v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are defined as components of an entity for which separate discrete financial information is available and is regularly reviewed by the chief operating decision maker (the "CODM"), which is the Company's Chief Executive Officer. The CODM evaluates, oversees, and manages the Company’s operations and financial performance through two reportable segments that are organized primarily by type of business activity. Specifically, the segments include: Financing Solutions and Real Estate Operations.

The Financing Solutions segment focuses on providing alternative financing solutions to small and medium-sized businesses across the United States. In July 2025, the Company expanded into real estate operations through the acquisition of Block 40; these operations constitute the Real Estate Operations segment and are located entirely in the United States

While the Company operates across multiple customer types and geographic locations, the CODM regularly receives and reviews discrete financial information disaggregated by these segments, which is used as the basis for evaluating performance and allocating resources.
The CODM does not review expense items at a level lower than those presented in the tables below. The following tables present certain financial information related to our reportable segments (in thousands):

Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Financing
Solutions		Real Estate
Operations		TotalFinancing
Solutions		Real Estate
Operations		Total
Revenue$1,069 $2,399 $3,468 $2,539 $4,783 $7,322 
Significant segment-level expenses:
Cost of revenue197 1,476 1,673 471 2,782 3,253 
General and administrative expenses1,502 1,485 2,987 2,860 2,882 5,742 
Provision for credit losses(51)— (51)251 — 251 
Depreciation and amortization78 1,850 1,928 139 4,181 4,320 
Professional fees176 725 901 599 1,325 1,924 
Loss from operations$(833)$(3,137)$(3,970)(1,781)(6,387)(8,168)
As of June 30, 2026
Financing
Solutions		Real Estate
Operations		Total
CURRENT ASSETS
Cash, cash equivalents$464 $632 $1,096 
Restricted cash10 3,705 3,715 
Advance receivables, net4,940 8 4,948 
Prepaid expense87 641 728 
Loan commitment asset3,719 — 3,719 
Due from related parties60 4 64 
Note receivable1,706 — 1,706 
Other current assets81 468 549 
Total current assets11,067 5,458 16,525 
Fixed assets, net113 153,954 154,067 
Operating lease right-of-use asset18 — 18 
Intangible assets, net412 573 985 
Goodwill1,219 — 1,219 
Other assets1,118 44 1,162 
TOTAL ASSETS$13,947 $160,029 $173,976 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Financing
Solutions		Real Estate
Operations		TotalFinancing
Solutions		Real Estate
Operations		Total
Revenue$3,315 $— $3,315 $6,680 $— $6,680 
Significant segment-level expenses:
Cost of revenue722 — 722 1,376 — 1,376 
General and administrative expenses2,097 — 2,097 4,058 — 4,058 
Provision for credit losses481 — 481 1,047 — 1,047 
Depreciation and amortization61 — 61 123 — 123 
Professional fees753 — 753 1,327 — 1,327 
Loss from operations$(799)$— $(799)(1,251)(1,251)
As of December 31, 2025
Financing
Solutions		Real Estate
Operations		Total
CURRENT ASSETS
Cash, cash equivalents$4,165 $739 $4,904 
Restricted cash— 3,274 3,274 
Advance receivables, net7,229 8 7,237 
Prepaid expense141 375 516 
Loan commitment asset6,710 — 6,710 
Due from related parties40 99 139 
Other current assets50 617 667 
Total current assets18,335 5,112 23,447 
Fixed assets, net118 150,874 150,992 
Operating lease right-of-use asset46 — 46 
Intangible assets, net510 1,998 2,508 
Goodwill1,219 — 1,219 
Other assets150 1 151 
TOTAL ASSETS$20,378 $157,985 $178,363