v3.26.1
Debt, net of unamortized deferred financing cost
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt, net of unamortized deferred financing cost Debt, net of unamortized deferred financing cost
The following table summarizes outstanding debt obligations of the Company as of March 31, 2026 and December 31, 2025:
As of March 31, 2026As of December 31, 2025
(Dollars in Thousands)Debt Outstanding
Net Carrying
Value (1)
Fair
Value 		Debt Outstanding
Net Carrying
Value (1)
Fair
Value
Administrators Term Loan$14,510 $14,639 $14,639 $— $— $— 
Kontora Credit Facility
Term Loan410 410 410 503 503 503 
Revolving Line of Credit— — — 380 380 380 
Total Debt$14,920 $15,049 $15,049 $883 $883 $883 
(1) The carrying value of the Term Loans and Revolving Line of Credit approximates fair value as of March 31, 2026 and December 31, 2025.

Administrators Term Loan
On March 19, 2026, the Company and certain of its affiliates on the one hand and the International Real Estate Businesses and the Administrators on the other hand entered into a binding settlement and intercompany loan deed memorializing the terms of the settlement. The settlement amount of £11.2 million ($15.0 million) is noninterest bearing and paid in installments through November 2027. As of March 31, 2026, the outstanding balance of the settlement was $14.5 million. See Note 3 Discontinued Operations for further details.
Kontora Credit Facility
On April 30, 2025, the Company acquired Kontora. See Note 4 (Business Combinations). At the acquisition date, Kontora had a term loan with HypoVereinsbank. The term loan is repayable in fixed quarterly installments of $0.1 million plus interest, with the final payment due on June 30, 2027. The term loan bears interest at 6.7% per annum which is payable quarterly. Throughout the period of the loan Kontora Family Office GmbH, as a
standalone entity, is required to maintain economic equity of the higher of $1.8 million or 30% of the total assets of this standalone entity.
At the acquisition date, Kontora also had a revolving line of credit, which expires on July 25, 2029, with an aggregate borrowing facility of $0.9 million with HypoVereinsbank. The revolving line of credit bears interest at 3-month EURIBOR plus 7.15% on funded amounts and a commitment fee of 0.75% on unfunded amounts. The funded amounts bear no restrictions on its use.
Contractual maturities of the Administrators Term Loan and Term Loan as of March 31, 2026, are set out in the table below:
(Dollars in Thousands)Administrators Term LoanKontora Term LoanAggregate Maturities
2026$8,145 $246 $8,391 
20276,365 164 6,529 
Total$14,510 $410 $14,920 
Allianz Tranche Right
The Company issued the Allianz Tranche Right in which Allianz, at their option, can purchase up to a total of 50,000 additional shares of Series A Preferred Stock at $1,000 per share. On May 13, 2025, Allianz exercised the Allianz Tranche Right to purchase an additional 18,471 shares of Series A Preferred Stock at the stated price for $18.5 million. As of March 31, 2026 and December 31, 2025, the Allianz Tranche Right of $1.4 million and $2.4 million, respectively, is classified as a liability in accordance with ASC 480, Liabilities, and is recorded in the line item Preferred stock tranche liability on the Company’s Condensed Consolidated Statements of Financial Position. For the three months ended March 31, 2026 and March 31, 2025, the change in fair value of the Allianz Tranche Right is $1.0 million and $2.5 million, respectively, which is recorded in the line item Gain (loss) on preferred stock liability in the Condensed Consolidated Statements of Operations.