| Schedule of Segment Information |
The following tables present the Company’s segment results 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 | | | | | | | | | | Asset Management | | | | | | | | | Management fees and other (1)(2) | | $ | 106,046 | | $ | 113,825 | | $ | 209,963 | | $ | 220,205 | Share of fee-related earnings from other owner-operators(2) | | (612) | | (499) | | (25) | | (1,082) | | | | | | | | | | Compensation and benefits(3) | | (58,562) | | (66,464) | | (121,213) | | (133,184) | General and administrative(3) | | (18,255) | | (18,894) | | (37,076) | | (36,832) | | | | | | | | | | Net realized performance allocations | | — | | — | | — | | (3) | | | | | | | | | | Other net loss - Asset Management | | (746) | | (977) | | (1,376) | | (865) | Asset Management segment earnings | | 27,871 | | 26,991 | | 50,273 | | 48,239 | | | | | | | | | | Strategic Holdings | | | | | | | | | Net investment income (1) | | 703 | | 337 | | 4,265 | | 4,138 | Net realized loss on investments | | (1,051) | | (1,169) | | (824) | | (992) | Strategic Holdings Segment earnings | | (348) | | (832) | | 3,441 | | 3,146 | | | | | | | | | | Total segment earnings | | $ | 27,523 | | $ | 26,159 | | $ | 53,714 | | $ | 51,385 | | | | | | | | | |
____________________________________ (1)Includes inter-segment management fees and other of $3.5 million and $5.5 million earned by the Asset Management segment from the Strategic Holdings segment for the three and six months ended June 30, 2026, respectively, and $736,000 and $1.3 million for the three and six months ended June 30, 2025, respectively. (2)The sum of these items represent fee-related revenues. Fee-related revenues consist of real assets management fees, incentive fees, expense reimbursements, and the Company’s share of fee-related earnings from its investment in other owner-operators of real assets. (3)The sum of these items plus fee-related revenues represent fee-related earnings. Fee-related earnings represents fee-related revenues, less fee-related compensation, operating and general and administrative expenses. The following table reconciles Segment Earnings to net income attributable to the Company (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Reconciliation of Total Segment Earnings to Net (loss) income attributable to the Company: | | | | | | | | | Total segment earnings | | $ | 27,523 | | | $ | 26,159 | | | $ | 53,714 | | | $ | 51,385 | | Net unrealized performance allocations | | 570 | | | 4,287 | | | 1,707 | | | 9,346 | | Net unrealized gain on investments - Strategic Holdings | | 2,645 | | | 16,455 | | | 3,208 | | | 16,086 | | Interest expense related to corporate subsidiary borrowings | | (5,489) | | | (5,238) | | | (11,286) | | | (9,905) | | Transaction-related and other expenses | | (27,462) | | | — | | | (27,462) | | | — | | Equity-based compensation - CMFH | | (503) | | | (814) | | | (1,006) | | | (1,628) | | Net loss allocated to noncontrolling interest in CMFH | | 14,055 | | | — | | | 14,055 | | | — | | Provision for income taxes | | (22,767) | | | — | | | (22,767) | | | — | | Non-segment general and administrative expenses - CIM Group, Inc. | | (471) | | | — | | | (471) | | | — | | Equity-based compensation - CIM Group, Inc. | | (122) | | | | | (122) | | | | Net income attributable to the Contributed Entities prior to the Transactions | | (18,106) | | | (40,849) | | | (39,697) | | | (65,284) | | Net (loss) income attributable to the Company | | $ | (30,127) | | | $ | — | | | $ | (30,127) | | | $ | — | |
The following table reconciles Segment Revenues to total consolidated revenues (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Reconciliation of total segment revenues to total consolidated revenues: | | | | | | | | | Management fees and other(1) | | $ | 106,046 | | | $ | 113,825 | | | $ | 209,963 | | | $ | 220,205 | | Share of fee-related earnings from investments in other owner-operators | | (612) | | | (499) | | | (25) | | | (1,082) | | Realized performance allocations, net | | — | | | — | | | — | | | (3) | | Other net loss - Asset Management | | (746) | | | (977) | | | (1,376) | | | (865) | | Total Asset Management segment revenues | | 104,688 | | | 112,349 | | | 208,562 | | | 218,255 | | Strategic Holdings net investment income(1) | | 703 | | | 337 | | | 4,265 | | | 4,138 | | Total | | 105,391 | | | 112,686 | | | 212,827 | | | 222,393 | | Performance allocations - unrealized | | — | | | 5,675 | | | 1,894 | | | 11,130 | | Unrealized gain from equity method investments | | 3,397 | | | 16,455 | | | 3,960 | | | 16,087 | | Realized loss from unconsolidated investments | | (959) | | | (614) | | | (732) | | | (437) | | Net income allocated to noncontrolling interests in consolidated investments | | 86 | | | 936 | | | 86 | | | 1,293 | | Interest expense from consolidated investments(2) | | 2,564 | | | 471 | | | 2,913 | | | 939 | | Expenses from consolidated investments(2) | | 536 | | | 274 | | | 770 | | | 635 | | General and administrative expenses - Strategic Holdings(2) | | 6 | | | 43 | | | 91 | | | 135 | | Total consolidated revenues | | $ | 111,021 | | | $ | 135,926 | | | $ | 221,810 | | | $ | 252,173 | |
(1)Includes inter-segment management fees and other of $3.5 million and $5.5 million earned by the Asset Management segment from the Strategic Holdings segment for the three and six months ended June 30, 2026, respectively, and $736,000 and $1.3 million for the three and six months ended June 30, 2025, respectively. (2)Represents expenses from consolidated investments of Strategic Holdings which are included in Strategic Holdings net investment income.
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