| Summary of Financial Information of Equity Method Investment |
The summarized financial information of HHH is as follows:
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Summarized Financial Information - HHH |
June 30, 2026 |
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December 31, 2025 |
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Statement of Financial Condition |
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Assets |
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Net investment in real estate |
$ |
6,969,318,000 |
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$ |
7,367,055,000 |
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All other assets |
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8,940,725,000 |
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3,272,406,000 |
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Total assets |
$ |
15,910,043,000 |
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$ |
10,639,461,000 |
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Liabilities and Equity |
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Mortgages, notes, and loans payable, net |
$ |
5,456,403,000 |
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$ |
5,109,828,000 |
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Reserves for claims and claim expenses |
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2,115,416,000 |
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— |
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All other liabilities |
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3,308,487,000 |
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1,687,387,000 |
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Total liabilities |
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10,880,306,000 |
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6,797,215,000 |
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Total equity |
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5,029,737,000 |
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3,842,246,000 |
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Total liabilities and equity |
$ |
15,910,043,000 |
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$ |
10,639,461,000 |
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Three months ended |
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Six months ended |
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For the period from
May 5, 2025 to June 30, 2025 |
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June 30, 2026 |
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Statement of Operations |
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Total revenues |
$ |
1,122,327,000 |
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$ |
1,358,244,000 |
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$ |
214,339,458 |
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Total expenses |
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(895,599,000 |
) |
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(1,080,967,000 |
) |
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(150,257,843 |
) |
Total other income (loss) |
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12,862,000 |
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12,989,000 |
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807,844 |
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Operating income (loss) |
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239,590,000 |
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290,266,000 |
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64,889,459 |
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Net income (loss) |
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156,957,000 |
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165,022,000 |
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(4,045,224 |
) |
Net income (loss) attributable to common stockholders |
$ |
158,365,000 |
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$ |
166,591,000 |
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$ |
(4,080,379 |
) |
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| Summary of Valuation of Company's Financial Assets that Fall Within Fair Value Hierarchy |
The following tables summarize the valuation of the Company’s financial assets that fall within the fair value hierarchy:
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June 30, 2026 |
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Level I |
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Level II |
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Level III |
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NAV |
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Total |
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Assets |
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Cash and cash equivalents |
$ |
8,624,637 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
8,624,637 |
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Equity investments |
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Investment in HHH, at fair value |
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643,410,000 |
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— |
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— |
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— |
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643,410,000 |
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Investment in PSLP, at fair value |
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— |
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— |
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— |
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56,820,724 |
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56,820,724 |
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Investment in PSUS, at fair value |
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149,520,000 |
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— |
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50,130,000 |
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— |
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199,650,000 |
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Total equity investments |
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792,930,000 |
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— |
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50,130,000 |
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56,820,724 |
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|
899,880,724 |
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Total assets |
$ |
801,554,637 |
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$ |
— |
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$ |
50,130,000 |
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$ |
56,820,724 |
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$ |
908,505,361 |
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December 31, 2025 |
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Level I |
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Level II |
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Level III |
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NAV |
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Total |
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Assets |
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Cash and cash equivalents |
$ |
54,058,172 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
54,058,172 |
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Equity investments |
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Investment in HHH, at fair value |
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717,930,000 |
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— |
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— |
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— |
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717,930,000 |
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Investment in PSLP, at fair value |
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— |
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— |
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— |
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79,288,239 |
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79,288,239 |
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Total equity investments |
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717,930,000 |
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— |
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— |
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79,288,239 |
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797,218,239 |
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Total assets |
$ |
771,988,172 |
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$ |
— |
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$ |
— |
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$ |
79,288,239 |
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$ |
851,276,411 |
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