | <u>[Certification of the Principal](exhibit312principalfinanci.htm)[Financial](exhibit312principalfinanci.htm)[Officer](exhibit312principalfinanci.htm)[P](exhibit312principalfinanci.htm)[ursuant to Rule 13a-14(a).](exhibit312principalfinanci.htm)</u> |
| 32.1\*\* | <u>[Certification of the Principal Executive Officer](exhibit321certificationoft.htm)[P](exhibit321certificationoft.htm)[ursuant to 18 U.S.C. Section 1350, as](exhibit321certificationoft.htm)[A](exhibit321certificationoft.htm)[dopted](exhibit321certificationoft.htm)[P](exhibit321certificationoft.htm)[ursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321certificationoft.htm)</u> |
| 32.2\*\* | <u>[Certification of the Principal Financial Officer](exhibit322certificationoft.htm)[P](exhibit322certificationoft.htm)[ursuant to 18 U.S.C. Section 1350, as](exhibit322certificationoft.htm)[A](exhibit322certificationoft.htm)[dopted](exhibit322certificationoft.htm)[P](exhibit322certificationoft.htm)[ursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit322certificationoft.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema with Embedded Linkbases. |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

____________________

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

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.

------

**Signatures**

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 | Blackstone Infrastructure Strategies L.P. | Blackstone Infrastructure Strategies L.P. |
| | <u>/s/ Gregory Blank</u> | <u>/s/ Gregory Blank</u> |
| | Name: | Gregory Blank |
| | Title: | Chief Executive Officer |
| | | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 12, 2026 | Blackstone Infrastructure Strategies L.P. | Blackstone Infrastructure Strategies L.P. |
| | <u>/s/ Christopher Striano</u> | <u>/s/ Christopher Striano</u> |
| | Name: | Christopher Striano |
| | Title: | Chief Financial Officer |
| | | (Principal Financial Officer and<br>Principal Accounting Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 3.3

**Exhibit 3.3**

AMENDMENT NO. 1 TO THE

THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

BLACKSTONE INFRASTRUCTURE STRATEGIES L.P.

This AMENDMENT NO. 1 (the "<u>Amendment</u>") to the Third Amended and Restated Limited Partnership Agreement, dated as of March 6, 2026 (as may be further amended from time to time, the "<u>Partnership Agreement</u>"), of Blackstone Infrastructure Strategies L.P., a Delaware limited partnership (the "<u>Partnership</u>"), is made as of May 12, 2026, by Blackstone Infrastructure Strategies Associates L.P., a Delaware limited partnership, as general partner of the Partnership (the "<u>General Partner</u>").

WITNESSETH

WHEREAS, the Partnership is currently governed by the Partnership Agreement;

WHEREAS, as set forth in Section 11.3(a) of the Partnership Agreement, the General Partner desires to amend the Partnership Agreement as set forth in this Amendment; and

WHEREAS, the General Partner, in its discretion, has determined that this Amendment will not have a material adverse effect on the Limited Partners in the aggregate.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>DEFINITIONS; REFERENCES</u>. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Partnership Agreement. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Partnership Agreement shall, after the date hereof, refer to the Partnership Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>AMENDMENT TO THE AGREEMENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Effective as of July 1, 2026, Exhibit A of the Partnership Agreement is hereby deleted and replaced in its entirety with <u>Exhibit A</u> to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>ENTIRE AGREEMENT</u>. Except as amended by this Amendment, the Partnership Agreement remains unaltered and in full force and effect. The Partnership Agreement, as amended by this Amendment, embodies the entire understanding of the parties, supersedes any prior agreements or understandings with respect to the subject matter hereof, and cannot be altered, amended, supplemented, or abridged, or any provisions waived except by the written consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>COUNTERPARTS</u>. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>GOVERNING LAW</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware and, in particular, the provisions of the Act, shall govern the validity of this Amendment, the construction of its terms and interpretation of the rights and duties of the parties.

[Signatures on next page]

------

IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to the Partnership Agreement as of the date and year first above written.

GENERAL PARTNER:

BLACKSTONE INFRASTRUCTURE STRATEGIES ASSOCIATES L.P.

By:&nbsp;&nbsp;&nbsp;&nbsp;BXISA L.L.C., its general partner

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregory Blank&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name:&nbsp;&nbsp;&nbsp;&nbsp;Gregory Blank<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Managing Director

[*Signature page to Amendment No. 1 to* 

*Blackstone Infrastructure Strategies L.P. Third A&R LPA*]

------

**<u>Exhibit A</u>**

**BLACKSTONE INFRASTRUCTURE STRATEGIES L.P.**

**BLACKSTONE INFRASTRUCTURE STRATEGIES (TE) L.P.**

**Unit Redemption Plan**

**Definitions** 

*Capitalized terms used herein and not defined shall have the meaning ascribed to them in the Partnership Agreement.* 

*Business Day* – shall mean a day which is not a Saturday, Sunday or a day on which banks in New York, New York are authorized or required by law to close.

*Feeder* – Blackstone Infrastructure Strategies (TE) L.P.

*General Partner –* shall mean Blackstone Infrastructure Strategies Associates L.P., the general partner of the Partnership and any general partner substituted therefor in accordance with the Partnership Agreement.

*Investment Manager* – Blackstone Infrastructure Advisors L.L.C.

*NAV* – shall mean the net asset value of the Partnership attributable to its Unitholders or the net asset value of a class, or series of a class, of its Units, as the context requires, determined in accordance with the Partnership's Valuation Policy as adopted by the Partnership's board of directors.

*Partnership* – shall mean Blackstone Infrastructure Strategies L.P., a Delaware limited partnership.

*Partnership Agreement –* shall mean the Third Amended and Restated Limited Partnership Agreement of the Partnership, as may be further amended, supplemented or restated from time to time.

*Plan* – shall mean this unit redemption plan of the Partnership.

*Redemption Date –* shall mean the last calendar day of the applicable calendar quarter or such other date as determined by the General Partner in accordance with this Plan.

*Redemption Price* – shall mean the redemption price per Unit for each class, or series of a class, of Units, which will be equal to the NAV per Unit of the applicable class, or series of a class, as of the Redemption Date.

*Units* – shall mean a fractional, undivided interest in the Partnership including Class D Units, Class I-Series I Units, Class I-Series II Units, Class I-Series III Units, Class S Units and such other classes, or series of such classes, of Units that may be issued in the sole discretion of the General Partner.

*Unitholders* – shall mean the holders of Class D, Class I-Series I, Class I-Series II, Class I-Series III, Class S Units and such other classes, or series of such classes, of Units that may be issued in the sole discretion of the General Partner.

EX-A-1

------

**Unit Redemption Plan** 

Unitholders may request that the Partnership redeem Units through their financial advisor or directly with the Partnership's transfer agent. The procedures relating to the redemption of the Units are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Certain broker-dealers require that their clients process redemptions through their broker-dealer, which may impact the time necessary to process such redemption request, impose more restrictive deadlines than described under this Plan, impact the timing of a Unitholder receiving redemption proceeds and require different paperwork or process than described in this Plan. Unitholders should contact their broker-dealer first if they want to request the redemption of their Units.

&nbsp;&nbsp;&nbsp;&nbsp;• Under this Plan, to the extent the General Partner chooses to redeem Units in any particular calendar quarter, the Partnership will redeem Units as of the Redemption Date.

oFor each calendar quarter, a Unitholder may submit a redemption request and required documentation beginning the opening of business on the first (1st) Business Day of the first month of the applicable calendar quarter and until 4:00 p.m. (Eastern time) on the last Business Day of the first month of the applicable calendar quarter (such deadline, the "Redemption Deadline" and such submission period, the "Redemption Window").

oFor the avoidance of doubt, a redeeming Unitholder will not be eligible to receive distributions that have a record date after the Redemption Date, if any.

&nbsp;&nbsp;&nbsp;&nbsp;• Redemption requests received and processed by the Partnership's transfer agent will be effected at the Redemption Price (which will be equal to the NAV per Unit of the applicable class, or series of a class, as of the Redemption Date and which, for the avoidance of doubt, is generally determined on or around the twentieth (20th) Business Day following the Redemption Date), subject to any Early Redemption Deduction (as defined below). The Redemption Price will be made available to Unitholders by posting on the Partnership's website at www.bxinfra.com.

oFor illustrative purposes, for redemptions occurring during the calendar quarter ended December 31, Unitholders may submit redemption requests beginning the opening of business on October 1<sup>st</sup> and until 4:00 pm (Eastern time) on October 31<sup>st</sup> (assuming each such day is a Business Day) and accepted redemption requests will have a Redemption Date and a Redemption Price as of December 31<sup>st</sup>. Such redeeming Unitholders shall be eligible to receive distributions declared as of the open of business on December 31st, if any.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlements of redemptions will generally be made in cash on or before thirty-five (35) calendar days after the Redemption Date. In advance of settlement of the cash amount, the Partnership may, promptly after the Redemption Deadline, issue a binding, non-interest bearing, non-transferable promissory note which, if issued, will be processed by the transfer agent for the benefit of all redeeming Unitholders and will provide for payment of the cash amount due under the promissory note to redeeming Unitholders on or before thirty-five

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) calendar days after the Redemption Date. A form of promissory note is attached hereto as Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;• Unitholders may withdraw any redemption request before 4:00 p.m. (Eastern time) on the Redemption Deadline of the applicable calendar quarter by notifying the Partnership's transfer agent, directly or through the Unitholder's financial intermediary, on the Partnership's toll-free, automated telephone line, 844-702-1299. The line is open on each Business Day between the hours of 9:00 a.m. and 6:00 p.m. (Eastern time).

&nbsp;&nbsp;&nbsp;&nbsp;• If a redemption request is received after 4:00 p.m. (Eastern time) on the Redemption Deadline of the applicable calendar quarter, the redemption request will not be executed, and if a Unitholder still wishes to have its Units redeemed, the redemption request must be resubmitted after the start of the next Redemption Window or recommencement of the Plan, as applicable. Redemption requests received and processed by the Partnership's transfer agent on a Business Day, but after the close of business on that day or on a day that is not a Business Day, will be deemed received on the next Business Day. All questions as to the form and validity (including time of receipt) of redemption requests and notices of withdrawal will be determined by the General Partner, in its sole discretion, and such determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;• Redemption requests may be made by mail or by contacting the Unitholder's financial intermediary, both subject to certain conditions described in this Plan. If making a redemption request by contacting the Unitholder's financial intermediary, the Unitholder's financial intermediary may require the Unitholder to provide certain documentation or information. If making a redemption request by mail to the transfer agent, the Unitholder must complete and sign a redemption authorization form, a form of which is attached hereto as Schedule B. Written requests should be sent to the transfer agent at the following address:

Blackstone Infrastructure Strategies L.P.c/o SS&C GIDS, Inc. <br> PO Box 219013Kansas City, MO 64121-9013<br>Overnight Address:Blackstone Infrastructure Strategies L.P.c/o SS&C GIDS, Inc.801 Pennsylvania Avenue, PO Box 219013Kansas City, MO 64105-1407

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing redemptions. A signature guarantee may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For processed redemptions, Unitholders may request that redemption proceeds are to be paid by mailed check provided that the check is mailed to an address on file with the transfer agent for at least thirty (30) calendar days. Unitholders should check with their

EX-A-3

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broker-dealer that such payment may be made via check or wire transfer, as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unitholders may also receive redemption proceeds via wire transfer, provided that wiring instructions for their brokerage account or designated U.S. bank account are provided. For all redemptions paid via wire transfer, the funds will be wired to the account on file with the transfer agent or, upon instruction, to another financial institution provided that the Unitholder has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing funding arrangements and designating a bank or brokerage account on file. Funds will be wired only to U.S. financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A medallion signature guarantee may be required in certain circumstances described below. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Partnership reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any redemption or transaction request. The Partnership may require a medallion signature guarantee if, among other reasons: (1) the amount of the redemption request is over $500,000; (2) a Unitholder wishes to have redemption proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least thirty (30) calendar days or sent to an address other than such Unitholder's address of record for the past thirty (30) calendar days; or (3) the Partnership's transfer agent cannot confirm a Unitholder's identity or suspects fraudulent activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Unitholder has made multiple purchases of the Partnership's Units, any redemption request will be processed on a first in/first out basis.

***Minimum Account Redemptions***

In the event that any Unitholder fails to maintain the minimum balance of $500 of Units, the Partnership may redeem all of the Units held by that Unitholder at the Redemption Price in effect on the date the Partnership determines that such Unitholder has failed to meet the minimum balance, less any Early Redemption Deduction. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Partnership's NAV. Minimum account redemptions are subject to the Early Redemption Deduction.

***Redemption Limitations***

The General Partner may cause the Partnership to redeem fewer Units than have been requested in any particular calendar quarter to be redeemed under this Plan, or none at all, in its discretion at any time. In addition, redemptions under this Plan will be limited in any calendar quarter to

EX-A-4

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3% of the Partnership's outstanding Units (by number of Units) as of the last calendar day of the immediately preceding calendar quarter.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for redemption for such calendar quarter will be redeemed on a *pro rata* basis after the Partnership has redeemed all Units for which redemption has been requested due to death, disability or divorce and other limited exceptions. Unsatisfied redemption requests will not be automatically carried over to the next Redemption Window and, in order for a redemption request to be reconsidered, Unitholders must resubmit their redemption request after the start of the next Redemption Window, or upon the recommencement of this Plan, as applicable. Unitholders who are exchanging a class, or series of a class, of Units for an equivalent aggregate NAV of another class, or series of a class, of Units will not be subject to and will not be treated as redeeming for the calculation of, the 3% quarterly calculation on redemptions and will not be subject to the Early Redemption Deduction.

Should redemption requests, in the General Partner's judgment, place an undue burden on the Partnership's liquidity, adversely affect the Partnership's operations or risk having an adverse impact on the Partnership as a whole, or should the General Partner otherwise determine that investing its liquid assets or other investments rather than redeeming the Partnership's Units is in the best interests of the Partnership as a whole, the General Partner may choose to redeem fewer Units in any particular calendar quarter than have been requested to be redeemed, or none at all. Further, the General Partner (with the approval of the Independent Directors) may make exceptions, modify or suspend this Plan (including to make exceptions to the redemption limitations, or redeem fewer Units than such redemption limitations) if, in its reasonable judgment, it deems such action to be in the best interest of the Partnership and its Unitholders including, but not limited to, for tax, regulatory or other structuring reasons. Material amendments to and/or suspension of this Plan may be made by the General Partner (with the approval of the Independent Directors) and will be promptly disclosed in a current or periodic report filed with the Securities and Exchange Commission at *www.sec.gov*. In addition, the General Partner (with the approval of the Independent Directors) may determine to suspend this Plan due to regulatory changes, changes in law or if the General Partner becomes aware of undisclosed material information that it believes should be publicly disclosed before Units are redeemed. The General Partner (with the approval of the Independent Directors) must affirmatively authorize the recommencement of this Plan if it is suspended before Unitholder requests will be considered again.

As described in the Partnership's Memorandum, Units held by the Investment Manager acquired as payment of the Investment Manager's management fee may be redeemed at the Investment Manager's request, upon 60 days' written notice to the Partnership, and will be subject to the quarterly volume limitations described herein but not the Early Redemption Deduction. In addition, any redemptions of Units in respect of distributions on the Performance Participation Allocation to the General Partner may be redeemed at the General Partner's request, upon 60 days' written notice to the Partnership, and will be subject to the quarterly volume limitations described herein but not the Early Redemption Deduction.

EX-A-5

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***Early Redemption Deduction***

Subject to limited exceptions, Units that have not been outstanding for at least two years will be subject to an early redemption deduction equal to 5% of the value of the NAV of the Units being redeemed (an "Early Redemption Deduction"), without duplication by the Feeder. The two-year holding period is measured as of the subscription closing date immediately following the prospective Redemption Date. This Early Redemption Deduction will also generally apply to minimum account redemptions. The Early Redemption Deduction will not apply to Units acquired through the Partnership's distribution reinvestment plan.

For illustrative purposes, a Unitholder that acquires Units on January 1 would not incur an Early Redemption Deduction for participating in a Redemption Window that has a valuation date of December 31 of the following year (or anytime thereafter).

The General Partner may, from time to time, waive the Early Redemption Deduction in its discretion, including, without limitation, in the following circumstances (subject to conditions described below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions resulting from death, qualifying disability or divorce of a Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event that a Unitholder's Units are redeemed because such Unitholder has failed to maintain the $500 minimum account balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of redemptions arising from the rebalancing of a model portfolio sponsored by a financial intermediary or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to trade or operational error.

As set forth above, the Partnership may waive the Early Redemption Deduction in respect of redemption of Units resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a Unitholder who is a natural person, including Units held by such Unitholder through a trust or an individual retirement account or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Unitholder, the recipient of the Units through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request redemption on behalf of the trust, (ii) in the case of qualified disability, receiving written notice from such Unitholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the Unitholder became a Unitholder or (iii) in the case of divorce, receiving written notice from the Unitholder of the divorce and the Unitholder's instructions to effect a transfer of the Units (through the redemption of the Units by the Partnership and the subsequent purchase by the Unitholder) to a different account held by the Unitholder (including trust or an individual retirement account or other retirement or profit-sharing plan). The Partnership must receive the written redemption request within 12 months after the death of the Unitholder, the initial determination of the Unitholder's disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a Unitholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Unitholder. If spouses are joint registered holders of Units, the request to have the Units redeemed may be made if either of the registered holders dies or acquires a qualified disability. If the Unitholder is not a natural

EX-A-6

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person, such as certain trusts or a partnership, Corporation or other similar entity, the right to waiver of the Early Redemption Deduction upon death, disability or divorce does not apply.

***Restrictions on Certain Unitholders***

Certain Unitholders in the future may agree to certain terms in their subscription agreements with the Partnership, including a minimum holding period before seeking to participate in the Plan and additional limitations.

***Unitholders of the Feeder***

The Feeder, as an investor in the Partnership, participates in this Plan. Unitholders of the Feeder shall have a right to participate in this Plan under the same terms as direct Unitholders of the Partnership.

***Items of Note***

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;Unitholders will not receive interest on amounts represented by uncashed redemption checks;

&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted or canceled and the proceeds may be withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;All Units requested to be redeemed must be beneficially owned by the Unitholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the redemption must be authorized to do so by the Unitholder of record or his or her estate, heir or beneficiary, and such Units must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Partnership may ask the requesting party to provide evidence satisfactory to the Partnership that the Units requested for redemption are not subject to any liens or encumbrances. If the Partnership determines that a lien exists against the Units, the Partnership will not be obligated to redeem any Units subject to the lien.

**Mail and Telephone Instructions** 

The Partnership and its transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Unitholder transactions if they reasonably believe that such instructions were genuine. The Partnership's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Unitholder to provide certain specific identifying information on file and sending written confirmation to Unitholders of record. The Partnership and the Partnership's transfer agent shall not be liable for failure by the Unitholder or its agent to properly act upon instructions in a timely manner under any circumstances. Failure by the Unitholder or its agent to notify the Partnership's transfer agent within sixty (60) calendar days from receipt of such confirmation, that the instructions were not properly acted upon or any other discrepancy will fully relieve the Partnership, the Partnership's transfer agent and the financial advisor of any liability with respect to the discrepancy.

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**<u>Schedule A</u>**

**Form of Promissory Note for Redemption of Units**

**BLACKSTONE INFRASTRUCTURE STRATEGIES L.P.**

Dated: [*Insert Date*]

FOR VALUE RECEIVED, Blackstone Infrastructure Strategies L.P. ("Payor" or the "Partnership"), a Delaware limited partnership issuing its limited partnership units ("Units"), hereby promises to pay [*insert name of payee*] ("Payee"), the Payment Amount (as defined in Section 2) in a single installment as discussed below. Capitalized terms not defined herein shall have the meaning ascribed to them in the Unit Redemption Plan of the Partnership.

This Note is being issued so that Payor may redeem Units (the "Redeemed Units") from Payee pursuant to the terms and subject to the conditions set out in the Unit Redemption Plan of the Partnership and the Redemption Authorization Form submitted by the Payee. This Note is not negotiable and is not interest-bearing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Payment Provisions</u>. The Payor will pay the Payment Amount under this Note in a single installment in such currency of the United States of America as will be legal tender at the time of payment. Payment under this Note will be made by wire transfer to Payee's account at Payee's authorized agent as previously identified to Payor by Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>. The "Payment Amount" will be an amount equal to the net asset value of the Redeemed Units determined as of [*insert last day of the applicable calendar quarter*] ("Redemption Date") reduced by the Early Redemption Deduction, if applicable. Unless the existence of changes in tax or other laws or regulations or unusual market conditions result in a delay, the Payor will make payment under this Note on or before thirty-five (35) calendar days after the Redemption Date.

Units with a Redemption Date that is within the 24-month period following the initial issue date of such Units being redeemed are subject to the Early Redemption Deduction at a rate of 5% of the aggregate net asset value of such Units by the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Optional Prepayment</u>. This Note may be prepaid, without premium, penalty or notice, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence of any of the following events shall be deemed to be an "Event of Default" under this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Payor defaults in payment when due and any such default continues for a period of ten (10) calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (1) The Payor commences any proceeding or other action relating to the Partnership in bankruptcy or seeks reorganization, arrangement, readjustment,

&nbsp;&nbsp;&nbsp;&nbsp;SCH-A-1&nbsp;&nbsp;&nbsp;&nbsp;

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dissolution, liquidation, winding-up, relief or composition of the Partnership or the debts of the Partnership under any law relating to bankruptcy, insolvency or reorganization or relief of debtors; (2) the Payor applies for, or consents or acquiesces to, the appointment of a receiver, conservator, director or similar officer for the Partnership or for all or substantially all of the property of the Partnership; (3) the Payor makes a general assignment for the benefit of creditors of the Partnership; or (4) the Payor generally admits its inability to pay its debts with respect to the Partnership as they become due and payable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (1) The commencement of any proceeding or the taking of any other action against the Partnership in bankruptcy or seeking reorganization, arrangement, readjustment, dissolution, liquidation, winding-up, relief or composition of the Partnership or the debts of the Partnership under any law relating to bankruptcy, insolvency or reorganization or relief of debtors and the continuance of any of such events for sixty (60) calendar days undismissed, unbonded or undischarged; or (2) the appointment of a receiver, conservator, director or similar officer for the Payor or for all or substantially all of the property of the Partnership and the continuance of any such event for sixty (60) calendar days undismissed, unbonded or undischarged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of an Event of Default, the entire unpaid amount of this Note outstanding shall become immediately due and payable, without presentment, demand, protest, or other notice of any kind, all of which are expressly waived, and without any action on the part of the Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law; Consent to Jurisdiction</u>. This Note and the rights and remedies of the Payor and Payee will be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be wholly performed within such State, without regard to the conflict of laws principles of such State. Any legal action, suit or proceeding arising out of or relating to this Agreement may be instituted in any state or federal court located within the County of New York, State of New York, and each party hereto agrees not to assert, by way of motion, as a defense, or otherwise, in any such action, suit or proceeding, any claim that it is not subject personally to the jurisdiction of such court, that the venue of the action, suit or proceeding is improper or that this Note or the subject matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices</u>. All communications under this Note will be given in writing, sent by telecopier or registered mail to the address set forth below or to such other address as such party will have specified in writing to the other party hereto, and will be deemed to have been delivered effective at the earlier of its receipt or within two (2) days after dispatch.

&nbsp;&nbsp;&nbsp;&nbsp;SCH-A-2&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| If to Payor, to: | Blackstone Infrastructure Strategies L.P.<br>345 Park Avenue<br>New York, New York 10154<br>Telephone: (212) 583-5000 |
| If to Payee, to: | [*Insert contact information for the Payee*] |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability, Binding Effect</u>. Any provision of this Note that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendment; Waiver</u>. No provision of this Note may be waived, altered or amended, except by written agreement between the Payor and Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Presentment</u>. Payor hereby waives presentment, protest, demand for payment and notice of default or nonpayment to or upon Payor with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Entire Agreement</u>. This Note and the Unit Redemption Plan set out the entire agreement between the parties and supersede any prior oral or written agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Delaware Limited Partnership</u>. The obligations of the Partnership under this Note are not binding upon any director or unitholder of the Partnership personally, but bind only the Partnership and the Partnership's property. Notice is hereby given that this instrument is executed on behalf of the Directors of the Partnership as directors and not individually and that the obligations of or arising out of this instrument are not binding on any of the Directors, executive officers or unitholders individually, but are binding only upon the property of the Partnership.

IN WITNESS WHEREOF, Payor has duly caused this Note to be duly executed as of the date first above written.

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| | |
|:---|:---|
| BLACKSTONE INFRASTRUCTURE STRATEGIES L.P. | BLACKSTONE INFRASTRUCTURE STRATEGIES L.P. |
| By: |  |
| Name: | [ ] |
| Title: | [ ] |

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&nbsp;&nbsp;&nbsp;&nbsp;SCH-A-3&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

**<u>Schedule B</u>**

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| | |
|:---|:---|
| **Form of Redemption Authorization Form** | **Form of Redemption Authorization Form** |
| ![image_0.jpg](image_0.jpg) | **Redemption Authorization Form for Blackstone Infrastructure Strategies L.P. or Blackstone Infrastructure Strategies (TE) L.P.** |

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Use this form to request redemption of your Units in Blackstone Infrastructure Strategies L.P. (the "Partnership") or Blackstone Infrastructure Strategies (TE) L.P. (the "Feeder"). Please complete all sections below. Capitalized terms not defined herein shall have the meaning ascribed to them in the Unit Redemption Plan of the Partnership.

**1 REDEMPTION FROM THE FOLLOWING ACCOUNT** 

  <br> <u>Name(s) on the Account</u>

 <br> <u>Account Number</u> <u>Social Security Number/TIN</u>

 <br> <u>Financial Advisor Name</u> <u>Financial Advisor Phone Number</u>

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| | |
|:---|:---|
| **2 REDEMPTION AMOUNT** *(Check one, required)* | **3 REDEMPTION TYPE** *(Check one, required)* |
| All Units | Normal |
| Number of Units <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u>  | Death |
| | Disability<br> Divorce |

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*Additional documentation is required if redeeming due to Death, Disability or Divorce. Contact Investor Relations for detailed instructions at 844-702-1299.* 

**4 PAYMENT INSTRUCTIONS** *(Select only one)* 

A non-transferable, non-interest bearing promissory note for the net asset value of the redeemed Units may be issued to the undersigned Unitholder if the Partnership accepts for redemption the Units submitted hereby. The undersigned

SCH-B-1&nbsp;&nbsp;&nbsp;&nbsp;

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Unitholder acknowledges that SS&C GIDS, Inc., the Partnership's transfer agent, will process the promissory note on behalf of the undersigned Unitholder.

Indicate how you wish to receive your cash payment below. If an option is not selected, a check will be sent to your address of record. Redemption proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the Custodian or Broker/Dealer of record, as applicable. ***All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature.*** 

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| |
|:---|
| **Cash/Check Mailed to Address of Record** |
| **Cash/Check Mailed to Third Party/Custodian** *(Signature Guarantee required)* |
| **I authorize Blackstone Infrastructure Strategies L.P. or Blackstone Infrastructure Strategies (TE) L.P., as applicable, or its agent to deposit my distribution into my checking or savings account.** |

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   <br> <u>Name / Entity Name / Financial Institution</u> <u>Mailing Address</u>

 <br> <u>City</u> <u>State</u> <u>Zip Code</u> <u>Account Number</u>

Cash/Direct Deposit Attach a <u>pre-printed voided check</u>. *(Non-Custodian Investors Only)* 

I authorize Blackstone Infrastructure Strategies L.P. or Blackstone Infrastructure Strategies (TE) L.P., as applicable, or its agent to deposit my distribution into my checking or savings account. In the event that Blackstone Infrastructure Strategies L.P. or Blackstone Infrastructure Strategies (TE) L.P., as applicable, deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.

 <br> <u>Financial Institution Name</u> <u>Mailing Address</u> <u>City</u> <u>State</u>

   <br> <u>Your Bank's ABA Routing Number</u> <u>Your Bank Account Number</u>

**PLEASE ATTACH A PRE-PRINTED VOIDED CHECK**

**5 UNIT REDEMPTION PLAN CONSIDERATIONS *(Select only one)*** 

SCH-B-2&nbsp;&nbsp;&nbsp;&nbsp;

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The Plan contains limitations on the number of Units that can be redeemed under the Plan during any calendar quarter. In addition to these limitations, the General Partner cannot guarantee that the Partnership will have sufficient funds to accommodate all redemption requests made in any applicable Redemption Window and the General Partner may cause the Partnership to redeem fewer Units than have been requested in any particular calendar quarter, or none at all. If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for redemption for such calendar quarter will be redeemed on a *pro rata* basis after the Partnership has redeemed all Units for which redemption has been requested due to death, disability or divorce and other limited exceptions. If redemption requests are reduced on a *pro rata* basis after the Partnership has redeemed all Units for which redemption has been requested due to death, disability or divorce or other limited exceptions, you may elect (at the time of your redemption request) to either withdraw your entire request for redemption or have your request honored on a *pro rata* basis. If you wish to have the remainder of your initial request redeemed, you must resubmit a new redemption request for the remaining amount. **Please select one of the following options below. If an option is not selected, your redemption request will be processed on a *pro rata* basis, if needed.** 

&nbsp;&nbsp;&nbsp;&nbsp;Process my redemption request on a *pro rata* basis.

&nbsp;&nbsp;&nbsp;&nbsp;Withdraw (do not process) my entire redemption request if amount will be reduced on a *pro rata* basis.

**6 AUTHORIZATION AND SIGNATURE** 

**IMPORTANT: Signature Guarantee may be required if any of the following applies:** 

• &nbsp;&nbsp;&nbsp;&nbsp;Amount to be redeemed is $500,000 or more.

• &nbsp;&nbsp;&nbsp;&nbsp;The redemption is to be sent to an address other than the address we have had on record for the past thirty (30) days.

• &nbsp;&nbsp;&nbsp;&nbsp;The redemption is to be sent to an address other than the address on record.

• &nbsp;&nbsp;&nbsp;&nbsp;If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state " is one-and-the-same as " and you must sign your old and new name.

• &nbsp;&nbsp;&nbsp;&nbsp;The redemption proceeds are deposited directly according to banking instructions provided on this form. *(Non-Custodial Investors Only)* 

SCH-B-3&nbsp;&nbsp;&nbsp;&nbsp;

------

 <br> <u>Investor Name (Please Print)</u> <u>Signature</u> <u>Date</u>

 <br> <u>Co-Investor Name (Please Print)</u> <u>Signature</u> <u>Date</u>

---

| | |
|:---|:---|
| **Signature Guarantee**<br>*(Affix Medallion or Signature Guarantee Stamp Below)* | **Custodian and/or Broker/Dealer Authorization**<br>*(if applicable)*<br>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;<br>Signature of Authorized Person |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the Partnership Agreement and Memorandum you received in connection with your initial investment, for a description of the current terms of the Plan. The Redemption Price will be available on the Partnership's website at www.bxinfra.com. There are various limitations on your ability to request that the Partnership redeems your Units, including, subject to certain exceptions, the Early Redemption Deduction if your Units have been outstanding for less than two years. In addition, redemptions under this Plan will be limited in any calendar quarter to 3% of the Partnership's outstanding Units (by number of units) as of the last calendar day of the immediately preceding calendar quarter. The General Partner (with the approval of the Independent Directors) may determine to make exceptions to, amend or suspend the Plan without Unitholder approval. Material amendments and/or suspension this Plan may be made by the General Partner (with the approval of the Independent Directors) and will be promptly disclosed in a current or periodic report filed with the Securities and Exchange Commission at <u>www.sec.gov</u>. Redemption of Units, when requested, will generally be made quarterly. All requests for redemption must be received in good order by the Redemption Deadline, which is 4:00 p.m. (Eastern time) as of the last Business Day of the first month of the applicable calendar quarter. A Unitholder may withdraw his or her redemption request by notifying the transfer agent, directly or through the Unitholder's financial intermediary, on the Partnership's toll-free, automated telephone line, 844-702-1299. Redemption requests must be cancelled before 4:00 p.m. (Eastern time) on the applicable Redemption Deadline. The General Partner cannot guarantee that the Partnership will have sufficient available funds or that the Partnership will otherwise be able to accommodate any or all requests made in any applicable redemption period. All questions as to the form and validity (including time of receipt) of redemption requests and notices of withdrawal will be determined by the General Partner, in its sole discretion, and such determination shall be final and binding.

**Mail to:** Blackstone Infrastructure Strategies L.P. SS&C GIDs, Inc. PO Box 219013 Kansas City, MO 64121-9013

**Overnight Delivery:** Blackstone Infrastructure Strategies L.P. SS&C GIDs, Inc. 801 Pennsylvania Avenue PO Box 219013 Kansas City, MO 64105-1407

SCH-B-4&nbsp;&nbsp;&nbsp;&nbsp;

------

**Investor Relations:** 844-702-1299

SCH-B-5&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 31.1

**Exhibit 31.1**

**Principal Executive Officer Certification**

I, Gregory Blank, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Blackstone

Infrastructure Strategies L.P.;

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 12, 2026

---

| |
|:---|
| <u>/s/ Gregory Blank</u>  |
| Gregory Blank |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Principal Financial Officer Certification**

I, Christopher Striano, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 of Blackstone

Infrastructure Strategies L.P.;

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 12, 2026

<u>/s/ Christopher Striano</u> 

Christopher Striano

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 32.1

**Exhibit 32.1**

**Certification of the Principal Executive Officer**

**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 of Blackstone Infrastructure Strategies L.P. (the "Company")

on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange

Commission on the date hereof (the "Report"), I, Gregory Blank, 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 12, 2026

<u>/s/Gregory Blank</u> 

Gregory Blank

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 of the Principal Financial Officer**

**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 of Blackstone Infrastructure Strategies L.P. (the

"Company") on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and

Exchange Commission on the date hereof (the "Report"), I, Christopher Striano, 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 12, 2026

<u>/s/ Christopher Striano</u> 

Christopher Striano

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.