v3.26.3
Segment Reporting
 3 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

7. Segment Reporting

The Company conducts its operations through the following two reportable segments:

•
Alternative Credit - focused on income generation and capital preservation through investment in debt and income-generating securities, direct lending, CLOs, and specialty finance businesses including Factoring, Asset Based Lending and Healthcare
•
Real Estate - full service, end-to-end real estate platform combining investment expertise and turnkey execution capabilities for industrial outdoor storage (IOS) sector

The Company has a corporate office that is included in “Corporate & Other”. The corporate office supports the segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance and human resources.

Our CODM is our Chief Executive Officer and Chairman of the Company’s Board of Directors, Jason W. Reese. The primary measure used by CODM in measuring performance and allocating resources to the segments is net income, as reported on our condensed consolidated statements of operations, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about internal operations, such as staffing and related compensation, and planning for future investments. The Company does not disclose total asset information for its reportable segments as the information is not reviewed by the CODM.

The following tables provide the operating financial results of our operating segments for the three months ended September 30, 2026 and September 30, 2025:

 

For the three months ended September 30, 2026

 

(in thousands)

Alternative Credit

 

 

Real Estate

 

 

Total Segments

 

 

Corporate & Other

 

 

Total

 

Revenues

$

1,334

 

 

$

2,004

 

 

$

3,338

 

 

$

-

 

 

$

3,338

 

Cost of revenues

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

1,283

 

 

 

2,858

 

 

 

4,141

 

 

 

893

 

 

 

5,034

 

Depreciation and amortization

 

40

 

 

 

244

 

 

 

284

 

 

 

21

 

 

 

305

 

Selling, general and administrative

 

301

 

 

 

612

 

 

 

913

 

 

 

574

 

 

 

1,487

 

Non-operating income/(expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and interest income

 

1

 

 

 

5

 

 

 

6

 

 

 

1,189

 

 

 

1,195

 

Interest expense

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,055

)

 

 

(1,055

)

Net realized and unrealized loss

 

-

 

 

 

-

 

 

 

-

 

 

 

(803

)

 

 

(803

)

Loss before income taxes

 

(289

)

 

 

(1,705

)

 

 

(1,994

)

 

 

(2,157

)

 

 

(4,151

)

Income tax benefit

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

 

 

5

 

Net loss

$

(289

)

 

$

(1,705

)

 

$

(1,994

)

 

$

(2,152

)

 

$

(4,146

)

 

 

For the three months ended September 30, 2025

 

(in thousands)

Alternative Credit

 

 

Real Estate

 

 

Total Segments

 

 

Corporate & Other

 

 

Total

 

Revenues

$

1,580

 

 

$

9,208

 

 

$

10,788

 

 

$

-

 

 

$

10,788

 

Cost of revenues

 

-

 

 

 

6,748

 

 

 

6,748

 

 

 

-

 

 

 

6,748

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

1,607

 

 

 

2,793

 

 

 

4,400

 

 

 

837

 

 

 

5,237

 

Depreciation and amortization

 

69

 

 

 

273

 

 

 

342

 

 

 

-

 

 

 

342

 

Selling, general and administrative

 

416

 

 

 

682

 

 

 

1,098

 

 

 

1,089

 

 

 

2,187

 

Non-operating income/(expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and interest income

 

-

 

 

 

15

 

 

 

15

 

 

 

1,223

 

 

 

1,238

 

Interest expense

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,028

)

 

 

(1,028

)

Net realized and unrealized loss

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,861

)

 

 

(2,861

)

Net realized and unrealized loss on investments of Consolidated Funds

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,808

)

 

 

(1,808

)

Interest and other income of Consolidated Funds

 

-

 

 

 

-

 

 

 

-

 

 

 

352

 

 

 

352

 

Loss before income taxes

 

(512

)

 

 

(1,273

)

 

 

(1,785

)

 

 

(6,048

)

 

 

(7,833

)

Income tax expense

 

-

 

 

 

-

 

 

 

-

 

 

 

(71

)

 

 

(71

)

Net loss

$

(512

)

 

$

(1,273

)

 

$

(1,785

)

 

$

(6,119

)

 

$

(7,904

)

Selling, general and administrative includes expenses such as insurance, rent, professional fees and other expenses, along with expenses of the Consolidated Funds.