v3.26.1
CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (4,399) $ 66,576
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization, net 6,811 5,845
Amortization of deferred financing costs 738 717
Write-off of abandoned Fund start-up costs 10,306 0
Net deferred income taxes 18,568 0
Equity-based compensation 1,132 1,628
Income from equity-method investments (6,064) (20,660)
Net realized and unrealized (gains) losses and impairments 844 555
Net unrealized performance allocations (1,708) (9,344)
Incentive fees settled as investments at fair value 0 (61)
Changes in operating assets and liabilities:    
Management fees and other receivables from related parties 21,577 5,229
Other assets 991 (307)
Accrued expenses and other liabilities (25,698) (21,624)
Contract assets, net (4,303) (2,566)
Contract liabilities 2,112 (584)
Due to related parties (756) 1,175
Performance allocations and incentive fee compensation payable 0 (195)
Net cash provided by operating activities 20,151 26,384
Cash flows from investing activities:    
Purchases of property and equipment (1,438) (3,127)
Additions to investments (8,809) (25,272)
Proceeds from investments 81,520 19,417
Cash and cash equivalents and restricted cash acquired in connection with the Transactions 218,879 0
Net cash provided by (used in) investing activities 290,152 (8,982)
Cash flows from financing activities:    
Distributions to members prior to the Transactions (148,000) (55,000)
Proceeds from borrowings 197,000 139,300
Repayments of borrowings (182,800) (94,000)
Deferred financing costs paid 0 (2,158)
Distributions to non-controlling interests 0 (1,586)
Net cash used in financing activities (133,800) (13,444)
Net increase in cash and cash equivalents and restricted cash 176,503 3,958
Cash and cash equivalents and restricted cash, beginning of period 87,928 26,311
Cash and cash equivalents and restricted cash, end of period 264,431 30,269
Reconciliation of cash and cash equivalents and restricted cash to the condensed combined and consolidated balance sheets:    
Cash and cash equivalents 218,768 30,269
Restricted cash 45,663 0
Total cash and cash equivalents and restricted cash 264,431 30,269
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Distributions declared and unpaid 14,587 0
Accrued deferred financing costs 0 24
New operating lease assets obtained in exchange for operating lease liabilities 0 16,202
Assets acquired from the Transactions 4,789,212 0
Debt assumed from the Transactions 2,645,080 0
Liabilities assumed from the Transactions 117,423 0
Earnout liability associated with the Transactions 407,500 0
Equity and noncontrolling interest assumed from the Transactions 1,598,981 0
Deferred tax asset associated with the Transactions 443,357 0
Deferred tax credit associated with the Transactions 461,925 0
Supplemental Cash Flow Disclosures:    
Interest paid 12,249 9,713
Cash paid for taxes $ 362 $ 302