Key F3Q26 takeaways include: 1) senior executives remain focused on simplifying the business model in terms of the core liquidity business, enhancing efficiency and transparency, and further streamlining the operating model and the balance sheet 2) pivoting from stabilization to growth likely necessitates resolution on claims over the validity of ~$120 million of debt owed to an entity related to the company's former CEO (presumably in April) 3) operating expenses totaled $13.0 million for the most recent quarter (excluding non-recurring items), down from $13.9 million for F3Q25, with further cost savings and plenty of capacity to onboard additional assets suggesting high incremental margins and 4) while distributions from alternative/custodied assets remained muted, senior officials continue to sell balance sheet assets to enhance cash flows and fund creditor payments and/or operating expenses.
