| Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis |
In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of June 30, 2026 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Net Asset Value (NAV) | Assets: | | | | | | | | | | Investments in managed funds — at fair value | $ | 397,323 | | | $ | — | | | $ | — | | | $ | — | | | $ | 397,323 | | Investments in unconsolidated joint ventures — at fair value | 196,861 | | | — | | | 41,857 | | | 14,694 | | | 140,310 | | First mortgage loans | 2,646,427 | | | — | | | — | | | 2,646,427 | | | — | | Corporate senior loans and liquid corporate senior loans | 440,746 | | | — | | | 12,247 | | | 428,499 | | | — | | | | | | | | | | | | CMBS and CLO subordinated note | 114,474 | | | — | | | 62,554 | | | 51,920 | | | — | | | | | | | | | | | | Equity securities | 39,510 | | | 28,485 | | | 10,273 | | | 752 | | | — | | | | | | | | | | | | Total assets | $ | 3,835,341 | | | $ | 28,485 | | | $ | 126,931 | | | $ | 3,142,292 | | | $ | 537,633 | | Liabilities: | | | | | | | | | | Earnout liability(1) | $ | 407,500 | | | $ | — | | | $ | — | | | $ | 407,500 | | | $ | — | | Total liabilities | $ | 407,500 | | | $ | — | | | $ | — | | | $ | 407,500 | | | $ | — | | | | | | | | | | | |
| | | | | | | | | | | | Balance as of December 31, 2025 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Net Asset Value (NAV) | Assets: | | | | | | | | | | Investments in managed funds — at fair value | $ | 447,262 | | | $ | — | | | $ | — | | | $ | — | | | $ | 447,262 | | Investments in unconsolidated joint ventures — at fair value | 56,556 | | | — | | | 41,856 | | | 14,700 | | | — | | Equity securities | 5,078 | | | — | | | 5,078 | | | — | | | — | | Total assets | $ | 508,896 | | | $ | — | | | $ | 46,934 | | | $ | 14,700 | | | $ | 447,262 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Valuation Techniques and Significant Unobservable Inputs |
The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment | | Fair Value as of June 30, 2026 (in thousands) | | Valuation Techniques | | Unobservable Input | | Range/Amount (Weighted Average) | First mortgage loans | | $ | 2,646,427 | | | Discounted cash flow | | Market yield / discount rate | | 6.17% - 11.50% | | | | | | | | | (7.76%) | | | | | | | Credit spread | | 2.55% - 12.00% | | | | | | | | | (4.38%) | | | | | | | | | | | | | | | | | | | Corporate senior loans and liquid corporate senior loans | | $ | 428,499 | | | Discounted cash flow | | Discount rate | | 3.50% - 19.15% | | | | | | | | | (9.19%) | CMBS | | $ | 36,134 | | | Discounted cash flow; market comparable transactions | | Discount margin (discount rate) | | 8.03% - 35.15% | | | | | | | | | (14.96%) | | | | | | | | | | | | | | | | | | | | | | | | | Yield assumption | | 12.00% - 40.00% | | | | | | | | | (19.55%) | | | | | | | | | | | | | | | | | | | CLO subordinated note | | $ | 15,786 | | | Discounted cash flow | | Discount rate | | 16.50% - 22.50% | | | | | | | Constant default rate | | 2.00% | | | | | | | Recovery rate | | 65.00% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the valuation techniques and significant unobservable inputs used for the Company’s real estate assets and debt that are categorized within Level 3 of the fair value hierarchy as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment | | Fair Value as of June 30, 2026 (in thousands) | | Valuation Techniques | | Unobservable Input | | Range/Amount (Weighted Average) | Real Estate | | $ | 1,389,588 | | | Discounted cash flow; direct capitalization | | Discount rate | | 6.75% - 12.00% | | | | | | | | | (10.10%) | | | | | | | Terminal capitalization rate | | 5.75% - 10.50% | | | | | | | | | (8.60%) | | | | | | | Market capitalization rate | | 4.50% - 8.50% | | | | | | | | | (6.50%) | Credit facilities, notes payable and repurchase facilities | | $ | 2,645,081 | | | Discounted cash flow | | Market borrowing rate | | 4.67% - 7.92% | | | | | | | | | (6.21%) | | | | | | | Credit spread | | 1.05% - 7.21% | | | | | | | | | (3.56%) | | | | | | | | | | | | | | | | | | |
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| Schedule of Reconciliation of the Changes in Financial Assets and Liabilities With Level 3 Inputs |
The following are reconciliations of the changes in assets and liabilities measured at fair value with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | Level 3 | | | Assets | | Liabilities | Beginning balance, January 1, 2026 | | $ | 14,700 | | | $ | — | | Assets acquired in the Transactions | | 3,127,592 | | | — | | Initial recognition of earnout liability in connection with the Transactions | | — | | | 407,500 | | Ending balance June 30, 2026 | | $ | 3,142,292 | | | $ | 407,500 | |
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