ISQ Open Infrastructure Co LLC Files Q2 2025 10-Q

TL;DR

ISQ Open Infrastructure Co LLC filed its 10-Q for Q2 2025, check financials.

AI Summary

ISQ Open Infrastructure Co LLC filed its quarterly report on Form 10-Q for the period ended June 30, 2025. The company, incorporated in Delaware, is based in Miami, Florida, and operates within the Finance Services sector. The filing details its financial performance and operational status for the specified quarter.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for ISQ Open Infrastructure Co LLC, crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain immediate red flags or significant new risks.

Key Players & Entities

• ISQ Open Infrastructure Co LLC (company) — Registrant
• June 30, 2025 (date) — Quarterly period end date
• 000-56735 (company) — Commission file number
• 600 Brickell Avenue, Miami, FL 33131 (company) — Principal executive offices address
• 786-693-5739 (company) — Business phone number

FAQ

Filing Documents

• ea0252405-10q_isqopen.htm (10-Q) — 335KB
• ea025240501ex3-2_isqopen.htm (EX-3.2) — 5KB
• ea025240501ex3-3_isqopen.htm (EX-3.3) — 5KB
• ea025240501ex3-4_isqopen.htm (EX-3.4) — 706KB
• ea025240501ex10-1_isqopen.htm (EX-10.1) — 20KB
• ea025240501ex31-1_isqopen.htm (EX-31.1) — 9KB
• ea025240501ex31-2_isqopen.htm (EX-31.2) — 8KB
• ea025240501ex32-1_isqopen.htm (EX-32.1) — 5KB
• ea025240501ex32-2_isqopen.htm (EX-32.2) — 4KB
• 0001213900-25-076709.txt ( ) — 2445KB
• ck0002059924-20250630.xsd (EX-101.SCH) — 14KB
• ck0002059924-20250630_cal.xml (EX-101.CAL) — 14KB
• ck0002059924-20250630_def.xml (EX-101.DEF) — 71KB
• ck0002059924-20250630_lab.xml (EX-101.LAB) — 124KB
• ck0002059924-20250630_pre.xml (EX-101.PRE) — 85KB
• ea0252405-10q_isqopen_htm.xml (XML) — 113KB

Financial Statements

Financial Statements 1 ISQ Open Infrastructure Company LLC - Series I Consolidated Statement of Assets and Liabilities (Unaudited) as of June 30, 2025 1 Consolidated Statements of Operations (Unaudited) for the three months ended June 30, 2025 and for the period from March 28, 2025 to June 30, 2025 2 Consolidated Statements of Changes in Net Assets (Unaudited) for the three months ended June 30, 2025 and for the period from March 28, 2025 to June 30, 2025 3 Consolidated Statement of Cash Flows (Unaudited) for the period from March 28, 2025 to June 30, 2025 4

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 5 ISQ Open Infrastructure Company LLC - Series II 9 10 11 12

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 13 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27 Part II. Other Information 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 31 i Certain Terms Used in this Quarterly Report on Form 10-Q the terms "we," "us," "our," and the "Company," refer to ISQ Open Infrastructure Company LLC or, where applicable, Series I and/or Series II; the term "Board" refers to each of the Series' board of directors; the term "Broken Deal Expenses" refers to (i) legal, auditing, investment banking, valuation, consulting, engineering, custody, administration, tax, accounting, and other professional fees, costs, expenses, retainers and/or other payments; (ii) all fees, costs and expenses associated with the discovery, sourcing, evaluation, diligence, financial analysis, negotiation, structuring, making, and potential refinancing of the Company's proposed and unconsummated acquisitions, including, without limitation, any meetings and/or travel, accommodation, meal and entertainment expenses related to such prospective acquisitions, any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, private placement fees, syndication fees, bank charges, depositary fees, fees and expenses related to environmental evaluation, closing and execution costs, fees and expenses of consultants, sales commissions, appraisal fees, taxes, underwriting commissions and discounts, brokerage fees and information services; and (iii) all other fees, costs and expenses relating to unconsummated transactions, including, without limitation, submission costs, reverse termination fees and damages and the fees, costs and expenses described in (i) and (ii) above (including, in each of cases (i), (ii) and (iii), such fees, costs and expenses that might have been borne by a co-investment vehicle had the transaction been consummated). the term "I Squared" refers collectively to I Squared Capital Advisors (US) LLC and its subsidiaries; the term "Infrastructure Service Provider(s)" refers to any product or service that could be provided to the Company or any Infrastructure Asset

Financial Statements

Item 1. Financial Statements ISQ Open Infrastructure Company LLC Series I Consolidated Statement of Assets and Liabilities (Unaudited) As of June 30, 2025 Assets Investment in ISQ Open Infrastructure Company LLC - Series II $ 1,000 Cash and cash equivalents 1,000 Due from Manager 222,283 Deferred offering costs 196,119 Total Assets 420,402 Liabilities Organizational costs payable $ 196,564 Offering costs payable 196,119 Professional fees payable 25,719 Total Liabilities $ 418,402 Commitments and Contingencies (Note 4) Net Assets $ 2,000 See notes to consolidated

financial statements

financial statements. 1 ISQ Open Infrastructure Company LLC Series I Consolidated Statements of Operations (Unaudited) For the three months ended June 30, 2025 For the period from March 28, 2025 (Funding Date) to June 30, 2025 Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II Expenses $ ( 695,019 ) $ ( 1,762,258 ) Total Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II ( 695,019 ) ( 1,762,258 ) Less: Expense Support from Manager 695,019 1,762,258 Net Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II - - Expenses Organizational costs 65,708 196,564 Professional fees 25,719 25,719 Total Expenses 91,427 222,283 Less: Expense Support from Manager ( 91,427 ) ( 222,283 ) Net Expenses - - Net Investment Income (Loss) - - Net Increase (Decrease) in Net Assets Resulting from Operations $ - $ - See notes to consolidated

financial statements

financial statements. 2 ISQ Open Infrastructure Company LLC Series I Consolidated Statements of Changes in Net Assets (Unaudited) For the three months ended June 30, 2025 For the period from March 28, 2025 (Funding Date) to June 30, 2025 Net assets, beginning of period $ 2,000 $ - Capital contributions - 2,000 Net increase (decrease) in net assets from operations - - Net assets, end of period $ 2,000 $ 2,000 See notes to consolidated

financial statements

financial statements. 3 ISQ Open Infrastructure Company LLC Series I Consolidated Statement of Cash Flows (Unaudited) For the period from March 28, 2025 (Funding Date) to June 30, 2025 Cash flows from operating activities Net increase (decrease) in net assets resulting from operations $ - Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Purchase of limited liability company interests in ISQ Open Infrastructure Company LLC - Series II ( 1,000 ) Net Investment Income and Expenses Allocated from ISQ Open Infrastructure Company LLC - Series II - Net (increase) decrease in operating assets: Due from Manager ( 222,283 ) Net increase (decrease) in operating liabilities: Organizational costs payable 196,564 Professional fees payable 25,719 Net cash provided by (used in) operating activities ( 1,000 ) Cash flows from financing activities Capital contributions 2,000 Net cash provided by (used in) financing activities 2,000 Net increase (decrease) in cash 1,000 Cash, beginning of period - Cash, end of period $ 1,000 See notes to consolidated

financial statements

financial statements. 4 ISQ Open Infrastructure Company LLC Series I

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. ORGANIZATION ISQ Open Infrastructure Company LLC (the " Company ") is a limited liability company that was formed in accordance with the laws of Delaware on January 15, 2025. The Company is a series limited liability company with series established pursuant to Sections 18-215 or 18-218 of the Delaware Limited Liability Company Act (the "LLC Act"). On March 13, 2025, the Company established two registered series of limited liability company interests, ISQ Open Infrastructure Company LLC – Series I (" Series I ") and ISQ Open Infrastructure Company LLC – Series II (" Series II " and together with Series I, " Series "). The purchase of shares of a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. In accordance with the LLC Act, each Series is a separate series of segregated assets and liabilities and corresponding limited liability company interests of the Company. Series I and Series II are intended to be treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the LLC Act provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and assets associated with a Series may be held, directly or indirectly, including in the name of such Series, in the name of the Company, through a nominee or otherwise. Under Delaware law, to the extent the records m

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View this 10-Q filing on SEC EDGAR