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WARRANTS

3 Months Ended

Mar. 31, 2026

10.

WARRANTS

The following table summarizes the warrants outstanding as of March 31, 2026 and December 31, 2025:


Class of Warrants		Number Outstanding
Warrants		15,147,958

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share. A holder may exercise its warrants only for a whole number of shares of Class A common stock. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Company may redeem the warrants at a price of $0.01 per share if the closing price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period. The warrants will expire five years after the Closing Date or earlier upon redemption or liquidation.

The warrants are classified as derivative liabilities under ASC Topic 480 or ASC Topic 815. At March 31, 2026 and December 31, 2025, the fair value of the warrant liabilities is approximately $1.5 million and $2.3 million, respectively and is included in accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated statements of financial condition. For the three months ended March 31, 2026 and 2025, included in other expenses on the condensed consolidated statements of operations is unrealized gain on the warrants in the amount of approximately $0.8 million and $0.3 million, respectively.