Related Party Transactions |
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| Related Party Transactions | Related Party Transactions Related Party Transactions of the Company Platform Revenues The table below shows the total revenues earned for providing services under Platform as described in the Revenue Recognition section of Note 2 – Summary of Significant Accounting Policies for the three months ended March 31, 2026 and 2025.
As of March 31, 2026 and December 31, 2025, amounts due to the Company from related parties for services performed under the Platform was $9.7 million and $9.2 million, respectively, net of allowance for doubtful accounts of $2.7 million and $3.2 million, respectively, which is included in due from related parties on the accompanying condensed consolidated balance sheets. Notes Receivable The Company entered into unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid in whole, or in part, without penalty. The following table summarizes the notes receivable – related parties of the Company as of March 31, 2026 and December 31, 2025 (in thousands):
__________________________________ (1) As of March 31, 2026. (2) The Company entered into unsecured promissory notes with related parties which were repaid or impaired during the three months ended March 31, 2026. During the three months ended March 31, 2026 and 2025, the Company earned an $0.3 million and an immaterial amount, respectively, of interest in connection with the notes, which is included in interest income on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable can be added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. There was $0.2 million of interest due to the Company as of March 31, 2026 and December 31, 2025. The March 31, 2026 and December 31, 2025 notes receivable - related parties balance above is net of a $0.8 million and $1.0 million, respectively, allowance for doubtful accounts. Other In the normal course of business, the Company has various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. At both March 31, 2026 and December 31, 2025, other amounts due from related parties was $0.7 million, net of allowance for doubtful accounts at both March 31, 2026 and December 31, 2025 of $0.7 million and $0.8 million, respectively, and are included in due from related parties on the accompanying condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, other amounts due to related parties from the Company were $0.1 million and $0.2 million, respectively, which are included in due to related parties on the accompanying condensed consolidated balance sheets. Related Party Transactions of the Consolidated Funds Notes Receivable The consolidated funds entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable – related parties consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):
__________________________________ (1) As of March 31, 2026. (2) During the three months ended March 31, 2026, the Company consolidated Commons Fundco, LLC (as discussed in Note 3 – VIEs), who is the lender of a promissory note with Caliber Hospitality, LP. During the three months ended March 31, 2026 and 2025, the consolidated fund did not earn interest in connection with the notes. Interest that accrues on certain related party notes receivable, in which the consolidated fund and respective borrower mutually agreed, is added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. Interest due to the consolidated funds was $1.2 million and $0.2 million as of March 31, 2026 and December 31, 2025, respectively, which is included in prepaid and other assets on the accompanying condensed consolidated balance sheets. Notes Payable At March 31, 2026 and December 31, 2025, the consolidated funds had a note payable outstanding to CFIF III of $2.4 million and $2.3 million, respectively. The note matured in September 2025 and remains in default as of March 31, 2026. Interest continues to accrue at a fixed rate of 13.00% per annum and is capitalized to the principal balance on a monthly. During each of the three months ended March 31, 2026 and 2025, the consolidated funds incurred $0.1 million of interest expense in connection with the notes payable – related parties, which is included in consolidated funds - hospitality expenses and consolidated funds - other expenses on the accompanying condensed consolidated statements of operations. No interest was payable as of March 31, 2026 and December 31, 2025. Other In the normal course of business, the consolidated funds have various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid by the funds on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. At both March 31, 2026 and December 31, 2025, there were an immaterial amount of other amounts due from related parties, which is included in prepaid and other assets on the accompanying condensed consolidated balance sheets. At both March 31, 2026 and December 31, 2025, there was an $0.9 million of other amounts due to related parties, which is included in due to related parties on the accompanying condensed consolidated balance sheets.
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