Third Party Platform Acquisition (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Reconciles Total Consideration Transferred

The estimated fair value of the consideration transferred totaled approximately $23.4 million and consisted of the following (in thousands):


Estimated Fair Value of Consideration Transferred
Cash (1)	$	8,722
OP Units		11,858
Contingent earnout (2)		2,802
Working capital adjustment payable		8
Total Consideration Transferred	$	23,390

Summary of Relative Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed (in thousands):


Identifiable Assets Acquired at Fair Value
Cash and cash equivalents	$	443
Equipment, furniture and fixtures		122
Accounts receivable and advances		1,004
Other assets		91
Indemnification assets (1)		1,078
Intangible asset - customer contracts and related relationships		8,000
Total identifiable assets acquired	$	10,738

Identifiable Liabilities Assumed at Fair Value
Accounts payable and accrued expenses	$	2,386
Other liabilities		111
Deferred tax liabilities, net		1,181
Total liabilities assumed	$	3,678

Net identifiable assets acquired	$	7,060
Goodwill (2)		16,330
Net assets acquired	$	23,390

(1)

Included in this line item were two amounts, (i) an indemnification asset related to an accrued legal settlement of approximately $0.3 million and (ii) an indemnification asset of approximately $0.8 million related to accrued compensation due to Argus employees for prior services, which in accordance with the contribution agreement, was to be reimbursed by the seller of Argus. The corresponding liabilities related to the above were both included in accounts payable and accrued expenses in the table above. In January of 2026, the seller paid and fully satisfied the legal settlement. In October of 2025, the seller reimbursed us for the $0.8 million and we paid such compensation to the employees of Argus.

(2)

Tax deductible goodwill as of the acquisition date was approximately $5.5 million.