v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (4,146) $ (7,904)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Proceeds from sale of real estate 0 7,021
Gain on sale of real estate 0 (505)
Depreciation and amortization 305 342
Stock-based compensation 677 644
Unrealized loss on investments 32 3,953
Realized loss (gain) on investments 771 (1,092)
Non-cash interest and amortization of debt issuance costs 562 533
Deferred tax benefit (30) 0
Other non-cash expense, net 351 521
Adjustments to reconcile net loss to net cash flows from operating activities of Consolidated Funds:    
Purchase of investments 0 (1,599)
Sales of investments 0 2,745
Amortization of premium and accretion of discount, net 0 (23)
Net realized and unrealized loss on investments 0 1,808
Changes in operating assets and liabilities:    
Receivables from managed funds (19) 3,396
Prepaid and other assets (5) (1,047)
Real estate under development (6,484) (2,003)
Lease Liabilities 26 4
Related party payables (29) (72)
Accounts payable, accrued expenses and other liabilities (2,621) (1,802)
Changes in operating assets and liabilities of Consolidated Funds:    
Cash and cash equivalents 0 (1,131)
Other assets 0 60
Accrued expenses and other liabilities 0 (35)
Net cash flows from operating activities (10,610) 3,814
Cash flows from investing activities:    
Sales of investments 1,430 2,384
Purchases of investments (56) (1,028)
Related party loan receivable 0 8,000
Other (347) (14)
Net cash flows from investing activities 1,027 9,342
Cash flows from financing activities:    
Proceeds from issuance of common stock 0 11,862
Equity issuance costs 0 (1,102)
Stock repurchases (581) (756)
Withholding tax payments related to restricted stock (106) (154)
Distributions from non-controlling interests in Consolidated Funds 0 (139)
Net cash flows from financing activities (687) 9,711
Net (decrease) increase in cash and cash equivalents (10,270) 22,867
Cash, cash equivalents and restricted cash at beginning of period 53,474 30,603
Cash, cash equivalents and restricted cash at end of period 43,204 53,470
Supplemental disclosure of cash flow information:    
Cash paid for interest 488 488
Cash paid for taxes 58 0
Supplemental non-cash transactions:    
Fair value of warrants issued 0 726
Lease liabilities and right of use assets arising from operating leases 2,914 0
Payable for real estate purchased 76 $ 0
Supplemental cash flow elements    
Cash and cash equivalents 43,204  
Restricted cash 0  
Cash, cash equivalents and restricted cash $ 43,204