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v3.26.1

Segment Reporting (Tables) | 9 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Operating Financial Results of Our Operating Segment | The following tables provide the operating financial results of our operating segments for the three and nine months ended March 31, 2026 and March 31, 2025:
| For the three months ended March 31, 2026 |
(in thousands) | Alternative Credit |  |  | Real Estate |  |  | Total Segments |  |  | Corporate & Other |  |  | Total |
Revenues | $ | 1,545 |  |  | $ | 1,873 |  |  | $ | 3,418 |  |  | $ | - |  |  | $ | 3,418 |
Cost of revenues |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 1,643 |  |  |  | 2,850 |  |  |  | 4,493 |  |  |  | 814 |  |  |  | 5,307 |
Depreciation and amortization |  | - |  |  |  | 251 |  |  |  | 251 |  |  |  | 62 |  |  |  | 313 |
Selling, general and administrative |  | 313 |  |  |  | 558 |  |  |  | 871 |  |  |  | 897 |  |  |  | 1,768 |
Non-operating income/(expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends and interest income |  | - |  |  |  | 7 |  |  |  | 7 |  |  |  | 1,159 |  |  |  | 1,166 |
Interest expense |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,033 | ) |  |  | (1,033 | )
Net realized and unrealized loss |  | - |  |  |  | - |  |  |  | - |  |  |  | (9,873 | ) |  |  | (9,873 | )
Net realized and unrealized gain on investments of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | 94 |  |  |  | 94 |
Interest and other income of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | 183 |  |  |  | 183 |
Loss before income taxes |  | (411 | ) |  |  | (1,779 | ) |  |  | (2,190 | ) |  |  | (11,243 | ) |  |  | (13,433 | )
Income tax benefit (expense) |  | - |  |  |  | 27 |  |  |  | 27 |  |  |  | (114 | ) |  |  | (87 | )
Net loss | $ | (411 | ) |  | $ | (1,752 | ) |  | $ | (2,163 | ) |  | $ | (11,357 | ) |  | $ | (13,520 | )
| For the three months ended March 31, 2025 |
(in thousands) | Alternative Credit |  |  | Real Estate |  |  | Total Segments |  |  | Corporate & Other |  |  | Total |
Revenues | $ | 1,768 |  |  | $ | 1,441 |  |  | $ | 3,209 |  |  | $ | - |  |  | $ | 3,209 |
Cost of revenues |  | - |  |  |  | (11 | ) |  |  | (11 | ) |  |  | - |  |  |  | (11 | )
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 1,596 |  |  |  | 1,592 |  |  |  | 3,188 |  |  |  | 813 |  |  |  | 4,001 |
Depreciation and amortization |  | 71 |  |  |  | 290 |  |  |  | 361 |  |  |  | - |  |  |  | 361 |
Selling, general and administrative |  | 250 |  |  |  | 595 |  |  |  | 845 |  |  |  | 568 |  |  |  | 1,413 |
Non-operating income/(expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends and interest income |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,481 |  |  |  | 1,481 |
Interest expense |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,039 | ) |  |  | (1,039 | )
Net realized and unrealized loss |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,439 | ) |  |  | (2,439 | )
Net realized and unrealized loss on investments of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | (338 | ) |  |  | (338 | )
Interest and other income of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | 389 |  |  |  | 389 |
Loss before income taxes |  | (149 | ) |  |  | (1,025 | ) |  |  | (1,174 | ) |  |  | (3,327 | ) |  |  | (4,501 | )
Income tax expense |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net loss | $ | (149 | ) |  | $ | (1,025 | ) |  | $ | (1,174 | ) |  | $ | (3,327 | ) |  | $ | (4,501 | )
| For the nine months ended March 31, 2026 |
(in thousands) | Alternative Credit |  |  | Real Estate |  |  | Total Segments |  |  | Corporate & Other |  |  | Total |
Revenues | $ | 4,619 |  |  | $ | 12,598 |  |  | $ | 17,217 |  |  | $ | - |  |  | $ | 17,217 |
Cost of revenues |  | - |  |  |  | 6,764 |  |  |  | 6,764 |  |  |  | - |  |  |  | 6,764 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 4,648 |  |  |  | 8,350 |  |  |  | 12,998 |  |  |  | 2,465 |  |  |  | 15,463 |
Depreciation and amortization |  | 138 |  |  |  | 767 |  |  |  | 905 |  |  |  | 62 |  |  |  | 967 |
Selling, general and administrative |  | 1,246 |  |  |  | 1,799 |  |  |  | 3,045 |  |  |  | 2,907 |  |  |  | 5,952 |
Non-operating income/(expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends and interest income |  | - |  |  |  | 48 |  |  |  | 48 |  |  |  | 3,678 |  |  |  | 3,726 |
Interest expense |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,083 | ) |  |  | (3,083 | )
Net realized and unrealized loss |  | - |  |  |  | - |  |  |  | - |  |  |  | (24,095 | ) |  |  | (24,095 | )
Net realized and unrealized loss on investments of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,315 | ) |  |  | (3,315 | )
Interest and other income of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | 828 |  |  |  | 828 |
Loss before income taxes |  | (1,413 | ) |  |  | (5,034 | ) |  |  | (6,447 | ) |  |  | (31,421 | ) |  |  | (37,868 | )
Income tax expense |  | - |  |  |  | (89 | ) |  |  | (89 | ) |  |  | (15 | ) |  |  | (104 | )
Net loss | $ | (1,413 | ) |  | $ | (5,123 | ) |  | $ | (6,536 | ) |  | $ | (31,436 | ) |  | $ | (37,972 | )
| For the nine months ended March 31, 2025 |
(in thousands) | Alternative Credit |  |  | Real Estate |  |  | Total Segments |  |  | Corporate & Other |  |  | Total |
Revenues | $ | 6,233 |  |  | $ | 4,475 |  |  | $ | 10,708 |  |  | $ | - |  |  | $ | 10,708 |
Cost of revenues |  | - |  |  |  | 1,082 |  |  |  | 1,082 |  |  |  | - |  |  |  | 1,082 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  | 4,688 |  |  |  | 3,908 |  |  |  | 8,596 |  |  |  | 2,393 |  |  |  | 10,989 |
Depreciation and amortization |  | 204 |  |  |  | 714 |  |  |  | 918 |  |  |  | - |  |  |  | 918 |
Selling, general and administrative |  | 941 |  |  |  | 985 |  |  |  | 1,926 |  |  |  | 2,321 |  |  |  | 4,247 |
Non-operating income/(expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends and interest income |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,606 |  |  |  | 4,606 |
Interest expense |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,097 | ) |  |  | (3,097 | )
Net realized and unrealized gain |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,767 |  |  |  | 3,767 |
Net realized and unrealized loss on investments of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | (89 | ) |  |  | (89 | )
Interest and other income of Consolidated Funds |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,168 |  |  |  | 1,168 |
Income (loss) before income taxes |  | 400 |  |  |  | (2,214 | ) |  |  | (1,814 | ) |  |  | 1,641 |  |  |  | (173 | )
Income tax expense |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) | $ | 400 |  |  | $ | (2,214 | ) |  | $ | (1,814 | ) |  | $ | 1,641 |  |  | $ | (173 | )

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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