Loans Receivable, Net	12 Months Ended
Dec. 31, 2025
Receivables [Abstract]
Loans Receivable, Net	Loans Receivable, Net Term Facility and Delayed-Draw Term Facility On November 18, 2025, the Company entered into a loan agreement with W3C Corp., pursuant to which the Company agreed to provide up to $70.0 million of secured financing, consisting of (i) a term loan facility with aggregate commitments of up to $60.0 million (the “Term Facility”) and (ii) a delayed-draw term loan facility with aggregate commitments of up to $10.0 million (the “Delayed-Draw Term Facility” and collectively with the Term Facility, the “Facilities”). The Facilities are secured by substantially all of the assets of W3C Corp. and certain of its subsidiaries, subject to customary exceptions. As of December 31, 2025, no amounts were outstanding under the Delayed-Draw Term Facility. Borrowings under the Term Facility bear interest at a rate of 12.0% per annum, compounded monthly, while borrowings under the Delayed-Draw Term Facility bear interest at a rate of 6.0% per annum, compounded quarterly. In each case, accrued interest is capitalized and added to the outstanding principal balance. The loan agreement also provides for a one- time upfront fee equal to 2.0% of the Term Facility and an exit fee of up to $7.2 million, which is reduced by the aggregate amount of upfront fees paid and capitalized interest at the time of repayment. Accordingly, interest income associated with the Facilities reflects both contractual interest accrued on outstanding borrowings and the amortization of upfront and exit fees, which are accounted for as adjustments to loan yield. For the year ended December 31, 2025, the Company recognized interest income related to the Facilities of $2.1 million. Based on the Company’s current expectation that amounts outstanding under the Term Facility will be repaid in connection with the consummation of the acquisition, the effective interest rate on the Term Facility is higher than the stated contractual rate due to the amortization of upfront and exit fees, while the effective interest rate on the Delayed-Draw Term Facility approximates its stated contractual rate. The Facilities mature on the earlier of (i) consummation of the acquisition and (ii) the date falling twelve months after the initial borrowing under the term loan facility, subject to extensions in certain circumstances as provided in the loan agreement. Covenants The Facilities contain customary affirmative and negative covenants, including limitations on additional indebtedness, liens, asset sales, acquisitions and distributions, as well as a minimum liquidity covenant. The Facilities also include customary events of default, including non-payment, breach of covenants and insolvency events, which could result in the acceleration of amounts outstanding. As of December 31, 2025, the Company was in compliance with all applicable covenants. Credit Risk and Allowance for Credit Losses As of December 31, 2025, the Company concluded that no allowance for credit losses was required based on the secured nature of the receivables, the short-term expected duration of the arrangements, and the Company’s assessment of the creditworthiness of the counterparty. Seller Promissory Note On November 18, 2025, the Company entered into a secured promissory note with the seller of W3C Corp., a related party (the “Seller Note”), pursuant to which the Company extended a loan in the principal amount of $10.0 million. The Seller Note bears interest at a rate of 6.0% per annum, compounded quarterly, with accrued interest capitalized and added to the outstanding principal balance. The Seller Note is secured by a pledge of the seller’s equity interests in W3C Corp. All outstanding principal and accrued interest under the Seller Note are due and payable upon the earlier of the consummation of the acquisition or the occurrence of specified termination events. Upon consummation of the acquisition, the outstanding principal and accrued interest are expected to be settled through a non-cash offset against the purchase consideration otherwise payable to the seller. Interest income associated with the Seller Note is recognized in interest income. For the year ended December 31, 2025, the Company recognized $0.1 million of interest income related to the Seller Note. Based on the short-term expected duration of the arrangement, the secured nature of the Seller Note, and the anticipated settlement through offset at closing, the Company determined that no allowance for credit losses was required as of December 31, 2025.

Loans Receivable, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Loans Receivable, Net

Term Facility and Delayed-Draw Term Facility

On November 18, 2025, the Company entered into a loan agreement with W3C Corp., pursuant to which the Company

agreed to provide up to $70.0 million of secured financing, consisting of (i) a term loan facility with aggregate

commitments of up to $60.0 million (the “Term Facility”) and (ii) a delayed-draw term loan facility with aggregate

commitments of up to $10.0 million (the “Delayed-Draw Term Facility” and collectively with the Term Facility, the

“Facilities”). The Facilities are secured by substantially all of the assets of W3C Corp. and certain of its subsidiaries,

subject to customary exceptions. As of December 31, 2025, no amounts were outstanding under the Delayed-Draw Term

Facility.

Borrowings under the Term Facility bear interest at a rate of 12.0% per annum, compounded monthly, while borrowings

under the Delayed-Draw Term Facility bear interest at a rate of 6.0% per annum, compounded quarterly. In each case,

accrued interest is capitalized and added to the outstanding principal balance. The loan agreement also provides for a one-

time upfront fee equal to 2.0% of the Term Facility and an exit fee of up to $7.2 million, which is reduced by the aggregate

amount of upfront fees paid and capitalized interest at the time of repayment.

Accordingly, interest income associated with the Facilities reflects both contractual interest accrued on outstanding

borrowings and the amortization of upfront and exit fees, which are accounted for as adjustments to loan yield. For the year

ended December 31, 2025, the Company recognized interest income related to the Facilities of $2.1 million. Based on the

Company’s current expectation that amounts outstanding under the Term Facility will be repaid in connection with the

consummation of the acquisition, the effective interest rate on the Term Facility is higher than the stated contractual rate

due to the amortization of upfront and exit fees, while the effective interest rate on the Delayed-Draw Term Facility

approximates its stated contractual rate.

The Facilities mature on the earlier of (i) consummation of the acquisition and (ii) the date falling twelve months after the

initial borrowing under the term loan facility, subject to extensions in certain circumstances as provided in the loan

agreement.

Covenants

The Facilities contain customary affirmative and negative covenants, including limitations on additional indebtedness,

liens, asset sales, acquisitions and distributions, as well as a minimum liquidity covenant. The Facilities also include

customary events of default, including non-payment, breach of covenants and insolvency events, which could result in the

acceleration of amounts outstanding. As of December 31, 2025, the Company was in compliance with all applicable

covenants.

Credit Risk and Allowance for Credit Losses

As of December 31, 2025, the Company concluded that no allowance for credit losses was required based on the secured

nature of the receivables, the short-term expected duration of the arrangements, and the Company’s assessment of the

creditworthiness of the counterparty.

Seller Promissory Note

On November 18, 2025, the Company entered into a secured promissory note with the seller of W3C Corp., a related party

(the “Seller Note”), pursuant to which the Company extended a loan in the principal amount of $10.0 million. The Seller

Note bears interest at a rate of 6.0% per annum, compounded quarterly, with accrued interest capitalized and added to the

outstanding principal balance. The Seller Note is secured by a pledge of the seller’s equity interests in W3C Corp.

All outstanding principal and accrued interest under the Seller Note are due and payable upon the earlier of the

consummation of the acquisition or the occurrence of specified termination events. Upon consummation of the acquisition,

the outstanding principal and accrued interest are expected to be settled through a non-cash offset against the purchase

consideration otherwise payable to the seller.

Interest income associated with the Seller Note is recognized in interest income. For the year ended December 31, 2025,

the Company recognized $0.1 million of interest income related to the Seller Note. Based on the short-term expected

duration of the arrangement, the secured nature of the Seller Note, and the anticipated settlement through offset at closing,

the Company determined that no allowance for credit losses was required as of December 31, 2025.