COMMITMENTS AND CONTINGENCIES	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 — COMMITMENTS AND CONTINGENCIES Litigation and Legal and Regulatory Matters In the ordinary course of business, the Company and/or its subsidiaries may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. The Company and/or its subsidiaries are also subject to oversight by various local, state and federal regulatory authorities, including, but not limited to, real estate, finance, and/or securities regulators and tax authorities. From time to time, the Company and/or its subsidiaries receive requests for information from governmental authorities conducting inquiries regarding business activities. The Company has cooperated and will continue to cooperate with such requests. The Company believes that the ultimate resolution of any governmental inquiry will not have a material impact on the Company’s condensed combined and consolidated financial position or its results of operations. Unfunded Commitments As of June 30, 2026, the Company had $210.6 million of unfunded loan commitments related to its existing first mortgage loans and corporate senior loans and $63.4 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying condensed combined and consolidated balance sheets. As of June 30, 2026, the Company had aggregate unfunded capital commitments of $18.4 million into the Funds and other investments. These commitments will be funded as required through the end of the respective commitment periods. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity. Guarantees The Company enters into contracts and agreements that may commit the Company to certain performance and completion guarantees in connection with the Company’s services in the normal course of business of managing the Funds. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Tax Receivable Agreement In connection with the Transactions, the Company entered into a Tax Receivable Agreement (“TRA”) with CMFH and CMGH. Pursuant to the TRA, the Company generally is required to pay CMGH 85% of certain tax benefits, if any, that the Company realizes as a result of increases in tax basis and certain other tax attributes arising from the Transactions, future exchanges of CMFH Class A LP Units and other transactions contemplated by the TRA. As of June 30, 2026, the Company had not recorded a liability related to the TRA. Any future payments under the TRA are dependent upon, among other factors, the generation of sufficient taxable income and the actual realization of the applicable tax benefits. Accordingly, the potential obligation under the TRA is contingent and cannot be reasonably estimated as of June 30, 2026.

In the ordinary course of business, the Company and/or its subsidiaries may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. The Company and/or its subsidiaries are also subject to oversight by various local, state and federal regulatory authorities, including, but not limited to, real estate, finance, and/or securities regulators and tax authorities. From time to time, the Company and/or its subsidiaries receive requests for information from governmental authorities conducting inquiries regarding business activities. The Company has cooperated and will continue to cooperate with such requests. The Company believes that the ultimate resolution of any governmental inquiry will not have a material impact on the Company’s condensed combined and consolidated financial position or its results of operations.

As of June 30, 2026, the Company had $210.6 million of unfunded loan commitments related to its existing first mortgage loans and corporate senior loans and $63.4 million of unfunded commitments related to NewPoint JV. These commitments are not reflected in the accompanying condensed combined and consolidated balance sheets. As of June 30, 2026, the Company had aggregate unfunded capital commitments of $18.4 million into the Funds and other investments. These commitments will be funded as required through the end of the respective commitment periods.

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

The Company enters into contracts and agreements that may commit the Company to certain performance and completion guarantees in connection with the Company’s services in the normal course of business of managing the Funds. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.

In connection with the Transactions, the Company entered into a Tax Receivable Agreement (“TRA”) with CMFH and CMGH. Pursuant to the TRA, the Company generally is required to pay CMGH 85% of certain tax benefits, if any, that the Company realizes as a result of increases in tax basis and certain other tax attributes arising from the Transactions, future exchanges of CMFH Class A LP Units and other transactions contemplated by the TRA.

As of June 30, 2026, the Company had not recorded a liability related to the TRA. Any future payments under the TRA are dependent upon, among other factors, the generation of sufficient taxable income and the actual realization of the applicable tax benefits. Accordingly, the potential obligation under the TRA is contingent and cannot be reasonably estimated as of June 30, 2026.