Presentation of Financial Statements and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

The following table details the effect of reinsurance on premiums written and earned during the post-acquisition period.


thousands	Three and Six Months Ended June 30, 2026
Premiums written
Direct	$	103,336
Assumed	52,723
Ceded	(48,851)
Net written insurance premiums	$	107,208

Premiums earned
Direct	$	85,560
Assumed	48,165
Ceded	(36,478)
Net earned insurance premiums	$	97,247

Schedule of ceded credit risk

The following table includes the brokers that individually contributed more than 10% of total gross premiums written during the post-acquisition period:


thousands	% of Gross Premiums Written
Willis Towers Watson	11.9	%
Howden	10.3	%

Summary of accounts receivable, net

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	June 30, 2026		December 31, 2025
Insurance premiums receivable	$	805,296	$	—
Straight-line rent receivables	101,642		96,975
Tenant receivables	2,345		5,512
Related-party receivables	22,566		18,640
Other receivables	8,551		12,995
Accounts receivable, net (a)	$	940,400	$	134,122

(a)As of June 30, 2026, the total reserve balance for amounts considered uncollectible was $8.6 million, comprised of $8.5 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2025, the total reserve balance was $7.2 million, comprised of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivables.

Summary of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended June 30,				Six Months Ended June 30,
Statements of Operations Location	2026		2025		2026		2025
Rental revenue	$	1,034	$	718	$	2,392	$	1,489
Provision for (recovery of) doubtful accounts	123		542		64		386
Total (income) expense impact	$	1,157	$	1,260	$	2,456	$	1,875

Summary of condensed consolidated balance sheets

The Company’s Condensed Consolidated Balance Sheets included the following amounts related to ‘Ilima.


thousands	June 30, 2026		December 31, 2025

Buildings and equipment	$	7,184	$	7,161
Less: accumulated depreciation	(2,553)		(1,354)

Developments	15,002		14,684
Net investment in real estate	19,633		20,491

Cash and cash equivalents	20,113		21,690
Restricted cash	162,974		136,418
Accounts receivable, net	57		65

Deferred expenses, net	17,478		13,571
Other assets, net	67		565
Total assets	$	220,322	$	192,800




Other liabilities, net	$	181,194	$	153,430
Total liabilities	$	181,194	$	153,430

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details