For the twelve months ended June 30,

(in thousands)

2026

2025

Alternative Credit:

Management fees

$

4,545

$

4,993

Incentive fees

-

4,069

Administration and service fees

1,525

1,261

Total Alternative Credit revenues

$

6,070

$

10,323

Real Estate:

Management fees

$

2,608

$

2,045

Property management fees

1,318

1,245

Administration and service fees

665

253

Real estate property sales

14,743

1,192

Project management fees

2,191

941

Real estate rental income

181

317

Total Real Estate revenues

$

21,706

$

5,993

Total revenues

$

27,776

$

16,316