EX-99.1 2 d509863dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Net Asset Value

We calculate net asset value per share in accordance with valuation policies and procedures that have been approved by our board of directors. Our transactional net asset value (“Transactional Net Asset Value”) is the price at which we sell and repurchase our shares. Our GAAP net asset value (“GAAP Net Asset Value”) is our net asset value determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The following tables includes the net asset value of outstanding shares as of July 31, 2023. The following table provides a breakdown of the major components of our Transactional Net Asset Value as of July 31, 2023 ($ in thousands, except shares):

 

Components of Transactional Net Asset Value

    July 31, 2023  

Investments at fair value (cost of $444,013)

    $ 479,772  

Cash and cash equivalents

      7,635  

Other assets

      13,628  

Other liabilities

      (24,703 ) 

Accrued performance participation allocation

      (1,453 ) 

Management fee payable

      (449 ) 

Accrued shareholder servicing fees and distribution fees(1)

      (230 ) 
  

 

 

  

Transactional Net Asset Value

    $ 474,200  
  

 

 

  

Number of outstanding shares

      18,068,487  
  

 

 

  

 

 

(1)

Shareholder servicing fees apply only to Class S, Class U, Class D and Class R-D shares. Distribution fees apply only to Class S shares and Class U shares. For purposes of Transactional Net Asset Value, we recognize shareholder servicing fees and distribution fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued. For purposes of GAAP Net Asset Value, we accrue the cost of the shareholder servicing fees and distribution fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S, Class U, Class D and Class R-D shares. As of July 31, 2023, we have accrued under GAAP $22.2 million of shareholder servicing fees and distribution fees payable to the dealer manager related to the Class U and Class D shares sold.

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of July 31, 2023 ($ in thousands, except shares and per share data):

 

Transactional Net

Asset Value Per

Share

    Class U
Shares		      Class R
Shares		      Class D
Shares		      Class I
Shares		      Class E
Shares		      Class F
Shares		      Class G
Shares		      Class H
Shares		      Total  

Monthly Transactional Net Asset Value

    $ 191,828      $ 129,474      $ 50      $ 27      $ 152,727      $ 92      $ 1      $ 1      $ 474,200  

Number of outstanding shares

      7,331,768        4,945,869        1,912        1,033        5,784,361        3,464        40        40        18,068,487  

Transactional Net Asset Value per share as of July 31, 2023

    $ 26.16      $ 26.18      $ 26.18      $ 26.18      $ 26.40      $ 26.46      $ 26.46      $ 26.46     

Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value

The following table reconciles GAAP Net Asset Value to our Transactional Net Asset Value ($ in thousands):

 

     July 31, 2023  

GAAP Net Asset Value

    $ 452,233  

Adjustment:

   

Accrued shareholder servicing fees and distribution fees

      21,967  
  

 

 

  

Transactional Net Asset Value

    $ 474,200  
  

 

 

  

Valuation Methodologies and Significant Inputs

The following table presents additional information about valuation methodologies and significant inputs used for Infrastructure Assets that are valued at fair value as of July 31, 2023:

Valuation Methodology

   

Unobservable Input(s) (1)

    Weighted
Average (2)		   Range

Inputs to market comparables, discounted cash flow and transaction price/other

    Illiquidity Discount    5.0%   5.0% - 5.0%
   Weight Ascribed to Market Comparables    16.6%   0.0% - 25.0%
   Weight Ascribed to Discounted Cash Flow    83.4%   75.0% - 100.0%
   Weight Ascribed to Transaction Price/Other    0.0%   Not applicable

Market Comparables

    Enterprise Value / Forward EBITDA Multiple    10.5x   10.1x - 10.8x

Discounted Cash Flow

    Weighted Average Cost of Capital    8.4%   6.8% - 10.1%
   Enterprise Value / LTM EBITDA Exit Multiple    10.3x   9.5x - 11.5x

 

 

(1)

In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Company’s manager (the “Manager”) has determined that market participants would take these inputs into account when valuing the investments. “LTM” means Last Twelve Months.

 

(2)

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

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

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

 

Input

    Hypothetical Change   Infrastructure Asset
Values

Weighted Average Cost of Capital

    0.25% decrease   +2.77%
   0.25% increase   -2.24%

 

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