v3.26.1
CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 218,768 $ 87,928
Restricted cash 45,663 0
Investments 5,333,053 640,581
Management fees and other receivables from related parties 108,677 133,338
Prepaid expenses and other assets, net 82,056 56,232
Deferred tax asset 443,357 0
Contract assets, net 106,312 112,567
Goodwill 108,677 108,677
Total assets 6,446,563 1,139,323
Liabilities:    
Credit facilities, notes payable and repurchase facilities, net 2,995,270 335,711
Accrued expenses and other liabilities 228,645 118,429
Deferred tax credit 461,925 0
Earnout liability 407,500 0
Contract liabilities 37,653 35,541
Performance allocations and incentive fee compensation payable 10,028 9,717
Due to related parties 5,836 6,592
Total liabilities 4,146,857 505,990
Commitments and contingencies (Note 6)
Redeemable common stock 158,467 0
Stockholders' Equity:    
Preferred stock 9,074 0
Common stock 4,369 0
Capital in excess of par value 588,214 0
Retained earnings (30,127) 0
Shares held by consolidated subsidiaries (6,229) 0
Members’ equity 0 633,333
Total stockholders’ equity 565,301 633,333
Total equity 2,141,239 633,333
Total liabilities, redeemable common stock, non-controlling interests and stockholders' equity 6,446,563 1,139,323
Consolidated investments    
Stockholders' Equity:    
Non-controlling interests 2,322 0
CMFH    
Stockholders' Equity:    
Non-controlling interests $ 1,573,616 $ 0