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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14. Related Party Transactions

 

In 2021, the Company engaged the services of Revere Securities, LLC (“Revere”) to assist in the management and building of the Company’s investment processes. Kyle Wool, one of the Company’s board members, was previously a member of the board of directors of Revere until June 2023 and held approximately 30% of Revere’s outstanding equity until May 20, 2025. From time to time, Company participates in offerings of securities as an underwriter in transactions in which Revere is also participating as an underwriter. On such transactions, the Company earned $0 and $103,470 in the three months ending September 30, 2025, and 2024, respectively. On such transactions, the Company earned $318,405 and $313,960 in the nine months ending September 30, 2025, and 2024, respectively. As of May 20, 2025, Kyle Wool no longer holds an equity interest in Revere.

 

The Company collected fees on behalf of Series which were intended for future expenses of each Series entity. As of September 30, 2025, such amount was approximately $53,000 and is included in other current liabilities on the accompanying unaudited condensed consolidated balance sheet.

 

During the year ended December 31, 2024, the Company entered into employee loans with various employees totaling $2.4 million. The terms of the loan agreements range from 3 years to 7 years, with an average annual interest rate of approximately 3.2%. The total interest received for the three months ended September 30, 2024 and 2025 was approximately $11,000 and $20,000 respectively and for the nine month ended September 30, 2024 and 2025 was approximately $32,000 and $58,000 respectively. As of September 30, 2025 and December 31, 2024, the total outstanding balance of the employee loans was $1.9 million and $2.2 million respectively included in loans to employees on the accompanying unaudited condensed consolidated balance sheets.

 

Certain of the Company’s investments are made through related party special purpose vehicles. These are included within Note 5 of the unaudited condensed consolidated financial statements and include the following investments: investment in Revere Master SPV Series 1 (Qxpress Pte Ltd), investment in Revere Master SPV Series VI (TessPay, Inc.), investment in Dominari Master SPV LLC Series VI (X.AI Corp. d.b.a. xAI), investment in Dominari Master SPV LLC Series XI (Cerebras Systems Inc.), investment in Dominari Master SPV LLC Series XII (Groq, Inc.). These investments are classified in long term equity investments on the balance sheet.

 

The Company’s investments in American Ventures LLC Series XIX (Skyline Builders Group Holdings Ltd.), and American Ventures LLC Series XIV (JFB Construction Holdings) are classified as marketable securities.

 

The Company owns 90% of AV Manager and AV Investment Manager, the remaining 10% is owned by non-controlling parties. As such, 10% of any profits earned by these entities are attributable to non-controlling interests and are presented in the unaudited condensed consolidated statements of changes in stockholders’ equity. As of September 30, 2025, the amount attributable to non-controlling interest was $1.9 million out of which $0.1 million is still outstanding payable to non-controlling interests.

 

The Company earns revenues for managing certain pooled investment vehicles which are related parties. These include the entirety of the carried interest fees revenues, and management fee revenues included within the advisory and management fees caption, of the unaudited condensed consolidated statements of operations. As of September 30, 2025, the total amount of contract liabilities disclosed in Note 2 represented amounts received in advance of revenue earned on managing such related party investment vehicles.