The Company consolidates VIEs when it determines that it is the primary beneficiary. Based on this assessment, the Company consolidates a certain VIE in the Condensed Consolidated Statements of Financial Condition. Creditors (or beneficial interest holders) of the VIEs do not have recourse to the Company’s general credit.


	As of
	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	1,042	$	2,497
Management fees receivable	584		449
Other assets	264		302
Total assets	$	1,890	$	3,248
Liabilities
Accrued expenses and other liabilities	222		234
Total liabilities	$	222	$	234

The Company holds variable interests in certain entities that are VIEs which are not consolidated, as it is determined that the Company is not the primary beneficiary. The Company’s involvement with such entities is generally in the form of direct equity interests in, and fee arrangements with, the entities in which it also serves as the general partner or managing member. The Company evaluated its variable interests in the VIEs and determined it is not considered the primary beneficiary of the entities primarily because it does not have interests in the entities that could potentially be significant. No reconsideration events that caused a change in the Company’s consolidation conclusions occurred during either the six months ended June 30, 2026 or the year ended December 31, 2025. As of June 30, 2026 and December 31, 2025, the total unfunded commitments from the special limited partner and general partners to the unconsolidated VIEs were $82.5 million and $88.3 million, respectively. These commitments are the primary source of financing for the unconsolidated VIEs.

The following table sets forth certain information regarding the VIEs in which the Company holds a variable interest but does not consolidate. The assets recognized on the Company’s Condensed Consolidated Statements of Financial Condition relate to the Company’s interests in and management fees, incentive fees and third party costs receivables from these non-consolidated VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs as of June 30, 2026 and December 31, 2025 were as follows: