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Securities Financing | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Securities Financing | Securities Financing Series A Preferred Stock As of September 30, 2025, the Company had 41,250 shares of Series A Preferred Stock outstanding. The Series A Preferred Stock is convertible outside of the Company's control and, in accordance with GAAP, is classified as mezzanine equity, outside the shareholders’ equity (deficit) section, on our condensed consolidated balance sheets. The Series A Preferred Stock has an 11% annual dividend calculated on the original investment of $41.3 million accrued quarterly in arrears and compounded. Dividends are cumulative, and any declaration of dividends is at the discretion of the Company’s Board. If the Board does not declare a dividend in respect of any dividend payment date, the amount of such accrued and unpaid dividend is added to the liquidation preference of the Series A Preferred Stock and compounds quarterly thereafter. On each of March 31, 2025, June 30, 2025 and September 30, 2025, the Board declared and paid $1.4 million in dividends on its Series A Preferred Stock. As of September 30, 2025, a total of $10.0 million had been added to the liquidation preference of the Series A Preferred Stock. The following schedule summarizes our Series A Preferred Stock as of September 30, 2025 and December 31, 2024 (in thousands):
| Preferred Stock
| Shares |  | Amount
Balance as of December 31, 2024 | 41 |  |  | $ | 51,249 |
Balance as of September 30, 2025 | 41 |  |  | $ | 51,249 |
Outstanding Warrants In November 2021, the Company issued 1,031,250 warrants to the Conversant Investors, each evidencing the right to purchase one share of common stock at a price per share of $40.00 and with an exercise expiration date of five years after the closing date of such financing transactions. The Company had 1,031,250 outstanding warrants as of September 30, 2025 and December 31, 2024.

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