Revenue |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Revenue The following table presents the Company's net revenue disaggregated by category (in thousands):
(1)Investment management and platform advisory, net revenues are presented net of operating expense reimbursements to the Innovation Fund pursuant to the Expense Limitation Agreement of $1.5 million and $2.6 million, for the years ended December 31, 2025 and 2024, respectively. (2)Real estate operating platform revenues include loan servicing fees, which are accounted for under FASB ASC 860. Loan servicing fees were $1.3 million and $1.1 million for the years ended December 31, 2025 and 2024, respectively. No servicing asset or liability was identified in relation to these services. For more information on loan servicing fees, refer to Note 2, Summary of Significant Accounting Policies—Revenue Recognition.
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