The following table summarizes the warrants outstanding as of June 30, 2026 and December 31, 2025:

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Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share. A holder may exercise its warrants only for a whole number of shares of Class A common stock. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per share if the closing price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period. The warrants will expire five years after the Closing Date or earlier upon redemption or liquidation.

The warrants are classified as derivative liabilities under ASC Topic 480 or ASC Topic 815. At June 30, 2026 and December 31, 2025, the fair value of the warrant liabilities is approximately $2.3 million and is included in accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated statements of financial condition. For the three and six months ended June 30, 2026 included in other expenses on the condensed consolidated statements of operations is an unrealized loss on the warrants in the amount of approximately $0.8 million and $0.03 million, respectively. For the three and six months ended June 30, 2025, included in other expenses on the condensed consolidated statements of operations is an unrealized loss of $0.1 million and $0.3 million, respectively.