Loan(s) Payable – Related Party – Mr. R.A. Bianco

3 Months Ended

Mar. 31, 2026

Loan(s) Payable – Related Party – Mr. R.A. Bianco [Abstract]

Loan(s) Payable – Related Party – Mr. R.A. Bianco

Note 9 – Loan(s) Payable – Related Party – Mr. R.A. Bianco

The Company and Mr. R.A. Bianco entered into an agreement(s) for Mr. R.A. Bianco to provide senior loan(s) to the Company for working capital. The loan(s) are due on the earlier of the date the Company receives funds from any source, (excluding funds received by the Company by any litigation funding entity to fund any of the 111 West 57^th legal proceedings), sufficient to pay all amounts due under the loan(s), including all accrued interest thereon, including without limitation, from a settlement of the 111 West 57^th legal proceedings or (b) the date(s) indicated herein.

The Company and Mr. R.A. Bianco further agreed that amounts due pursuant to the loan(s) plus interest can be converted by Mr. R.A. Bianco, at his option, into a litigation funding agreement pari-passu with any litigation funding agreement entered into by the Company with a litigation funding entity.

Information regarding the loan(s) payable - related party – Mr. R.A. Bianco, outstanding as of December 31, 2025, and subsequently converted into the litigation funding agreement as further discussed in Note 10, is as follows: ($ in thousands)


Date of loan(s)	Rate		Due Date	December 31, 2025
September 2024	6.50	%	September 30, 2027	$	1,000
December 2024	6.50	%	December 31, 2027		500
March 2025	6.50	%	March 31, 2028		100
March 2025	6.50	%	March 31, 2028		400
May 2025	6.50	%	May 31, 2028		100
June 2025	6.50	%	June 30, 2028		500
July 2025	6.50	%	July 31, 2028		250
September 2025	6.50	%	September 30, 2028		100
September 2025	6.50	%	September 30, 2028		250
November 2025	6.50	%	November 30, 2028		100
December 2025	6.50	%	December 31, 2028		300
				$	3,600

Information regarding the loan(s) payable - related party – Mr. R.A. Bianco, entered into after December 31, 2025, and subsequently converted into the litigation funding agreement as further discussed in Note 10, is as follows: ($ in thousands)



Date of loan(s)	Rate		Due Date	February 28, 2026
January 2026	6.50	%	January 31, 2029	$	100
February 2026	6.50	%	February 28, 2029		300
				$	400

Information regarding accrued interest expense on the loan(s) payable – related party – Mr. R.A. Bianco, outstanding prior to the litigation funding agreement(s), is as follows:



(in thousands)	December 31, 2025
Accrued interest expense	$	179

For additional information regarding the Company’s litigation funding effort, see Note 1. For additional information regarding the Company’s legal proceedings relating to the 111 West 57^th Property, including the Company’s challenge to the Strict Foreclosure, see Note 3 and Note 6. For additional information regarding the March 2026 note(s) payable conversion into a litigation funding agreement and the related accrued interest payable conversion to a loan payable see Note 10.

The accrued interest expense outstanding which was converted into a loan(s) payable - related party – Mr. R.A. Bianco, in March 2026, in connection with the litigation funding agreement as further discussed in Note 10 below, is as follows: ($ in thousands)


Date of loan(s)	Rate		Due Date	March 31, 2026
March 2026	6.50	%	March 31, 2029	$	219
				$	219

Information regarding accrued interest expense on the loan(s) payable- related party – Mr. R.A. Bianco is as follows:




(in thousands)	March 31, 2026
Accrued interest expense	$	1