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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 March 31, 2026


☐	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 Organization)				(IRS Employer Identification No.)
55 Hudson Yards 550 W 34th Street New York, NY				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 April 29, 2026, the registrant had the following limited partnership units outstanding: 20,016,993 units of Class A-1a, 2,361,020 units of Class A-1b,

1,240,821 units of Class A-1c, 179,856 units of Class F-1, 1,027,318 units of Class I-1, 1,524 units of Class S-1, 4,807,417 units of Class X and no units of

Classes D-1, D-2, F-2, F-3, F-4, and S-2.

TABLE OF CONTENTS


		Page
Part I - Financial Information		4
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund LP:
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	4
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	5
	Condensed Consolidated Statement of Changes in Net Assets for the Three Months Ended March 31, 2026 (Unaudited)	6
	Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2026 (Unaudited)	7
	Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9
	Condensed Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund Master Aggregator LP:
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	22
	Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2026 (Unaudited)	23
	Condensed Consolidated Statement of Changes in Net Assets for the Three Months Ended March 31, 2026 (Unaudited)	24
	Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2026 (Unaudited)	25
	Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	26
	Notes to Condensed Consolidated Financial Statements (Unaudited)	28
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	52
Item 4.	Controls and Procedures	53

Part II - Other Information		53
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 3.	Defaults Upon Senior Securities	54
Item 4.	Mine Safety Disclosures	54
Item 5.	Other Information	54
Item 6.	Exhibits	55
Signatures		56

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, a Delaware series limited partnership, the

Master Aggregator (as defined below), and any other vehicle(s) used to aggregate the holdings of the Fund and any Parallel

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 Aggregator” 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 Annual

Report on Form 10-K for the year ended December 31, 2025, filed on March 31, 2026 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
	March 31, 2026	December 31, 2025
Assets
Affiliated investments at fair value (Cost $818,638,607 as of March 31, 2026; $688,037,634 as of December 31, 2025)	$936,589,565	$774,862,476
Cash	—	—
Distribution receivable from affiliated investments	6,986,441	3,902,795
Deferred offering costs	138,822	483,481
Prepaid expenses	246,275	89,822
Total Assets	$943,961,103	$779,338,574

Liabilities
Servicing fee payable	$22,261,552	$16,605,261
Due to affiliate	12,642,390	10,576,861
Distribution payable	6,350,933	3,561,727
Accrued performance participation allocation	4,016,784	10,824,588
Accounts payable and accrued expenses	1,607,852	1,911,421
Management fee payable	371,316	371,316
Total Liabilities	47,250,827	43,851,174

Commitments and contingencies (See Note 7)

Net Assets	896,710,276	735,487,400

Net Assets are comprised of
Limited Partnership Unit - Class A-1a Units, unlimited Units authorized, 18,445,577 Units issued and outstanding ($30.18 NAV per Unit) as of March 31, 2026; 14,216,531 Units issued and outstanding ($29.26 NAV per Unit) as of December 31, 2025	556,776,153	415,998,052
Limited Partnership Unit - Class A-1b Units, unlimited Units authorized, 2,047,143 Units issued and outstanding ($30.77 NAV per Unit) as of March 31, 2026; 1,722,867 Units issued and outstanding ($29.82 NAV per Unit) as of December 31, 2025	62,991,818	51,377,386
Limited Partnership Unit - Class A-1c Units, unlimited Units authorized, 1,219,808 Units issued and outstanding ($31.34 NAV per Unit) as of March 31, 2026; 1,163,964 Units issued and outstanding ($30.37 NAV per Unit) as of December 31, 2025	38,227,471	35,345,256
Limited Partnership Unit - Class F-1 Units, unlimited Units authorized, 179,856 Units issued and outstanding ($31.34 NAV per Unit) as of March 31, 2026; 179,183 Units issued and outstanding ($30.37 NAV per Unit) as of December 31, 2025	5,636,494	5,441,099
Limited Partnership Unit - Class I-1 Units, unlimited Units authorized, 891,130 Units issued and outstanding ($31.61 NAV per Unit) as of March 31, 2026; 517,477 Units issued and outstanding ($30.67 NAV per Unit) as of December 31, 2025	28,167,367	15,868,446
Limited Partnership Unit - Class X Units, unlimited Units authorized, 6,326,657 Units issued and outstanding ($32.36 NAV per Unit) as of March 31, 2026; 6,772,578 Units issued and outstanding ($31.20 NAV per Unit) as of December 31, 2025	204,756,406	211,300,536
General Partner Interest	—	—
Non-Controlling Interests in Consolidated Entities	154,567	156,625
Total Net Assets	$896,710,276	$735,487,400

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

1 The financial statements were not consolidated as of March 31, 2025.

Stonepeak-Plus Infrastructure Fund LP

Condensed Consolidated Statements of Operations (Unaudited)


	Three Months Ended March 31,
	2026	20251
Income
Distribution income from affiliates	$6,994,118	$—
Total income	6,994,118	—
Operating expenses
Performance participation allocation	$4,016,784	$—
Management fee, gross	1,497,085	—
Professional fees	1,159,963	530,588
Amortization of offering costs	560,076	—
Net accretion of interest on servicing fee payable	544,153	—
Other fees	197,852	142,858
Organization costs	32,271	1,515,295
Total operating expenses	8,008,184	2,188,741
Management fee offset	(1,497,085)	—
Net operating expenses	6,511,099	2,188,741
Reimbursable expenses previously borne by an affiliate of the Investment Advisor (Note 5)	—	2,743,988
Net investment income/(loss)	483,019	(4,932,729)
Net realized and change in unrealized gain/(loss) on investments
Net realized gain/(loss) on investments	—	—
Net change in unrealized gain/(loss) on investments	31,126,116	—
Net realized and change in unrealized gain/(loss) on investments	31,126,116	—
Net increase/(decrease) in net assets resulting from operations	31,609,135	(4,932,729)
Less: net increase/(decrease) in net assets resulting from operations attributable to non- controlling interests in consolidated entities	(2,058)	—
Net increase/(decrease) in net assets resulting from operations attributable to Stonepeak-Plus Infrastructure Fund LP	$31,611,193	$(4,932,729)

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

Stonepeak-Plus Infrastructure Fund LP

Condensed Consolidated Statement of Changes in Net Assets (Unaudited)


	Three Months Ended March 31, 2026
	Class A-1a	Class A-1b	Class A-1c	Class F-1	Class I-1	Class X	General Partner Interest	Non- Controlling Interests in Consolidated Entities	Total Net Assets/ (Deficit)
Balance at December 31, 2025	$415,998,052	$51,377,386	$35,345,256	$5,441,099	$15,868,446	$211,300,536	$—	$156,625	$735,487,400
Net investment income/ (loss)	(1,383,288)	(44,691)	50,687	11,139	(22,467)	1,872,395	—	(756)	483,019
Proceeds from Units issued	130,560,361	10,000,000	1,745,130	—	11,625,000	50,000	—	—	153,980,491
Issuance of Units for performance participation allocation	—	—	—	—	—	10,824,588	—	—	10,824,588
Distributions reinvested	1,353,535	190,788	—	20,748	51,883	3,627	—	—	1,620,581
Redemption of Units	—	—	—	—	—	(25,000,000)	—		(25,000,000)
Distributions to Unitholders	(3,825,138)	(457,608)	(292,755)	(43,166)	(221,647)	(1,518,398)	—	—	(6,358,712)
Servicing fees	(5,241,264)	(211,943)	—	—	—	—	—	—	(5,453,207)
Net realized gain/(loss) on investments	—	—	—	—	—	—	—	—	—
Net change in unrealized gain/(loss) on investments	19,313,895	2,137,886	1,379,153	206,674	866,152	7,223,658	—	(1,302)	31,126,116
Balance at March 31, 2026	$556,776,153	$62,991,818	$38,227,471	$5,636,494	$28,167,367	$204,756,406	$—	$154,567	$896,710,276

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)


		Three Months Ended March 31, 2026
Operating activities
Net increase in net assets resulting from operations		$31,609,135
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities
Purchases of investments		(157,549,898)
Distribution received from affiliated investee funds		26,948,925
Net change in unrealized (gain)/loss on investments		(31,126,116)
Amortization of offering costs		560,076
Net accretion of interest on servicing fee payable		544,153
Changes in assets and liabilities
Distribution receivable		(3,083,646)
Deferred offering costs		(215,417)
Prepaid expenses		(156,453)
Accrued performance participation allocation		4,016,784
Due to affiliate		2,065,529
Accounts payable and accrued expenses		(303,569)
Net cash used in operating activities		$(126,690,497)
Financing activities
Proceeds from Units issued		153,980,491
Redemption of Units		(25,000,000)
Distributions to Unitholders		(1,948,925)
Servicing fee paid		(341,069)
Net cash provided by financing activities		$126,690,497

Cash
Net increase/(decrease) in cash		—
Cash, beginning of period		—
Cash, end of period		$—

Supplemental disclosure of non-cash financing activities
Issuance of Units for performance participation allocation		$10,824,588
Servicing fee payable		$5,656,291
Distributions reinvested		$1,620,581

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

1 EMEA is defined as Europe, Middle East and Africa.

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

Partners Holdings LP, Stonepeak GP Investors Holdings LP, and Stonepeak GP Investors Holdings (CYM) LP.

Stonepeak-Plus Infrastructure Fund LP

Condensed Consolidated Schedule of Investments (Unaudited)

As of March 31, 2026

Name of Investment

Type of

Investment

Industry

Geography

Cost

Fair Value

Fair Value as

a Percentage

of Net Assets

Investments

Other Affiliated

Investments

Other investments

LP Interest

Digital

Infrastructure

EMEA1

$2,500,000

$3,925,272

0.4%

Affiliated Investee Funds

Stonepeak-Plus

Infrastructure Fund

Master Aggregator LP

LP Interest

Various

815,229,833

931,664,003

103.9%

Stonepeak-Plus

Infrastructure Fund

Aggregator I LP2

LP Interest

Various

Americas

908,774

1,000,290

0.1%

Total Affiliated

Investments

$816,138,607

$932,664,293

104.0%

Total Investments

$818,638,607

$936,589,565

104.4%

As of December 31, 2025

Name of Investment

Type of

Investment

Industry

Geography

Cost

Fair Value

Fair Value as

a Percentage

of Net Assets

Investments

Other Affiliated

Investments

Other Investments

LP Interest

Digital

Infrastructure

EMEA1

$2,500,000

$3,957,829

0.5%

Affiliated Investee Funds

Stonepeak-Plus

Infrastructure Fund

Master Aggregator LP

LP Interest

Various

684,689,313

769,970,555

104.7%

Stonepeak-Plus

Infrastructure Fund

Aggregator I LP2

LP Interest

Communications

Americas

848,321

934,092

0.1%

Total Affiliated

Investments

$685,537,634

$770,904,647

104.8%

Total Investments

$688,037,634

$774,862,476

105.3%

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 Second Amended and Restated Limited Partnership Agreement dated as of

October 31, 2025, subsequently amended by Amendment No. 1 of the Second Amended and Restated Limited Partnership

Agreement on March 30, 2026 (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 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 the Partnership, Feeder Fund and Master Aggregator. For the three months ended March 31, 2026, the Partnership

incurred an Administration Fee of $240,253, which has been included as Professional fees on the Condensed Consolidated

Statements of Operations.

The Partnership conducts and expects to continue conducting a continuous 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 redemptions, which enables investors to gain exposure to private markets asset classes, such as

infrastructure and real assets.

On May 4, 2026, the General Partner entered into the Third Amended and Restated Limited Partnership Agreement of

the Partnership. For further information, see “Note 9. Subsequent Events.”

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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, 2025 were derived from the audited annual

financial statements. The condensed consolidated financial statements as of and for the period ended March 31, 2026, 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. A

statement of changes in net assets, statement of cash flows and financial highlights have not been presented or disclosed as of

March 31, 2025 because the Partnership had not commenced operations as of March 31, 2025. Certain reclassifications of prior

period’s amounts have been made to conform to the current period presentation, such as marketing expenses were moved to

other fees on the Condensed Consolidated Statements of Operations. 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. 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 substantially 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 certain Intermediate Entities, except for the entities noted below, 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.

The investment held at the Consolidated Entities is measured and reported at fair value and is 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 Partnership does not

adjust the quoted price for these investments (to the extent it holds them) even in situations where the Partnership

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 distribution income from investments on the ex-distribution date. In the case

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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

income, distribution 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 months

ended March 31, 2026, the Partnership incurred organization expenses of $32,271, which have been recorded as an expense on

the Condensed Consolidated Statements of Operations. As of March 31, 2026, organization expenses amounting to $3,985,976

and $19,644 are included within Due to affiliate and Accounts payable and accrued expenses, respectively, in the Condensed

Consolidated Statements of Assets and Liabilities. For the three months ended March 31, 2025, the Partnership incurred

organization expenses of $1,515,295. As of March 31, 2025, organization expenses amounting to $4,143,283 are included

within Due to Affiliate within the Statement 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. For the three

months ended March 31, 2026, the Partnership recognized amortization of offering costs in the amount of $560,076. As of

March 31, 2026, offering costs amounting to $1,553,564 and $138,822 are included within Due to affiliate and Deferred

offering costs, respectively, in the Condensed Consolidated Statements of Assets and Liabilities. For the three months ended

March 31, 2025, the Partnership incurred offering costs of $757,175. As of March 31, 2025, offering costs amounting to

$2,386,860 are included within Due to Affiliate within the Statement 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 months ended March 31, 2026, the Partnership incurred professional fees of $1,159,963. As of March 31,

2026, total professional fees of $3,177,239 and $1,435,468 are included within Due to affiliate and Accounts payable and

accrued expenses, respectively, in the Condensed Consolidated Statements of Assets and Liabilities. For the three months ended

March 31, 2025, the Partnership incurred professional fees of $530,588.

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 “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 both the three months ended March 31, 2026 and 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 Statements of Operations. For both the three months ended March 31, 2026 and 2025, there were no

income tax expenses and no interest and penalties were incurred.

As of March 31, 2026, 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)

Deferred Taxes

U.S. GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are

recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of

existing assets and liabilities and their respective tax basis. Valuation allowances are established when the Partnership

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

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

Uncertain Tax Positions

The Partnership recognizes uncertain tax positions when it is more likely than not that the position will be sustained by

the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than not

threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate

settlement. The Partnership reevaluates its tax positions each period in which new information becomes available. The

Partnership’s policy is to recognize tax related interest and penalties, if applicable, as a component of the provision for income

taxes on the Condensed Consolidated Statements of Operations.

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 “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 distribution income when earned at the time of record date. The Partnership had a limited

partner interest of 69.1% and 70.1% interest in the Master Aggregator as of March 31, 2026 and December 31, 2025,

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.

Note 4. Investments and Fair Value Measurement

The following tables summarize the valuation of investments by the fair value hierarchy levels as of March 31, 2026 and

December 31, 2025:

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)


	As of March 31, 2026
	Level I	Level II	Level III	NAV	Total
Assets
Cash	$—	$—	$—	$—	$—
Total cash	—	—	—	—	—
Investments
Affiliated investee funds	—	—	—	932,664,293	932,664,293
Total investments	—	—	—	932,664,293	932,664,293
Other affiliated investments
Other investments	—	—	3,925,272	—	3,925,272
Total other affiliated investments	—	—	3,925,272	—	3,925,272
Total cash and investments	$—	$—	$3,925,272	$932,664,293	$936,589,565


	As of December 31, 2025
	Level I	Level II	Level III	NAV	Total
Assets
Cash	$—	$—	$—	$—	$—
Total cash	—	—	—	—	—
Investments
Affiliated investee funds	—	—	—	770,904,647	770,904,647
Total investments	—	—	—	770,904,647	770,904,647
Other affiliated investments
Other investments	—	—	3,957,829	—	3,957,829
Total other affiliated investments	—	—	3,957,829	—	3,957,829
Total cash and investments	$—	$—	$3,957,829	$770,904,647	$774,862,476

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 March 31, 2026:

Fair Value

Valuation

techniques

Unobservable

Input

Ranges

Weighted-

average

Impact to

valuation from

an increase in

input

Financial Assets

Other affiliated Investments

Other investments

$3,925,272

Discounted

Cash Flows

Discount rate

15%

Lower

LQA EBITDA

Exit Multiple

18.0x

Higher

Total other affiliated

investments

$3,925,272

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

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in

Level III of the fair value hierarchy as of December 31, 2025:

Fair Value

Valuation

Techniques

Unobservable

Input

Ranges

Weighted-

Average

Impact to

Valuation from

an Increase in

Input

Financial assets

Other affiliated investments

Other investments

$3,957,829

Discounted

Cash Flows

Discount rate

15%

Lower

LQA EBITDA

Exit Multiple

18.0x

Higher

Total other affiliated

investments

$3,957,829

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

For the three months ended March 31, 2026, the following table presents changes in the fair value of investments for

which Level III inputs were used to determine the fair value:


		Three Months Ended March 31, 2026
		Other Affiliated Investments
Balance, beginning of period		$3,957,829
Change in unrealized gain/(loss) included in net assets		(32,557)
Balance, end of period		$3,925,272

Changes in unrealized gain (loss) included in earnings related to financial assets still held at reporting date		$(32,557)

NAV as a Practical Expedient

The Master Aggregator and Stonepeak-Plus Infrastructure Fund Aggregator I LP (together, “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 March 31, 2026:

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)


Affiliated Investee Funds	Unfunded Commitment	Fair Value
Stonepeak-Plus Infrastructure Fund Master Aggregator LP	$—	$931,664,003
Stonepeak-Plus Infrastructure Fund Aggregator I LP	$—	$1,000,290
Total Affiliated Investee Funds	$—	$932,664,293

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

of December 31, 2025:


Affiliated Investee Funds	Unfunded Commitment	Fair Value
Stonepeak-Plus Infrastructure Fund Master Aggregator LP	$—	$769,970,555
Stonepeak-Plus Infrastructure Fund Aggregator I LP	$—	$934,092
Total Affiliated Investee Funds	$—	$770,904,647

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 March 31, 2026, an affiliate of the Investment Advisor has advanced total costs of $12,642,390 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. As of December 31, 2025, an affiliate of the Investment Advisor

has advanced total costs of $10,576,861 all of which are subject to recoupment by the affiliate of the Investment Advisor and

have been recorded in the Consolidated Statements of Assets and Liabilities within Due to affiliate.

Affiliated Unitholders Ownership and Concentration

As of March 31, 2026, affiliated Unitholders collectively held approximately 5,739,687 Class X Units, representing

approximately 90.7% of all outstanding Class X Units and approximately 19.7% of the total Units outstanding of the

Partnership. Total affiliated net assets as a percentage of the Partnership's total net assets was approximately 20.7% as of

March 31, 2026. As of December 31, 2025, affiliated Unitholders collectively held approximately 6,529,108 Class X Units,

representing approximately 96.4% of all outstanding Class X Units and approximately 26.6% of the total Units outstanding of

the Partnership. Total affiliated net assets as a percentage of the Partnership's total net assets was approximately 27.7% as of

December 31, 2025.

Investment Advisory Agreement

On May 2, 2025, the Partnership entered into an investment advisory agreement with the Investment Advisor, which was

subsequently amended and restated on March 30, 2026 (as may be further amended and restated from time to time, 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.

On May 4, 2026, the Partnership entered into the Second Amended and Restated Investment Advisory Agreement with

the Investment Advisor. For further information, see “Note 9. Subsequent Events.”

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 redemptions (and pending redemptions), 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

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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 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 F-1		0.875% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter
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 thereafter
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 thereafter
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 redeemed by the

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

Redemption Program (as defined below) or the early redemption deduction of the Unit Redemption 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.

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 redemption (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 months ended March 31, 2026, the Partnership accrued gross Management Fees of $1,497,085. For the

three months ended March 31, 2026, the Management Fee is net of $1,497,085 in management fee offset (the “Management

Fee Offset”), which consists of transaction fees payable to an affiliate of the Partnership. For both the three months ended

March 31, 2026 and 2025, there were no net Management Fees.

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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.

On May 4, 2026, the General Partner entered into the Third Amended and Restated Limited Partnership Agreement of

the Partnership. For further information, see “Note 9. Subsequent Events.”

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, redemptions, 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 Statements of Operations as accretion of

interest on servicing fee payable. For the three months ended March 31, 2026, the net accretion of interest on servicing fee

payable was $544,153, and as of March 31, 2026, the Servicing Fee Payable was $22,261,552. For the three months ended

March 31, 2025, there was no net accretion of interest on servicing fee payable and as of December 31, 2025, the servicing fee

payable was $16,605,261

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 (as defined below) (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

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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, if applicable, 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 redeemed during such period, which Units will be subject to the Performance Participation Allocation upon

redemption 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 redeemed during the applicable Reference Period, which Units will be subject to the

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

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 redemptions 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 redemption 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

redeemed at the Recipient’s request and will be subject to the volume limitations of the Partnership’s Unit Redemption Program

but not the early redemption deduction of the Unit Redemption Program. As of March 31, 2026, the Recipient elected to receive

$10,824,588 of Performance Participation Allocation in 341,806 Class X Units. As of December 31, 2025, no such election was

made.

For the three months ended March 31, 2026, the Partnership accrued $4,016,784 of Performance Participation

Allocation. For the three months ended March 31, 2025, there was no Performance Participation Allocation.

Unit Redemption Program

The Partnership has implemented a Unit redemption program (the “Unit Redemption Program”) for all Units except

certain Class X Units held by Stonepeak Partners LP and its subsidiaries and affiliated entities (collectively, the “SP Investors”)

pursuant to which it intends to allow redemptions of such Units, in each quarter, up to 5% of Units outstanding (either by

number of Units or aggregate NAV). as of the close of the previous calendar quarter. The General Partner may, in accordance

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

with the Partnership Agreement, cause the Partnership to allow redemptions of Units in an amount that exceeds the 5%

quarterly limitation in any calendar quarter. The Class X Units held by SP Investors will not be subject to the Redemption

Program, including with respect to any redemption limits. The Partnership has adopted a separate arrangement to redeem Class

X Units held by the SP Investors. Under the Unit Redemption Program, to the extent the Partnership receives requests to

redeem Units in any calendar quarter, the General Partner will cause the Partnership to redeem Units using the NAV per unit as

of the last calendar day of each calendar quarter, subject to the Early Redemption Deduction, and as further described in the

Partnership Agreement.

Any redemption request of Units that have not been outstanding for at least two years will be subject to an early

redemption deduction equal to 5% of the value of the applicable NAV of the Units being redeemed (the “Early Redemption

Deduction”) for the benefit of the Partnership and the Unitholders, subject to certain exceptions.

The Investment Advisor may elect to receive the Management Fee in Units in lieu of cash payments. If the Management

Fee is paid in Units, such Units will not be subject to the volume limitations of the Unit Redemption Program or the Early

Redemption Deduction (as defined below) of the Unit Redemption Program. The General Partner or any other entity so

designated by the General Partner may elect to receive the Performance Participation Allocation in Units in lieu of cash

payments. If the Performance Participation Allocation is paid in Units, such Units will be subject to the volume limitations of

the Unit Redemption Program but not the Early Redemption Deduction of the Unit Redemption Program.

The General Partner may make exceptions to, modify, amend or suspend the Unit Redemption Program without

Unitholder approval if in its reasonable judgment it deems such action to be in the best interest of the Partnership and the

Unitholders, including, but not limited to regulatory or structuring reasons or as necessary to ensure that the Partnership is not

subject to tax as a corporation; provided that any such suspension or material modification shall be subject to the approval of

the Independent Directors. As a result, Unit redemptions may not be available each quarter, such as when a redemption would

place an undue burden on the Partnership’s liquidity, adversely affect its operations or risk having an adverse impact on the

Partnership that would outweigh the benefit of the redemptions.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to cause

the Partnership to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units

submitted for redemption during such calendar quarter will be redeemed on a pro-rata basis after we have redeemed all Units

for which redemption has been requested due to death, qualifying disability or divorce and other limited exceptions. Unsatisfied

redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request

to be reconsidered, Unitholders must resubmit their redemption request in the next quarterly redemption window. The

Partnership has no obligation to redeem Units, including if the redemption would violate the restrictions on distributions under

any applicable law or regulation. The limitations and restrictions described above may prevent the Partnership from

accommodating all redemption requests made in any quarter.

Stonepeak Unit Repurchase Arrangement for Class X Units Held by SP Investors

In recognition of SP Investors’ supporting the Partnership’s initial and potential future acquisitions, the Partnership has

adopted an arrangement to repurchase any Class X Units acquired by SP Investors (the “Eligible Units”). On the last calendar

day of each month (the “Repurchase Date”), the Partnership expects to offer to repurchase Class X Units of the Partnership

from SP Investors having an aggregate NAV (the “Monthly Repurchase Amount”) up to (i) the net proceeds from new

subscriptions for Units that the Partnership receives in the offering of the Partnership’s Units (other than Eligible Units) for

such month (which subscriptions will be accepted and effective on or after the first business day of the following month) less

(ii) the aggregate redemption amount of Units (other than Eligible Units) received by the Partnership during such month

pursuant to the Unit Redemption Program plus (iii) the Excess Operating Cash Flow (as defined below). 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 repurchase price per Eligible Unit for each repurchase

from the SP Investors will be the NAV per Eligible Unit as of the Repurchase Date, as determined in accordance with the

Partnership’s valuation policy. This Unit repurchase arrangement is not subject to any time limit and will continue until the

Partnership has repurchased all Eligible Units. As of March 31, 2026 and December 31, 2025, 5,739,687 and 6,529,108 Class X

Units were held by the SP Investors, respectively.

“Excess Operating Cash Flow” 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.

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Other than as described herein, the Unit repurchase arrangement for Eligible Units is not subject to the redemption

limitations (including the 5% quarterly redemption limitation) of the Redemption Program. Notwithstanding the foregoing, no

repurchase offer will be made to SP Investors during any month in which (1) the 5% quarterly redemption limitation of the

Partnership’s Unit Redemption Program has been decreased or (2) the full amount of all Units requested to be redeemed under

the Partnership’s Unit Redemption Program is not redeemed. Additionally, the Partnership may elect not to offer to repurchase

Units from SP Investors, or may offer to repurchase 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 Eligible Units be repurchased under the Partnership’s Unit Redemption Program.

Reimbursable Expenses Previously Borne by An Affiliate of the Investment Advisor

During the year ended December 31, 2024, an affiliate of the Investment Advisor had advanced organizational costs and

professional fees of $2,743,988, respectively. For the year ended December 31, 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.

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 has 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 business 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 March 31, 2026 and

March 31, 2025, there were 29,110,171 Units and no Units outstanding, respectively.

The following tables present transactions in the Units during the three months ended March 31, 2026:


	Class-A-1a	Class-A-1b	Class-A-1c	Class-F-1	Class-I-1	Class-X	Total
Units Outstanding as of December 31, 2025	14,216,531	1,722,867	1,163,964	179,183	517,477	6,772,578	24,572,600
Units issued during the period	4,229,046	324,276	55,844	673	373,653	343,500	5,326,992
Redemption of Units	—	—	—	—	—	(789,421)	(789,421)
Units Outstanding as of March 31, 2026	18,445,577	2,047,143	1,219,808	179,856	891,130	6,326,657	29,110,171

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

Distributions to Unitholders

Distributions to Unitholders are recognized on the ex-distribution date of the distribution determined by the General

Partner. All distributions will be declared at the discretion of the General Partner. Unless otherwise determined by the General

Partner, all distributions of cash shall be made to the Unitholders in amounts proportionate to the aggregate net asset value of

the Units held by the respective Unitholders on the ex-distribution date set by the General Partner, except that the amount

distributed per Unit of any class may differ from the amount per Unit of another class on account of differences in class-specific

expense allocations or for other reasons as determined by the General Partner in good faith.

The following table presents our distributions that were paid and/or payable for each Class of its Units for the three

months ended March 31, 2026:

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)


Class of Units	Net Distribution per Unit
Class A-1a	$0.3449
Class A-1b	$0.3711
Class A-1c	$0.4000
Class F-1	$0.4000
Class I-1	$0.4000
Class X	$0.4000

The Partnership has adopted a distribution reinvestment plan (“DRIP”) pursuant to which Unitholders will have their

cash distributions automatically reinvested in additional Units of the Partnership’s same class of Units to which the distribution

relates unless they elect to receive their distributions in cash. Distributions that are reinvested are recognized in net assets on the

first business day following the record date of a distribution.

Note 7. Commitments and Contingencies

Pursuant to the Investment Advisory Agreement, 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 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 second anniversary of the Initial Closing Date. The Partnership will reimburse the

Investment Advisor for such advanced Initial Partnership Expenses Support when and if requested by the Investment Advisor

by no later than the date that is sixty (60) months after the second anniversary of the Initial Closing Date, and such

reimbursement may be non-ratable in any month when the Investment Advisor requests reimbursement of a non-ratable

amount. 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 second anniversary of Initial Closing Date. The

Partnership will reimburse the Investment Advisor for such advanced expenses when and if requested by the Investment

Advisor over the sixty (60) months following the second anniversary of the Initial Closing Date, and such reimbursement may

be non-ratable in any month when the Investment Advisor requests reimbursement of a non-ratable amount. As of March 31,

2026 and December 31, 2025, $12,642,390 and $10,576,861 was payable to the Investment Advisor, respectively.

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 three months ended March 31, 2026 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)


	Three Months Ended March 31, 2026(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	$29.26	$29.82	$30.37	$30.37	$30.67	$31.20
Proceeds from Units issued	—	—	—	—	—	—
Distributions to Unitholders	(0.21)	(0.22)	(0.24)	(0.24)	(0.24)	(0.24)
Consideration from the issuance of Units(b)	0.33	0.17	0.01	—	0.11	0.03
Repurchase of Class X Units held by SP Investors	—	—	—	—	—	(0.06)
Servicing fees	(0.31)	(0.12)	—	—	—	—
Net investment income/(loss)	(0.08)	(0.02)	0.04	0.06	(0.03)	0.30
Net change in realized and unrealized gain/(loss) on investments	1.19	1.14	1.16	1.15	1.10	1.14
Net increase/(decrease) in net assets resulting from operations	1.11	1.12	1.20	1.21	1.07	1.44
Net increase/(decrease) in net assets	0.92	0.95	0.97	0.97	0.94	1.17
Net asset value, end of period	$30.18	$30.77	$31.34	$31.34	$31.61	$32.37
Units outstanding, end of period	18,445,577	2,047,143	1,219,808	179,856	891,130	6,326,657
Total return based on change in net asset value(c)	3.86%	3.93%	3.99%	4.00%	3.86%	4.50%

Ratios to weighted-average net assets (non-annualized)
Expenses without waivers/offsets(d)	(1.41)%	(1.21)%	(1.14)%	(0.82)%	(1.31)%	(0.19)%
Expenses and management fees waivers/ offsets(d)	0.24%	0.24%	0.24%	0.24%	0.26%	—%
Total net expenses	(1.17)%	(0.97)%	(0.90)%	(0.58)%	(1.05)%	(0.19)%
Accrued performance participation allocation	(0.65)%	(0.65)%	(0.63)%	(0.63)%	(0.69)%	—%

Net investment income/(loss)	(0.28)%	(0.08)%	0.14%	0.20%	(0.10)%	0.95%

(a) Amounts may not add due to rounding.

(b) Amounts include the Issuance of Units for performance participation allocation, and distributions reinvested.

(c) Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are

reinvested in accordance with 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.

(d) Expense ratio includes Management Fees, Performance Participation Allocation, Organizational Expenses, Professional Fees, Deferred Offering Costs

Amortization, Administration Fees, Interest on Servicing fee payable (for relevant classes) 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 consolidated financial statements, except as noted below.

Partial Repurchase of Class X Units

Stonepeak Investment Holdings II LP received an offer for a partial repurchase of $50,000,000 of its ownership in Class

X Units. The offer was accepted in April 2026. The number of Units repurchased is 1,519,240 equal to the repurchase amount

divided by the NAV per Unit as of March 31, 2026.

Third Amended and Restated Limited Partnership Agreement

Stonepeak-Plus Infrastructure Fund LP

Notes to Condensed Consolidated Financial Statements

(Unaudited)

On May 4, 2026, the General Partner entered into the Third Amended and Restated Limited Partnership Agreement of

the Partnership, to (i) authorize the General Partner to cause the Partnership to issue Units designated as Class Z - Series D-2

Units, Class Z - Series I-2 Units and Class Z - Series S-2 Units, and cancel Class D-2 Units, Class I-2 Units and Class S-2

Units, each of which have not been issued and (ii) make certain related changes and incorporate other administrative updates.

Second Amended and Restated Investment Advisory Agreement

On May 4, 2026, the Partnership entered into that certain Second Amended and Restated Investment Advisory

Agreement (the “A&R Investment Advisory Agreement”) with the Investment Advisor, to make certain changes relating to the

Units issued with respect to classes or series of classes and to clarify that management fees shall be calculated and paid with

respect to each class, or each series of a class, of Units.

Stonepeak-Plus Infrastructure Fund Master Aggregator LP

Condensed Consolidated Statement of Assets and Liabilities (Unaudited)


	As of
	March 31, 2026	December 31, 2025
Assets
Affiliated investments at fair value (Cost $1,079,960,654 as of March 31, 2026; $992,769,317 as of December 31, 2025)	$1,251,396,312	$1,140,441,518
Debt investments at fair value Cost $35,813,895 as of March 31, 2026 $11,738,262 as of December 31, 2025)	35,606,989	12,166,834
Cash and cash equivalent	72,407,205	36,361,729
Derivative assets at fair value	7,017,527	2,362,085
Deferred financing costs	1,961,921	1,767,008
Other asset	485,000	—
Interest receivable	464,121	429,690
Deferred tax asset	5,703	4,364
Total Assets	$1,369,344,778	$1,193,533,228

Liabilities
Distribution payable	7,441,720	4,132,814
Due to affiliate	4,667,804	2,915,456
Deferred tax liability	4,101,211	2,750,796
Accounts payable & accrued expenses	1,418,620	2,125,719
Derivative liabilities at fair value	1,182,028	1,270,032
Credit facility payable	—	80,000,000
Total Liabilities	$18,811,383	$93,194,817

Commitments and contingencies (See Note 7)

Net Assets	1,350,533,395	1,100,338,411


Net Assets
Limited partners interest	1,349,282,810	1,099,127,798
General partner's interest	671,003	642,516
Non-controlling interests in consolidated entities	579,582	568,097
Total Net Assets	$1,350,533,395	$1,100,338,411

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

Stonepeak-Plus Infrastructure Fund Master Aggregator LP

Condensed Consolidated Statement of Operations (Unaudited)


		Three Months Ended March 31, 2026
Income
Interest income		$13,421,368
Dividend income		789,991
Total income		14,211,359
Operating expenses
Interest expense		940,990
Professional fees		928,914
Amortization of credit facility fees		550,566
Other expense		365,264
Transaction costs		87,582
Organizational costs		15,158
Total operating expenses		2,888,474
Net investment income/(loss) before income taxes		11,322,885
Provision for income taxes on net investment income		12,505
Net investment income/(loss)		11,310,380
Net realized and unrealized gain/(loss) on investments and derivative instruments
Net change in unrealized gain/(loss) on investments		40,367,643
Provision for income taxes		(1,349,076)
Net change in unrealized gain on derivative/(loss) instruments		4,743,446
Net realized and unrealized gain/(loss) on investments		43,762,013
Net increase/(decrease) in net assets resulting from operations after income taxes		55,072,393
Less: net increase/(decrease) in net assets resulting from operations attributable to Non-Controlling Interests in Consolidated Entities		11,485
Net increase/(decrease) in net assets resulting from operations attributable to Stonepeak-Plus Infrastructure Fund Master Aggregator LP		$55,060,908

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 March 31, 2026
	Limited Partners Interest	General Partner’s Interest	Non- Controlling Interests in Consolidated Entities	Total Net Assets
Balance at December 31, 2025	$1,099,127,798	$642,516	$568,097	$1,100,338,411
Proceeds from Contributions	225,986,912	—	—	225,986,912
Distributions reinvested	1,620,581	—	—	1,620,581
Distributions to Partners	(32,484,902)	—	—	(32,484,902)
Net investment income/(loss)	11,304,854	5,998	(472)	11,310,380
Net realized gain/(loss) on investments	—	—	—	—
Net change in unrealized gain/(loss) on investments	45,075,990	23,142	11,957	45,111,089
Provision for (benefit from) income taxes on net unrealized gain on investments	(1,348,423)	(653)	—	(1,349,076)
Balance at March 31, 2026	$1,349,282,810	$671,003	$579,582	$1,350,533,395

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)


		Three Months Ended March 31, 2026
Operating activities
Net increase in net assets resulting from operations		$55,072,393
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities
Purchase of investments		(82,820,315)
Net change in unrealized (gain)/loss investments		(40,367,643)
Amortization of effective interest on affiliated investments		(12,657,099)
Net change in unrealized (gain)/loss on derivative instruments		(4,743,446)
Proceeds from investments		1,450,108
Amortization of credit facility fees		550,566
Changes in assets and liabilities
Due to affiliate		1,752,348
Deferred tax liabilities		1,350,415
Deferred tax asset		(1,339)
Interest receivable		(34,431)
Other asset		(485,000)
Accounts payable and accrued expenses		(707,099)
Net cash used in operating activities		$(81,640,542)

Financing activities
Proceeds from contributions		225,986,912
Proceed from borrowings on credit facility		25,525,741
Deferred financing costs		(745,479)
Distributions to Partners		(27,555,415)
Repayments of credit facility		(105,525,741)
Net cash provided by financing activities		$117,686,018

Cash and cash equivalent
Net increase/(decrease) in cash and cash equivalent		36,045,476
Cash and cash equivalent, beginning of period		36,361,729
Cash and cash equivalent, end of period		$72,407,205

Supplemental disclosure of cash flows information
Credit Facility interest paid		$1,155,765

Supplemental disclosure of non-cash financing activities
Distributions reinvested		$1,620,581

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

1 APAC is defined as Asia Pacific.

2 EMEA is defined as Europe, Middle East and Africa.

Stonepeak-Plus Infrastructure Fund Master Aggregator LP

Condensed Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Name of Investment

Type of

Investment

Industry

Geography

Cost

Fair Value

Fair Value as

a Percentage

of Net Assets

Investments

Affiliated Investee Funds

SCF Cranberry Upper Holdings SPV I

LP(a)

LP Interest

Digital

Infrastructure

Stonepeak-Plus Infrastructure Fund LP 10-Q