v3.26.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets to the corresponding amounts presented in the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025(in thousands):

June 30, 2026June 30, 2025December 31, 2025
Cash, cash equivalents$1,096 $900 $4,904 
Restricted cash3,715 — 3,274 
Total cash, cash equivalents and restricted cash$4,811 $900 $8,178 
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets to the corresponding amounts presented in the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025(in thousands):

June 30, 2026June 30, 2025December 31, 2025
Cash, cash equivalents$1,096 $900 $4,904 
Restricted cash3,715 — 3,274 
Total cash, cash equivalents and restricted cash$4,811 $900 $8,178 
Disaggregation of Revenue The following table provides the revenue recognized from each offering for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
MCAs income$113 $1,631 $668 $4,202 
Brokerage commissions949 1,647 1,850 2,404 
Management fee33 17 66 
Rental income2,399 — 4,783 — 
Others
Total revenues$3,468 $3,315 7,322 6,680 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below present information about the Company’s financial instruments that are measured and carried at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):

As of June 30, 2026
TotalLevel 1Level 2Level 3
Liabilities:
Debt facility warrants - Note 113,719 — — 3,719 
Total liabilities at fair value$3,719 $— $— $3,719 
As of December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Other assets$$— $$— 
Total assets at fair value$$— $$— 
Liabilities:
Dolomite warrants - Note 11$1,520 $— $— $1,520 
Debt facility warrants - Note 116,710 — — 6,710 
Total liabilities at fair value$8,230 $— $— $8,230 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The changes in fair value are presented below (in thousands):

Other assetsDebt Facility WarrantsDolomite Warrants
Liabilities
Beginning balance, December 31, 2025$$6,710 $1,520 
Additions— — — 
Changes in fair value(1)156 (1,520)
Reclassifications— (3,147)— 
Ending balance, June 30, 2026$— $3,719 $— 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The changes in fair value are presented below (in thousands):

Other assetsDebt Facility WarrantsDolomite Warrants
Liabilities
Beginning balance, December 31, 2025$$6,710 $1,520 
Additions— — — 
Changes in fair value(1)156 (1,520)
Reclassifications— (3,147)— 
Ending balance, June 30, 2026$— $3,719 $—