v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss before non-controlling interest and deemed dividend $ (62,187) $ (14,828)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Change in carrying value of long-term investment 1,400 (32,000)
Non-cash underwriting revenues (10,080) (2,994)
Non-cash commission expense 7,610 0
Realized loss (gain) on marketable securities 6,872 (1,049)
Amortization of right-of-use assets 284 211
Depreciation 35 52
Realized gain on note receivable 0 (221)
Realized (gain) loss on securities owned (3,420) 743
Unrealized loss (gain) on securities owned 3,271 (4,136)
Unrealized loss on marketable securities 284 670
Change in carrying value of long term investments 1,400  
Unrealized gain on long term investments 159  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,312) (105)
Receivable from clearing brokers (2,002) (13,707)
Accounts receivable (591) 0
Accounts payable and accrued expenses 485 1,693
Accrued compensation and commissions (9,556) 10,948
Right of use asset and liability, net (247) (178)
Contract liabilities 3,256 1,098
Income taxes payable 8,261 0
Other liabilities (172) (92)
Notes receivable, at fair value – net interest accrued 0 (20)
Net cash (used in) provided by operating activities (38,844) 882
Cash flows from investing activities    
Purchase of marketable securities (9,440) (13,086)
Sale of marketable securities 46,406 6,852
Purchase of securities owned (10,000) 0
Sale of securities owned 17,875 0
Purchase of long term investments (102)  
Collection of principal on note receivable 0 1,143
Sale of long-term investments 0 538
Collection of loans to employees 283 285
Net cash provided by (used in) investing activities 45,022 (4,268)
Cash flows from financing activities    
Cash paid for dividends (19,039) (7,080)
Distributions to non-controlling interest (100) 0
Cash from issuance common stock, net of offering cost 4,000 13,517
Cash from issuance common stock for exercised warrants 0 2,339
Net cash (used in) provided by financing activities (15,139) 8,776
Net increase in cash and cash equivalents (8,961) 5,390
Cash and cash equivalents, beginning of period 34,005 4,079
Cash and cash equivalents, end of period 25,044 9,469
Cash paid for interest 11 13
Cash paid for taxes 6,950 0
Deemed dividend 425 0
Share-Based Payment Arrangement, Employee [Member]    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Stock-based compensation 19,745 54,797
Share-Based Payment Arrangement, Nonemployee [Member]    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Stock-based compensation $ 61 $ 0