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Segment Reporting | 9 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Reporting | 8. Segment Reporting During the first quarter of fiscal 2026, in conjunction with the equity transaction entered into with KLIM and the formation of REV (see Note 14 - Equity Transactions), the Company realigned the information that the CODM regularly reviews to evaluate performance for operating decision-making purposes, including performance assessment and allocation of resources. As a result of this change in segment reporting (see Note 1 - Organization), the Company retrospectively recast prior period results, by segment, to conform to the current period presentation. This structure includes two reportable segments: Alternative Credit and Real Estate. The structure is based on the Company’s various investment strategies. As a result of the change noted above, effective for the quarter ended September 30, 2025, the Company began reporting the following business 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 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 | )
Selling, general and administrative includes expenses such as insurance, rent, professional fees and other expenses, along with expenses of the Consolidated Funds.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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