Summary combined financial information for the Company’s investment in the unconsolidated real estate fund at December 31, 2025, and for the three months and year ended December 31, 2025, is summarized below (amounts in thousands): | | | | | | December 31, | Balance Sheet | | 2025 | Investments | | $ | 220,051 | Cash and cash equivalents | | | 7,359 | Receivables and other assets | | | 3,072 | Total assets | | $ | 230,482 | | | | | Liabilities | | $ | 10,394 | Partners’ capital | | | 219,985 | Non-controlling interest | | | 103 | Total liabilities and partners’ capital | | $ | 230,482 |
| | | | | | | | | Three Months Ended | | Year Ended | Operating Statement | | December 31, 2025 | | December 31, 2025 | Investment income | | $ | 2,702 | | $ | 10,769 | Expenses | | | (589) | | | (2,107) | Net investment income | | | 2,113 | | | 8,662 | | | | | | | | Net unrealized gain on investments | | | 939 | | | 8,713 | Net increase in partners’ capital | | $ | 3,052 | | $ | 17,375 |
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