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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 October 31, 2025 ($ in thousands, except shares):
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| Components of Transactional Net Asset Value | | October 31, 2025 | |
| Investments at fair value (cost of $4,402,792) | | $ | 5,169,702 | | |
| Cash and cash equivalents | | 701,512 | | |
| Foreign currencies at fair value (cost of $175) | | 175 | | |
| Other assets | | 87,694 | | |
| Other liabilities | | (26,500) | | |
| Accrued performance participation allocation | | (3,489) | | |
| Management fee payable | | (362) | | |
Accrued shareholder servicing fees and distribution fees (1) | | (4,582) | | |
| Transactional Net Asset Value | | $ | 5,924,150 | | |
| Number of outstanding shares | | 199,028,037 | | |
(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 October 31, 2025 ($ in thousands, except shares and per share data):
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| 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 | | $ | 1,657,380 | | | $ | 1,762,303 | | | $ | 1,420,300 | | | $ | 24,855 | | | $ | 894,801 | | | $ | 68,580 | | | $ | 1 | | | $ | 95,928 | | | $ | 1 | | | $ | 1 | | | $ | 5,924,150 | | |
| Number of outstanding shares | | 55,703,731 | | | 59,229,533 | | | 47,803,827 | | | 835,946 | | | 30,070,481 | | | 2,306,564 | | | 40 | | | 3,077,835 | | | 40 | | | 40 | | | 199,028,037 | | |
| Transactional Net Asset Value per Share as of October 31, 2025 | | $ | 29.75 | | | $ | 29.75 | | | $ | 29.71 | | | $ | 29.73 | | | $ | 29.76 | | | $ | 29.73 | | | $ | 31.17 | | | $ | 31.17 | | | $ | 34.03 | | | $ | 34.03 | | | | |
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 October 31, 2025 ($ in thousands):
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| | As of October 31, 2025 | |
| GAAP Net Asset Value | | $ | 5,724,345 | | |
| Adjustment: | | | |
Accrued shareholder servicing fees and distribution fees (1) | | 187,624 | | |
Deferred tax liabilities of certain taxable subsidiaries (2) | | $ | 12,181 | | |
| Transactional Net Asset Value | | $ | 5,924,150 | | |
(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 October 31, 2025:
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| | | | As of October 31, 2025 | |
| Valuation Methodology & Inputs | | Unobservable Input(s) (1) | | Weighted Average (2) | | Range | |
| Inputs to market comparables, discounted cash flow and transaction price/other | | Illiquidity Discount | | 7.1% | | 5.0% - 10.0% | |
| | Weight Ascribed to Market Comparables | | 2.0% | | 0.0% - 25.0% | |
| | Weight Ascribed to Discounted Cash Flow | | 90.8% | | 0.0% - 100.0% | |
| | Weight Ascribed to Transaction Price/Other | | 7.2% | | 0.0% - 100.0% | |
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| Market Comparables | | Enterprise Value / Forward EBITDA Multiple | | 17.7x | | 11.6x - 21.6x | |
| | | | | | | |
| Discounted Cash Flow | | Weighted Average Cost of Capital (3) | | 10.8% | | 6.6% - 21.0% | |
| | Enterprise Value / EBITDA Exit Multiple (4) | | 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 October 31, 2025:
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| | As of October 31, 2025 | |
| Input | | Hypothetical Change | | Infrastructure Asset Values | |
Weighted Average Cost of Capital (1) | | 0.25% decrease | | +2.39% | |
| | 0.25% increase | | -2.32% | |
(1) Inputs include unlevered discount rate for certain Infrastructure Assets.