Variable Interest Entity |
12 Months Ended |
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Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Variable Interest Entity | Variable Interest Entity In November 2025, the Company entered into a definitive agreement to acquire W3C. W3C is a Delaware corporation that serves as a holding company for Monavate Holdings Limited ("Monavate") and Baanx.com Ltd. ("Baanx"), and their respective subsidiaries (collectively, the "W3C Group"). As of December 31, 2025, W3C owns and operates Monavate and Baanx businesses and the acquisition of the W3C Group has not closed. In connection with the proposed acquisition, the Company entered three financing arrangements with W3C consisting of: (i) a term loan facility of $60.0 million; (ii) a delayed draw term loan facility of $10.0 million and (iii) a seller promissory note of $10.0 million. For further details on these arrangements, refer to "Note 5 – Loans Receivable, Net". We concluded that W3C is a variable interest entity. The Company evaluated whether it is the primary beneficiary of W3C, as aligned with the procedures described in "Note 2 – Summary of Significant Accounting Policies", and concluded that it is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact W3C’s economic performance. Therefore, W3C is not consolidated in the Company’s consolidated financial statements. The Company's maximum exposure to loss was $81.0 million and represents the carrying values of loan receivables and related capitalized and accrued interest recorded in the Company's consolidated balance sheets as of December 31, 2025. The Company does not have any contractual requirement to provide additional financial support to W3C beyond amounts currently funded and has not provided any financial support to W3C during the year ended December 31, 2025, other than amounts advanced under the loan agreements.
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