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Condensed Consolidated Statement of Changes in Mezzanine Equity and Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Total
Family Office Service ("FOS")
LXi Reit Advisors Limited (“LRA”)
Treasury Stock
Additional paid-in-capital
Retained earnings (accumulated deficit)
Accumulated other comprehensive income
Accumulated other comprehensive income
Family Office Service ("FOS")
Accumulated other comprehensive income
LXi Reit Advisors Limited (“LRA”)
Non-controlling interest in subsidiaries
Non-controlling interest in subsidiaries
Family Office Service ("FOS")
Non-controlling interest in subsidiaries
LXi Reit Advisors Limited (“LRA”)
Series A Preferred Stock
Series C Preferred Stock
Class A Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Class B Common Stock
Common Stock
Beginning balance (in shares) at Dec. 31, 2023                         0 0        
Beginning balance at Dec. 31, 2023                         $ 0 $ 0        
Mezzanine Equity                                    
Issuance of preferred shares (in shares)                         140,000 150,000        
Issuance of preferred stock, net of issuance costs $ 280,612                       $ 137,652 $ 142,960        
Preferred share accrued dividend                         $ 3,678 $ 14,380        
Ending balance (in shares) at Sep. 30, 2024                         140,000 150,000        
Ending balance at Sep. 30, 2024                         $ 141,330 $ 157,340        
Beginning balance (in shares) at Dec. 31, 2023                               65,110,875   53,219,713
Beginning balance at Dec. 31, 2023 782,493       $ 536,509 $ (193,527) $ 9,155     $ 430,349           $ 7   $ 0
Shareholders’ Equity                                    
Net income (loss) (102,592)         (49,256)       (53,336)                
Currency translation adjustment (7,151)           (4,803)     (2,348)                
Other comprehensive income 148           99     49                
Payment for partner’s tax (3,225)       (3,225)                          
Preferred share accrued dividend 0       (18,058)                          
Issuance of shares for business combination 1,026       1,026                          
Share based compensation 13,892       13,892                          
Shares issued to employees on vesting of equity awards (in shares)                               2,176,687    
Shares issued to employees on vesting of equity awards (4,037)       (4,037)                          
Class A Common Stock issued to Allianz, net of issuance costs (in shares)                               19,318,581    
Class A Common Stock issued to Allianz, net of issuance costs 90,424       90,422                     $ 2    
TRA Exchange (in shares)                               7,080,837   (7,080,837)
TRA Exchange (14,190)       27,299         (41,489)                
Deconsolidation   $ (509) $ (1,370)         $ (306) $ (823)   $ (203) $ (547)            
Issuance of Allianz and Constellation warrants 9,902       9,902                          
Ending balance (in shares) at Sep. 30, 2024                               93,686,980   46,138,876
Ending balance at Sep. 30, 2024 1,045,423       653,730 (242,783) 3,322     332,475           $ 9   $ 0
Beginning balance (in shares) at Dec. 31, 2023                         0 0        
Beginning balance at Dec. 31, 2023                         $ 0 $ 0        
Ending balance (in shares) at Dec. 31, 2024                         140,000 150,000        
Ending balance at Dec. 31, 2024                         $ 142,858 $ 160,808        
Beginning balance (in shares) at Dec. 31, 2023                               65,110,875   53,219,713
Beginning balance at Dec. 31, 2023 782,493       536,509 (193,527) 9,155     430,349           $ 7   $ 0
Ending balance (in shares) at Dec. 31, 2024                             93,686,980 93,686,980 46,138,876 46,138,876
Ending balance at Dec. 31, 2024 970,195     $ 0 652,857 (296,561) (1,569)     311,793           $ 9   $ 0
Beginning balance (in shares) at Jun. 30, 2024                         0 150,000        
Beginning balance at Jun. 30, 2024                         $ 0 $ 153,442        
Mezzanine Equity                                    
Issuance of preferred shares (in shares)                         140,000          
Issuance of preferred stock, net of issuance costs 137,813                       $ 137,652 161        
Preferred share accrued dividend                         $ 3,678 $ 3,737        
Ending balance (in shares) at Sep. 30, 2024                         140,000 150,000        
Ending balance at Sep. 30, 2024                         $ 141,330 $ 157,340        
Beginning balance (in shares) at Jun. 30, 2024                               72,167,195   47,978,953
Beginning balance at Jun. 30, 2024 926,455       553,001 (170,241) 6,942     383,304           $ 7   $ 0
Shareholders’ Equity                                    
Net income (loss) (115,309)         (72,542)       (42,767)                
Currency translation adjustment (4,222)           (3,592)     (630)                
Other comprehensive income (63)           (28)     (35)                
Payment for partner’s tax (1,343)       (1,343)                          
Preferred share accrued dividend 0       (7,415)                          
Issuance of shares for business combination 78       78                          
Share based compensation 4,818       4,818                          
Shares issued to employees on vesting of equity awards (in shares)                               361,127    
Class A Common Stock issued to Allianz, net of issuance costs (in shares)                               19,318,581    
Class A Common Stock issued to Allianz, net of issuance costs 90,424       90,422                     $ 2    
TRA Exchange (in shares)                               1,840,077   (1,840,077)
TRA Exchange (127)       7,270         (7,397)                
Issuance of Allianz and Constellation warrants 6,899       6,899                          
Ending balance (in shares) at Sep. 30, 2024                               93,686,980   46,138,876
Ending balance at Sep. 30, 2024 1,045,423       653,730 (242,783) 3,322     332,475           $ 9   $ 0
Beginning balance (in shares) at Dec. 31, 2024                         140,000 150,000        
Beginning balance at Dec. 31, 2024                         $ 142,858 $ 160,808        
Mezzanine Equity                                    
Preferred share accrued dividend (in shares)                         6,443          
Preferred share accrued dividend                         $ 5,595 $ 11,985        
Preferred stock tranche issuance (in shares)                         18,471          
Preferred stock tranche issuance 18,471                       $ 18,471          
Ending balance (in shares) at Sep. 30, 2025                         164,914 150,000        
Ending balance at Sep. 30, 2025                         $ 166,924 $ 172,793        
Beginning balance (in shares) at Dec. 31, 2024                             93,686,980 93,686,980 46,138,876 46,138,876
Beginning balance at Dec. 31, 2024 970,195     0 652,857 (296,561) (1,569)     311,793           $ 9   $ 0
Shareholders’ Equity                                    
Net income (loss) (139,879)         (106,587)       (33,292)                
Currency translation adjustment 8,785           6,307     2,478                
Other comprehensive income (25)           (18)     (7)                
Tax allocation to equity holders 406         (1,755) (66)     2,227                
Sale of investment 234                 234                
Preferred share accrued dividend (in shares)                               1,523,289    
Preferred share accrued dividend, including adjustments 0       (17,581)                     $ 1    
Issuance of shares for business combination (in shares)                               979,336    
Issuance of shares for business combination 1,326       1,298         28                
Share based compensation (in shares)                               4,324,892    
Share based compensation 26,497       26,497                          
TRA Exchange (in shares)                               1,950,315   (1,950,315)
TRA Exchange (2,163)       4,650         (6,813)                
Restructurings (13)       (13)                          
Ending balance (in shares) at Sep. 30, 2025                             102,464,812 102,464,812 44,188,561 44,188,561
Ending balance at Sep. 30, 2025 883,834     0 667,708 (404,903) 4,654     276,648           $ 10   $ 0
Beginning balance (in shares) at Jun. 30, 2025                         164,914 150,000        
Beginning balance at Jun. 30, 2025                         $ 164,914 $ 168,681        
Mezzanine Equity                                    
Preferred share accrued dividend                         $ 2,010 $ 4,112        
Ending balance (in shares) at Sep. 30, 2025                         164,914 150,000        
Ending balance at Sep. 30, 2025                         $ 166,924 $ 172,793        
Beginning balance (in shares) at Jun. 30, 2025                               101,567,545   45,110,224
Beginning balance at Jun. 30, 2025 990,187     0 665,605 (320,768) 6,960     304,785           $ 10   $ 0
Shareholders’ Equity                                    
Net income (loss) (106,954)         (84,135)       (22,819)                
Currency translation adjustment (3,402)           (2,306)     (1,096)                
Other comprehensive income 0                                  
Tax allocation to equity holders (2)                 (2)                
Preferred share accrued dividend, including adjustments (2)       (6,124)                          
Issuance of shares for business combination, including adjustments (in shares)                               (24,396)    
Issuance of shares for business combination, including adjustments 1                 1                
Share based compensation 5,177       5,177                          
TRA Exchange (in shares)                               921,663   (921,663)
TRA Exchange (1,158)       3,063         (4,221)                
Restructurings (13)       (13)                          
Ending balance (in shares) at Sep. 30, 2025                             102,464,812 102,464,812 44,188,561 44,188,561
Ending balance at Sep. 30, 2025 $ 883,834     $ 0 $ 667,708 $ (404,903) $ 4,654     $ 276,648           $ 10   $ 0