RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025, the Loan Facility balance including interest receivable was $5.5 million and $5.3 million, respectively. The Loan Facility is not impaired and no allowance for credit loss was deemed necessary as of March 31, 2026. The Loan Facility bore an interest rate of 9.5% per annum. We recorded $129,000 and $87,000 in interest income during the three months ended March 31, 2026 and 2025, respectively. The receivable is included in other non-current assets in the consolidated balance sheets.

In August 2025, the Company partnered with Unchained and Build to purchase the Loans. The Loans were originated by an affiliate of Unchained and sold to a wholly owned subsidiary of Acacia. Build is providing administrative and other services to Acacia in connection with Acacia’s purchase and holding of the Loans. Gavin Molinelli, Chairman of the Board and a Senior Partner and Co-Portfolio Manager of Starboard, is a limited partner in Build Secured Income Fund I, a private investment fund managed by Build, which also purchases loans originated by Unchained. During the three months ended March 31, 2026, the Company paid Build approximately $60,000 for its services.

Refer to Note 11 for information about the Recapitalization Agreement and Services Agreement with Starboard.