# EDGAR Filing Document

**Accession Number:** 0002045458
**File Stem:** 0002045458-25-000019
**Filing Date:** 2025-11
**Character Count:** 198485
**Document Hash:** 77bdbdee0a03b6026933feb75669fc93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002045458-25-000019.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0002045458-25-000019

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stonepeak-Plus Infrastructure Fund LP
- **CENTRAL INDEX KEY:** 0002045458
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 331582934
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56711
- **FILM NUMBER:** 251486913

**BUSINESS ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS
- **STREET 2:** 550 W. 34TH STREET, 48TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (212) 907-5100

**MAIL ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS
- **STREET 2:** 550 W. 34TH STREET, 48TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? sp-20250930

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **FORM 10-Q**

**(Mark One)**

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

**For the quarterly period ended September 30, 2025**

**OR**

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

**For the transition period from** **to**

**Commission file number 000-56711**

**Stonepeak-Plus Infrastructure Fund LP**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Delaware** | **33-1582934**  |
| (State or Other Jurisdiction of Incorporation or <br>Organization) <br>| (IRS Employer Identification No.)  |
| **55 Hudson Yards**<br>**550 W 34th Street, 48th Floor**<br>**New York, NY**<br>| **10001** |
| (Address of principal executive offices)  | (Zip Code)  |

---

**(212) 907-5100**

(Registrant's telephone number, including area code)

**N/A**

(Former Name, Former Address and Former Fiscal Year if Changed Since Last Report)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None. | None. | None. |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing

requirements for the past 90 days. Yes☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes

☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an

emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company"

in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Accelerated filer  | ☐ |
| Non-accelerated filer  | ☒ | Smaller reporting company  | ☐ |
|  |  | Emerging growth company  | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of October 30, 2025, the registrant had the following limited partnership units outstanding: 12,349,826 units of Class A-1a, 1,710,915 units of Class A-1b,

1,163,964 units of Class A-1c, 177,892 units of Class F-1, 291,687 units of Class I-1, 241,598 units of Class X and no units of Classes D-1, D-2, F-2, F-3, F-4,

I-2, S-1 and S-2.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| <u>[Part I - Financial Information](#i1a21576a131e4d8fa4c2f44c67324fe1_10)</u> | <u>[Part I - Financial Information](#i1a21576a131e4d8fa4c2f44c67324fe1_10)</u> | <u>[4](#i1a21576a131e4d8fa4c2f44c67324fe1_10)</u> |
| Item 1.  | <u>[Financial Statements (Unaudited)](#i1a21576a131e4d8fa4c2f44c67324fe1_13)</u> | <u>[4](#i1a21576a131e4d8fa4c2f44c67324fe1_13)</u> |
|  | Condensed Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund LP:  |  |
|  | <u>[Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31,](#i1a21576a131e4d8fa4c2f44c67324fe1_16)</u><br><u>[2024](#i1a21576a131e4d8fa4c2f44c67324fe1_16)</u><br>| <u>[4](#i1a21576a131e4d8fa4c2f44c67324fe1_16)</u> |
|  | <u>[Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30,](#i1a21576a131e4d8fa4c2f44c67324fe1_19)</u><br><u>[2025 and 2024](#i1a21576a131e4d8fa4c2f44c67324fe1_19)</u><br>| <u>[5](#i1a21576a131e4d8fa4c2f44c67324fe1_19)</u> |
|  | <u>[Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended](#i1a21576a131e4d8fa4c2f44c67324fe1_16)</u><br><u>[September 30, 2025](#i1a21576a131e4d8fa4c2f44c67324fe1_16)</u><br>| <u>[6](#i1a21576a131e4d8fa4c2f44c67324fe1_22)</u> |
|  | <u>[Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2025](#i1a21576a131e4d8fa4c2f44c67324fe1_25)</u> | <u>[7](#i1a21576a131e4d8fa4c2f44c67324fe1_25)</u> |
|  | <u>[Condensed Consolidated Schedule of Investments as of September 30, 2025](#i1a21576a131e4d8fa4c2f44c67324fe1_28)</u> | <u>[8](#i1a21576a131e4d8fa4c2f44c67324fe1_28)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#i1a21576a131e4d8fa4c2f44c67324fe1_31)</u> | <u>[9](#i1a21576a131e4d8fa4c2f44c67324fe1_31)</u> |
|  | Condensed Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund Master Aggregator LP:  |  |
|  | <u>[Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31,](#i1a21576a131e4d8fa4c2f44c67324fe1_64)</u><br><u>[2024](#i1a21576a131e4d8fa4c2f44c67324fe1_64)</u><br>| <u>[22](#i1a21576a131e4d8fa4c2f44c67324fe1_64)</u> |
|  | <u>[Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30,](#i1a21576a131e4d8fa4c2f44c67324fe1_67)</u><br><u>[2025](#i1a21576a131e4d8fa4c2f44c67324fe1_67)</u><br>| <u>[23](#i1a21576a131e4d8fa4c2f44c67324fe1_67)</u> |
|  | <u>[Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended](#i1a21576a131e4d8fa4c2f44c67324fe1_70)</u><br><u>[September 30, 2025](#i1a21576a131e4d8fa4c2f44c67324fe1_70)</u><br>| <u>[24](#i1a21576a131e4d8fa4c2f44c67324fe1_70)</u> |
|  | <u>[Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2025](#i1a21576a131e4d8fa4c2f44c67324fe1_73)</u> | <u>[25](#i1a21576a131e4d8fa4c2f44c67324fe1_73)</u> |
|  | <u>[Condensed Consolidated Schedule of Investments as of September 30, 2025](#i1a21576a131e4d8fa4c2f44c67324fe1_76)</u> | <u>[26](#i1a21576a131e4d8fa4c2f44c67324fe1_76)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#i1a21576a131e4d8fa4c2f44c67324fe1_79)</u> | <u>[28](#i1a21576a131e4d8fa4c2f44c67324fe1_79)</u> |
| Item 2.  | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i1a21576a131e4d8fa4c2f44c67324fe1_109)</u> | <u>[39](#i1a21576a131e4d8fa4c2f44c67324fe1_109)</u> |
| Item 3.  | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i1a21576a131e4d8fa4c2f44c67324fe1_154)</u> | <u>[44](#i1a21576a131e4d8fa4c2f44c67324fe1_154)</u> |
| Item 4.  | <u>[Controls and Procedures](#i1a21576a131e4d8fa4c2f44c67324fe1_157)</u> | <u>[45](#i1a21576a131e4d8fa4c2f44c67324fe1_157)</u> |
| <u>[Part II - Other Information](#i1a21576a131e4d8fa4c2f44c67324fe1_160)</u> | <u>[Part II - Other Information](#i1a21576a131e4d8fa4c2f44c67324fe1_160)</u> | <u>[45](#i1a21576a131e4d8fa4c2f44c67324fe1_160)</u> |
| Item 1. | <u>[Legal Proceedings](#i1a21576a131e4d8fa4c2f44c67324fe1_163)</u> | <u>[45](#i1a21576a131e4d8fa4c2f44c67324fe1_163)</u> |
| Item 1A. | <u>[Risk Factors](#i1a21576a131e4d8fa4c2f44c67324fe1_166)</u> | <u>[45](#i1a21576a131e4d8fa4c2f44c67324fe1_166)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i1a21576a131e4d8fa4c2f44c67324fe1_169)</u> | <u>[45](#i1a21576a131e4d8fa4c2f44c67324fe1_169)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#i1a21576a131e4d8fa4c2f44c67324fe1_172)</u> | <u>[45](#i1a21576a131e4d8fa4c2f44c67324fe1_172)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i1a21576a131e4d8fa4c2f44c67324fe1_175)</u> | <u>[46](#i1a21576a131e4d8fa4c2f44c67324fe1_175)</u> |
| Item 5. | <u>[Other Information](#i1a21576a131e4d8fa4c2f44c67324fe1_178)</u> | <u>[46](#i1a21576a131e4d8fa4c2f44c67324fe1_178)</u> |
| Item 6. | <u>[Exhibits](#i1a21576a131e4d8fa4c2f44c67324fe1_181)</u> | <u>[47](#i1a21576a131e4d8fa4c2f44c67324fe1_181)</u> |
| <u>[Signatures](#i1a21576a131e4d8fa4c2f44c67324fe1_184)</u> | <u>[Signatures](#i1a21576a131e4d8fa4c2f44c67324fe1_184)</u> | <u>[48](#i1a21576a131e4d8fa4c2f44c67324fe1_184)</u> |

---

**EXPLANATORY NOTE**

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to:

• the term "**Aggregators**" refers to Stonepeak-Plus Infrastructure Fund Aggregator I LP,aDelaware serieslimitedpartnership,the

MasterAggregator(as definedbelow),andanyothervehicle(s)usedtoaggregatetheholdingsoftheFundandanyParallel

Funds;

• the term "**Feeder Fund**" refers to Stonepeak-Plus Infrastructure Fund (TE) LP, a Delaware limited partnership;

• the terms "**Fund,**" "**Partnership,**" "**we,**" "**us,**" and "**our**" refer to Stonepeak-Plus Infrastructure Fund LP, a Delaware limited

partnership;

• the term "**General Partner**" refers to Stonepeak-Plus Infrastructure Fund Associates LP, a Delaware limited partnership, our

general partner;

• the term "**Intermediate Entities**" refers to one or more entities through which the General Partner or any of its affiliates may, in its

sole discretion, cause the Fund and any Parallel Funds to hold certain investments, including (a) entities that may elect to be

classified as corporations for U.S. federal income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each, a

"Corporation"), (b) one or more limited liability companies, limited partnerships or other similar entities (each, a "Lower Fund"),

and (c) the Aggregators;

• the term "**Investment Advisor**" refers to Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company,

our investment advisor;

• the term "**Lux Fund**" refers to Stonepeak-Plus Infrastructure Fund S.A. SICAV – UCI Part II, a Luxembourg multi-compartment

investment company with variable capital, available to investors primarily domiciled in countries of the European Economic Area,

the United Kingdom, Switzerland, Asia and certain other jurisdictions, together with its master fund, feeder funds, parallel funds

and other related entities;

• the term "**Master Aggregato**r" refers to Stonepeak-Plus Infrastructure Fund Master Aggregator LP, a Cayman Islands exempted

limited partnership used to aggregate the holdings of the Fund and any Parallel Funds and through which the Fund expects to invest

all or substantially all of its assets, and any successor vehicle thereto;

• the term "**Net Asset Value**" or "**NAV**" refers to, as the context requires, transactional NAV (i.e., the price at which transactions in

the Fund's Units are made) determined in accordance with the valuation policies of the Fund, as updated from time to time;

• the term "**Other Stonepeak Accounts**" refers to, as the context requires, individually and collectively, any of the following: other

investment funds, vehicles, separate accounts and/or other similar arrangements managed, advised or operated by the General

Partner, the Investment Advisor and/or any of their respective Affiliates (as defined below) (including, for the avoidance of doubt,

the Lux Fund) (other than SP+ INFRA (as defined below) and its alternative vehicles), and any successors thereto, in each case

including any parallel funds, feeder funds, alternative vehicles, co-investment vehicles, additional capital vehicles and other similar

vehicles relating thereto and any vehicles established by the General Partner, the Investment Advisor and/or any of their respective

Affiliates to exercise their side-by-side or other general partner investment rights as set forth in their respective governing

documents;

• the term "**Parallel Funds**" refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any

Affiliate thereof to invest alongside the Fund in the Master Aggregator or any other Intermediate Entity;

• the term "**SP+ INFRA**" refers to the Fund, together with any Parallel Funds, any Feeder Funds, the Aggregators, the Lower Funds

and any other Intermediate Entities, collectively;

• the term "**Stonepeak**" refers collectively to Stonepeak Partners LP and its subsidiaries and affiliated entities; and

• the term "**Unitholders**" refers to holders of our limited partnership units (the "**Units**"). There are fourteen classes of Units available

to Fund investors: Class A-1a ("**Class A-1a**" or the "**Class A-1a Units**"), Class A-1b ("**Class A-1b**" or the "**Class A-1b Units**"),

Class A-1c ("**Class A-1c**" or the "**Class A-1c Units**"), Class D-1 ("**Class D-1**" or the "**Class D-1 Units**"), Class D-2 ("**Class D-2**"

or the "**Class D-2 Units**"), Class F-1 ("**Class F-1**" or the "**Class F-1 Units**"), Class F-2 ("**Class F-2**" or the "**Class F-2 Units**"),

Class F-3 ("**Class F-3**" or the "**Class F-3 Units**"), Class F-4 ("**Class F-4**" or the "**Class F-4 Units**"), Class I-1 ("**Class I-1**" or the

"**Class I-1 Units**"), Class I-2 ("**Class I-2**" or the "**Class I-2 Units**"), Class S-1 ("**Class S-1**" or the "**Class S-1 Units**"), Class S-2

("**Class S-2**" or the "**Class S-2 Units**"), and Class X ("**Class X**" or the "**Class X Units**") (each a "**Class**").

The investment activities of SP+ INFRA are carried out mainly through the Master Aggregator, a non-consolidated

affiliate of the Partnership. As such, we believe it is important to present information for both the Partnership and the Master

Aggregator in this Quarterly Report on Form 10-Q. The condensed consolidated 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 Quarterly Report on Form 10-Q does not constitute an offer of SP+ INFRA or any Other Stonepeak Accounts.

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q 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 and 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.

Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be

important factors that could cause actual outcomes or results to differ materially from those indicated in these statements,

including the factors described elsewhere in this Quarterly Report on Form 10-Q and in "Item 1A. Risk Factors" in the

Quarterly Report on Form 10-Q for the period ended March 31, 2025 and June 30, 2025 and in the Amendment No. 1 to Form

10 Registration Statement (the "Form 10"), filed on January 31, 2025 with the U.S. Securities and Exchange Commission (the

"SEC"), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the

SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the

other cautionary statements that are included in this Quarterly Report on Form 10-Q and in our other filings and should not be

regarded as a representation by us that our plans and objectives will be achieved. The forward-looking statements apply only as

of the date of this Quarterly Report on Form 10-Q, 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, except as required by law.

References herein to "expertise" or any party being an "expert" are based solely on the belief of Stonepeak, 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 Stonepeak. Additionally, any awards, honors, or other references or rankings referred to herein

with respect to Stonepeak and/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 Stonepeak and/or any investment professional of Stonepeak.

**Stonepeak-Plus Infrastructure Fund LP**

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,** <br>**2025**<br>| **December 31, 2024** |
| **Assets** |  |  |
| Affiliated Investments at fair value (Cost $381,612,118 as of September 30, <br>2025)<br>| $435487334 | $— |
| Cash |  | 1000 |
| Deferred offering costs | 797542 |  |
| Prepaid expenses | 109350 |  |
| Other receivable | 47560 |  |
| **Total Assets** | $436441786 | $1000 |
| **Liabilities** |  |  |
| Servicing fee payable | $12718918 | $— |
| Due to affiliate | $9740516 | $— |
| Accrued performance participation allocation | 6829316 |  |
| Accounts payable and accrued expenses | 1133065 |  |
| Management fee payable | 363924 |  |
| Other liabilities | 152166 |  |
| **Total Liabilities** | 30937905 |  |
| **Commitments and contingencies (See Note 7)** |  |  |
| **Net Assets** | 405503881 | 1000 |
| **Net Assets are comprised of** |  |  |
| Limited Partnership Unit - Class A-1a Units, unlimited Units authorized, <br>10,976,328 Units issued and outstanding <br>| 305129650 |  |
| Limited Partnership Unit - Class A-1b Units, unlimited Units authorized, <br>1,710,915 Units issued and outstanding <br>| 48488809 |  |
| Limited Partnership Unit - Class A-1c Units, unlimited Units authorized, <br>1,163,964 Units issued and outstanding <br>| 33616801 |  |
| Limited Partnership Unit - Class F-1 Units, unlimited Units authorized, <br>177,892 Units issued and outstanding <br>| 5137767 |  |
| Limited Partnership Unit - Class I-1 Units, unlimited Units authorized, <br>212,641 Units issued and outstanding <br>| 6212151 |  |
| Limited Partnership Unit - Class X Units, unlimited Units authorized, <br>230,043 Units issued and outstanding <br>| 6781695 |  |
| General Partner Interest  |  | 1000 |
| Non-Controlling Interests in Consolidated Entities | 137008 |  |
| **Total Net Assets** | $405503881 | $1000 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

![](sp-20250930_g1.gif)

<sup>\*</sup>For the period from April 29, 2024 ("Inception") through September 30, 2024.

**Stonepeak-Plus Infrastructure Fund LP**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September** <br>**30,** | **Three Months Ended September** <br>**30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024**<sup>\*</sup> |
| **Income** |  |  |  |  |
| Dividend income | $47560 | $— | $47560 | $— |
| **Total income** | 47560 |  | 47560 |  |
| **Operating expenses** |  |  |  |  |
| Organization costs | $123386 | $1109437 | $3870510 | $1680980 |
| Performance participation allocation | 3086053 |  | 6829316 |  |
| Professional fees | 962188 |  | 2310054 |  |
| Amortization of offering costs | 354018 |  | 569673 |  |
| Management fee, gross | 831808 |  | 1060596 |  |
| Net accretion of interest on servicing fee payable | 308465 |  | 380311 |  |
| Other fees | 139443 |  | 472464 |  |
| **Total operating expenses** | 5805361 | 1109437 | 15492924 | 1680980 |
| Management fee offset | (589159) |  | (696672) |  |
| **Net operating expenses** | 5216202 | 1109437 | 14796252 | 1680980 |
| Operating expenses payable by an affiliate of the <br>Investment Advisor (Note 5)<br>|  | (1109437) |  | (1680980) |
| Reimbursable expenses previously borne by an <br>affiliate of the Investment Advisor (Note 5)<br>|  |  | 2743988 |  |
| **Net investment income/(loss)** | (5168642) |  | (17492680) |  |
| **Net realized and change in unrealized gain/(loss)** <br>**on investments**<br>|  |  |  |  |
| Net realized gain/(loss) on investments | 19760 |  | 19760 |  |
| Net change in unrealized gain/(loss) on investments | 23917080 |  | 53723050 |  |
| **Net realized and change in unrealized gain/**<br>**(loss) on investments**<br>| 23936840 |  | 53742810 |  |
| **Net increase/(decrease) in net assets resulting** <br>**from operations**<br>| 18768198 |  | 36250130 |  |
| Less: Net increase/(decrease) in net assets resulting <br>from operations attributable to Non-Controlling <br>Interests in Consolidated Entities<br>| 30041 |  | 37008 |  |
| **Net increase/(decrease) in net assets resulting** <br>**from operations attributable to Stonepeak-Plus** <br>**Infrastructure Fund LP**<br>| $18738157 | $— | $36213122 | $— |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund LP**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Class A-1a** | **Class A-1b** | **Class A-1c** | **Class F-1** | **Class I-1** | **Class X** | **General** <br>**Partner** <br>**Interest**<br>| **Non-**<br>**Controlling** <br>**Interests in** <br>**Consolidated** <br>**Entities**<br>| **Total Net** <br>**Assets/**<br>**(Deficit)**<br>|
| **Balance at June 30, 2025** | $218918667 | $36442063 | $31799065 | $4859957 | $— | $6317331 | $— | $106967 | $298444050 |
| Net investment income/(loss) | (4159838) | (586518) | (219447) | (33540) | (180500) | 12276 |  | (1075) | (5168642) |
| Proceeds from Units issued | 76023387 | 10000000 |  |  | 6155000 | 50000 |  |  | 92228387 |
| Redemption of Units | (219760) |  |  |  |  |  |  |  | (219760) |
| Servicing fees | (3476174) | (240820) |  |  |  |  |  |  | (3716994) |
| Net realized gain/(loss) on <br>investments<br>| 14980 | 2337 | 1594 | 244 | 290 | 315 |  |  | 19760 |
| Net change in unrealized gain/<br>(loss) on investments<br>| 18028388 | 2871747 | 2035589 | 311106 | 237361 | 401773 |  | 31116 | 23917080 |
| **Balance at September 30,** <br>**2025**<br>| $305129650 | $48488809 | $33616801 | $5137767 | $6212151 | $6781695 | $— | $137008 | $405503881 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Class A-1a** | **Class A-1b** | **Class A-1c** | **Class F-1** | **Class I-1** | **Class X** | **General** <br>**Partner** <br>**Interest**<br>| **Non-**<br>**Controlling** <br>**Interests in** <br>**Consolidated** <br>**Entities**<br>| **Total Net** <br>**Assets/**<br>**(Deficit)**<br>|
| **Balance at December 31, 2024** | $— | $— | $— | $— | $— | $— | $1000 | $— | $1000 |
| Net investment income/(loss) | (13344250) | (2082405) | (1496983) | (228790) | (180500) | (158149) |  | (1603) | (17492680) |
| Proceeds from Units issued | 290138437 | 45000000 | 30000000 | 4585000 | 6155000 | 5833681 | (1000) | 100000 | 381811118 |
| Redemption of Units | (219760) |  |  |  |  |  |  |  | (219760) |
| Servicing fees | (11446369) | (892238) |  |  |  |  |  |  | (12338607) |
| Net realized gain/(loss) on <br>investments<br>| 14980 | 2337 | 1594 | 244 | 290 | 315 |  |  | 19760 |
| Net change in unrealized gain/<br>(loss) on investments<br>| 39986612 | 6461115 | 5112190 | 781313 | 237361 | 1105848 |  | 38611 | 53723050 |
| **Balance at September 30,** <br>**2025**<br>| $305129650 | $48488809 | $33616801 | $5137767 | $6212151 | $6781695 | $— | $137008 | $405503881 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund LP**

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

---

| | |
|:---|:---|
|  | **Nine Months** <br>**Ended September** <br>**30, 2025**<br>|
| **Operating activities** |  |
| Net increase/(decrease) in net assets resulting from operations | $36250130 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in <br>operating activities<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (381812118) |
| Proceeds from investments | 219760 |
| Net realized gain/(loss) on investments | (19760) |
| Net change in unrealized (gain)/loss on Investments | (53723050) |
| Amortization of offering costs | 569673 |
| Net accretion of interest on servicing fee payable | 380311 |
| Changes in assets and liabilities |  |
| Other receivable | (47560) |
| Increase in offering costs deferred | (1367215) |
| Prepaid expenses | (109350) |
| Accounts payable and accrued expenses | 1133065 |
| Due to affiliate | 9740516 |
| Accrued performance participation allocation | 6829316 |
| Management fee payable | 363924 |
| Net cash used in operating activities | $(381592358) |
| **Financing activities** |  |
| Proceeds from Units issued | 381811118 |
| Distributions to Unitholders | (219760) |
| Net cash provided by financing activities | $381591358 |
| **Cash** |  |
| Net increase/(decrease) in cash | $(1000) |
| Cash, beginning of period | $1000 |
| Cash, end of period | $— |
| **Supplemental Disclosure of Non-Cash** |  |
| **Financing Activities** |  |
| Servicing fee payable | $12338607 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

![](sp-20250930_g1.gif)

<sup>1</sup>EMEA is defined as Europe, Middle East and Africa.

<sup>2</sup>The Master Aggregator controls and consolidates this entity. Included in this interest is an indirect investment in Stonepeak

Partners Holdings LP and Stonepeak GP Investors Holdings LP.

**Stonepeak-Plus Infrastructure Fund LP**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| <br>**Name of Investment**  | **Type of** <br>**Investment**<br>| **Industry** | **Geography** | **Cost** | **Fair Value** | **Fair Value as** <br>**a Percentage** <br>**of Net Assets**<br>|
| **Investments** |  |  |  |  |  |  |
| **Other Affiliated** <br>**Investments**<br>|  |  |  |  |  |  |
| Other investments | LP Interest | Digital <br>Infrastructure<br>| EMEA<sup>1</sup> | $2500000 | $3465268 | 0.9% |
| **Affiliated Investee Funds** |  |  |  |  |  |  |
| Stonepeak-Plus <br>Infrastructure Fund <br>Master Aggregator LP<br>| LP Interest | Various | Various | 378282813 | 431020993 | 106.3% |
| Stonepeak-Plus <br>Infrastructure Fund <br>Aggregator I LP<sup>2</sup><br>| LP Interest | Various | Americas | 829305 | 848907 | 0.2% |
| **Total Affiliated** <br>**Investments**<br>|  |  |  | $381612118 | $435335168 | 107.4% |
| **Total Investments** |  |  |  | $381612118 | $435335168 | 107.4% |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Note 1. Organization**

Stonepeak-Plus Infrastructure Fund LP (the "Partnership") is a Delaware limited partnership which was formed on

April 29, 2024. The Partnership is governed by its Amended and Restated Limited Partnership Agreement dated as of May 2,

2025 (as amended, restated and/or supplemented from time to time, the "Partnership Agreement"). The Partnership was initially

formed under the name "Stonepeak Access Fund LP" and has changed its name pursuant to an amendment to the certificate of

limited partnership of the Partnership, as filed in Delaware on October 15, 2024, to "Stonepeak-Plus Infrastructure Fund LP".

The Partnership is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as

amended (the "1940 Act"). Stonepeak-Plus Infrastructure Fund Advisors LLC (the "Investment Advisor") is the investment

advisor of the Partnership. The Investment Advisor is a registered investment advisor with the U.S. Securities and Exchange

Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act") by virtue of being a relying adviser

of one of its affiliates.

Stonepeak-Plus Infrastructure Fund (TE) LP (the "Feeder Fund"), a Delaware limited partnership, is a feeder vehicle for

the Partnership. The Feeder Fund intends to invest all or substantially all of its assets in the Partnership. The Feeder Fund was

established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors.

Stonepeak-Plus Infrastructure Fund Associates LP (the "General Partner") may create one or more parallel vehicles established

by, or at the direction of, the General Partner or any Affiliate thereof to invest alongside the Partnership in Stonepeak-Plus

Infrastructure Fund Master Aggregator LP (the "Master Aggregator"), a Cayman Islands exempted limited partnership, or any

other Intermediate Entity (collectively, "Parallel Funds") to accommodate legal, tax, regulatory, compliance, or certain other

operational requirements which will generally co-invest (either directly or indirectly) in its investments with the Partnership on

a pro rata basis. The General Partner may, in its sole discretion, cause the Partnership to hold certain investments directly or

indirectly through (i) one or more corporations or (ii) one or more limited liability companies or limited partnerships or other

similar entities (each, a "Lower Fund" and together with any corporation, and including Stonepeak-Plus Infrastructure Fund

Aggregator I LP, the Master Aggregator and any other vehicle(s) used to aggregate the holdings of the Fund and any Parallel

Funds, "Intermediate Entities"). Overall responsibility for the Partnership's oversight rests with the General Partner, subject to

certain oversight rights held by the Partnership's Board of Directors (the "Board of Directors" or "Board").

Investment operations commenced on May 2, 2025 (the "Initial Closing Date") when the Partnership sold unregistered

limited partnership units to third parties and commenced its investment activities.

The Partnership's investment objective is to deliver total returns, with a focus on capital appreciation and generating

current income through its investments. The Partnership seeks to achieve this investment objective by providing access to the

talent and investment capabilities of the investment program designed to offer eligible individuals access to Stonepeak's

infrastructure platform (the "Stonepeak Platform") to create a portfolio of diversified alternative infrastructure and

infrastructure-related investments primarily in, or alongside, other investment vehicles managed by the Investment Advisor or

affiliated investment advisors.

The Partnership entered into a services agreement with SS&C Technologies, Inc. and SS&C GIDS, Inc. (collectively, the

"Administrator"), under which the Administrator provides various accounting and administrative services to the Partnership.

Administrative services may include maintenance of the Partnership's books and records, processing of investor transactions,

and calculation of the net asset value (the "NAV"). Administrative services commenced on the Initial Closing Date and are

charged at both the Partnership and Master Aggregator. For both the three and nine months ended September 30, 2025, the

Partnership incurred an Administration Fee of $17,502.

The Partnership expects to conduct a continuous private offering (the "Private Offering") of its 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 (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) qualified purchasers (as defined

in the 1940 Act and rules thereunder). The Partnership is structured as a perpetual-life strategy, with monthly, fully funded

subscriptions and periodic repurchase offers, which enables investors to gain exposure to private markets asset classes, such as

infrastructure and real assets.

**Note 2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The Partnership's condensed consolidated financial statements have been prepared in accordance with generally accepted

accounting principles in the United States of America ("U.S. GAAP"). The Partnership's condensed consolidated financial

statements and related financial information have been prepared pursuant to the requirements of Regulation S-X. The

Condensed Consolidated Statements of Assets and Liabilities as of December 31, 2024 was derived from the audited annual

financial statements. The condensed consolidated financial statements as of and for the period ended September 30, 2025,

including these notes, are unaudited. Management believes it has made all necessary adjustments (consisting of only normal

recurring items) so that the condensed consolidated financial statements are fairly stated and that estimates made in preparing

its condensed consolidated financial statements are reasonable and prudent. The Partnership is considered an investment

company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The functional

currency of the Partnership is U.S. dollars and these condensed consolidated financial statements have been prepared in that

currency. Certain reclassifications of prior period's amounts have been made to conform to the current period presentation.

Such reclassifications had no effect on Net increase/(decrease) in net assets resulting from operations on the Condensed

Consolidated Statements of Operations.

**Principles of Consolidation**

In accordance with ASC Topic 946, the Partnership generally does not consolidate investments unless the Partnership

has a controlling financial interest in an investment company or operating company whose business consists of providing

services to the Partnership. 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. The General

Partner determines whether the Partnership has a controlling financial interest in an investment company at such company's

inception and continuously reconsiders that conclusion. For wholly owned and substantially wholly owned interests in

investment companies, the General Partner assesses the nature of the investment structure and considers its interests in and

governance rights over the investment company to determine whether the Partnership holds a controlling financial interest.

Performance of that analysis requires the exercise of judgment.

The Partnership has a controlling financial interest in Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP ("Lower

Fund VI-A") which wholly owns Stonepeak-Plus Infrastructure Fund Holdco A (CYM) LLC ("Holdco A," collectively with

Lower Fund VI-A, the "Consolidated Entities"), and as a result these entities are consolidated for reporting purposes. All

intercompany balances have been eliminated in consolidation.

The Partnership does not have a controlling financial interest in and, as a result, does not consolidate the Master

Aggregator, nor any other reporting entities within SP+ INFRA (defined as the Fund, together with any Parallel Funds, any

Feeder Funds, the Aggregators, the Lower Funds and any other Intermediate Entities, collectively) except for the entities noted

above, because (a) the General Partner is not acting solely on behalf of the Partnership as it carries out its duties and (b) the

Partnership does not absorb essentially all of the Master Aggregator's variability. At each reporting date, the General Partner

assesses whether the Partnership has a controlling financial interest in the Master Aggregator or any other reporting entities

within SP+ INFRA, and any associated consolidation implications.

**Use of Estimates**

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires the

Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of

contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of

increases and decreases in net assets from operations during the reporting period. Actual results could differ from those

estimates and such differences could be material.

**Valuation of Investments at Fair Value**

The Partnership has indirect exposure to gains and losses on underlying investments because it invests in the

Intermediate Entities which, in turn, hold such underlying investments through the Intermediate Entities' subsidiaries.

Valuations of investments held by the Intermediate Entities are disclosed in the notes to the Master Aggregator's condensed

consolidated financial statements included in this report. For information regarding net realized and change in unrealized gains

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

and losses on such investments held indirectly by the Partnership, see the Master Aggregator's condensed consolidated

financial statements attached to this condensed consolidated financial statement included in this report.

The Partnership measures its investment in the Intermediate Entities at fair value using the net asset value of the

Intermediate Entities. The net asset value of the Intermediate Entities is considered a practical expedient that represents fair

value as (a) the investment does not have a readily determinable fair value because the Intermediate Entities' net asset value is

not published or the basis for current transactions, (b) the Intermediate Entities are investment companies and (c) the net asset

value of the Intermediate Entities are 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 the Partnership's investment in the Intermediate Entities are presented within

net change in unrealized gain (loss) on investments in the Condensed Consolidated Statements of Operations.

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:

• 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 Master Aggregator does

not adjust the quoted price for these investments (to the extent it holds them) even in situations where the Master

Aggregator holds a large position and a sale could reasonably impact the quoted price.

• Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly

observable as of the reporting date, and fair value is determined through the use of models or other valuation

methodologies. 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.

• 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

value measurement. The Investment Advisor'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.

**Cash**

Cash consists of a demand deposit held with a nationally recognized financial institution, which at times may exceed

federally insured limits.

**Income Recognition**

The Partnership recognizes interest income from its affiliated investments when earned pursuant to the terms of the

respective investment. The Partnership recognizes dividend income from investments when earned. In the case of proceeds

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

received from investments, the General Partner determines the character of such proceeds and records any interest income,

dividend income, realized gain or loss, or return of capital accordingly.

**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Partnership and the cost of legal

services and other fees pertaining to the Partnership's organization. These costs are expensed as incurred. For the three and nine

months ended September 30, 2024, the Partnership incurred organization expenses of $1,109,437 and $1,680,980, respectively.

For the three and nine months ended September 30, 2025, the Partnership incurred organization expenses of $123,386 and

$3,870,510, respectively, which have been recorded as an expense on the Condensed Consolidated Statements of Operations.

As of September 30, 2025, organization expenses amounting to $3,863,506 and $7,004 are included within Due to affiliate and

Accounts payable and accrued expenses, respectively, in the condensed consolidated statements of assets and liabilities.

**Offering Costs**

Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement and

costs in connection with the continuous offering of Units of the Partnership. Offering costs are recognized as a deferred charge

and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. The

Partnership did not incur offering costs for both the three and nine months ended September 30, 2024. For the three and nine

months ended September 30, 2025, the Partnership recognized amortization of offering costs in the amount of $354,018 and

$569,673, respectively. As of September 30, 2025, offering costs amounting to $543,110, $797,542, and $26,563 are included

within Due to affiliate, Deferred offering costs, and Accounts payable and accrued expenses, respectively, in the condensed

consolidated statements of assets and liabilities.

**Professional Fees**

Professional fees include but are not limited to administrative, audit, tax, and legal fees that do not fall under offering

costs. For the three and nine months ended September 30, 2025, the Partnership incurred professional fees of $962,188 and

$2,310,054, respectively. As of September 30, 2025, total professional fees of $1,329,388 and $980,666 are included within

Due to affiliate and Accounts payable and accrued expenses, respectively, in the condensed consolidated statements of assets

and liabilities.

**Income Taxes**

The Partnership is treated as a partnership for U.S. federal and state income tax purposes, is not directly subject to U.S.

federal income taxes, and is generally not directly subject to U.S. state income taxes. The Partnership is subject to the

provisions of the Accounting Standard Codification ("ASC") Topic 740-10 "Accounting for Uncertainty in Income Taxes".

This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for

recognizing the benefits of tax-return positions in the condensed consolidated financial statements as "more-likely-than-not" to

be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion,

based on the largest benefit that is more than 50 percent likely to be realized. The General Partner has analyzed the

Partnership's inventory of tax positions taken with respect to all applicable income tax issues for all open tax years (in each

respective jurisdiction), and has concluded that there were no uncertain tax positions that require a provision for income tax in

the Partnership's condensed consolidated financial statements for the three and nine months ended September 30, 2025. Interest

and penalties assessed by the tax authorities would be recognized as expenses in the period in which they were incurred and are

presented as other expenses in the condensed consolidated statement of operations. For the three and nine months ended

September 30, 2025, there were no income tax expenses and no interest and penalties were incurred.

As of September 30, 2025, the tax years that remain subject to examination by the major tax jurisdictions under the

statute of limitations are from inception forward.

Dividends, as well as certain interest and other income received by the Partnership from sources within the U.S., may be

subject to, and reflected gross of, U.S. withholding tax. Interest, dividends and other income realized by the Partnership from

non-U.S. sources and capital gains realized on the sale of non-U.S. investments may be subject to withholding and other taxes

levied by the jurisdiction in which the income is sourced. Amounts withheld for the payment of U.S. or foreign withholding tax

are treated as if such amounts were realized and recognized by the Partnership and distributed to the partners.

No provisions have been made in the accompanying condensed consolidated financial statements for federal, state and

local income taxes since such liabilities are the responsibility of the individual partners.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Segment Reporting**

The Partnership operates through a single reportable segment. The chief operating decision maker (the "CODM") is the

Chief Executive Officer of the Partnership. The CODM assesses the performance of, allocates resources to and makes operating

decisions for the Partnership primarily based on the Partnership's Net Increase in Net Assets Resulting from Operations.

Reportable segment assets are reflected on the accompanying Condensed Consolidated Statements of Assets and Liabilities as

Total Assets and reportable segment significant expenses that are regularly provided to the CODM are listed on the

accompanying Condensed Consolidated Statements of Operations.

**New Accounting Standards**

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting

Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses ("ASU

2024-03"). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income

statement captions such as "Cost of sales" and "Selling, general and administrative expenses." The new guidance is effective

for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,

2027 with early adoption permitted. The Partnership is currently evaluating the impact that this change will have on the

Partnership's condensed consolidated financial statements.

**Note 3. Investment in the Master Aggregator**

The Partnership recognizes dividend income when earned at the time of receipt of proceeds from the Master Aggregator.

The Partnership has an interest of 64.4% and 0% in the Master Aggregator as of September 30, 2025 and December 31, 2024,

respectively. The remaining interest in the Master Aggregator is held by Stonepeak-Plus Infrastructure Master Fund SCSp-

RAIF and the General Partner. The Partnership's interest in the Master Aggregator may result in the Partnership indirectly

holding investments of the Master Aggregator that, on a proportional basis, at times may exceed 5% of the net assets of the

Partnership. For a listing of investments that may proportionally exceed 5% of the Partnership's net assets, see the Master

Aggregator's Condensed Consolidated Schedule of Investments included following these condensed consolidated financial

statements.

**Note 4. Investments and Fair Value Measurement**

The following table summarizes the valuation of investments by the fair value hierarchy levels as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Level I** | **Level II** | **Level III** | **NAV**  | **Total**  |
| **Assets**  |  |  |  |  |  |
| **Cash** | $— | $— | $— | $— | $— |
| Total cash |  |  |  |  |  |
| **Investments**  |  |  |  |  |  |
| Affiliated Investee Funds |  |  |  | 431869900 | 431869900 |
| Total investments  |  |  |  | 431869900 | 431869900 |
| **Other Affiliated Investments** |  |  |  |  |  |
| Other Investments |  |  | 3465268 |  | 3465268 |
| Total other affiliated <br>investments<br>|  |  | 3465268 |  | 3465268 |
| **Total Cash and Investments** | $— | $— | $3465268 | $431869900 | $435335168 |

---

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Valuation** <br>**techniques**<br>| **Unobservable** <br>**Input**<br>| **Ranges** | **Weighted-**<br>**average**<br>| **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<br>|
| **Financial Assets**  |  |  |  |  |  |  |
| Other Affiliated Investments |  |  |  |  |  |  |
| Other Investments | $3465268 | Discounted <br>Cash Flows<br>| Discount rate | 15% | 15% | Lower |
|  |  |  | LQA EBITDA <br>Exit Multiple<br>| 18.0x | 18.0x | Higher |
| Total Other Affiliated <br>Investments<br>| $3465268 |  |  |  |  |  |

---

• LQA EBITDA Exit Multiple represents EBITDA for the last quarter annualized from exit date.

For the three and nine months ended September 30, 2025, the following table presents 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**  |
|  | **Three Months Ended** <br>**September 30, 2025**<br>| **Nine Months Ended** <br>**September 30, 2025**<br>|
|  | **Other Affiliated Investments** | **Other Affiliated Investments** |
| **Balance, beginning of period** | $3514174 | $— |
| Purchases  |  | 2500000 |
| Change in unrealized gain/(loss) included in net assets  | (48906) | 965268 |
| **Balance, end of period**  | $3465268 | $3465268 |
| Changes in unrealized gain (loss) included in earnings related <br>to financial assets still held at reporting date <br>| $(48906) | $965268 |

---

**NAV as a Practical Expedient**

The affiliated investee funds were formed with the objectives of acquiring, holding, and disposing of investments.

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

expedient as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Affiliated Investee Funds** | **Unfunded** <br>**Commitment** <br>| **Fair Value**  |
| Stonepeak-Plus Infrastructure Fund Master Aggregator LP | $— | $431020993 |
| Stonepeak-Plus Infrastructure Fund Aggregator I LP | $— | $848907 |
| Total Affiliated Investee Funds | $— | $431869900 |

---

**Note 5. Related Party Transactions**

**Due to Affiliate**

The Partnership's operating expenses are paid either by the Partnership or by the Investment Advisor or its related

affiliates. As of September 30, 2025, an affiliate of the Investment Advisor has advanced total costs of $9,740,516 all of which

are subject to recoupment by the affiliate of the Investment Advisor and have been recorded in the condensed consolidated

statements of assets and liabilities within Due to affiliate.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Investment Advisory Agreement**

The Partnership has entered into an investment advisory agreement with the Investment Advisor (the "Investment

Advisory Agreement"). The Investment Advisor provides investment advisory services to the Partnership pursuant to the

Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Investment Advisor is

responsible for monitoring and evaluating the Partnership's Investments, originating and recommending investment

opportunities that are consistent with the investment objective and strategy of the Partnership, among other responsibilities.

**Management Fee**

In consideration for its investment management services, the Investment Advisor is entitled to receive a management fee

(the "Management Fee") with respect to each Class of Units payable by the Partnership directly or indirectly through an

Intermediate Entity equal to the product of (x) the Applicable Management Fee Percentage (as specified in the table below)

with respect to such Class of Units and (y) the month-end Net Asset Value attributable to such Class of Units, payable monthly

in arrears, before giving effect to any accruals for the Management Fee, the Servicing Fee, the Performance Participation

Allocation, Unit repurchases (and pending repurchases), any distributions and without taking into account accrued and unpaid

taxes of any Intermediate Entity through which the Partnership indirectly invests in an Investment (or any comparable entities

of other investment vehicles managed by the Investment Advisor or its Affiliates in which the Partnership directly or indirectly

participates) or taxes paid by any such entity during the applicable month. The Partnership, the Feeder Fund and any Parallel

Fund will each be obligated to pay its proportional share of the Management Fee with respect to each Class of Units.

---

| | |
|:---|:---|
| **Class** | **Applicable Management Fee Percentage**  |
| Class A-1a  | 0.875% per annum |
| Class A-1b  | 0.875% per annum |
| Class A-1c  | 0.875% per annum |
| Class D-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class D-2  | 1.25% per annum |
| Class F-1  | 0.875% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per <br>annum thereafter<br>|
| Class F-2  | 0.75% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per <br>annum thereafter<br>|
| Class F-3  | 0.625% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per <br>annum thereafter<br>|
| Class F-4  | 0.875% per annum |
| Class I-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class I-2  | 1.25% per annum |
| Class S-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class S-2  | 1.25% per annum |
| Class X | —% per annum |

---

The Investment Advisor may elect to receive the Management Fee in cash, Units in the respective Class and/or shares,

interests or Units of Intermediate Entities. If the Management Fee is paid in Units, such Units may be repurchased by the

Partnership at NAV at the Investment Advisor's request and will not be subject to the volume limitations of the Unit

Repurchase Program (as defined below) or the early repurchase deduction of the Unit Repurchase Program.

Each Management Fee payment will, as determined in the General Partner's sole discretion, either (i) result in a

reduction of NAV of the applicable Class of Units to which such payment relates or (ii) result in a reduction in Units held by

Unitholders of the applicable Class and the Partnership will make a payment in the form of cash or Units of an equivalent

amount to the Investment Advisor, which, in the case of a cash payment, may be invested or reinvested, as applicable, by the

Investment Advisor in whole or in part in Units and/or shares, interests or Units of Intermediate Entities.

Class X Units are not subject to the Management Fee.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The Management Fee payable by the Partnership with respect to each Class of Units shall be reduced by an amount (the

"Reduction Amount") equal to 100% of the Partnership's pro rata share of any fees earned by the Investment Advisor and its

Affiliates in connection with Investments and from the Partnership's unconsummated transactions ("Other Fees") allocable to

the Units in such Class (net of reasonable out-of-pocket expenses incurred by the Investment Advisor or its Affiliates (and not

otherwise reimbursed) during the immediately preceding monthly period in connection with the transaction out of which such

fees arose (but shall not be net of all other direct or administrative costs allocable to such fees), it being understood that the

Investment Advisor or its Affiliates may seek to have all such reasonable out-of-pocket expenses and costs reimbursed or paid

by the Partnership in respect of which such expenses and costs are generated (which shall not be considered a fee for purposes

of calculating the Reduction Amount)). In the event the Investment Advisor and its Affiliates have paid any fees, costs and

expenses incurred in connection with a proposed Investment that is not actually made or a proposed disposition which is not

actually consummated ("Broken Deal Expenses") allocable to Units in a relevant Class in lieu of having them paid by the

Partnership, then the Reduction Amount with respect to such Class for such monthly period will be decreased by the amount of

such Broken Deal Expenses then or previously paid by the Investment Advisor and its Affiliates with respect to such Class to

the extent that such Broken Deal Expenses have not already been applied against the Reduction Amount. The Reduction

Amount with respect to any Class for each monthly period shall be applied to reduce the Management Fee payable with respect

to such Class for such monthly period (but not to an amount below zero) and to the extent not so applied shall be carried

forward for application against future installments of the Management Fee with respect to such Class until such Reduction

Amount is fully utilized in reducing the Management Fee with respect to such Class. To the extent such excess Reduction

Amount remains unapplied with respect to any Class upon either (i) the repurchase (or withdrawal) of all Units in such Class or

(ii) the Partnership's final distribution of assets, the Investment Advisor or an Affiliate thereof shall retain such unapplied

amount.

During the three and nine months ended September 30, 2025, the Partnership accrued gross Management Fees of

$831,808 and $1,060,596, respectively.For the three and nine months ended September 30, 2025, the Management Fee is net of

$589,159 and $696,672, respectively, in management fee offset (the "Management Fee Offset"), which consists of transaction

fees payable to an affiliate of the Partnership. For the three and nine months ended September 30, 2025, net Management Fees

were $242,649 and $363,924, respectively.

**Partnership Agreement**

The Partnership has entered into the Partnership Agreement with the General Partner. Under the terms of the Partnership

Agreement, overall responsibility for the Partnership's oversight rests with the General Partner, subject to certain oversight

rights held by the Board of Directors.

**Servicing Fee**

Each of the Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1 Units, and Class S-2 Units

bear a monthly servicing fee (the "Servicing Fee"), in an amount equal (on an annualized basis) to 0.50% with respect to Class

A-1a Units, 0.25% with respect to Class A-1b Units, Class D-1 Units and Class D-2 Units, and 0.85% with respect to Class S-1

Units and Class S-2 Units, of the NAV of such Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1

Units and Class S-2 Units, as applicable, of each month. The Servicing Fee is calculated based on NAV as of the end of each

month before giving effect to any accruals for the Servicing Fee, repurchases, if any, for the applicable month and distributions

payable on such Units. For the avoidance of doubt, the Servicing Fees are payable by the Partnership, and Unitholders are not

billed separately for payment of the fees.

The Investment Advisor remits payment of the ongoing Servicing Fees on behalf of the Partnership and is reimbursed by

the Partnership for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the

Partnership. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for

reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the

Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest. The Partnership accrues the cost of

the servicing fees over the estimated life of the Units, at present value at the time the Units are sold. Interest expense is accrued

over the estimated life of the Units and recorded in the condensed consolidated statement of operations as accretion of interest

on servicing fee payable. For the three and nine months ended September 30, 2025, the net accretion of interest on servicing fee

payable was $308,465 and $380,311, respectively, and as of September 30, 2025, the Servicing Fee Payable was $12,718,918.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Performance Participation Allocation**

The General Partner or any other entity so designated by the General Partner (the "Recipient") will be entitled to an

allocation or distribution (the "Performance Participation Allocation") by the Partnership (directly or indirectly through an

Intermediate Entity), (i) with respect to the first Reference Period (as defined below), promptly following the end of the year

(which shall accrue on a monthly basis) and (ii) with respect to all subsequent Reference Periods, upon the end of each quarter

thereafter and at the other times described below (which shall accrue on a monthly basis) in an amount equal to:

• First, if the Total Return (as defined below) for the applicable period exceeds the sum of (i) the Hurdle Amount (as

defined below) for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of

such Excess Profits until the total amount allocated to the Recipient equals 12.5% of the sum of (x) the Hurdle Amount

for that period and (y) any amount allocated to the Recipient pursuant to this clause; and;

• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining excess profits.

"Total Return" for any period since the end of the prior Reference Period shall equal the sum of:

(i)all distributions accrued or paid (without duplication) on the interests of the Master Aggregator or other Intermediate

Entity(ies) outstanding at the end of such period since the beginning of such Reference Period *plus*

(ii)the change in aggregate NAV of such interests of the Master Aggregator and other Intermediate Entity(ies) since the

beginning of such Reference Period, before giving effect to (x) changes resulting solely from the proceeds of issuance of

interests, (y) any allocation/accrual to the Performance Participation Allocation and (z) applicable Servicing Fees; *provided*,

that the aggregate NAV of such interests of the Lower Funds shall be calculated without taking into account any accrued and

unpaid taxes of any Intermediate Entity (or the receipts of such Intermediate Entity) through which the Partnership indirectly

invests in an investment or any comparable entities of any Other Stonepeak Account, or taxes paid by any such entity since the

end of the prior Reference Period *minus*

(iii)all Partnership Expenses of SP+ INFRA (to the extent not already reflected in clause (ii)) but excluding Servicing

Fees.

For the avoidance of doubt, the calculation of Total Return will (A) include any appreciation or depreciation in the NAV

of Units issued during the then-current Reference Period, (B) treat certain taxes incurred (directly or indirectly) by the

Partnership which relate to a Unitholder as part of the distributions accrued or paid on Units and (C) exclude the proceeds from

the initial issuance of such Units, where applicable, and any impact to Total Return solely caused by currency fluctuations and /

or currency hedging activities and costs.

"Hurdle Amount" for any period during a Reference Period means that amount that results in a 5% annualized internal

rate of return on the NAV of interests of the Master Aggregator or other Intermediate Entity(ies) outstanding at the beginning of

the then-current Reference Period and all interests of the Master Aggregator or other Intermediate Entity(ies) issued since the

beginning of the then-current Reference Period, calculated in accordance with recognized industry practices and taking into

account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all such interests; and (ii) all

issuances of interests over the period. The ending NAV of interests of the Master Aggregator or other Intermediate Entity(ies)

used in calculating internal rate of return will be calculated before giving effect to any allocation/accrual to the Performance

Participation Allocation and applicable Servicing Fees and without taking into account any accrued and unpaid taxes of any

Intermediate Entity (or the receipts of such Intermediate Entity) through which the Partnership indirectly invests in an

Investment or any comparable entities of any Other Stonepeak Account, or taxes paid by any such Intermediate Entity since the

end of the prior Reference Period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude

any Units repurchased during such period, which Units will be subject to the Performance Participation Allocation upon

repurchase as described above.

"Reference Period" means each calendar year ending December 31 save that (1) the first Reference Period shall

commence on the Initial Closing Date and end on December 31, 2025; and (2) the final Reference Period shall commence on

January 1 in the relevant calendar year and end on the date of dissolution or liquidation of the Partnership.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any

negative annual Total Return and decrease by any positive annual Total Return; provided, that the Loss Carryforward Amount

shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the

Total Return related to any Units repurchased during the applicable Reference Period, which Units will be subject to the

Performance Participation Allocation upon repurchase as described above. The effect of the Loss Carryforward Amount is that

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of

the Performance Participation Allocation. This is referred to as a high water mark.

The Recipient will also be allocated a Performance Participation Allocation with respect to all Units that are redeemed in

connection with repurchases of Units in an amount calculated as described above with the relevant period being the portion of

the Reference Period for which such unit was outstanding, and proceeds for any such unit repurchase will be reduced by the

amount of any such Performance Participation Allocation.

The Recipient may elect to receive the Performance Participation Allocation in cash, Units of the Partnership or any

Parallel Fund and/or shares, Units or interests (as applicable) of Intermediate Entities ("Unit Allocation"). Such Units may be

repurchased at the Recipient's request and will be subject to the volume limitations of the Partnership's Unit Repurchase

Program but not the early repurchase deduction of the Unit Repurchase Program. Each of the Partnership, the Feeder Fund and

Parallel Funds will be obligated to pay (without duplication) its proportional share of the Performance Participation Allocation

with respect to any Class (as defined below) based on its proportional interest in the Lower Funds or other relevant Intermediate

Entities.

For the three and nine months ended September 30, 2025, the Partnership accrued $3,086,053 and $6,829,316 of

Performance Participation Allocation, respectively.

**Unit Repurchase Program**

The Partnership has implemented a Unit repurchase program (the "Unit Repurchase Program") in which it intends to

periodically offer to repurchase up to 5% of Units outstanding (either by number of Units or aggregate NAV). Unit Repurchase

offers are expected to commence in the quarter following the quarter of the Initial Closing Date. Under the Unit Repurchase

Program, to the extent the Partnership offers to repurchase Units in any particular quarter, the Partnership expects to repurchase

Units pursuant to quarterly tender offers using a purchase price equal to the NAV per unit as of a date specified in the

repurchase offer.

In recognition of SP Investors' (as defined below) supporting the Partnership's initial and potential future acquisitions,

the Partnership's Board of Directors has adopted an arrangement to repurchase any Class X Units acquired by SP Investors. On

the last calendar day of each month, the Partnership expects to offer to repurchase Class X Units of the Partnership from SP

Investors having an aggregate NAV (the "Monthly Repurchase Amount") equal to (i) the net proceeds from new subscriptions

for Units in the offering of the Partnership's Units that month (which subscriptions will be accepted on or after the first calendar

day of the following month) less (ii) the aggregate repurchase amount (excluding any amount of the aggregate repurchase price

paid using Excess Operating Cash Flow) of Units repurchased by the Partnership during such month pursuant to the

Partnership's Unit Repurchase Program. In addition to the Monthly Repurchase Amount for the applicable month, the

Partnership will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased.

The price per Class X Unit for repurchases from SP Investors will be the transaction price in effect for the Class X Units at the

time of repurchase. This Unit repurchase arrangement is not subject to any time limit and will continue until the Partnership has

repurchased all of SP Investors' Class X Units. Other than the Monthly Repurchase Amount limitation, the Unit repurchase

arrangement for SP Investors is not subject to the repurchase limitations in the Partnership's Unit Repurchase Program. As of

September 30, 2025 and December 31, 2024, no Class X Units are held by the SP Investors.

"<u>Excess Operating Cash Flow</u>" means, for any given quarter, the Partnership's net cash provided by operating activities,

if any, less any amount of such cash used, or designated for use, to pay distributions to Unitholders.

"<u>SP Investors</u>" refers collectively to Stonepeak Partners LP and its subsidiaries and affiliated entities.

Notwithstanding the foregoing, no repurchase offer will be made to SP Investors during any month in which (1) the 5%

quarterly repurchase limitation of the Partnership's Unit Repurchase Program has been decreased or (2) the full amount of all

Units requested to be repurchased under the Partnership's Unit Repurchase Program is not repurchased. Additionally, the

Partnership may elect not to offer to repurchase Units from SP Investors, or may offer to purchase less than the Monthly

Repurchase Amount, if, in the Partnership's judgment, the Partnership determines that offering to repurchase the full Monthly

Repurchase Amount would 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. Further, the General Partner may modify, suspend or terminate

this Unit repurchase arrangement if it deems such action to be in the Partnership's best interests and the best interests of the

Partnership's Unitholders. SP Investors will not request that its Class X Units be repurchased under the Partnership's Unit

Repurchase Program. The repurchase price is calculated based on the NAV.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Reimbursable Expenses Previously Borne by An Affiliate of the Investment Advisor**

During the three and nine months ended September 30, 2024, an affiliate of the Investment Advisor had advanced

organizational costs and professional fees of $1,109,437 and $1,680,980, respectively. For the nine months ended September

30, 2025, the Partnership determined it was probable that they would commence operations and had in fact commenced

operations thus incurring these previously advanced costs for a total of $2,743,988.

**Acquisition of Certain Affiliated Investments**

For both the three and nine months ended September 30, 2025, the Partnership purchased investments from an affiliate of

the Investment Advisor, at a discount to fair market value in exchange for a total cash consideration of $2,500,000, as governed

by the executed purchase and contribution agreements. From time to time the Partnership may acquire additional investments

from its affiliates.

**Note 6. Net Assets**

The Partnership, at the discretion of the General Partner, has the authority to issue an unlimited number of Units of each

Unit Class (as defined below).

The Partnership offers fourteen classes of limited partnership units (the "Units"): Class A-1a, Class A-1b, Class A-1c,

Class D-1, Class D-2, Class F-1, Class F-2, Class F-3, Class F-4, Class I-1, Class I-2, Class S-1, Class S-2 and Class X (each a

"Unit Class" or a "Class"). The purchase price per Unit of each Class is equal to the transactional NAV per Unit (i.e., the price

at which transactions in the Partnership's Units are made) for such Class as of the last calendar day of the immediately

preceding month. Before the Partnership had determined its first transactional NAV, the subscription price for Units was $25.00

per Unit plus applicable Subscription Fees. The Partnership will only accept subscriptions as of the first calendar day of each

month (a "Subscription Date"), unless the General Partner determines otherwise. There are variations between these Unit

Classes including Subscription Fees, Servicing Fees, Management Fees and minimum investment limits.

On December 31, 2024, the General Partner invested $1,000 for no Units as its initial capital. As of September 30, 2025

and December 31, 2024, there were 14,471,783 Units and no Units outstanding, respectively.

The following tables present transactions in the Units during the three and nine months ended September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class-A-1a** | **Class-A-1b** | **Class-A-1c** | **Class-F-1** | **Class-I-1** | **Class-X** | **Total**  |
| **Units Outstanding as of** <br>**June 30, 2025**<br>| 8307405 | 1357958 | 1163964 | 177892 |  | 228304 | 11235523 |
| Units issued during the <br>period<br>| 2676683 | 352957 |  |  | 212641 | 1739 | 3244020 |
| Redemption of Units | (7760) |  |  |  |  |  | (7760) |
| **Units Outstanding as of** <br>**September 30, 2025**<br>| 10976328 | 1710915 | 1163964 | 177892 | 212641 | 230043 | 14471783 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class-A-1a** | **Class-A-1b** | **Class-A-1c** | **Class-F-1** | **Class-I-1** | **Class-X** | **Total**  |
| **Units Outstanding as of** <br>**December 31, 2024**<br>|  |  |  |  |  |  |  |
| Units issued during the <br>period<br>| 10984088 | 1710915 | 1163964 | 177892 | 212641 | 230043 | 14479543 |
| Redemption of Units | (7760) |  |  |  |  |  | (7760) |
| **Units Outstanding as of** <br>**September 30, 2025**<br>| 10976328 | 1710915 | 1163964 | 177892 | 212641 | 230043 | 14471783 |

---

Unless specific to a class, income and expenses are allocated proportionate to the class's share of the Net Asset Value.

For the three and nine months ended September 30, 2025, the net investment income also includes a reallocation of Partnership

expenses from the General Partner.

**Note 7. Commitments and Contingencies**

The Investment Advisor may, in its discretion, advance all or a portion of the Partnership Expenses (excluding

organizational and offering expenses) to be borne by the Partnership and the appropriately apportioned expenses relating to the

Partnership's portfolio companies, the Feeder Fund, Parallel Partnerships and/or Intermediate Entities to the extent not paid by

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

such portfolio companies, the Feeder Fund, Parallel Partnerships and/or Intermediate Entities, in each case as determined

pursuant to the terms of the Partnership Agreement (collectively, "Initial Partnership Expenses Support") through the first

anniversary of the Initial Closing Date. The Partnership will reimburse the Investment Advisor for such advanced Initial

Partnership Expenses Support each month by no later than the date that is sixty (60) months after the first anniversary of the

Initial Closing Date, unless, upon request by the Investment Advisor, the Board agrees for the Partnership to reimburse the

Investment Advisor non-ratably for any month. The Investment Advisor will determine the portion of Initial Partnership

Expenses Support that is attributable to the Partnership or any portfolio entity, Feeder Fund, Parallel Partnership and/or

Intermediate Entity in its sole discretion.

The Investment Advisor will advance all of the Partnership's organizational and offering expenses on the Partnership's

behalf (other than Subscription Fees and Servicing Fees) through the first anniversary of Initial Closing Date. The Partnership

will reimburse the Investment Advisor for such advanced expenses each month ratably over the sixty (60) months following the

first anniversary of the Initial Closing Date, unless, upon request by the Investment Advisor, the Board agrees for the

Partnership to reimburse the Investment Advisor non-ratably for any month.

Notwithstanding anything to the contrary, the Investment Advisor will forgo an amount of its monthly Management Fee

and/or pay, absorb, or reimburse certain expenses of the Partnership, to the extent necessary so that, for the first full calendar

year of the Partnership's life, the Partnership's annual Specified Expenses (as defined below) do not exceed 0.60% of the

Partnership's NAV as of the end of each calendar month. "Specified Expenses" is defined to include all expenses incurred in

the business of the Partnership, including organizational and offering costs, with the exception of (i) the Management Fee, (ii)

the Performance Participation Allocation, (iii) the Servicing Fee, (iv) any distribution fees or subscription fees payable to a

distribution agent, (v) portfolio company level expenses, (vi) brokerage costs or other investment-related out-of-pocket

expenses, including with respect to unconsummated transactions, (vii) dividend/interest payments (including any dividend

payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Partnership or any

person through which the Partnership invests), (viii) taxes, (ix) ordinary corporate operating expenses (including costs and

expenses related to hiring, retaining, and compensating employees and officers of the Partnership), (x) certain insurance costs

and (xi) extraordinary expenses (as determined in the sole discretion of the Investment Advisor).

In the normal course of business, the Partnership enters into contracts that provide a variety of general indemnifications.

Any exposure to the Partnership under these arrangements could involve future claims that may be made against the

Partnership. Currently, no such claims exist or are expected to arise and, accordingly, the Partnership has not accrued any

liability in connection with such indemnifications.

**Note 8. Financial Highlights**

The following financial highlights for the nine months ended September 30, 2025 are calculated for the Unitholders 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.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025(a)** | **Nine Months Ended September 30, 2025(a)** | **Nine Months Ended September 30, 2025(a)** | **Nine Months Ended September 30, 2025(a)** | **Nine Months Ended September 30, 2025(a)** | **Nine Months Ended September 30, 2025(a)** |
|  | **Class-A-1a** | **Class-A-1b** | **Class-A-1c** | **Class-F-1** | **Class-I-1** | **Class-X** |
| **Per Unit Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period | $— | $— | $— | $— | $— | $— |
| Net investment income/(loss) | (1.39) | (1.35) | (1.29) | (1.29) | (1.92) | (0.77) |
| Net realized and change in unrealized <br>gain/(loss) on investments<br>| 4.11 | 4.21 | 4.39 | 4.39 | 2.20 | 5.24 |
| Net increase/(decrease) in net assets <br>resulting from operations<br>| 2.72 | 2.86 | 3.10 | 3.10 | 0.28 | 4.47 |
| Proceeds from Units issued | 25.77 | 25.77 | 25.77 | 25.77 | 28.51 | 25.00 |
| Premium on issuance of Units | 0.51 | 0.30 |  |  | 0.43 | 0.01 |
| Servicing fees | (1.20) | (0.58) |  |  |  |  |
| Net increase/(decrease) in net assets | 27.80 | 28.35 | 28.87 | 28.87 | 29.22 | 29.48 |
| Net asset value, end of period | $27.80 | $28.35 | $28.87 | $28.87 | $29.22 | $29.48 |
| Units outstanding, end of period | 10976328 | 1710915 | 1163964 | 177892 | 212641 | 230043 |
| Total return based on change in net <br>asset value<sup>(b)</sup><br>| 7.87% | 9.98% | 12.06% | 12.06% | 2.49% | 17.92% |
| **Ratios to weighted-average net assets (non-**<br>**annualized)** | **Ratios to weighted-average net assets (non-**<br>**annualized)** |  |  |  |  |  |
| Expenses without waivers/offsets<sup>(c)</sup> | (5.47)% | (5.26)% | (4.96)% | (4.96)% | (6.86)% | (2.90)% |
| Expenses and management fees <br>waivers/offsets<sup>(c)</sup><br>| 0.21% | 0.21% | 0.20% | 0.20% | 0.21% | —% |
| Total expenses | (5.26)% | (5.05)% | (4.76)% | (4.76)% | (6.65)% | (2.90)% |
| Accrued performance participation <br>allocation<br>| (2.05)% | (2.04)% | (2.10)% | (2.10)% | (1.23)% | —% |
| Net investment income/(loss) | (5.26)% | (5.05)% | (4.77)% | (4.77)% | (6.66)% | (2.90)% |

---

(a) Amounts may not add due to rounding.

(b) 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 the Partnership's distribution reinvestment plan) divided by the initial Net Asset Value per Unit. Total return does not include

upfront transaction fees, if any, and it is non-annualized.

(c) Expense ratio includes Management Fees, Organizational Expenses, Professional Fees, Deferred Offering Costs Amortization, Administration Fees and

Other.

**Note 9. Subsequent Events**

The General Partner has performed an evaluation of subsequent events through the date the condensed consolidated

financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional

disclosure in the financial statements, except as noted below.

**Second Amended and Restated Limited Partnership Agreement**

On October 31, 2025, the Partnership entered into the Second Amended and Restated Limited Partnership Agreement

(the "Amended Partnership Agreement") with the General Partner to memorialize the terms of the Redemption Program and

other changes. Under the Redemption Program, the Partnership expects to allow redemptions of the Units, in each quarter, of up

to 5% of Units outstanding (either by number of Units or aggregate transactional NAV) as of the close of the previous calendar

quarter. To the extent the General Partner redeems Units in any particular calendar quarter, the General Partner will cause the

Partnership to redeem Units using the transactional NAV per Unit as of the last calendar day of each calendar quarter, subject to

the Early Redemption Deduction (as defined in the Amended Partnership Agreement), and as further described in the Amended

Partnership Agreement.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Affiliated Investments at fair value (Cost $583,562,901 as of September 30, <br>2025)<br>| $667022470 | $— |
| Debt Investments at fair value (Cost$11,738,262 as of September 30, 2025) | 12203539 |  |
| Derivative Assets at fair value (Cost$— as of September 30, 2025) | 1328791 |  |
| Cash and cash equivalent | 16488553 |  |
| Deferred financing costs | 1171276 |  |
| Interest receivable | 501067 |  |
| Prepaid expenses | 8087 | $— |
| **Total Assets** | $698723783 | $— |
| **Liabilities** |  |  |
| Credit facility payable | $25000000 | $— |
| Due to affiliate | 2050982 |  |
| Accounts payable & accrued expenses | 615401 |  |
| Deferred tax liability | 1054831 |  |
| Derivative Liabilities at fair value (Cost $—as of September 30, 2025) | 121558 |  |
| **Total Liabilities** | 28842772 |  |
| **Commitments and contingencies (See Note 8)** |  |  |
| **Net Assets** | 669881011 |  |
| **Net Assets** |  |  |
| Limited Partners Interest | 668723373 |  |
| General Partner's Interest | 602871 |  |
| Non-Controlling Interests in Consolidated Entities | 554767 |  |
| **Total Net Assets** | $669881011 | $— |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br>**September 30, 2025**<br>| **Nine Months Ended** <br>**September 30, 2025**<br>|
| **Income** |  |  |
| Interest income | $981617 | $2141801 |
| Dividend income | 317567 | 697260 |
| **Total income** | 1299184 | 2839061 |
| **Operating expenses** |  |  |
| Professional fees | 1101733 | 2038699 |
| Organizational costs | (122241) | 259553 |
| Interest expense | 230805 | 230805 |
| Credit facility fees | 136195 | 136195 |
| Other expense | 312459 | 351758 |
| **Total operating expenses** | 1658951 | 3017010 |
| **Net investment income/(loss) before income taxes** | (359767) | (177949) |
| Provision for (benefit from) income taxes | 8289 | 8289 |
| **Net investment income/(loss)** | (368056) | (186238) |
| **Net realized and unrealized gain on investments and derivative** <br>**instruments**<br>|  |  |
| Net realized gain on investments | 71632 | 81210 |
| Net change in unrealized gain on investments | 37737604 | 83924847 |
| Provision for (benefit from) income taxes  | (1054897) | (1054897) |
| Net change in unrealized gain on derivative instruments | 1207233 | 1207233 |
| **Net realized and unrealized gain/(loss) on investments and derivative** <br>**instruments after income taxes**<br>| 37961572 | 84158393 |
| **Net increase/(decrease) in net assets resulting from operations after income** <br>**taxes**<br>| 37593516 | 83972155 |
| Less: Net increase/(decrease) in net assets resulting from operations attributable <br>to Non-Controlling Interests in Consolidated Entities<br>| 15526 | 54767 |
| **Net increase/(decrease) in net assets resulting from operations attributable** <br>**to Stonepeak-Plus Infrastructure Fund Master Aggregator LP**<br>| $37577990 | $83917388 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Limited** <br>**Partners** <br>**Interest**<br>| **General** <br>**Partner's** <br>**Interest**<br>| **Non-**<br>**Controlling** <br>**Interests in** <br>**Consolidated** <br>**Entities**<br>| **Total Net** <br>**Assets**<br>|
| **Balance at June 30, 2025** | $477887629 | $544255 | $532147 | $478964031 |
| Proceeds from Contributions | 153575304 | 8386 | 7094 | 153590784 |
| Distributions to Partners | (267320) |  |  | (267320) |
| Net investment income/(loss) | (374965) | 21 | 6888 | (368056) |
| Net realized gain/(loss) on investments | 71549 | 64 | 19 | 71632 |
| Net change in unrealized gain/(loss) on investments | 38884519 | 51699 | 8619 | 38944837 |
| Provision for (benefit from) income taxes on net <br>unrealized gain on investments<br>| (1053343) | (1554) |  | (1054897) |
| **Balance at September 30, 2025** | $668723373 | $602871 | $554767 | $669881011 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Limited** <br>**Partners** <br>**Interest**<br>| **General** <br>**Partner's** <br>**Interest**<br>| **Non-**<br>**Controlling** <br>**Interests in** <br>**Consolidated** <br>**Entities**<br>| **Total Net** <br>**Assets**<br>|
| **Balance at December 31, 2024** | $— | $— | $— | $— |
| Proceeds from Contributions | 585176176 | 500000 | 500000 | 586176176 |
| Distributions to Partners | (267320) |  |  | (267320) |
| Net investment income/(loss) | (197358) | 224 | 10896 | (186238) |
| Net realized gain/(loss) on investments | 81112 | 75 | 23 | 81210 |
| Net change in unrealized gain/(loss) on investments | 84984106 | 104126 | 43848 | 85132080 |
| Provision for (benefit from) income taxes on net <br>unrealized gain on investments<br>| (1053343) | (1554) |  | (1054897) |
| **Balance at September 30, 2025** | $668723373 | $602871 | $554767 | $669881011 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

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

---

| | |
|:---|:---|
|  | **Nine Months** <br>**Ended September** <br>**30, 2025**<br>|
| **Operating activities** |  |
| Net increase in net assets resulting from operations | $83972155 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in <br>operating activities:<br>|  |
| Purchase of investments | (595702275) |
| Proceeds from investments | 482323 |
| Net change in unrealized (gain)/loss on investments | (83924847) |
| Net change in unrealized (gain)/loss on derivative instruments | (1207233) |
| Net realized (gain)/loss on investments | (81210) |
| Deferred tax liabilities | 1054831 |
| Changes in assets and liabilities |  |
| Interest receivable | (501067) |
| Prepaid expenses | (8087) |
| Due to affiliate | 2050982 |
| Accounts payable and accrued expenses | 615401 |
| Net cash used in operating activities | $(593249027) |
| **Financing activities** |  |
| Proceeds from contributions | 586176176 |
| Distributions to Partners | (267320) |
| Proceeds from borrowings on credit facility | 54878871 |
| Repayments of credit facility | (29878871) |
| Deferred financing costs | (1171276) |
| Net cash provided by financing activities | $609737580 |
| **Cash and cash equivalent** |  |
| Net increase/(decrease) in cash and cash equivalent | $16488553 |
| Cash and cash equivalent, beginning of period |  |
| Cash and cash equivalent, end of period | $16488553 |

---

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

![](sp-20250930_g1.gif)

<sup>1</sup>APAC is defined as Asia Pacific.

<sup>2</sup>EMEA is defined as Europe, Middle East, and Africa.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**Name of Investment**  | **Type of** <br>**Investment**<br>| **Industry** | **Geography** | **Cost** | **Fair Value** | **Fair Value as** <br>**a Percentage** <br>**of Net Assets**<br>|
| **Investments** |  |  |  |  |  |  |
| **Affiliated Investee Funds** |  |  |  |  |  |  |
| SCF Cranberry Upper Holdings SPV I LP<sup>(a)</sup> | LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| $35787306 | $44499095 | 6.6% |
| SCF Cranberry (Co-Invest) Holdings IV LP<sup>(a)</sup> | LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 12514754 | 16525489 | 2.5% |
| SCF Cranberry (Co-Invest) Holdings VIII LP<sup>(a)</sup> | LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 22170642 | 22730965 | 3.4% |
| Stonepeak Cologix Holdings V LP<sup>(b)</sup> | LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 27168898 | 37222645 | 5.6% |
| Stonepeak Global Renewables Fund<sup>(c)</sup> | Various | Energy | Various |  |  |  |
| Stonepeak Global Renewables Fund LP |  |  |  | 7194164 | 8704357 | 1.3% |
| Stonepeak Global Renewables Fund (Delaware <br>III) LP<br>|  |  |  | 1412860 | 1475058 | 0.2% |
| Stonepeak Global Renewables Fund (CYM-A) <br>LP<br>|  |  |  | 12420996 | 12597333 | 1.9% |
| Stonepeak Global Renewables ML Feeder Fund <br>A LLC<br>|  |  |  | 4300679 | 4418275 | 0.7% |
| Stonepeak Global Renewables (Cayman B) <br>Feeder Fund LP<br>|  |  |  | 339023 | 332746 | —% |
| Stonepeak Global Renewables (Cayman C) <br>Feeder Fund LP<br>|  |  |  | 702071 | 733088 | 0.1% |
| Stonepeak Global Renewables CLNE - Feeder <br>Fund (CYM) LP<br>|  |  |  | 3263869 | 3547747 | 0.5% |
| Stonepeak Global Renewables Fund (Lux) SCSp<sup>(c)</sup> | Various | Energy | Various |  |  |  |
| Stonepeak Global Renewables Fund (Lux) SCSp |  |  |  | 3172360 | 3624157 | 0.5% |
| Stonepeak Global Renewables Fund (Lux) (AIV <br>II) SCSp<br>|  |  |  | 5175520 | 5248810 | 0.8% |
| Stonepeak Global Renewables Fund (Lux) (AIV <br>IV) SCSp<br>|  |  |  | 879259 | 915982 | 0.1% |
| Stonepeak Global Renewables (Lux B) Feeder <br>Fund SCSp<br>|  |  |  | 1920294 | 1957461 | 0.3% |
| Stonepeak Global Renewables CLNE - Feeder <br>Fund (Lux) SCSp<br>|  |  |  | 1372780 | 1479272 | 0.2% |
| Stonepeak Digital Edge (Co-Invest) Holdings III <br>LP<sup>(d)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| APAC<sup>1</sup> | 20564725 | 37261751 | 5.6% |
| Stonepeak Midband (Co-Invest) Holdings LP<sup>(g)</sup> | LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 92395718 | 96469228 | 14.4% |
| **Total Affiliated Investee Funds** |  |  |  | $252755918 | $299743459 | 44.7% |
| **Other Affiliated Investments** |  |  |  |  |  |  |
| Stonepeak Imagine Holdco Limited<sup>(f)</sup> | LP Interest | Social <br>Infrastructure<br>| EMEA<sup>2</sup> | $194000000 | $217206039 | 32.6% |
| Stonepeak GP Cologix Fund Investors LLC<sup>(b)</sup> | LLC <br>Interest<br>| Digital <br>Infrastructure<br>| North <br>America<br>| 15342916 | 20026112 | 3.0% |
| Stonepeak Cubist Holdings Pte. Limited<sup>(e)</sup> | Convertible <br>Loan<br>| Digital <br>Infrastructure<br>| APAC | 54978000 | 62975478 | 9.4% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Other Affiliated Investments - North America<sup>(h)</sup> | LP Interest | Various | North <br>America<br>| 31673115 | 31673172 | 4.7% |
| Other Affiliated Investment - APAC | Redeemable <br>Preferred <br>Shares<br>| Transport & <br>Logistics<br>| APAC | 28353792 | 28975623 | 4.3% |
| Other Affiliated Investments - EMEA | LP Interest | Energy | EMEA | 6459160 | 6422587 | 1.0% |
| **Total Other Affiliated Investments** |  |  |  | $330806983 | $367279011 | 55.0% |
| **Debt Investments** |  |  |  |  |  |  |
| Other Debt Investments | Delayed <br>Draw Term <br>Loan<br>| Diversified | North <br>America<br>| 11738262 | 12203539 | 1.8% |
| **Total Debt Investments** |  |  |  | $11738262 | $12203539 | 1.8% |
| **Derivative Instruments** |  |  |  |  |  |  |
| Foreign Currency Contracts |  |  | n/a |  | 1207233 | 0.2% |
| **Total Derivative Instruments** |  |  |  | $— | $1207233 | 0.2% |
| **Cash and Cash Equivalent** |  |  |  |  |  |  |
| Money Market Fund |  |  |  |  |  |  |
| JPMorgan 100% U.S. Treasury Securities Money <br>Market Fund-Agency<br>|  |  | North <br>America<br>| $16488553 | $16488553 | 2.5% |
| **Total Cash and Cash Equivalent** |  |  |  | $16488553 | $16488553 | 2.5% |
| **Total Investments and Cash and Cash Equivalent** |  |  |  | $611789716 | $696921795 | 104.0% |

---

(a) The Master Aggregator holds an indirect interest of 51,626 common units and 14,308 preferred units of AppleCore LP. The

fair value allocable to the Master Aggregator of this interest is $71,918,468 and $19,932,000, respectively. The investment has

been financed, in part, using leverage, and the fair values presented in the preceding sentence are not reflective of the impact of

such leverage. The fair value disclosed above in the condensed consolidated schedule of investments takes account of such

leverage.

(b) The Master Aggregator holds an indirect interest of 32,810 units of Cologix Inc. The fair value of this interest allocable to

the Master Aggregator is $57,248,757.

(c) The Master Aggregator holds an indirect interests in OSW Project LLC. The fair value allocable to the Master Aggregator

of this interest is $35,427,258. The investment has been financed, in part, using leverage, and the fair value presented in the

preceding sentence is not reflective of the impact of such leverage. The fair value disclosed above in the condensed

consolidated schedule of investments takes account of such leverage.

(d) The Master Aggregator holds indirect interests in 12,443 D-1 units in DEA TopCo LP and 3,085 D-1 units in DEA TopCo

II LP. The fair value allocable to the Master Aggregator of these interests is $33,529,818 and $6,659,193, respectively. The

investment has been financed, in part, using leverage, and the fair values presented in the preceding sentence are not reflective

of the impact of such leverage. The fair value disclosed above in the condensed consolidated schedule of investments takes

account of such leverage.

(e) The Master Aggregator holds indirect preferred equity and penny warrant interests of 55 units 1,656,315 units, respectively,

in Princeton Digital Group Limited. The fair value of these interests allocable to the Master Aggregator is $54,745,169 and

$8,230,309, respectively. The Master Aggregator's indirect interest is held through the form of a convertible loan with a 0%

interest rate loan and $54,978,000 principal outstanding.

(f) The Master Aggregator holds an indirect equity interest in Inspired Education Holdings Limited. The fair value of this

interest allocable to the Master Aggregator is $218,314,589.

(g) The Master Aggregator indirectly holds 88,511,444 preferred convertible promissory notes in N77 Holdings, LLC. The fair

value of these notes allocable to the Master Aggregator is $96,469,228.

(h) Through certain other affiliated investments, the Master Aggregator holds an indirect interest in Stonepeak Partners

Holdings LP and Stonepeak GP Investors Holdings LP. Additionally, certain other affiliated investments were funded using

leverage; none of these investments are individually more than 5% of NAV.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Note 1. Organization**

Stonepeak-Plus Infrastructure Fund Master Aggregator LP is a Cayman Island exempted limited partnership formed on

December 31, 2024. Stonepeak-Plus Infrastructure Fund Master Aggregator LP with its consolidated subsidiaries collectively

form the "Master Aggregator". The Master Aggregator is governed by its Amended and Restated Exempted Limited

Partnership Agreement dated as of May 1, 2025 (as amended, restated and/or supplemented from time to time, the "Master

Aggregator Partnership Agreement").

Stonepeak-Plus Infrastructure Fund LP (the "Partnership") and Stonepeak-Plus Infrastructure Master Fund SCSp-RAIF

(the "RAIF vehicle") are the only limited partners ("Limited Partners") in the Master Aggregator. As of September 30, 2025,

the Partnership and RAIF vehicle own 64.4% and 35.5%, respectively, of the Master Aggregator. The remaining interest of the

Master Aggregator is owned by the General Partner. Stonepeak-Plus Infrastructure Fund Associates (CYM) LP is the general

partner (the "General Partner") of the Master Aggregator and is vested with the overall responsibility for oversight of the

Master Aggregator.

The Master Aggregator's investment objective is to deliver total returns, with a focus on capital appreciation and

generating current income through its investments. The Master Aggregator seeks to achieve this investment objective by

providing access to the talent and investment capabilities of the investment program designed to offer eligible individuals

access to Stonepeak's infrastructure platform (the "Stonepeak Platform") to create a portfolio of diversified alternative

infrastructure and infrastructure-related investments primarily in, or alongside, other investment vehicles managed by the

Investment Advisor or affiliated investment advisors.

Investment operations commenced on May 2, 2025 (the "Initial Closing Date") when the Master Aggregator commenced

its investment operations.

The Partnership entered into a services agreement with SS&C Technologies, Inc. and SS&C GIDS, Inc. (collectively, the

"Administrator"), under which the Administrator provides various accounting and administrative services to the Partnership.

Administrative services may include maintenance of the Partnership's books and records, processing of investor transactions,

and calculation of the net asset value (the "NAV"). Administrative services commenced on the Initial Closing Date and are

charged at both the Partnership and Master Aggregator. For both the three and nine months ended September 30, 2025, the

Master Aggregator incurred an Administration Fee of $221,987.

**Note 2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The Master Aggregator's condensed consolidated financial statements have been prepared in accordance with generally

accepted accounting principles in the United States of America ("U.S. GAAP"). The Master Aggregator's condensed

consolidated financial statements and related financial information have been prepared pursuant to the requirements of

Regulation S-X. The condensed consolidated financial statements as of and for the period ended September 30, 2025, including

these notes, are unaudited. Management believes it has made all necessary adjustments (consisting of only normal recurring

items) so that the condensed consolidated financial statements are fairly stated and that estimates made in preparing its

condensed consolidated financial statements are reasonable and prudent. The Master Aggregator is considered an investment

company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 ("ASC 946").

Accordingly, the Master Aggregator reflects its investments on the Condensed Consolidated Statements of Assets and

Liabilities at their fair value with 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. The functional

currency of the Master Aggregator is U.S. dollars and these condensed consolidated financial statements have been prepared in

that currency. Certain reclassifications of prior period's amounts have been made to conform to the current period presentation.

Such reclassifications had no effect on Net increase/(decrease) in net assets resulting from operations on the Condensed

Consolidated Statements of Operations.

**Principles of Consolidation**

In accordance with ASC Topic 946, the Master Aggregator generally does not consolidate investments unless the Master

Aggregator has a controlling financial interest in an investment company or operating company whose business consists of

providing services to the Master Aggregator. A controlling financial interest is defined as (a) the power to direct the activities of

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

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. The General Partner determines whether the Master Aggregator has a controlling financial interest in an investment

company at such company's inception and continuously reconsiders that conclusion. For wholly owned and substantially

wholly owned interests in investment companies, the General Partner assesses the nature of the investment structure and

considers its interests in and governance rights over the investment company to determine whether the Master Aggregator holds

a controlling financial interest. Performance of that analysis requires the exercise of judgment.

The Master Aggregator has a controlling financial interest in Stonepeak-Plus Infrastructure Fund Lower Fund III LP

("Lower Fund III"), Stonepeak-Plus Infrastructure Fund Lower Fund IV LP ("Lower Fund IV"), Stonepeak-Plus Infrastructure

Fund Standing Intermediate Blocker LP ("Standing Intermediate"), which wholly owns Stonepeak-Plus Infrastructure Fund

Lower Fund V LP ("Lower Fund V"), Stonepeak-Plus Infrastructure Fund Aggregator I LP ("Aggregator I"), which wholly

owns Stonepeak-Plus Infrastructure Fund Lower Fund I LP ("Lower Fund I") and Stonepeak-Plus Infrastructure Fund Lower

Fund II LP ("Lower Fund II", collectively with Lower Fund I, Lower Fund III, Lower Fund IV, and Lower Fund V, the

"Consolidated Entities"), and as a result these entities are consolidated for reporting purposes. All intercompany balances have

been eliminated in consolidation.

As of September 30, 2025, the Master Aggregator deconsolidated its financial interest in Stonepeak Midband (Co-Invest)

Holdings LP as it no longer owned a controlling interest. This deconsolidation did not impact NAV nor the cashflows of the

Master Aggregator.

**Use of Estimates**

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires the General

Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent

assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of increases and

decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such

differences could be material.

**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:

• 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 Master Aggregator does

not adjust the quoted price for these investments (to the extent it holds them) even in situations where the Master

Aggregator holds a large position and a sale could reasonably impact the quoted price.

• Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly

observable as of the reporting date, and fair value is determined through the use of models or other valuation

methodologies. 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.

• 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.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

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

value measurement. The Investment Advisor'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 Master Aggregator 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 Master 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 General Partner's determination of fair value is based on the best information available in the circumstances and

incorporates the General Partner's own assumptions, including assumptions that the General Partner 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 General Partner 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 Master 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 Master 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

Master 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 Master 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 Master Aggregator to be comparable, such as multiplying a key performance

metric of the investee company, such as earnings before interest and taxes or other performance metric, by a relevant valuation

multiple observed in the range of comparable companies or transactions, adjusted by the Master 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 by the Master Aggregator after considering, among other

factors, such 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 Master Aggregator to reflect restrictions on disposition where such restrictions are an attribute of the

investment.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

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

Investments in SP+ INFRA affiliated investee funds ("Investments in Affiliated Investee Funds") or unaffiliated investee

funds ("Investee Funds") are generally valued using the reported net asset value ("NAV" or "Net Asset Value") of the Investee

Funds as a practical expedient for fair value. The Master Aggregator may, as a practical expedient, estimate the fair value of an

Investee Fund based on NAV if the reported NAV of the Investee Fund is calculated in a manner consistent with the

measurement principles applied to investment companies and the Master Aggregator has internal processes to independently

evaluate the fair value measurement process utilized by the underlying Investee Fund to calculate the Investee Fund's NAV,

both of which are in accordance with ASC 946. Such internal processes include the evaluation of the Investee Fund's own

process and related internal controls in place to estimate the fair value of its underlying investments that are included in the

NAV calculation, performance of ongoing operational due diligence, review of the Investee Fund's financial statements and

ongoing monitoring of other relevant qualitative and quantitative factors. If the General Partner determines, based on its own

due diligence 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 Master Aggregator will estimate the fair value in good

faith and in a manner that it reasonably chooses, in accordance with its valuation policies.

**Derivative Investments**

The Master 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.

The Master 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 Master 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 and Unrealized Gain/(Loss) on Investments and

Derivative Instruments on the condensed consolidated statements of operations. Changes in the value of contracts that remain

outstanding as of period end are measured based on the difference between the unrealized balance as of the beginning of the

reporting period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded

unrealized gains or losses once realized. Unrealized gains and losses are presented net in Net Change in Unrealized Gain/(Loss)

on Derivative Instruments on the condensed consolidated statements of operations.

The Master Aggregator maintains master netting agreements with all of its counterparties. Based on the terms outlined

within each master netting agreement, there are no financial instruments available for offset as of September 30, 2025. Further,

there have been no financial instruments or cash pledged or received as collateral as of September 30, 2025.

The Master Aggregator's other disclosures regarding derivative instruments are discussed in Note 5. "Derivative

Instruments."

**Cash and Cash Equivalent**

Cash and cash equivalent represents cash on hand, cash held in banks, money market funds and short-term, and highly

liquid investments with original maturities of three months or less. Master Aggregator may have bank balances in excess of

federally insured amounts; however, Master Aggregator deposits its cash and cash equivalent with high credit-quality

institutions to minimize credit risk.

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

The Master 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 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.

**Income Recognition**

The Master Aggregator recognizes interest income from private investments when earned pursuant to the terms of the

respective investment. The Master Aggregator recognizes dividend income from investments when earned. In the case of

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

proceeds received from investments, the General Partner determines the character of such proceeds and records any interest

income, dividend income, realized gain or loss, or return of capital accordingly.

**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Master Aggregator and the cost of legal

services and other fees pertaining to the Master Aggregator's organization. These costs are expensed as incurred. For the three

and nine months ended September 30, 2025, the Master Aggregator incurred organization expenses of $(122,241) and

$259,553, respectively, which have been recorded as an expense on the condensed consolidated statements of operations. As of

September 30, 2025, total organization expenses of $195,754 and $63,799 are included within Due to affiliate and Accounts

payable and accrued expenses, respectively, in the condensed consolidated statements of assets and liabilities.

**Professional Fees**

Professional fees include but are not limited to administrative, audit, tax, and legal fees that do not fall under offering

costs. For the three and nine months ended September 30, 2025, the Master Aggregator incurred professional fees of

$1,101,733 and $2,038,699, respectively. As of September 30, 2025, total professional fees of $1,673,415 and $365,284 are

included within Due to affiliate and Accounts payable and accrued expenses, respectively, in the condensed consolidated

statements of assets and liabilities.

**Deferred Financing Costs**

Deferred financing costs are amortized over the term of the related credit facility agreement. For both the three and nine

months ended September 30, 2025, the Master Aggregator had deferred financing costs of $1,171,276 and amortized credit

facility fees of $136,195 in the condensed consolidated statements of assets and liabilities and condensed consolidated

statements of operations, respectively.

**Income Taxes**

The Master Aggregator is treated as a partnership for U.S. federal and state income tax purposes, is not directly subject to

U.S. federal income taxes, and is generally not directly subject to U.S. state income taxes. The investors of the Master

Aggregator would be treated as shareholders in a corporation, and the Master Aggregator itself would become taxable as a

corporation for U.S. federal, state and/or local income tax purposes. The Master Aggregator would be required to pay income

tax at corporate rates on its net taxable income. Additionally, the Master 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. Certain intermediate entities may be formed for use in carrying out the Master

Aggregator's activities and these may be subject to 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 income tax of 21% of its 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 tax 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. The Master Aggregator consolidates certain wholly-owned

subsidiaries that are treated as corporations for U.S. federal income tax purposes. For the three and nine months ended

September 30, 2025, the Master Aggregator had an income tax expense of $8,289 in the condensed consolidated statements of

operations and a deferred tax liability of $1,054,831 in the condensed consolidated statements of assets and liabilities. The

deferred tax liability relates to federal and state and local income taxes on unrealized gains and losses on certain investments.

**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 Master Aggregator

determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Master

Aggregator assesses all available positive and negative evidence, including the amount and character of future taxable income.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Affiliates**

The General Partner, Investment Advisor, the Partnership, the Feeder Fund, Parallel Funds, and other vehicles sponsored,

advised and/or managed by SP+ INFRA or its affiliates are affiliates of the Master Aggregator.

**New Accounting Standards**

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting

Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses ("ASU

2024-03"). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income

statement captions such as "Cost of sales" and "Selling, general and administrative expenses." The new guidance is effective

for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,

2027 with early adoption permitted. The Master Aggregator is currently evaluating the impact that this change will have on the

Master Aggregator's condensed consolidated financial statements.

**Note 3. Investments and Fair Value Measurement**

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

as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Level I** | **Level II** | **Level III** | **NAV**  | **Total**  |
| **Assets**  |  |  |  |  |  |
| **Cash and cash equivalent** |  |  |  |  |  |
| Cash held at banks | $— | $— | $— | $— | $— |
| Money market fund | 16488553 |  |  |  | 16488553 |
| Total cash and cash equivalent | 16488553 |  |  |  | 16488553 |
| **Investments** |  |  |  |  |  |
| Affiliated Investee Funds |  |  |  | 299743459 | 299743459 |
| Other Affiliated Investments |  |  | 345659391 | 21619620 | 367279011 |
| Debt Investments |  |  | 12203539 |  | 12203539 |
| Total investments |  |  | 357862930 | 321363079 | 679226009 |
| Derivative Assets |  | 1328791 |  |  | 1328791 |
| **Total Cash and Cash Equivalent and** <br>**Investments**<br>| $16488553 | $1328791 | $357862930 | $321363079 | $697043353 |
| **Liabilities** |  |  |  |  |  |
| Derivative Liabilities | $— | $121558 | $— | $— | $121558 |

---

The Master Aggregator may hold equity securities that are subject to sale restrictions. The nature of such restrictions 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: consent-rights or event-based transfer restrictions imposed by third parties, underwriter lock-ups

and sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or

after a predetermined date. As of September 30, 2025, there were no equity securities subject to sales restrictions within the

Master Aggregator's Level I and II assets. The Master 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.

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 September 30, 2025:

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<sup>(1)</sup> | **Valuation** <br>**Techniques**<br>| **Unobservable** <br>**Input**<br>| **Ranges** | **Weighted-**<br>**Average**<sup>(5)</sup><br>| **Impact to** <br>**valuation** <br>**from an** <br>**increase in** <br>**input**<br>|
| **Financial Assets**  |  |  |  |  |  |  |
| Other Affiliated <br>Investments & Debt <br>Investment<br>|  |  |  |  |  |  |
| Other Affiliated <br>Investments<br>| $329183252 | Discounted <br>Cash Flow<br>| Discount Rate | 12.5%-17.1% | 16.1% | Lower |
|  |  |  | NTM EBITDA <br>Exit Multiple<sup>(2)</sup><br>| 17.0x-18.0x | 17.2x | Higher |
|  |  |  | LTM EBITDA <br>Exit Multiple<sup>(3)</sup><br>| 7.7x | 7.7x | Higher |
|  |  |  | LQA EBITDA <br>Exit Multiple<sup>(4)</sup><br>| 22.5x | 22.5x | Higher |
| Debt Investment | 12203539 | Discounted <br>Cash Flow<br>| Discount Rate | 7.7% | 7.7% | Lower |
| Total Other Affiliated <br>Investments and Debt <br>Investment<br>| 341386791 |  |  |  |  |  |
|  | $341386791 |  |  |  |  |  |

---

(1) Not reflected in the table above are Level 3 investments that have been valued based upon recent transactions in the amount of $16,476,139.

(2) NTM EBITDA Exit Multiple represents EBITDA annualized for the next twelve months from exit date.

(3) LTM EBITDA Exit Multiple represents EBITDA for the last twelve months annualized from exit date.

(4) LQA EBITDA Exit Multiple represents EBITDA for the last quarter annualized from exit date.

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

For the three and nine months ended September 30, 2025, the following table presents 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**  |
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Other Affiliated** <br>**Investments**<br>| **Debt Investments**  | **Total**  |
| **Balance, beginning of period** | $274444983 | $11733079 | 286178062 |
| Purchases  | 134915420 | 194576 | 135109996 |
| Proceeds from investments |  | (189393) | (189393) |
| Transfer in/(out) of level III<sup>(a)</sup> | (78561515) |  | (78561515) |
| Change in gain/(loss) included in net assets  | 14860502 | 465277 | 15325779 |
| **Balance, end of period**  | $345659391 | $12203539 | $357862930 |
| Changes in unrealized gain (loss) included in <br>earnings related to financial assets still held at <br>reporting date <br>| $14860502 | $465277 | $15325779 |

---

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Level III Financial Assets at Fair Value**  | **Level III Financial Assets at Fair Value**  | **Level III Financial Assets at Fair Value**  |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Other Affiliated** <br>**Investments**<br>| **Debt Investments**  | **Total**  |
| **Balance, beginning of period** | $— | $— |  |
| Purchases  | 309187402 | 11738262 | 320925664 |
| Change in gain/(loss) included in net assets  | 36471989 | 465277 | 36937266 |
| **Balance, end of period**  | $345659391 | $12203539 | $357862930 |
| Changes in unrealized gain (loss) included in <br>earnings related to financial assets still held at <br>reporting date <br>| $36471989 | $465277 | $36937266 |

---

(a) For the three months ended September 30, 2025, the transfers out of Level III financial assets were primarily due to a deconsolidation and change in fair

value recognition to NAV as a practical expedient. See Note 2. Summary of Significant Accounting Policies.

**NAV as a Practical Expedient**

The affiliated investee funds were formed with the objectives of acquiring, holding, and disposing of investments. Refer

to the condensed consolidated schedule of investments for the underlying investment held through these affiliated investee

funds.

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

expedient as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Affiliated Investee Funds and Other Affiliated Investments** | **Unfunded** <br>**Commitment**<br>| **Fair Value**  |
| SCF Cranberry Upper Holdings SPV I LP |  | 44499095 |
| SCF Cranberry (Co-Invest) Holdings IV LP |  | 16525489 |
| SCF Cranberry (Co-Invest) Holdings VIII LP |  | 22730965 |
| Stonepeak Cologix Holdings V LP | 23137264 | 37222645 |
| Stonepeak Digital Edge (Co-Invest) Holdings III LP | 39435275 | 37261751 |
| Stonepeak Global Renewables Fund LP | 28330130 | 31808604 |
| Stonepeak Global Renewables Fund (Lux) SCSp | 11787120 | 13225682 |
| Stonepeak Midband (Co-Invest) Holdings LP |  | 96469228 |
| Other affiliated investments |  | 21619620 |
| Total Affiliated Investee Funds and Other Affiliated Investments | $102689789 | $321363079 |

---

**Note 4. Related Party Transactions**

**Due to Affiliate**

The Master Aggregator's operating expenses are paid either by the Master Aggregator or by the Investment Advisor or its

related affiliates. As of September 30, 2025, an affiliate of the Investment Advisor has advanced total costs of $2,050,982 all of

which are subject to recoupment by the affiliate of the Investment Advisor and have been recorded in the condensed

consolidated statements of assets and liabilities within Due to affiliate.

**Acquisition of Certain Affiliated Investments**

For both the three and nine months ended September 30, 2025, the Master Aggregator purchased investments from

affiliates of the Investment Advisor, at a discount to fair market value in exchange for a total cash consideration of

$411,007,127, as governed by the executed purchase and contribution agreements. From time to time the Master Aggregator

may acquire additional investments from its affiliates.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

**Note 5. Derivative Instruments**

In the normal course of business, Stonepeak-Plus Infrastructure Fund SPV LP ("SPV"), a wholly owned entity of

Lower Fund V, may enter into derivative contracts to achieve certain risk management objectives on behalf of the Master

Aggregator.

The SPV 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 SPV 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 Master

Aggregator. Additionally, the SPV 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 Master Aggregator is exposed to the risk that counterparties will fail to

fulfill their contractual obligations. To mitigate such counterparty risk, the SPV 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:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Assets** | **Assets** |
|  | **Notional** | **Fair Value** |
| **Derivative Instruments** |  |  |
| Foreign Currency Contracts (EUR) | €134,263,676 | $1115265 |
| Foreign Currency Contracts (GBP) | £3,240,375 | $50345 |
| Foreign Currency Contracts (AUD) | A$42,940,772 | $41623 |
| **Total** |  | $1207233 |

---

**Note 6. Borrowings**

**Credit Agreement**

On July 16, 2025, the Master Aggregator entered into a revolving credit agreement (the "Credit Agreement") pursuant to

which the lenders and letter of credit issuers thereunder agreed to provide loans and letters of credit for up to an aggregate

initial principal amount of $100 million subject to customary conditions. The available capacity under the Credit Agreement

may be increased up to an amount agreed by the increasing lenders, and in certain cases, subject to the consent of the

Administrative Agent (as defined below), provided that the Master Aggregator maintains a loan to value ratio of not more than

an amount set forth in the Credit Agreement.

The parties to the Credit Agreement include the Master Aggregator, certain affiliated holding vehicles of the Partnership,

as guarantors, ING Capital LLC, as administrative agent (in such capacity, the "Administrative Agent"), the mandated lead

arranger, the sole bookrunner, the letter of credit issuer and a lender, and certain other lenders as identified in the Credit

Agreement. The Credit Agreement matures on July 16, 2027, subject to a 364-day extension option requiring approval by the

Administrative Agent and extending lenders and the satisfaction of customary conditions.

Under the Credit Agreement, borrowings will bear interest, at the Master Aggregator's discretion, at a rate of the (i)

Secured Overnight Financing Rate (as calculated under the Credit Agreement, or a similar benchmark rate for approved foreign

currencies) plus a spread of 2.40% per annum, or (ii) Reference Rate (as defined in the Credit Agreement) plus a spread of

1.40%. Such rates may be increased in accordance with the terms of the Credit Agreement on any principal or interest on such

amount of such borrowing that is overdue.

As of September 30, 2025, the total amount outstanding under the Credit Agreement was $25,000,000.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

The aggregate remaining borrowing capacity available for the Credit Facility at September 30, 2025 was $75,000,000.

As of September 30, 2025, the Master Aggregator is in compliance with the debt covenants.

**Note 7. Net Assets**

On a monthly basis the Master Aggregator accepts contributions ("Contributions") from the Partnership and the RAIF

vehicle indirectly through Stonepeak-Plus Infrastructure Fund S.A. SICAV – UCI Part II (the "Lux Fund"), which in turn will

be invested fully by the Master Aggregator. On a quarterly basis the Master Aggregator may settle withdrawals

("Withdrawals") upon request from the investors. For information regarding the Partnership's Unit Repurchase program, see

the Partnership's Notes to the Partnership's Condensed Consolidated Financial Statements.

The Master Aggregator, at the discretion of the General Partner, has the authority to issue an unlimited number of

interests.

**Note 8. Commitments and Contingencies**

**Commitments**

The Investment Advisor agreed to advance organizational and offering expenses, other than Servicing Fees, on SP+

INFRA's behalf through the first anniversary of the Initial Closing Date. As of September 30, 2025, the Investment Advisor and

its affiliates have incurred organizational and offering expenses on SP+ INFRA's behalf in the amount of $8,125,266 of which

$6,758,050 related to organizational expenses and was expensed as incurred and $1,367,215 related to offering costs that are

capitalized as a deferred expense and amortized over twelve months.

Conditional commitment allocation for SP+ INFRA will be determined at closing. 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.

During the nine months ended September 30, 2025, the Master Aggregator made a total of $351,186,699 in commitments

to affiliated investee funds and portfolio companies as well as a total of $330,000,000 to other affiliated investments. As of

September 30, 2025, unfunded commitments to existing investments in affiliated investee funds and portfolio companies as

well as other affiliated investments was $102,689,789 and $251,094,345, respectively.

Stonepeak Imagine Bidco Limited (the "Company") through Stonepeak Imagine Holdco Limited (the "Imagine

Borrower") entered into a credit agreement (the "Imagine Credit Agreement") for a €160,000,000 term loan with Kroll Agency

Services Limited, as agent, and the other lenders on November 23, 2024. The Imagine Borrower guaranteed the obligations and

granted to the agent limited recourse security over all issued shares in the Company and over receivables under intercompany

loans made to the Company to secure the obligations. As of September 30, 2025, the outstanding amount of the term loan was

€173,041,484.

The Intermediate Entities through which the Partnership indirectly invests in AppleCore LP entered into a credit

agreement with MUFG Bank, Ltd, Société Générale, ING Capital LLC, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking

Corporation. The Intermediate Entities guaranteed the obligations and granted to the administrative agent a security interest in

and lien upon substantially all of their assets, including their investment in AppleCore LP, to secure the obligations. The value

of the investment as recorded on the Partnership's Schedule of Investments is net of the debt allocable to the Partnership.

The Master Aggregator holds an indirect interest in Stonepeak Tulia Lower Holdings LLC (the "Company") and its

subsidiary, Stonepeak Tulia Holdings LLC (the "Tulia Borrower"). The Tulia Borrower entered into a credit agreement on July

22, 2025 for two credit facilities: a$240 million senior secured first lien term loan facility and a $21.9 million senior secured

first lien letter of credit facility. The Company and the Tulia Borrower granted the lender recourse via a first-priority pledge of

substantially all of the assets and properties of the Tulia Borrower and a first-priority pledge of all the Company's equity

interests in the Tulia Borrower. As of September 30, 2025, the outstanding amount of the credit facilities was $261.9 million.

**Contingencies**

The Master 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 September 30, 2025, the Master Aggregator was not subject to any

material litigation nor was the Master Aggregator aware of any material litigation threatened against it.

**Indemnifications**

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Condensed Consolidated Financial Statements**

(Unaudited)

In the normal course of business, the Master Aggregator enters into contracts that contain a variety of indemnification

arrangements. However, the Master 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 September 30, 2025.

**Note 9. Financial Highlights**

The following operating expenses and net investment income/(loss) ratios for the nine months ended September 30, 2025

are calculated as a percentage of average Limited Partners' capital and are calculated for the Limited Partner class taken as a

whole. The computation of such ratios based on the amount of operating expenses and net investment income/(loss) assessed to

an individual Limited Partners' capital account may vary from these ratios based on the timing of its entry into the Master

Aggregator.

---

| | |
|:---|:---|
|  | **Nine Months** <br>**Ended September** <br>**30, 2025**<br>|
| Total Return (Limited Partners)<sup>(1)(2)</sup> | 17.3% |
| Ratio to average Limited Partners' Interests |  |
| Total operating expenses<sup>(2)</sup> | 0.67% |
| Total net investment income/(loss)<sup>(2)</sup> | (0.04)% |

---

(1) Total return is calculated based on a time-weighted rate of return methodology.

(2) These metrics are not calculated on an annualized basis.

**Note 10. Subsequent Events**

The General Partner has performed an evaluation of subsequent events through the date the condensed consolidated

financial statements were issued.

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

*The information contained in this section should be read in conjunction with our condensed consolidated financial statements*

*and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking*

*statements, which relate to future events or the future performance or financial condition and involves numerous risks and*

*uncertainties, including, but not limited to, those set forth in "Item 1A. Risk Factors" in our Quarterly Reports on Form 10-Q*

*for the periods ended March 31, 2025 and June 30, 2025, this Quarterly Report on Form 10-Q and our Form 10. This*

*discussion should be read in conjunction with the "Forward-Looking Statements" in this Quarterly Report on Form 10-Q.*

*Actual results could differ materially from those implied or expressed in any forward-looking statements.*

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial

statements and the related notes of Stonepeak-Plus Infrastructure Fund LP and the unaudited condensed consolidated financial

statements and the related notes of Stonepeak-Plus Infrastructure Fund Master Aggregator LP, both included within this

Quarterly Report on Form 10-Q.

In this report, we refer to Stonepeak-Plus Infrastructure Fund LP as the term "Partnership". The "Fund," "we," "us" or

"our" collectively refer to the Partnership, Stonepeak-Plus Infrastructure Fund (TE) LP (the "Feeder Fund"), Stonepeak-Plus

Infrastructure Fund Master Aggregator LP (the "Master Aggregator") and its consolidated subsidiaries and any Parallel Funds

(as defined in Part I. Item 1. Financial Statements), as the context requires.

The investment activities of the Partnership are carried out through the Master Aggregator, a non-consolidated affiliate of

the Partnership. As such, in this discussion and analysis, we believe it is important to present information for both the

Partnership and the Master Aggregator. The unaudited condensed consolidated financial statements of each entity are presented

in "Part I. Item 1. Financial Statements" of this Quarterly Report on Form 10-Q and for information related to the principles of

consolidation see "—Critical Accounting Estimates — Principles of Consolidation."

**Overview**

The Partnership was organized on April 29, 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, as amended (the

"1940 Act"). We are considered an investment company under U.S. GAAP and follow the accounting and reporting guidance

applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic

946. SP+ INFRA is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic repurchase

offers. The Partnership's investment objective is to deliver medium-to long-term capital appreciation and, to a lesser extent,

generate modest current income. The Partnership will seek to achieve this investment objective by providing access to the talent

and investment capabilities of Stonepeak's investment platform (the "Stonepeak Platform") to create a portfolio of diversified

alternative infrastructure and infrastructure-related investments primarily in – or alongside – the Stonepeak Funds.

**Recent Developments** 

***Business Environment***

As of November 14, 2025, public markets have experienced heightened volatility, driven by the impact of U.S. and

reciprocal tariffs and ongoing uncertainty in global economic markets. There is significant uncertainty as to the outcome of

ongoing global trade negotiations, the extent of retaliatory measures taken by other countries, the potential for a prolonged U.S.

government shutdown, geopolitical instability stemming from the conflicts in Ukraine and the Middle East and the ultimate

impact on the U.S. and global economies. A prolonged period of policy-driven uncertainty and continued market volatility

increases the likelihood of a slowdown in the U.S. and global economies which could adversely affect us, our investors, our

portfolio companies and the value of the underlying assets related to our investments. Historically, private markets have

exhibited lower levels of volatility compared to public equities during periods of market disruption, offering investors potential

diversification benefits. We believe private markets strategies provide unique opportunities for value creation through strategic

and operational support, enabling portfolio companies to unlock their full potential. However, ongoing fluctuations in industry

dynamics, regulatory developments, and broader macroeconomic factors may continue to contribute to elevated levels of

market volatility both in the United States and internationally.

***Performance Summary***

Since the Initial Closing Date, we have delivered positive performance across all classes in Stonepeak-Plus Infrastructure

Fund LP:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
| <br>**Unit Class** | **Year to Date Total** <br>**Return**<sup>(a),(b)</sup><br>| **Inception to Date** <br>**Total Return**<sup>(a), (b)</sup><br>|
| Class A-1a | 15.0% | 15.0% |
| Class A-1b | 15.1% | 15.1% |
| Class A-1c | 15.1% | 15.1% |
| Class F-1 | 15.2% | 15.2% |
| Class I-1 | 5.3% | 5.3% |
| Class X | 21.2% | 21.2% |

---

<sup>(a) Inception to date and year to date are unannualized returns from May 2,</sup><sup>2025</sup><sup>(the "Initial Closing Date").</sup>

<sup>(b) Returns shown reflect the percent change in the Transactional NAV per Unit from the beginning of the applicable period, plus the amount of any distribution per Unit declared</sup>

<sup>in the period. Returns shown are reflective of each Unit class and not of an individual investor. The Partnership believes total return is a useful measure of overall investment</sup>

<sup>performance of our Units.</sup>

**Results of Operations**

We are dependent upon the proceeds from our continuous private offering (the "Private Offering") in order to conduct

our business. We intend to acquire infrastructure assets with the capital received from our continuous Private Offering and any

indebtedness that we may incur in connection with such activities.

A discussion of the results of operations for the three and nine months ended September 30, 2025 is as follows:

**Revenues**

We generate revenues primarily from our investments, including dividends, distributions and capital appreciation on our

direct investments, secondary investments and primary commitments. To a lesser extent, we also generate revenue in the form

of interest income from our investments in Debt and Other Securities, which may be used to generate income, facilitate capital

deployment and provide a potential source of liquidity.

**Expenses**

**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Partnership and the cost of legal

services and other fees pertaining to the Partnership's organization. These costs are expensed as incurred. For the three and nine

months ended September 30, 2024, the Partnership incurred organization expenses of $1,109,437 and $1,680,980, respectively.

For the three and nine months ended September 30, 2025, the Partnership incurred organization expenses of $123,386 and

$3,870,510, respectively, which have been recorded as an expense on the Condensed Consolidated Statements of Operations.

The increase was driven organizational expenses for commencing the Partnership. As of September 30, 2025, organization

expenses amounting to $3,863,506 and $7,004 are included within Due to affiliate and Accounts payable and accrued expenses,

respectively, in the condensed consolidated statements of assets and liabilities.

**Offering Costs**

Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement and

costs in connection with the continuous offering of Units of the Partnership. Offering costs are recognized as a deferred charge

and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. The

Partnership did not incur offering costs for both the three and nine months ended September 30, 2024. For the three and nine

months ended September 30, 2025, the Partnership recognized amortization of offering costs in the amount of $354,018 and

$569,673, respectively. As of September 30, 2025, offering costs amounting to $543,110, $797,542, and $26,563 are included

within Due to affiliate, Deferred offering costs, and Accounts payable and accrued expenses, respectively, in the condensed

consolidated statements of assets and liabilities.

**Professional Fees**

Professional fees include but are not limited to administrative, audit, tax, and legal fees that do not fall under offering

costs. For the three and nine months ended September 30, 2025, the Partnership incurred professional fees of $962,188 and

$2,310,054, respectively. As of September 30, 2025, total professional fees of $1,329,388 and $980,666 are included within

Due to affiliate and Accounts payable and accrued expenses, respectively, in the condensed consolidated statements of assets

and liabilities.

**Unrealized Gain (Loss) on Investment in Master Aggregator**

The Partnership generates income primarily from its investment in the Master Aggregator. The Partnership had an

interest of 64.4% in the Master Aggregator as of September 30, 2025. For the three and nine months ended September 30, 2025,

the Master Aggregator generated a Net Increase/(Decrease) in Net Assets Resulting from Operations after Income Taxes of

$37,577,990 and $83,917,388, respectively. This resulted in the Partnership recognizing a Net Realized and Change in

Unrealized Gain/(Loss) on Investments in Master Aggregator of $23,177,715 and $52,738,180 for the three and nine months

ended September 30, 2025, respectively. Key drivers of the results of operations of the Master Aggregator are discussed below.

**Master Aggregator Income, Expenses and Net Realized and Unrealized Gain (Loss) on Investments**

The Master Aggregator generates income primarily from investments in Private Equity Investments and in Debt and

Other Securities, including net realized and unrealized gains and losses. 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.

We also generate income in the form of dividends and distributions on our Private Equity Investments.

For the three months ended September 30, 2025, the Master Aggregator's Net Increase/(Decrease) in Net Assets

Resulting from Operations after Income Taxes of $37,577,990 was attributable to an increase of $37,961,572 in Net Realized

and Unrealized Gain/(Loss) on Investments and Net Investment Income/(Loss) of $(368,056) which was primarily due to an

increase in ongoing expenses and unrealized appreciation during the three months ended September 30, 2025 for the Master

Aggregator.

*Master Aggregator Net Investment Income/(Loss)*

For the three and nine months ended September 30, 2025, the Master Aggregator's Net Investment Income/(Loss) was

$(368,056) and $(186,238), respectively.

*Master Aggregator Income*

For the three and nine months ended September 30, 2025, the Master Aggregator generated $1,299,184 and $2,839,061

in Total Income, respectively.

*Master Aggregator Expenses*

For the three and nine months ended September 30, 2025, the Master Aggregator incurred $1,667,240 and $3,025,299 in

Total Operating Expenses, respectively.

**Liquidity and Capital Resources**

For the three andnine months ended September 30, 2025, the Partnership had Total Assets of $436,441,786, which was

driven by the Fund commencing operations on the Initial Closing Date, investment activity, and increase in fair value of the

Master Aggregator. As of September 30, 2025, the Master Aggregator had Total Assets of $698,723,783.

For the three and nine months ended September 30, 2025, the Partnership had Total Liabilities of $30,937,905 which was

driven by operational expenses for commencing and maintaining the Partnership. As of September 30, 2025, the Master

Aggregator had Total Liabilities of $28,842,772, which was driven by a credit facility payable of $25,000,000 and operating

expenses.

We generate cash primarily from (i) the net proceeds of our continuous Private Offering, (ii) cash flows from our

operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt

securities.

Our primary use of cash is for (i) making alternative infrastructure and infrastructure related investments, (ii) the cost of

operations (including the Management Fee and Performance Participation Allocation), (iii) debt service of any borrowings, (iv)

periodic repurchases, including under the Unit Repurchase Program (as described herein), and (v) cash distributions to the

holders of our Units.

**Cash Flows**

On December 31, 2024, the Partnership was capitalized with a $1,000 investment by the General Partner.

As of September 30, 2025, the Partnership had $— in cash. During the nine months ended September 30, 2025, Net cash

used in operating activities was $381,592,358, driven by purchase of investments in the amount of $381,812,118.

As of September 30, 2025, the Master Aggregator had $16,488,553 in cash and cash equivalent. During the nine months

ended September 30, 2025, Net cash used in operating activities was $593,249,027, primarily due to purchase of investments in

the amount of $595,702,275.

As of September 30, 2025, cash, taken together with 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.

As of September 30, 2025, we had not declared or paid any distributions.

**Transactional Net Asset Value**

The Partnership calculates its Transactional NAV per Unit in accordance with valuation policies and procedures that

have been approved by the Board of Directors. The Partnership's Transactional NAV is the price at which it sells and

repurchases its Units and serves as a basis for certain fees incurred by the Partnership. The Partnership's 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 its valuation policy that has been approved by the Board of Directors.

Organizational and offering expenses advanced on the Partnership's behalf by the Investment Advisor will be recognized as a

reduction to the Partnership's Transactional NAV ratably over 60 months beginning on May 2, 2026, and Unitholder servicing

fees, as applicable, are recognized as a reduction to Partnership's Transactional NAV on a monthly basis as such fees are

accrued.

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| **Components of the Partnership's Transactional Net Asset Value** |  |
| Investment in Affiliated Investments | $436904474 |
| Cash and Cash Equivalent |  |
| Other Assets |  |
| Accrued Unitholder Servicing Fees | (495771) |
| Other Liabilities | (7145680) |
| **Transactional Net Asset Value** | $429263023 |

---

The Transactional NAV per Unit for each class of the Partnership as of September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
| <br>**Unit Class** | **Transactional NAV** <br>**Per Unit**<br>| **Number of Units** |
| Class A-1a | $29.64 | 10976328 |
| Class A-1b | $29.66 | 1710915 |
| Class A-1c | $29.69 | 1163964 |
| Class F-1 | $29.69 | 177892 |
| Class I-1 | $30.02 | 212641 |
| Class X | $30.29 | 230043 |
|  |  | 14471783 |

---

The following table reconciles GAAP Net Asset Value to Partnership's Transactional Net Asset Value:

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| GAAP Net Asset Value | $405503881 |
| Adjustments |  |
| Organizational and offering expenses and Initial Fund expenses | 11673003 |
| Servicing Fee | 12223147 |
| Non-Controlling Interests in Consolidated Entities | (137008) |
| Transactional Net Asset Value | $429263023 |

---

**Critical Accounting Estimates**

The preparation of the condensed consolidated financial statements in accordance with accounting principles generally

accepted in the United States of America ("GAAP") involves significant judgments and assumptions and requires estimates

about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our

disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported

amounts of income and expenses during the reporting periods. With different estimates or assumptions, materially different

amounts could be reported in our condensed consolidated financial statements. The following is a summary of our significant

accounting policies that we believe are the most affected by our judgments, estimates and assumptions.

***Fair Value***

The Partnership has indirect exposure to gains and losses on underlying investments because it invests in the

Intermediate Entities which, in turn, holds such underlying investments through the Intermediate Entities' subsidiaries.

Valuations of investments held by the Intermediate Entities are disclosed in the notes to the Master Aggregator's condensed

consolidated financial statements. For information regarding net realized and change in unrealized gains and losses on such

investments held indirectly by the Partnership, see the Master Aggregator's condensed consolidated financial statements.

The Partnership measures its investment in the Intermediate Entities at fair value using the net asset value of the

Intermediate Entities. The net asset value of the Intermediate Entities is considered a practical expedient that represents fair

value as (a) the investment does not have a readily determinable fair value because the Intermediate Entities' net asset value is

not published or the basis for current transactions, (b) the Intermediate Entities are investment companies and (c) the net asset

value of the Intermediate Entities are 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 the Partnership's investment in the Master Aggregator are presented within Net

change in unrealized gain (loss) on investments in the Condensed Consolidated Statements of Operations.

***Servicing Fee***

Each of the Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1 Units, and Class S-2 Units

bear a monthly servicing fee (the "Servicing Fee"), in an amount equal (on an annualized basis) to 0.50% with respect to Class

A-1a Units, 0.25% with respect to Class A-1b Units, Class D-1 Units and Class D-2 Units, and 0.85% with respect to Class S-1

Units and Class S-2 Units, of the NAV of such Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1

Units and Class S-2 Units, as applicable, of each month. The Servicing Fee is calculated based on NAV as of the end of each

month before giving effect to any accruals for the Servicing Fee, repurchases, if any, for the applicable month and distributions

payable on such Units. For the avoidance of doubt, the Servicing Fees are payable by the Partnership, and Unitholders are not

billed separately for payment of the fees.

The Investment Advisor remits payment of the ongoing Servicing Fees on behalf of the Partnership and is reimbursed by

the Partnership for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the

Partnership. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for

reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the

Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest.

For the three and nine months ended September 30, 2025, Servicing Fees of $4,025,459 and $12,718,918 was accrued,

respectively.

***Principles of Consolidation***

The Partnership and the Master Aggregator are both investment companies under ASC 946. There is inherent judgment

in how to apply ASC Topic 810, Consolidation ("ASC 810"), to instances where an investment company invests in another

investment company as generally investment companies do not consolidate their investments and rather report them at fair

value. The Partnership considered the guidance in ASC 810, ASC 946 and certain SEC industry guidance in concluding that

non-consolidation of the Master Aggregator by the Partnership was appropriate. In considering ASC 810, the following factors

were deemed important in supporting a conclusion that the Partnership does not have a controlling financial interest in the

Master Aggregator: (a) the Master Aggregator's purpose is to pool investments across funds from various regions, (b) there is

no contractual mechanism for the Partnership to control the Master Aggregator and (c) essentially all of the Master

Aggregator's activities are not conducted solely on behalf of the Partnership. The Partnership believes non-consolidation is the

financial presentation that most meaningfully presents the financial position and results of operations. As the investment in and

operations of the Master Aggregator are an integral part of the Partnership's condensed consolidated financial statements, two

sets of financial statements are included in this Quarterly Report on Form 10-Q, one for the Partnership and one for the Master

Aggregator. Barring a significant change to the activities and structure of the Master Aggregator, we do not expect this

consolidation conclusion and the resulting presentation to change.

**Recent Accounting Pronouncements**

For information regarding recent accounting developments and their impact on the Partnership and the Master

Aggregator, see "Note 2. Summary of Significant Accounting Policies" in the "Notes to Condensed Consolidated Financial

Statements" of Stonepeak-Plus Infrastructure Fund LP and "Note 2. Summary of Significant Accounting Policies" in the "Notes

to Condensed Consolidated Financial Statements" of Stonepeak-Plus Infrastructure Fund Master Aggregator LPto our

condensed consolidated financial statements in this Quarterly Report on Form 10-Q.

**Off-Balance Sheet Arrangements**

We currently do not have any off-balance sheet financings or liabilities other than contractual commitments and other

legal contingencies incurred in the normal course of our business.

**Contractual Obligations**

See "Results of Operations" above for our contractual obligations and commitments regarding payments due subsequent

to September 30, 2025.

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

Our primary market risk exposure is the changes in fair values and interest rate risk with respect to our alternative

infrastructure and infrastructure related investments. As of September 30, 2025, we had alternative infrastructure and

infrastructure related investments. The Investment Advisor is responsible for the oversight of risks to our business.

**Changes in Fair Value**

With respect to our proposed business operations, we plan to invest, primarily in equity securities of private companies

and illiquid debt. Most of our investments will not have a readily available market price, and we will value these investments at

fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance

with the Fund's valuation policy. There is no single standard for determining fair value in good faith. As a result, 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 we make. If we were required to liquidate a

portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and

such differences could be material.

**Interest Rates Risk**

With respect to our proposed business operations, general increases in interest rates over time may cause the interest

expense associated with our borrowings to increase, and the value of our debt acquisitions to decline. Conversely, general

decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of

our debt acquisitions to increase. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the

interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment

prior to the inflationary spike in 2022-2023.

**Item 4. 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

Securities Exchange Act of 1934 (as amended, the "Exchange Act")) that are designed to ensure that the information required to

be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and

reported within the time periods specified in the SEC's rules and forms and such information is accumulated and communicated

to management, including the Chief Executive Officer (principal executive officer) and the Chief Financial Officer (principal

financial officer), as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no

matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives.

We carried out an evaluation, under the supervision and with the participation of our management, including the Chief

Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls

and procedures as of September 30, 2025. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer

have concluded that, as of September 30, 2025, our disclosure controls and procedures were effective to accomplish their

objectives at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) of

the Exchange Act) occurred during the quarter ended September 30, 2025 that materially affected, or are reasonably likely to

materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

Neither we, the General Partner nor the Investment Advisor are currently subject to any pending material legal

proceedings against us, the General Partner or the Investment Advisor. From time to time, we, the General Partner or the

Investment Advisor 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 previously disclosed in the Form 10 and our Quarterly Reports

on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025.

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

**Unregistered Sales of Equity Securities**

All sales of unregistered securities during the nine months ended September 30, 2025 were previously disclosed.

**Unit Repurchases**

There has been no repurchases of Units for the nine months ended September 30, 2025.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

(a) Disclosure in lieu of reporting on a Current Report on Form 8-K.

None.

(b) Material changes to the procedures by which security holders may recommend nominees to the board of directors.

None.

(c) Insider Trading Arrangements and Policies.

During the quarter ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the

Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement

(as such terms are defined in Item 408 of Regulation S-K).

**Item 6. Exhibits**

The following is a list of all exhibits filed or furnished as part of this Quarterly Report on Form 10-Q:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
| <br>**Exhibit**<br>**Number**<br>| <br>**Exhibit Description** | **Form** | **File No.** | **Exhibit** | **Filing**<br>**Date**<br>| **Filed/**<br>**Furnished**<br>**Herewith**<br>|
| 3.1 | <u>[Certificate of Limited Partnership](https://www.sec.gov/Archives/edgar/data/2045458/000114036124048214/ny20038852x1_ex3-2.htm)</u> | 10-12G | 000-56711 | 3 | 12/03/24 |  |
| 3.2 | <u>[Certificate of Amendment to Certificate of Limited](https://www.sec.gov/Archives/edgar/data/2045458/000114036124048214/ny20038852x1_ex3-3.htm)</u><br><u>[Partnership](https://www.sec.gov/Archives/edgar/data/2045458/000114036124048214/ny20038852x1_ex3-3.htm)</u><br>| 10-12G | 000-56711 | 3 | 12/03/24 |  |
| 3.3 | <u>[Second Amended and Restated Limited Partnership](https://www.sec.gov/Archives/edgar/data/2045458/000204545825000014/stonepeak-plusinfrastruc.htm)</u><br><u>[Agreement](https://www.sec.gov/Archives/edgar/data/2045458/000204545825000014/stonepeak-plusinfrastruc.htm)</u><br>| 8-K | 000-56711 | 3.1 | 11/05/25 |  |
| 10.1 | <u>[Revolving Credit Agreement](https://www.sec.gov/Archives/edgar/data/2045458/000114036125026748/ef20052280_ex10-1.htm)</u> | 8-K | 000-56711 | 10.1 | 07/22/25 |  |
| 31.1 | <u>[Certification of Principal Executive Officer, pursuant to](exhibit311q32025.htm)</u><br><u>[Rule 13a-14(a) of the Securities Exchange Act of 1934, as](exhibit311q32025.htm)</u><br><u>[amended, as adopted pursuant to Section 302 of the](exhibit311q32025.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](exhibit311q32025.htm)</u><br>|  |  |  |  | \* |
| 31.2 | <u>[Certification of Chief Financial Officer, pursuant to Rule](exhibit312q32025.htm)</u><br><u>[13a-14(a) of the Securities Exchange Act of 1934, as](exhibit312q32025.htm)</u><br><u>[amended, as adopted pursuant to Section 302 of the](exhibit312q32025.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](exhibit312q32025.htm)</u><br>|  |  |  |  | \* |
| 32.1 | <u>[Certification of Principal Executive Officer, pursuant to](exhibit321q32025.htm)</u><br><u>[18 U.S.C. Section 1350, as adopted pursuant to Section](exhibit321q32025.htm)</u><br><u>[906 of the Sarbanes-Oxley Act of 2002](exhibit321q32025.htm)</u><br>|  |  |  |  | \*\* |
| 32.2 | <u>[Certification of Chief Financial Officer, pursuant to 18](exhibit322q32025.htm)</u><br><u>[U.S.C. Section 1350, as adopted pursuant to Section 906](exhibit322q32025.htm)</u><br><u>[of the Sarbanes-Oxley Act of 2002](exhibit322q32025.htm)</u><br>|  |  |  |  | \*\* |
| 101.INS | XBRL Instance Document |  |  |  |  | \* |
| 101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  | \* |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase <br>Document<br>|  |  |  |  | \* |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase <br>Document<br>|  |  |  |  | \* |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  | \* |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase <br>Document<br>|  |  |  |  | \* |
| 104 | Cover Page Interactive Data File (formatted as Inline <br>XBRL and contained in Exhibit 101)<br>|  |  |  |  |  |

---

__________

\* Filed herewith.

\*\* Furnished herewith.

The agreements and other documents filed as exhibits to this Quarterly Report on Form 10-Q are not intended to provide factual

information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and

unitholders should not rely on them for that purpose. In particular, any representations and warranties made by us in these

agreements or other documents were made solely within the specific context of the relevant agreement or document and may

not describe the actual state of affairs as of the date they were made or at any other time.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be

signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Stonepeak-Plus Infrastructure Fund LP** | **Stonepeak-Plus Infrastructure Fund LP** |
| Date: November 14, 2025 | By: | /s/ Cyrus Gentry |
|  |  | Cyrus Gentry |
|  |  | Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |

---

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | /s/ Steve Mlynar |
|  |  | Steve Mlynar |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial Officer and Principal* <br>*Accounting Officer)*<br>|

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Cyrus Gentry, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Stonepeak-Plus Infrastructure Fund LP;

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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: November 14, 2025 | By: | /s/ Cyrus Gentry |
|  |  | Cyrus Gentry |
|  |  | Chief Executive Officer<br>*(principal executive officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Steve Mlynar, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of Stonepeak-Plus Infrastructure Fund LP;

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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: November 14, 2025 | By: | /s/ Steve Mlynar |
|  |  | Steve Mlynar |
|  |  | Chief Financial Officer<br>*(principal financial officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

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

In connection with the Quarterly Report on Form 10-Q of Stonepeak-Plus Infrastructure Fund LP (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, 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:

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

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

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | /s/ Cyrus Gentry |
|  |  | Cyrus Gentry |
|  |  | Chief Executive Officer<br>*(principal executive officer)* |

---

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

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

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

In connection with the Quarterly Report on Form 10-Q of Stonepeak-Plus Infrastructure Fund LP (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, 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:

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

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

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | /s/ Steve Mlynar |
|  |  | Steve Mlynar |
|  |  | Chief Financial Officer<br>(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.*

<br>