Deferred Asset - PS Inc. IPO Shares

The Company recognized a deferred asset for the relative fair value of the shares of the Company’s common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each private placement investor in connection with the Combined Transaction. Management concluded that the issuance of such shares was undertaken to facilitate the acquisition of long-term fee-paying capital and future management fee streams associated with PSUS, therefore providing benefits beyond the date of issuance. Accordingly, the Company accounted for the value of the shares as an asset associated with obtaining future revenue-generating arrangements.

The deferred asset is amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning April 30, 2026. The Company assessed this deferred asset for impairment and determined that it was fully recoverable over the amortization period of 10 years; therefore, no impairment was recognized.

For the three and six months ended June 30, 2026, the amortization recognized on the Deferred Asset - PS Inc. IPO Shares as contra-revenue totaled $10,192,671.

Deferred HHH Service Agreement Premium

Consistent with ASC 606, the Company considers the HHH Services Agreement and the Share Purchase Agreement, both dated May 5, 2025, by and between HHH and PS Holdco (the “HHH Share Purchase Agreement”, and together, the “HHH Agreements”) to be one contract as they were executed at the same time with a single commercial objective. As a result, the $900,000,000 purchase price was recognized as two separate amounts following the execution of the HHH Agreements: (i) a $607,230,000 investment in HHH, which was calculated as 9,000,000 shares multiplied by HHH’s publicly traded price of $67.47 as of the close of business on May 2, 2025, the most recent observable price at the time (refer to Note 5 for details on the classification and fair value election for this investment), and (ii) a $292,770,000 deferred asset for the premium paid above HHH’s publicly traded share price (the “Deferred HHH Premium”), which is deemed to represent the amount paid to obtain the HHH Services Agreement.

The Deferred HHH Premium is amortized on a straight-line basis as contra-revenue in management fees over a period of 20 years starting on May 5, 2025. The Company assessed the Deferred HHH Premium for impairment and determined that it was fully recoverable over the amortization period of 20 years; therefore, no impairment was recognized.

For the three and six months ended June 30, 2026, the Deferred HHH Premium amortization recognized as contra-revenue totaled $3,659,625 and $7,319,250 (2025: $2,292,293 and $2,292,293).