SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the identifiable assets acquired and liabilities assumed in the Transactions based on their relative fair values on the Transaction Date (in thousands):



Assets
Cash and cash equivalents and restricted cash	$	218,879
Real estate assets, net	1,389,588
Credit investments	3,372,464
Prepaid expenses and other assets	27,160
Total assets acquired	5,008,091
Liabilities
Debt	2,645,080

Accrued expenses and other liabilities	117,423
Total liabilities assumed	2,762,503
Net identifiable assets acquired	$	2,245,588

Schedule of Earnout Contingent Consideration

The Company evaluated this arrangement and determined that the earnout represents contingent consideration associated with the Transactions rather than compensation for future services.


Cumulative FRR as a Percentage of Threshold	Incremental Ownership Percentage Points	Resulting CMGH Economic and Voting Ownership
Less than 75%	—%	67.50%
At least 75% - Less than 95%	1.25%	68.75%
At least 95% - Less than 110%	2.50%	70.00%
At least 110% - Less than 120%	3.00%	70.50%
At least 120%	3.75%	71.25%

Schedule of Revenue from Real Asset Management Activities

Revenues from real assets management activities primarily consist of management fees, reimbursements from the Company’s Funds and affiliates, incentive fees and performance allocations. Revenue from real assets management activities consists of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Management fees and servicing fees	$	65,517	$	70,263	$	129,431	$	133,475
Reimbursements	34,529		39,567		69,911		80,254
Incentive fees	2,453		3,260		5,079		5,226
Total management fees and other	102,499		113,090		204,421		218,955

Performance allocations revenue	—		5,675		1,894		11,128

Total real assets management revenues	$	102,499	$	118,765	$	206,315	$	230,083

Schedule of Contract Asset, Net

Contract assets, net consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Management fees and other	$	8,738	$	8,532

Performance allocations	41,210		39,316

Third-party placement fees	34,788		34,384

Compensation	46,037		45,134
Other	12,909		17,860
Total	143,682		145,226
Less: accumulated amortization	(37,370)		(32,659)
Total contract assets, net	$	106,312	$	112,567

Contract liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Performance allocations revenues	$	1,211	$	1,211
Fees received in advance	36,442		34,330
Total contract liabilities	$	37,653	$	35,541

Schedule of Amortization Expense Related To Contracts Assets

The following table summarizes the amortization expense related to contract assets for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Third-party placement fees and other (1)	$	1,459	$	1,201	$	2,882	$	2,339
Compensation (2)	$	1,233	$	1,200	$	2,473	$	2,377

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(1)Included in general and administrative expenses in the condensed combined and consolidated statements of operations.

(2)Included in compensation and benefits expenses in the condensed combined and consolidated statements of operations.

Schedule of Other Assets, Net

Other assets, net consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Property and equipment, net (1)	$	13,225	$	13,112
Accounts receivable, net	21,464		21
Prepaid expenses	12,289		9,909

Right-of-use assets	26,852		27,243
Deferred financing costs, net	1,661		2,118
Other assets, net	6,565		3,829
Total other assets, net	$	82,056	$	56,232

____________________________________

(1)Net of accumulated depreciation and amortization of $8.4 million and $7.0 million as of June 30, 2026 and December 31, 2025, respectively. Depreciation and amortization expense related to property and equipment was $816,000 and $518,000 for the three months ended June 30, 2026 and 2025, respectively, and $1.3 million and $1.0 million for the six months ended June 30, 2026 and 2025, respectively, which was recorded in general and administrative expenses in the condensed combined and consolidated statements of operations.

Schedule of Accrued Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued expenses	$	44,654	$	22,503
Distributions payable	14,587		—
Operating lease liabilities	30,362		30,842

Accrued income taxes	24,489		—
Accrued compensation and benefits	33,274		59,430
Accrued interest	11,601		4,833
Intangible lease liabilities, net (1)	64,537		—
Other liabilities	5,141		821
Total accrued expenses and other liabilities	$	228,645	$	118,429

____________________________________

(1)Consists of acquired below-market leases, with a weighted average life remaining of 5.7 years. No amortization was recorded for the three and six months ended June 30, 2026 and 2025, respectively as an increase to revenues from consolidated investments in the accompanying condensed combined and consolidated statements of operations.

Schedule of Other Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued expenses	$	44,654	$	22,503
Distributions payable	14,587		—
Operating lease liabilities	30,362		30,842

Accrued income taxes	24,489		—
Accrued compensation and benefits	33,274		59,430
Accrued interest	11,601		4,833
Intangible lease liabilities, net (1)	64,537		—
Other liabilities	5,141		821
Total accrued expenses and other liabilities	$	228,645	$	118,429

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