v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Preferred Stock
Class A
Class B
Preferred Stock
Preferred Stock
Common Stock
Class A
Common Stock
Class B
Paid in Capital
Paid in Capital
Preferred Stock
Accumulated Deficit
Noncontrolling Interests
Balance, beginning of period (in shares) at Dec. 31, 2024 5,000 5,000     5,000            
Balance, beginning of period (in shares) at Dec. 31, 2024           759,000 371,000        
Balance, beginning of period at Dec. 31, 2024 $ 11,253         $ 1 $ 0 $ 44,017   $ (56,607) $ 23,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of preferred and common stock, net of issuance costs (in shares) 1,000 1,000     1,000 10,000          
Issuance of preferred and common stock, net of issuance costs $ 177 $ 350           177 $ 350    
Equity based compensation expense (in shares)           26,000          
Equity based compensation expense 661             661      
Contributions from noncontrolling interest holders 211                   211
Distributions to noncontrolling interest holders (740)                   (740)
Net loss $ (4,554)                 (4,407) (147)
Balance, end of period (in shares) at Mar. 31, 2025 6,000 6,000     6,000            
Balance, end of period (in shares) at Mar. 31, 2025           795,000 371,000        
Balance, end of period at Mar. 31, 2025 $ 7,358         $ 1 $ 0 45,205   (61,014) 23,166
Balance, beginning of period (in shares) at Dec. 31, 2024 5,000 5,000     5,000            
Balance, beginning of period (in shares) at Dec. 31, 2024           759,000 371,000        
Balance, beginning of period at Dec. 31, 2024 $ 11,253         $ 1 $ 0 44,017   (56,607) 23,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net loss $ (10,254)                    
Balance, end of period (in shares) at Jun. 30, 2025 6,000 6,000     6,000            
Balance, end of period (in shares) at Jun. 30, 2025           951,000 371,000        
Balance, end of period at Jun. 30, 2025 $ (17,604)         $ 1 $ 0 46,462   (66,313) 2,246
Balance, beginning of period (in shares) at Mar. 31, 2025 6,000 6,000     6,000            
Balance, beginning of period (in shares) at Mar. 31, 2025           795,000 371,000        
Balance, beginning of period at Mar. 31, 2025 $ 7,358         $ 1 $ 0 45,205   (61,014) 23,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of preferred and common stock, net of issuance costs (in shares)           122,000          
Issuance of preferred and common stock, net of issuance costs 889             889      
Equity based compensation expense (in shares)           34,000          
Equity based compensation expense 368             368      
Distributions to noncontrolling interest holders (170)                   (170)
Deconsolidation of VIEs (20,349)                   (20,349)
Net loss $ (5,700)                 (5,299) (401)
Balance, end of period (in shares) at Jun. 30, 2025 6,000 6,000     6,000            
Balance, end of period (in shares) at Jun. 30, 2025           951,000 371,000        
Balance, end of period at Jun. 30, 2025 $ (17,604)         $ 1 $ 0 46,462   (66,313) 2,246
Balance, beginning of period (in shares) at Dec. 31, 2025 22,000 5,875     22,000            
Balance, beginning of period (in shares) at Dec. 31, 2025     6,534,319 370,822   6,534,000 371,000        
Balance, beginning of period at Dec. 31, 2025 $ 26,231         $ 7 $ 0 79,731   (78,405) 24,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of preferred and common stock, net of issuance costs (in shares)           1,757,000          
Issuance of preferred and common stock, net of issuance costs 3,472         $ 1   3,471      
Conversions of common stock (in shares)         (14,000) 64,000          
Equity based compensation expense (in shares)           35,000          
Equity based compensation expense 345             345      
Contributions from noncontrolling interest holders 1,163                   1,163
Consolidation of VIEs 13,713                   13,713
Dividends to preferred stockholders (278)                 (278)  
Net loss $ (5,931)                 (3,619) (2,312)
Balance, end of period (in shares) at Mar. 31, 2026 8,000 6,000     8,000            
Balance, end of period (in shares) at Mar. 31, 2026           8,390,000 371,000        
Balance, end of period at Mar. 31, 2026 $ 38,715         $ 8 $ 0 83,547   (82,302) 37,462
Balance, beginning of period (in shares) at Dec. 31, 2025 22,000 5,875     22,000            
Balance, beginning of period (in shares) at Dec. 31, 2025     6,534,319 370,822   6,534,000 371,000        
Balance, beginning of period at Dec. 31, 2025 $ 26,231         $ 7 $ 0 79,731   (78,405) 24,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net loss $ (11,443)                    
Balance, end of period (in shares) at Jun. 30, 2026 8,000 5,875     8,000            
Balance, end of period (in shares) at Jun. 30, 2026     8,876,843 0   8,877,000 0        
Balance, end of period at Jun. 30, 2026 $ 34,719         $ 9 $ 0 84,210   (85,660) 36,160
Balance, beginning of period (in shares) at Mar. 31, 2026 8,000 6,000     8,000            
Balance, beginning of period (in shares) at Mar. 31, 2026           8,390,000 371,000        
Balance, beginning of period at Mar. 31, 2026 $ 38,715         $ 8 $ 0 83,547   (82,302) 37,462
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of preferred and common stock, net of issuance costs (in shares) 2,000       2,000            
Issuance of preferred and common stock, net of issuance costs $ (1,545) $ 1,527           (1,545) $ 1,527    
Conversions of common stock (in shares)         (2,000) 371,000 (371,000)        
Equity based compensation expense (in shares)           116,000          
Equity based compensation expense 682         $ 1   681      
Contributions from noncontrolling interest holders 852                   852
Net loss $ (5,512)                 (3,358) (2,154)
Balance, end of period (in shares) at Jun. 30, 2026 8,000 5,875     8,000            
Balance, end of period (in shares) at Jun. 30, 2026     8,876,843 0   8,877,000 0        
Balance, end of period at Jun. 30, 2026 $ 34,719         $ 9 $ 0 $ 84,210   $ (85,660) $ 36,160