v3.26.1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
ASSETS    
Cash and cash equivalents $ 2,543 $ 1,346 [1]
Investments, at fair value 195,536 291,371
Derivative asset, related party 21,652  
Other assets, net (related party of $514 and $404) 9,127 49,144 [1]
Intangible assets 0 3,100 [1]
Goodwill 9,914 9,914 [1]
Total assets 238,772 354,875 [1]
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)    
Accounts payable and accrued expenses (related party of $17,571 and $14,733) 63,788 100,345 [1]
Other liabilities (related party of $30,497 and $19,360) 176,651 80,806 [1]
Warrants liability 308 227 [1]
Debt due to related parties 96,785 117,896 [1]
Total liabilities 337,532 299,274 [1]
Total temporary equity 90,526 90,526 [1]
Shareholder’s equity (deficit)    
Additional paid-in capital 1,884,835 1,844,496 [1]
Accumulated deficit (2,095,478) (2,008,052) [1]
Treasury stock, at cost (1 share as of March 31, 2026 and 2025) (3,444) (3,444) [1]
Noncontrolling interests 24,733 132,076 [1]
Accumulated other comprehensive income (loss) 52 (2) [1]
Total equity (deficit) (189,286) [2] (34,925) [1],[3]
Total liabilities, temporary equity, and equity (deficit) 238,772 354,875 [1]
Related Party    
ASSETS    
Derivative asset, related party 21,652 0 [1]
Other assets, net (related party of $514 and $404) 514 404
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)    
Accounts payable and accrued expenses (related party of $17,571 and $14,733) 17,571 14,733
Other liabilities (related party of $30,497 and $19,360) 30,497 19,360
Preferred Series A Subclass 0    
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)    
Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized 90,526 90,526 [1]
Series A preferred stock    
Shareholder’s equity (deficit)    
Preferred stock 0 0 [1]
Series B-1 preferred stock    
Shareholder’s equity (deficit)    
Preferred stock 2 0 [1]
Class A    
Shareholder’s equity (deficit)    
Common stock 14 1 [1]
Class B    
Shareholder’s equity (deficit)    
Common stock 0 0 [1]
Variable Interest Entity, Primary Beneficiary    
ASSETS    
Investments, at fair value 195,536 291,371 [1]
Variable Interest Entity, Primary Beneficiary | Related Party    
ASSETS    
Investments, at fair value $ 0 $ 5
[1]
(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2] Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[3] Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.