# EDGAR Filing Document

**Accession Number:** 0002059924
**File Stem:** 0001213900-26-001582
**Filing Date:** 2026-1
**Character Count:** 13050
**Document Hash:** 316120c1ac850509f0f7efd0d35a870f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-001582.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001213900-26-001582

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251224

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56735
- **FILM NUMBER:** 26509452

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): December 24, 2025**

**ISQ Open Infrastructure Company LLC**

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

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56735** | **33-2876284** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **600 Brickell Avenue, PH, Miami, FL** | **33131** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(786) 693-5739** 

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

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☒

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. ☐

**Item 3.02 Unregistered Sales of Equity Securities.**

As of December 1, 2025, ISQ Open Infrastructure Company LLC (the "Company") issued and sold the following unregistered shares of the Company to investors for cash:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of<br> Shares Sold\*** | **Aggregate<br> Net Consideration\*** |
| **Series I** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S<sub>TE</sub> Shares | 42208 | $1215000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-D<sub>TE</sub> Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I<sub>TE</sub> Shares | 3642 | 105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J<sub>TE</sub> Shares | 80568 | 2322000 |
| **Series II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S Shares | 174130 | 5013750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 28097 | 810000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J Shares | 461345 | 13288000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E Shares | 3384 | 100000 |

---

\* Share and dollar amounts rounded to the nearest whole number.

The Company issued such shares for total aggregate net consideration of $22,853,750 (the "Proceeds"). The offer and sale of the shares above were exempt from the registration provisions of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2), including Regulation D (for sales to accredited investors) and/or Regulation S (for sales to non-U.S. investors outside of the United States) thereunder.

**Item 8.01 Other Events.**

**Asset Acquisitions**

During the month of December 2025 the Company increased its holdings in existing portfolio companies.

**Transactional Net Asset Value**

On December 24, 2025, the operating manager of the Company determined the Transactional Net Asset Value per share, being the price at which sales of the Company's shares are made, of the following classes of the Company's shares as of December 1, 2025:

---

| | |
|:---|:---|
| **Class** | **Transactional Net Asset Value per Share** |
| **Series I** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S<sub>TE</sub> Shares | $29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-D<sub>TE</sub> Shares | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I<sub>TE</sub> Shares | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J<sub>TE</sub> Shares | 29.55 |
| **Series II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S Shares | 28.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 28.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J Shares | 28.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E Shares | 29.55 |

---

\* Share and dollar amounts rounded to the nearest whole number.

For additional information, please see additional details included in Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

99.1 [Net Asset Value as of December 1, 2025](ea027188401ex99-1_isqopen.htm) <br> 104 Cover Page Interactive Data File, formatted in Inline XBRL

**Signatures**

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

---

| | |
|:---|:---|
| ISQ OPEN INFRASTRUCTURE COMPANY LLC | ISQ OPEN INFRASTRUCTURE COMPANY LLC |
| By: | /s/ Starr Frohlich |
| Name: | Starr Frohlich |
| Title: | Principal Financial Officer |

---

Date: January 6, 2026

## Exhibit 99.1

**Exhibit 99.1**

**Net Asset Value**

We calculate net asset value per share in accordance with valuation policies and procedures that have been approved by our board of directors. Our GAAP net asset value ("GAAP Net Asset Value") is our net asset value determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Our Transactional Net Asset Value is calculated by adjusting our GAAP Net Asset Value as of the relevant valuation date for (i) the Excess Expenses (as defined in that certain Expense Limitation and Reimbursement Agreement between I Squared Capital Registered Advisor LLC ("Manager") and us, dated as of August 11, 2025 (the "ELA")) paid by Manager pursuant to the ELA will be recognized as a reduction to Transactional Net Asset Value in the month we reimburse Manager for such costs, (ii) shareholder servicing fees, as applicable, are recognized as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued (iii) the exclusion of tax liabilities of certain taxable subsidiaries through which we hold infrastructure assets that are contingent upon the expected manner of the divestment of the associated underlying infrastructure asset and are not expected to be recognized by us (although the current tax liabilities of any such taxable subsidiaries may be taken into account in determining the fair value of the associated underlying infrastructure assets) and (iv) for assets acquired or sold pursuant to seller provided financing and/or delayed payment terms, Transactional Net Asset Value shall only reflect the portion of the asset acquired or sold that has been paid for and shall not account for the portion of the asset that remains financed.

The following table provides a breakdown of the major components of our Transactional Net Asset Value as of December 1, 2025 ($ in thousands, except shares):

---

| | |
|:---|:---|
| **Components of Transactional Net Asset Value** | **December 1, <br> 2025** |
| Investments at fair value (cost of $108,538) | $124553 |
| Cash and cash equivalents | 2 |
| Foreign currencies at fair value |  |
| Other assets | 6817 |
| Other liabilities | (6744) |
| Accrued performance participation allocation | (1701) |
| Management fee payable | (93) |
| Accrued shareholder servicing fees and distribution fees (1) | (74) |
| **Transactional Net Asset Value** | $122760 |
| **Number of outstanding shares** | **4226345** |

---

(1) Shareholder
servicing fees apply only to Class F-S Shares, Class S Shares, Class F-STE Shares, Class STE Shares, Class F-J Shares, Class J Shares,
Class F-JTE Shares, Class JTE Shares, Class F-D Shares, Class D Shares, Class F-DTE Shares and Class DTE Shares. For purposes of Transactional
Net Asset Value, we recognize shareholder servicing fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees
are accrued. For purposes of GAAP Net Asset Value, we accrue the cost of the shareholder servicing fees for the estimated life of the
shares as an offering cost at the time we sell Class F-S Shares, Class S Shares, Class F-STE Shares, Class STE Shares, Class F-J Shares,
Class J Shares, Class F-JTE Shares, Class JTE Shares, Class F-D Shares, Class D Shares, Class F-DTE Shares and Class DTE Shares.

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of December 1, 2025 ($ in thousands, except shares and per share data):

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Monthly<br> Transactional<br> Net Asset<br> Value** | **Number of<br> Shares<br> Outstanding** | **Transactional<br> Net Asset<br> Value per<br> Share as of<br> December 1,<br> 2025** |
| **Series I** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S<sub>TE</sub> Shares | $1913 | 64726 | $29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-D<sub>TE</sub> Shares | 11824 | 400100 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I<sub>TE</sub> Shares | 1097 | 37128 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J<sub>TE</sub> Shares | 14593 | 493824 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S<sub>TE</sub> Shares | 3 | 100 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-D<sub>TE</sub> Shares | 3 | 100 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I<sub>TE</sub> Shares | 3 | 100 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J<sub>TE</sub> Shares | 3 | 100 | 29.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E Shares | 1 | 40 | 29.55 |
| **Series II** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-S Shares | 7906 | 274564 | 28.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-I Shares | 5177 | 179571 | 28.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-J Shares | 69168 | 2401443 | 28.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E Shares | 11069 | 374549 | 29.55 |

---

**Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value**

The following table reconciles GAAP Net Asset Value to our Transactional Net Asset Value as of December 1, 2025 ($ in thousands):

---

| | |
|:---|:---|
|  | **As of<br> December 1,<br> 2025** |
| GAAP Net Asset Value | $137204 |
| Adjustment: |  |
| Accrued shareholder servicing fees(1) | 1604 |
| Unrealized Appreciation | (19258) |
| Deferred tax liability | 4801 |
| Seller financed assets adjustment (2) | $(1591) |
| Transactional Net Asset Value | $122760 |

---

(1) Represents
an adjustment to reflect shareholder servicing fees related to Class F-S Shares, Class S Shares, Class F-STE Shares, Class STE Shares,
Class F-J Shares, Class J Shares, Class F-JTE Shares, Class JTE Shares, Class F-D Shares, Class D Shares, Class F-DTE Shares and Class
DTE Shares sold as they are accrued on a monthly basis.

(2) For
assets acquired or sold pursuant to seller provided financing and/or delayed payment terms, Transactional Net Asset Value shall only
reflect the portion of the asset acquired or sold that has been paid for and shall not account for the portion of the asset that remains
financed.