Related Party Transaction |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transaction [Abstract] | |
| Related Party Transaction | Note 14. Related Party Transaction
In 2021, the Company engaged the services of Revere Securities, LLC (“Revere”) to assist in the management and building of the Company’s investment processes. Kyle Wool, one of the Company’s board members, was previously a member of the board of directors of Revere until June 2023, and held approximately 30% of Revere’s outstanding equity until May 20, 2025. From time to time, Company participates in offerings of securities as an underwriter in transactions in which Revere is also participating as an underwriter. On such transactions, the Company earned $310,405 and $103,470 in the three months ending June 30, 2025 and 2024, respectively. On such transactions, the Company earned $318,405 and $123,470 in the six months ending June 30, 2025 and 2024, respectively. As of May 20, 2025, Kyle Wool no longer holds an equity interest in Revere.
The Company collected fees on behalf of Series which were intended for future expenses of each Series entity. As of June 30, 2025, such amount was approximately $53,000 and is included in other current liabilities on the accompanying consolidated balance sheet.
During the year ended December 31, 2024, the Company entered into employee loans with various employees totaling $2.4 million. The terms of the loan agreements range from 3 years to 7 years, with an average annual interest rate of approximately 3.2%. The total interest received for the period ended June 30, 2025 was approximately $41,000. As of June 30, 2025, the total outstanding balance of the employee loans was $1.87 million included in loans to employees on the accompanying consolidated balance sheet.
Certain of the Company’s investments are made through related party special purpose vehicles. These are included within Note 5 of the consolidated financial statements and include the following investments: investment in Revere Master SPV Series 1 (Qxpress Pte Ltd), investment in Revere Master SPV Series VI (TessPay, Inc.), investment in Dominari Master SPV LLC Series VI (X.AI Corp. d.b.a. xAI), investment in Dominari Master SPV LLC Series XI (Cerebras Systems Inc.), and investment in Dominari Master SPV LLC Series XII (Groq, Inc.).
The Company earns revenues for managing certain pooled investment vehicles which are related parties. These include the entirety of the management fee revenues ($0.2 million) included within the advisory and management fees caption within the statement of operations. As of June 30, 2025, the total amount of contract liabilities disclosed in Note 2 represented amounts received in advance of revenue earned on managing such related party investment vehicles. |