v3.26.1
INVESTMENTS AND FAIR VALUE DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Components of the Company's Investments
The following table presents the components of the Company’s investments:
(dollars in thousands)June 30,
2026		December 31,
2025
Preferred equity investment, at fair value$310,171 $290,594 
Equity investments in the Company’s products, equity method79,482 67,391 
Loans and deferred purchase price receivable, at amortized cost (includes $29,431 and $27,797 in the Company’s products, respectively)
60,850 58,845 
Equity investments in the Company’s products, at fair value
108,545 61,906 
Investments in the Company’s CLOs, at fair value4,623 5,653 
Total$563,671 $484,389 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:
June 30, 2026
(dollars in thousands)Level ILevel IILevel IIITotal
Cash Equivalents, at Fair Value
Money market funds$55,406 $— $— $55,406 
Investments, at Fair Value
Preferred equity investment— — 310,171 310,171 
Equity investments in the Company’s products— 108,545 — 108,545 
CLOs— — 4,623 4,623 
Total Investments, at Fair Value$— $108,545 $314,794 $423,339 
Total Assets, at Fair Value$55,406 $108,545 $314,794 $478,745 
Liabilities, at Fair Value
TRA liability$— $— $98,659 $98,659 
Earnout liability— — 93,700 93,700 
Total Liabilities, at Fair Value$— $— $192,359 $192,359 
December 31, 2025
(dollars in thousands)Level ILevel IILevel IIITotal
Investments, at Fair Value
Preferred equity investment$— $— $290,594 $290,594 
Equity investments in the Company’s products— 61,906 — 61,906 
CLOs— — 5,653 5,653 
Total Assets, at Fair Value$— $61,906 $296,247 $358,153 
Liabilities, at Fair Value
TRA liability$— $— $106,793 $106,793 
Earnout liability— — 163,700 163,700 
Total Liabilities, at Fair Value$— $— $270,493 $270,493 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following table sets forth a summary of changes in the fair value of the Level III measurements for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$303,685 $4,375 $308,060 
Purchases(1)
9,475 — 9,475 
Net gains (losses)(2,989)248 (2,741)
Ending Balance$310,171 $4,623 $314,794 
Change in net unrealized gains (losses) on assets still recognized at the reporting date$(2,989)$248 $(2,741)
Six Months Ended June 30, 2026Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$290,594 $5,653 $296,247 
Purchases(1)
18,571 — 18,571 
Net gains (losses)1,006 (1,030)(24)
Ending Balance$310,171 $4,623 $314,794 
Change in net unrealized gains (losses) on assets still recognized at the reporting date$1,006 $(1,030)$(24)
(1)Preferred equity purchases includes $9.5 million and $18.6 million respectively, of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.
Three Months Ended June 30, 2025Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$268,263 $7,701 $275,964 
Purchases(1)
8,418 — 8,418 
Net losses(4,051)(829)(4,880)
Ending Balance$272,630 $6,872 $279,502 
Change in net unrealized losses on assets still recognized at the reporting date$(4,051)$(829)$(4,880)
Six Months Ended June 30, 2025Level III Assets
(dollars in thousands)Preferred EquityCLOsTotal
Beginning balance$267,169 $5,169 $272,338 
Purchases(1)
16,499 3,986 20,485 
Net losses(11,038)(2,283)(13,321)
Ending Balance$272,630 $6,872 $279,502 
Change in net unrealized losses on assets still recognized at the reporting date$(11,038)$(2,283)$(13,321)
(1)Preferred equity purchases includes $8.4 million and $16.5 million respectively, of cumulative unpaid cash preferential dividends that compound quarterly and are payable when declared.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Three Months Ended June 30, 2026Level III Liabilities
(dollars in thousands)TRA LiabilityEarnout LiabilityTotal
Beginning balance$95,748 $147,600 $243,348 
Issuances— — — 
Settlements— (59,909)(59,909)
Net losses2,911 6,009 8,920 
Ending Balance$98,659 $93,700 $192,359 
Change in net unrealized losses on liabilities still recognized at the reporting date$2,911 $6,009 $8,920 
Six Months Ended June 30, 2026Level III Liabilities
(dollars in thousands)TRA LiabilityEarnout LiabilityTotal
Beginning balance$106,793 $163,700 $270,493 
Issuances— — — 
Settlements(14,100)(59,909)(74,009)
Net (gains) losses5,966 (10,091)(4,125)
Ending Balance$98,659 $93,700 $192,359 
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date$5,966 $(10,091)$(4,125)
Three Months Ended June 30, 2025Level III Liabilities
(dollars in thousands)TRA LiabilityEarnout LiabilityTotal
Beginning balance$97,228 $305,680 $402,908 
Settlements— (113,350)(113,350)
Net (gains) losses2,274 (20,632)(18,358)
Ending Balance$99,502 $171,698 $271,200 
Change in net unrealized (gains) losses on liabilities still recognized at the reporting date$2,274 $(8,666)$(6,392)
Six Months Ended June 30, 2025Level III Liabilities
(dollars in thousands)TRA LiabilityEarnout LiabilityTotal
Beginning balance$108,257 $167,912 $276,169 
Issuances— 140,083 140,083 
Settlements(14,556)(113,350)(127,906)
Net (gains) losses5,801 (22,947)(17,146)
Ending Balance$99,502 $171,698 $271,200 
Change in net unrealized losses on liabilities still recognized at the reporting date$5,801 $8,698 $14,499 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of June 30, 2026:
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputsRangeWeighted AverageImpact to Valuation from an Increase in Input
Assets
Preferred equity$310,171 Discounted cash flowDiscount Rate14%-14%14%Decrease
CLOs 4,623 Discounted cash flowYield11%-15%12%Decrease
Total Assets, at Fair Value$314,794 
Liabilities
TRA liability$98,659 Discounted cash flowDiscount Rate13%-13%13%Decrease
Earnout liability93,700 Monte Carlo SimulationVolatility23%-27%24%Decrease
Total Liabilities, at Fair Value$192,359 
The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2025:
(dollars in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputsRangeWeighted AverageImpact to Valuation from an Increase in Input
Assets
Preferred equity$290,594 Discounted cash flowDiscount Rate14%-14%14%Decrease
CLOs 5,653 Discounted cash flowYield10%-14%12%Decrease
Total Assets, at Fair Value$296,247 
Liabilities
TRA liability$106,793 Discounted cash flowDiscount Rate13%-13%13%Decrease
Earnout liability163,700 Monte Carlo SimulationVolatility21%-24%22%Increase
Total Liabilities, at Fair Value$270,493