Net Asset Value (Form 8-K)

Net Asset Value

We calculate net asset value per share in accordance with valuation policies and procedures that have been approved by our board of directors. Our GAAP net asset value ("GAAP Net Asset Value") is our net asset value determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Our Transactional Net Asset Value is calculated by adjusting our GAAP Net Asset Value as of the relevant valuation date for (i) the recognition of the shareholder servicing fees and distribution fees on a monthly basis as such fees are accrued, (ii) the exclusion of tax liabilities of certain taxable subsidiaries through which the Company holds Infrastructure Assets that are contingent upon the expected manner of the divestment of the associated underlying Infrastructure Asset and are not expected to be recognized by the Company (although the current tax liabilities of any such taxable subsidiaries may be taken into account in determining the fair value of the associated underlying Infrastructure Assets) and (iii) effective January 1, 2026, the capitalization and amortization of certain financing and acquisition-related costs incurred in connection with the acquisition of certain assets (and thus recognized as a deduction to the Transactional Net Asset Value over time) over a period not exceeding ten years. The following table provides a breakdown of the major components of our Transactional Net Asset Value as of December 31, 2025 and September 30, 2025 ($ in thousands, except shares):

Components of Transactional Net Asset Value						December 31, 2025						September 30, 2025
Investments at fair value (cost of $4,649,580 and $4,393,960, respectively)						$	5,572,347					$	5,197,380
Cash and cash equivalents						980,166						532,318
Foreign currencies at fair value (cost of $183 and $458, respectively)						184						462
Other assets						41,426						40,918
Other liabilities						(92,605)						(193,916)
Accrued performance participation allocation						(19,032)						(54,508)
Management fee payable						(5,795)						(3,570)
Accrued shareholder servicing fees and distribution fees (1)						(5,002)						(4,357)
Transactional Net Asset Value						$	6,471,689					$	5,514,727
Number of outstanding shares						215,892,126						186,061,352

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

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of December 31, 2025 ($ in thousands, except shares and per share data):

Transactional Net Asset Value Per Share						Class I Shares						Class S Shares						Class U Shares						Class R Shares						Class D Shares						Class E Shares						Class F Shares						Class G Shares						Class H Shares						Total
Monthly Transactional Net Asset Value						$	1,945,574					$	2,002,444					$	1,418,628					$	893,856					$	114,231					$	1					$	96,953					$	1					$	1					$	6,471,689
Number of outstanding shares						64,941,265						66,822,242						47,404,585						29,830,337						3,815,313						40						3,078,264						40						40						215,892,126
Transactional Net Asset Value per Share as of December 31, 2025						$	29.96					$	29.97					$	29.93					$	29.96					$	29.94					$	31.50					$	31.50					$	34.74					$	34.74

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of September 30, 2025 ($ in thousands, except shares and per share data):

Transactional Net Asset Value Per Share						Class I Shares						Class S Shares						Class U Shares						Class R-D Shares						Class R Shares						Class D Shares						Class E Shares						Class F Shares						Class G Shares						Class H Shares						Total
Monthly Transactional Net Asset Value						$	1,491,531					$	1,606,840					$	1,406,700					$	24,518					$	884,087					$	63,727					$	1					$	37,321					$	1					$	1					$	5,514,727
Number of outstanding shares						50,339,918						54,191,882						47,510,955						827,915						29,835,400						2,151,879						40						1,203,283						40						40						186,061,352
Transactional Net Asset Value per Share as of September 30, 2025						$	29.63					$	29.65					$	29.61					$	29.61					$	29.63					$	29.61					$	31.02					$	31.02					$	33.87		$	33.86		$	33.86

Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value

The following table reconciles GAAP Net Asset Value to our Transactional Net Asset Value as of December 31, 2025 and September 30, 2025 ($ in thousands):

						As of December 31, 2025						As of September 30, 2025
GAAP Net Asset Value						$	6,259,351					$	5,330,805
Adjustment:
Accrued shareholder servicing fees and distribution fees (1)						199,481						172,620
Deferred tax liabilities of certain taxable subsidiaries (2)						12,857						11,302
Transactional Net Asset Value						$	6,471,689					$	5,514,727

(1) Represents an adjustment to reflect Shareholder servicing fees and distribution fees related to Class S Shares, Class U Shares, Class D Shares and Class R-D Shares sold as they are accrued on a monthly basis.

(2) Represents an adjustment to exclude tax liabilities of certain taxable subsidiaries through which the Company holds Infrastructure Assets that are contingent upon the expected manner of the divestment of the associated underlying Infrastructure Asset and are not reasonably expected to be recognized by the Company.

Valuation Methodologies and Significant Inputs

The following table presents additional information about valuation methodologies and significant inputs used for Infrastructure Assets that are valued at fair value as of December 31, 2025 and September 30, 2025:

												As of December 31, 2025												As of September 30, 2025
Valuation Methodology & Inputs						Unobservable Input(s) (1)						Weighted Average (2)						Range						Weighted Average (2)						Range
Inputs to market comparables, discounted cash flow and transaction price/other						Illiquidity Discount						7.1%						5.0% - 10.0%						7.1%						5.0% - 10.0%
						Weight Ascribed to Market Comparables						1.9%						0.0% - 50.0%						1.9%						0.0% - 25.0%
						Weight Ascribed to Discounted Cash Flow						94.2%						0.0% - 100.0%						90.4%						0.0% - 100.0%
						Weight Ascribed to Transaction Price/Other						3.9%						0.0% - 100.0%						7.7%						0.0% - 100.0%
Market Comparables						Enterprise Value / Forward EBITDA Multiple						17.0x						11.7x - 20.4x						17.2x						11.4x - 21.0x
Discounted Cash Flow						Weighted Average Cost of Capital (3)						11.1%						6.6% - 22.4%						10.8%						6.7% - 21.2%
						Enterprise Value / EBITDA Exit Multiple (4)						13.6x						2.5x - 23.8x						13.8x						3.9x - 22.8x

(1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit

strategies and realization opportunities. The Company's manager (the "Manager") has determined that market participants would take these inputs into account when valuing the investments.

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

(3) Inputs include unlevered discount rate for certain Infrastructure Assets.

(4) Inputs include exit multiple of net operating income rate for certain Infrastructure Assets.

The Manager is ultimately responsible for our net asset value calculations.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by our independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our asset values as of December 31, 2025 and September 30, 2025:

As of December 31, 2025

As of September 30, 2025

Input

Hypothetical Change

Infrastructure Asset Values

Hypothetical Change

Infrastructure Asset Values

Weighted Average Cost of Capital (1)

0.25% decrease

+2.43%

0.25% decrease

+2.33%

0.25% increase

-2.38%

0.25% increase

-2.28%

(1) Inputs include unlevered discount rate for certain Infrastructure Assets.