| Summary of Information about our Segments and a Reconciliation to Net Income (Loss) |
The following tables provides information about our segments and a reconciliation to net income (loss) (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
|
Specialty Finance |
|
|
Fleet Operations |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Total |
|
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet revenue |
|
$ |
- |
|
|
$ |
19,172 |
|
|
$ |
19,172 |
|
|
$ |
- |
|
|
$ |
19,172 |
|
Interest income |
|
|
7,519 |
|
|
|
- |
|
|
|
7,519 |
|
|
|
58 |
|
|
|
7,577 |
|
Other revenue |
|
|
3,857 |
|
|
|
197 |
|
|
|
4,054 |
|
|
|
- |
|
|
|
4,054 |
|
Total revenue |
|
|
11,376 |
|
|
|
19,369 |
|
|
|
30,745 |
|
|
|
58 |
|
|
|
30,803 |
|
Cost of fleet revenue, net (exclusive of depreciation) |
|
|
- |
|
|
|
16,523 |
|
|
|
16,523 |
|
|
|
- |
|
|
|
16,523 |
|
Depreciation of rental vehicles |
|
|
- |
|
|
|
3,741 |
|
|
|
3,741 |
|
|
|
- |
|
|
|
3,741 |
|
Service fee expense |
|
|
2,636 |
|
|
|
- |
|
|
|
2,636 |
|
|
|
- |
|
|
|
2,636 |
|
Management fee expense - related party |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,442 |
|
|
|
4,442 |
|
Depreciation of property and equipment |
|
|
- |
|
|
|
111 |
|
|
|
111 |
|
|
|
- |
|
|
|
111 |
|
General and administrative |
|
|
- |
|
|
|
3,409 |
|
|
|
3,409 |
|
|
|
2,306 |
|
|
|
5,715 |
|
Professional fees |
|
|
1,641 |
|
|
|
620 |
|
|
|
2,261 |
|
|
|
3,151 |
|
|
|
5,412 |
|
Total operating expenses |
|
|
4,277 |
|
|
|
24,404 |
|
|
|
28,681 |
|
|
|
9,899 |
|
|
|
38,580 |
|
Other income (expense), net |
|
|
(921 |
) |
|
|
295 |
|
|
|
(626 |
) |
|
|
(1,348 |
) |
|
|
(1,974 |
) |
Income tax (expense) benefit |
|
|
(2,187 |
) |
|
|
1,679 |
|
|
|
(508 |
) |
|
|
3,990 |
|
|
|
3,482 |
|
Net income (loss) |
|
$ |
3,991 |
|
|
$ |
(3,061 |
) |
|
$ |
930 |
|
|
$ |
(7,199 |
) |
|
$ |
(6,269 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
|
|
Specialty Finance |
|
|
Fleet Operations |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Total |
|
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet revenue |
|
$ |
- |
|
|
$ |
13,228 |
|
|
$ |
13,228 |
|
|
$ |
- |
|
|
$ |
13,228 |
|
Interest income |
|
|
6,076 |
|
|
|
- |
|
|
|
6,076 |
|
|
|
238 |
|
|
|
6,314 |
|
Other revenue |
|
|
2,673 |
|
|
|
131 |
|
|
|
2,804 |
|
|
|
- |
|
|
|
2,804 |
|
Total revenue |
|
|
8,749 |
|
|
|
13,359 |
|
|
|
22,108 |
|
|
|
238 |
|
|
|
22,346 |
|
Cost of fleet revenue, net (exclusive of depreciation) |
|
|
- |
|
|
|
4,785 |
|
|
|
4,785 |
|
|
|
- |
|
|
|
4,785 |
|
Depreciation of rental vehicles |
|
|
- |
|
|
|
1,282 |
|
|
|
1,282 |
|
|
|
- |
|
|
|
1,282 |
|
Service fee expense |
|
|
2,250 |
|
|
|
- |
|
|
|
2,250 |
|
|
|
- |
|
|
|
2,250 |
|
Management fee expense - related party |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,683 |
|
|
|
1,683 |
|
Depreciation of property and equipment |
|
|
- |
|
|
|
28 |
|
|
|
28 |
|
|
|
- |
|
|
|
28 |
|
General and administrative |
|
|
- |
|
|
|
467 |
|
|
|
467 |
|
|
|
2,797 |
|
|
|
3,264 |
|
Professional fees |
|
|
464 |
|
|
|
1,038 |
|
|
|
1,502 |
|
|
|
4,886 |
|
|
|
6,388 |
|
Total operating expenses |
|
|
2,714 |
|
|
|
7,600 |
|
|
|
10,314 |
|
|
|
9,366 |
|
|
|
19,680 |
|
Other income (expense) |
|
|
(4,667 |
) |
|
|
220 |
|
|
|
(4,447 |
) |
|
|
41 |
|
|
|
(4,406 |
) |
Income tax (expense) benefit |
|
|
(32,832 |
) |
|
|
(19,346 |
) |
|
|
(52,178 |
) |
|
|
2,895 |
|
|
|
(49,283 |
) |
Net income (loss) |
|
$ |
(31,464 |
) |
|
$ |
(13,367 |
) |
|
$ |
(44,831 |
) |
|
$ |
(6,192 |
) |
|
$ |
(51,023 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
|
|
Specialty Finance |
|
|
Fleet Operations |
|
|
Total Reportable Segments |
|
|
All Other |
|
|
Total |
|
Income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet revenue |
|
$ |
- |
|
|
$ |
10,443 |
|
|
$ |
10,443 |
|
|
$ |
- |
|
|
$ |
10,443 |
|
Interest income |
|
|
3,983 |
|
|
|
- |
|
|
|
3,983 |
|
|
|
- |
|
|
|
3,983 |
|
Other revenue |
|
|
2,162 |
|
|
|
93 |
|
|
|
2,255 |
|
|
|
- |
|
|
|
2,255 |
|
Total revenue |
|
|
6,145 |
|
|
|
10,536 |
|
|
|
16,681 |
|
|
|
- |
|
|
|
16,681 |
|
Cost of fleet revenue, net (exclusive of depreciation) |
|
|
- |
|
|
|
8,892 |
|
|
|
8,892 |
|
|
|
- |
|
|
|
8,892 |
|
Depreciation of rental vehicles |
|
|
- |
|
|
|
2,222 |
|
|
|
2,222 |
|
|
|
- |
|
|
|
2,222 |
|
Service fee expense |
|
|
1,435 |
|
|
|
- |
|
|
|
1,435 |
|
|
|
- |
|
|
|
1,435 |
|
Management fee expense - related party |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,216 |
|
|
|
2,216 |
|
Depreciation of property and equipment |
|
|
- |
|
|
|
45 |
|
|
|
45 |
|
|
|
- |
|
|
|
45 |
|
General and administrative |
|
|
- |
|
|
|
1,882 |
|
|
|
1,882 |
|
|
|
1,006 |
|
|
|
2,888 |
|
Professional fees |
|
|
1,024 |
|
|
|
452 |
|
|
|
1,476 |
|
|
|
1,806 |
|
|
|
3,282 |
|
Total operating expenses |
|
|
2,459 |
|
|
|
13,493 |
|
|
|
15,952 |
|
|
|
5,028 |
|
|
|
20,980 |
|
Other (expense) income |
|
|
(547 |
) |
|
|
22 |
|
|
|
(525 |
) |
|
|
(524 |
) |
|
|
(1,049 |
) |
Income tax (expense) benefit |
|
|
(357 |
) |
|
|
197 |
|
|
|
(160 |
) |
|
|
719 |
|
|
|
559 |
|
Net income (loss) |
|
$ |
2,782 |
|
|
$ |
(2,738 |
) |
|
$ |
44 |
|
|
$ |
(4,833 |
) |
|
$ |
(4,789 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
|
|
Specialty Finance |
|
|
Fleet Operations |
|
|
Total Reportable Segments |
|
|
All Other |
|
|
Total |
|
Income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet revenue |
|
$ |
- |
|
|
$ |
13,228 |
|
|
$ |
13,228 |
|
|
$ |
- |
|
|
$ |
13,228 |
|
Interest income |
|
|
2,982 |
|
|
|
- |
|
|
|
2,982 |
|
|
|
46 |
|
|
|
3,028 |
|
Other revenue |
|
|
1,370 |
|
|
|
131 |
|
|
|
1,501 |
|
|
|
- |
|
|
|
1,501 |
|
Total revenue |
|
|
4,352 |
|
|
|
13,359 |
|
|
|
17,711 |
|
|
|
46 |
|
|
|
17,757 |
|
Cost of fleet revenue, net (exclusive of depreciation) |
|
|
- |
|
|
|
3,470 |
|
|
|
3,470 |
|
|
|
- |
|
|
|
3,470 |
|
Depreciation of rental vehicles |
|
|
- |
|
|
|
743 |
|
|
|
743 |
|
|
|
- |
|
|
|
743 |
|
Service fee expense |
|
|
1,125 |
|
|
|
- |
|
|
|
1,125 |
|
|
|
- |
|
|
|
1,125 |
|
Management fee expense - related party |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,683 |
|
|
|
1,683 |
|
Depreciation of property and equipment |
|
|
- |
|
|
|
28 |
|
|
|
28 |
|
|
|
- |
|
|
|
28 |
|
General and administrative |
|
|
- |
|
|
|
467 |
|
|
|
467 |
|
|
|
2,680 |
|
|
|
3,147 |
|
Professional fees |
|
|
370 |
|
|
|
287 |
|
|
|
657 |
|
|
|
3,348 |
|
|
|
4,005 |
|
Total operating expenses |
|
|
1,495 |
|
|
|
4,995 |
|
|
|
6,490 |
|
|
|
7,711 |
|
|
|
14,201 |
|
Other (expense) income |
|
|
(1,871 |
) |
|
|
220 |
|
|
|
(1,651 |
) |
|
|
41 |
|
|
|
(1,610 |
) |
Income tax (expense) benefit |
|
|
(32,832 |
) |
|
|
(19,346 |
) |
|
|
(52,178 |
) |
|
|
2,895 |
|
|
|
(49,283 |
) |
Net income (loss) |
|
$ |
(31,846 |
) |
|
$ |
(10,762 |
) |
|
$ |
(42,608 |
) |
|
$ |
(4,729 |
) |
|
$ |
(47,337 |
) |
|
| Summary of Reconcile Segment Assets to Consolidated Assets on the Condensed Consolidated Balance Sheets |
The following tables reconcile segment assets to consolidated assets on the condensed consolidated balance sheets (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Specialty Finance |
|
|
Fleet Operations |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Total |
|
Balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment, at fair value |
|
$ |
259,884 |
|
|
$ |
- |
|
|
$ |
259,884 |
|
|
$ |
- |
|
|
$ |
259,884 |
|
Intangible assets |
|
|
- |
|
|
|
376,072 |
|
|
|
376,072 |
|
|
|
- |
|
|
|
376,072 |
|
Other assets |
|
|
1,435 |
|
|
|
60,192 |
|
|
|
61,627 |
|
|
|
7,310 |
|
|
|
68,937 |
|
Total assets |
|
|
261,319 |
|
|
|
436,264 |
|
|
|
697,583 |
|
|
|
7,310 |
|
|
|
704,893 |
|
Total liabilities |
|
$ |
34,605 |
|
|
$ |
32,772 |
|
|
$ |
67,377 |
|
|
$ |
49,372 |
|
|
$ |
116,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Specialty Finance |
|
|
Fleet Operations |
|
|
Total Reportable Segments |
|
|
Other |
|
|
Total |
|
Balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment, at fair value |
|
$ |
281,671 |
|
|
$ |
- |
|
|
$ |
281,671 |
|
|
$ |
- |
|
|
$ |
281,671 |
|
Intangible assets |
|
|
- |
|
|
|
359,022 |
|
|
|
359,022 |
|
|
|
- |
|
|
|
359,022 |
|
Other assets |
|
|
1,143 |
|
|
|
48,663 |
|
|
|
49,806 |
|
|
|
22,533 |
|
|
|
72,339 |
|
Total assets |
|
|
282,814 |
|
|
|
407,685 |
|
|
|
690,499 |
|
|
|
22,533 |
|
|
|
713,032 |
|
Total liabilities |
|
$ |
34,301 |
|
|
$ |
32,943 |
|
|
$ |
67,244 |
|
|
$ |
49,518 |
|
|
$ |
116,762 |
|
|