RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

In 2023, the Company entered into a Loan Facility (“Loan Facility”) with a related private portfolio company. As of June 30, 2025 and December 31, 2024, the Loan Facility balance including interest receivable was $4.3 million and $3.5 million, respectively. The Loan Facility is not impaired and no allowance for credit loss was deemed necessary as of June 30, 2025. The Loan Facility bore an interest rate of 9.5% per annum. We recorded $187,000 and $125,000 in interest income during the six months ended June 30, 2025 and 2024, respectively. The receivable is included in other non-current assets in the consolidated balance sheets.

Refer to Note 12 for information about the Recapitalization Agreement and Services Agreement with Starboard.