BXINFRA Redemptions and NAV: Blackstone's Infrastructure Fund Has Paid Every Request, and the Limit Is 3% a Quarter, Not 5%

What BXINFRA is, and what it is not

BXINFRA is Blackstone's infrastructure fund for wealthy individuals: an evergreen vehicle that takes money every month and invests in infrastructure equity, infrastructure secondaries and infrastructure credit. It launched on January 2, 2025; a Luxembourg fund (BXINFRA Lux) followed on January 2, 2026. It is not a mutual fund, an interval fund or a BDC. BXINFRA U.S. and the TE feeder are described in the 10-Q as private funds exempt from registration under Section 3(c)(7) of the Investment Company Act, sold to investors who are both accredited investors and qualified purchasers. Because their units are registered under the Exchange Act, they file 10-Ks, 10-Qs and a monthly 8-K with the price and the money raised, which is where the numbers on this page come from.

The structure is three layers. The TE feeder, built for tax-exempt and non-U.S. investors, owned 28.5% of BXINFRA U.S. at June 30, 2026. BXINFRA U.S. owned 94.5% of BXINFRA Aggregator (CYM) L.P., the entity that holds the investments. At August 31, 2026 BXINFRA's aggregate Transactional NAV was about $6.3 billion and the BXINFRA Fund Program, which adds the Luxembourg fund, about $6.9 billion. Compare that with $3.8 billion at December 31, 2025. There is no market for the units. The way out is the quarterly redemption plan, and the way it works is not what the headline numbers suggest.

The limit is 3% a quarter. The 5% is a fee.

Searches for a BXINFRA 5% cap mix up two different 5% and 3% numbers in the filing. The plan caps redemptions at 3% of units outstanding per quarter. The 5% is the early redemption deduction: units that have been outstanding for less than two years pay 5% of Transactional NAV when redeemed, and the deduction “will be retained by BXINFRA U.S. for the benefit of all investors.” The average price paid in each window already reflects it, which is why the price in the table below is below that month's NAV.

Four more terms matter to anyone planning an exit:

• Timing and price. Redemptions are effective on the first calendar day of the first month of the quarter, at the Transactional NAV per unit of the previous quarter-end. The April 2026 window was effective April 1, 2026, at the March 31 NAV of $28.54 for Class I. The request window ran from April 15 to May 14.
• Pro rata, then nothing carries over. If requests exceed the limit, they are filled pro rata after death, disability and divorce cases. “Unsatisfied redemption requests will not be automatically carried over to the next redemption period,” so a holder must resubmit.
• The sponsor can switch it off. The general partner “may make exceptions to, modify or suspend the Unit Redemption Plan,” and the 10-Q's own example is that “Unit redemptions may not be available each quarter” when redemptions would place an undue burden on liquidity.
• Some holders have more restrictions. The two new institutional series introduced in March 2026, Class I-Series II ($50 million minimum investment) and Class I-Series III ($250 million), “will be subject to certain additional restrictions, including a minimum holding period and certain redemption limitations as well as BXINFRA's existing quarterly limitations.” Series II sold its first units on July 1, 2026.

Six quarters of redemptions, from nothing to 356,059 units

The plan began on April 15, 2025. The filings give the units redeemed, the average price and the sentence that every request was satisfied in full, so for BXINFRA units redeemed are also units requested: there is no proration to find. The percentage is units redeemed over BXINFRA U.S. units outstanding at the start of the quarter (our arithmetic); share of cap is that percentage over 3%.

Three readings. First, the plan is almost unused: in dollars, the first half of 2026 was $11.2 million, of which $9.7 million was the second quarter, against about $5.3 billion of BXINFRA U.S. Transactional NAV at June 30, 2026 (our arithmetic: 0.18% for the quarter). Second, the trend has turned up: the April 2026 window was six times the January window in units and the January window was 2.4 times the October one. Third, early demand was thin: the 10-Q for the third quarter of 2025 says there were no redemptions. The Q2 2025 value was $0.2 million, 2025 as a whole $0.8 million and the first half of 2026 $11.2 million.

The feeder is part of these figures: 45,005 of the 356,059 units, worth $1.3 million, were redeemed by feeder holders, who “participate in BXINFRA U.S.'s Unit Redemption Plan under the same terms” by redeeming the same number of units in the U.S. fund. The result for the July 15 to August 14, 2026 window (our inference from the pattern of past windows; the 10-Q will give the dates) is not public. Last year's third-quarter 10-Q was filed on November 13, 2025, so expect it in mid-November 2026. At the June 30 unit count the 3% limit equals about 5.3 million units, roughly $160 million at today's price (our arithmetic).

Why the queue has not formed: money in is 71 times money out

A 3% quarterly exit is easy to honor while far more money arrives than leaves. BXINFRA U.S. reports each month's sales in an 8-K. The figure is the fund's own table of units sold; the TE feeder reports its own sales separately and the 8-K says it buys BXINFRA U.S. Class I units, so part of the U.S. total is probably the feeder's money (our reading).

The monthly pace has not slowed. BXINFRA U.S. sold $278.2 million on July 1, $247.8 million on August 1 and $281.4 million on September 1, 2026, and the 8-K for September says the whole Fund Program issued about $342.2 million that month and the TE feeder $85.0 million of it. The 20 sales we read total $4,394.5 million (February 2025 to September 2026). Series II, the first institutional series, drew $30.0 million on July 1, 2026 (1,000,293 units).

What this means for a holder: the plan's capacity has never been tested by a quarter in which requests exceed new money. Even the heaviest quarter, April 2026, was paid from a fund that sold 71 times as much. The comparison to watch is the ratio in the right-hand column: 0.04% to 1.41% in five quarters.

NAV per unit by class: 19 up months, and Class S is $0.45 behind

The Transactional NAV is the price for both purchases and redemptions. It is set at month-end and published about four weeks later in the 8-K. We have the 20 monthly NAVs from January 31, 2025 to August 31, 2026 (the first closing was January 2, 2025 and its NAV was not published in an 8-K).

From $25.39 to $30.78, Class I is up 21.2% in 19 months, or 23.1% from the $25.00 launch price (our arithmetic; NAV only, with distributions on top). Each of the 19 month-over-month changes was positive, from +0.08% (April 2025) to +2.82% (May 2026). The second quarter of 2026 was the strongest: Class I rose 5.1% from $28.54 to $29.99, and the 10-Q's business-environment section attributes the returns to the portfolio “led by the performance of its digital and transportation infrastructure investments.” Class I-Series II was priced at $29.99 at June 30, $30.42 at July 31 and $30.79 at August 31, 2026, in line with Series I.

The gap between classes is a fee effect. Class S carries a 0.85% annual servicing fee and Class D 0.25%; Class I carries none. The fee is taken out of the NAV each month, while all classes receive the same distribution per unit, so the difference compounds: Class S was $0.45 a unit (1.5%) behind Class I at August 31, 2026 (our arithmetic). The fund's GAAP financial highlights show 13.02% for Class I in 2025 and 10.42% for the first half of 2026, not annualized, from a $25.00 start. GAAP NAV per Class I unit at June 30, 2026 was $29.97 against the Transactional NAV of $29.99, so the two NAVs are close. At the BXINFRA U.S. level GAAP NAV was $5,224.6 million and Transactional NAV $5,315.6 million, the difference being $87.6 million of servicing fees spread over time and $3.4 million of organizational costs.

A NAV with no down month in 19 is a valuation series, not a market price. The 10-K's risk factors say the infrastructure industry is affected by conditions “such as interest rates, availability and spreads of credit, credit defaults, inflation rates,” and the 10-Q notes that “power availability, costs, and the broader policy and regulatory environment remain in focus across the portfolio.”

Distributions: $0.44 a unit in six months, and income that does not cover them

BXINFRA is unusual among Blackstone's evergreen funds in paying a quarterly distribution. BXPE, its private equity sibling, does not. The amount per unit is identical for Class I, S and D, and the fund has an “opt out” reinvestment plan at the latest Transactional NAV: in the first half of 2026 BXINFRA U.S. recorded $72.7 million of distributions, and its statements show $46.4 million reinvested in units.

The total declared for 2025 was $0.7146 a unit and for the first half of 2026 $0.4383. Because the dollar amount per unit has stayed near $0.22 a quarter while the NAV has risen, the yield has slipped from 3.2% to 2.9%.

The question for a holder is what the distribution is paid from. The fund reports it at three levels, and they do not line up.

The performance allocation turns the Aggregator's net investment income negative; the 10-Q ties its increase to unrealized gains on investments. What the table also says is that distributions of $77.2 million exceeded the Aggregator's total income of $58.7 million, and that net investment income before the performance fee was $4.7 million (our arithmetic). The portfolio is mostly equity stakes and fund interests, and the 10-Q says the Aggregator generates income “in the form of dividends and interest” on its infrastructure investments; the rest of the return shows up as unrealized gain (our reading). At the BXINFRA U.S. level the same money is described as “distributions received from the Aggregator,” which is why BXINFRA U.S.'s net investment income ($71.8 million) nearly equals what it distributes ($72.7 million). The filings do not give a source-of-distributions table, so we cannot say how much came from income, realizations or new subscriptions. They do show that the holders' return so far is mostly NAV appreciation: in the half-year, $2.43 per Class I unit of unrealized gain against $0.43 of net investment income and $0.44 of distributions.

Fees that come before the NAV

Fees are taken at the Aggregator level, before the Transactional NAV is struck, so no holder sees an invoice. The terms in the 10-K and the June 2026 10-Q:

The change that matters is the performance allocation. In the first half of 2026 it was $69.3 million against $30.6 million of management fees, 2.3 times as much (our arithmetic), and in the second quarter alone $42.6 million against total income of $29.7 million. The management fee was waived for the first six months, so the first half of 2025 carried none; in 2026 it did not. The allocation is measured on a calendar-year basis and paid quarterly, and the general partner can take it in cash or units: for 2025 it elected to receive $5.0 million as equity that was contributed in 2026 for 180,705 Class I-Series I units.

The Series II and III prices are what to compare for anyone with a very large ticket: 1.05% and 0.95% against 1.25% for the standard Class I, with more restrictions on redemptions.

Leverage: $345 million of debt against a 30% limit

At December 31, 2025 the registrants and the Aggregator had $70.0 million of debt; at June 30, 2026, $345.0 million. The Aggregator also had $58.0 million of repurchase agreements, unchanged since December 2025, a secured borrowing against debt investments. Against $6,243.2 million of total assets (our arithmetic: 5.5% for borrowings, 6.5% with the repo), it is a modest amount.

Interest expense at the Aggregator was $6.6 million in the second quarter of 2026 against $0.6 million a year earlier. The debt is not tied to redemptions in the filings: the 10-Q lists redemptions among several uses of cash. Our own ratio is not the fund's defined Leverage Ratio, which is built on net leverage and excludes investment-level debt. The 10-Q also discloses a warehouse: $504.3 million of investment commitments held by Blackstone Holdings Finance that BXINFRA and the Luxembourg fund may buy if they raise enough money, with the allocation between them not yet decided.

What it owns: eight vehicles are 71.8% of net assets

The schedule of investments lists holding vehicles, not the underlying company names. The portfolio “provides exposure to over 30 underlying infrastructure platforms and portfolio companies,” and the Aggregator's 20.6% share in Blackstone's own infrastructure funds and secondaries portfolios means part of what the fund owns is other Blackstone vehicles.

Total equity investments were $4,737.7 million (84.2% of net assets) and infrastructure debt investments $822.3 million (14.6%). Of the $6.3 billion invested or committed, $4.9 billion is equity, $726.0 million secondaries and $676.1 million credit. The fund aims for at least 80% in infrastructure investments and up to 20% in debt and other securities. The first three holdings alone are 40.4% of net assets (our arithmetic). With the NAV published monthly and little liquid, the valuations of these concentrated positions drive the fund's number more than market prices do.

What changed in the last 60 days

• August 11, 2026: the second-quarter 10-Q. Redemptions jumped to 356,059 units, six times the quarter before, still paid in full. It also disclosed the performance allocation and the distribution comparison above.
• August 28 and September 29, 2026: the monthly 8-Ks. Class I NAV went from $29.99 (June 30) to $30.42 (July 31) to $30.78 (August 31). Sales were $247.8 million on August 1 and $281.4 million on September 1.
• The Series II share class has priced. Class I-Series II, a $50 million minimum series with a 1.05% management fee, sold its first units on July 1, 2026 and traded at $30.79 on August 31.
• The Feeder keeps growing. Its net assets were $1,440.1 million at June 30, 2026, against $974.5 million at December 31, 2025, and it bought $85.0 million of units on September 1.
• Still to come: the third-quarter window and the 10-Q in mid-November 2026, and the September 30 NAV and the October 1 sales figure in an 8-K, which last year came on October 23, 2025.

What a holder can do with this

• If you want to redeem: on the record so far, a request is paid in full at the previous quarter-end Transactional NAV, minus 5% if the units are under two years old. The windows have run from about the 15th of the first month of the quarter to the middle of the next. Confirm the exact dates and form with your adviser or the fund's transfer agent.
• If you are deciding whether to wait: the 5% deduction ends at two years, so units bought in 2025 pass that mark during 2027. The fund is still new: it has not been through a falling market, so the first test of a 3% plan has not happened.
• If you are weighing an add: compare the 1.25% management fee, 12.5% performance allocation and 0.85% servicing fee (Class S) with the roughly 2.9% yield and the 21.2% NAV rise to date. The performance allocation is the part that grows with gains.
• What would change the picture: requests rising toward 3% of units (they were 0.23% in April 2026), a drop in monthly sales from the $250-290 million range of 2026, a first down month in NAV, or distributions exceeding income further. Each shows up in a filing we track: the monthly 8-K and the quarterly 10-Q.

Other evergreen funds, same question: the private credit redemptions tracker covers the BDCs that are prorating, BXPE is Blackstone's private equity fund on the same 3% plan, Hamilton Lane's tender fund shows how a tender-offer fund reports demand, and our guide to private equity access covers the wider field.

FAQ

All figures are from BXINFRA's SEC filings read on EDGAR on October 6, 2026: the 10-K for 2025 (accession 0001193125-26-096453, filed March 6, 2026), the 10-Qs for March 2025 (0001193125-25-118815), June 2025 (0001193125-25-179001), September 2025 (0001193125-25-280101), March 2026 (0002030772-26-000008) and June 2026 (0002030772-26-000017), 20 monthly Form 8-Ks from February 2025 to September 2026 (the last two are 0002030772-26-000023 and 0002030772-26-000026), and the 8-Ks of January 8, 2025 and January 29, 2026 on the credit facilities. Percentages of units outstanding, shares of the cap, sums across months, ratios of sales to redemptions, yields, NAV changes, differences between classes and the leverage ratios are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.