Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (20,307) $ (21,577)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,847 5,423
Loss (gain) on sale of business 922 (2,958)
Non-cash lease expense 1,423 2,067
Deferred financing costs amortization 29 100
Gain on sale of mortgages (7,086) (5,942)
Stock-based compensation 3,704 8,839
Deferred income taxes 3 (1,107)
Change in operating assets and liabilities:    
Accounts receivable (614) 113
Prepaid and other current assets (1,516) (1,872)
Other assets (20) (16)
Accounts payable 1,344 1,053
Accrued and other current liabilities 978 2,067
Operating lease liabilities (1,622) (2,268)
Other long-term liabilities 0 1,618
Mortgage loans held for sale originations (248,081) (233,979)
Proceeds from sale and principal payments on mortgage loans held for sale 244,460 243,751
Net cash used in operating activities (20,536) (4,688)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (121) (51)
Purchase of intangible assets (2,773) (3,192)
Proceeds from sale of business 7,070 7,435
Other investing activities 0 (130)
Amounts paid for business and asset acquisitions, net of cash acquired (155) (760)
Net cash provided by investing activities 4,021 3,302
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on debt (4,570) (602)
Proceeds from debt 0 5,674
Borrowings from warehouse lines of credit 246,893 233,269
Repayment on warehouse lines of credit (236,343) (237,067)
Deferred acquisition consideration payments (64) 0
Proceeds from other financing activities 0 20
Proceeds from the issuance of common stock in connection with a public offering 9,513 0
Payment of offering cost in connection with issuance of common stock in connection with public offering (387) (58)
Net cash provided by financing activities 15,042 1,236
Net decrease in cash, cash equivalents, and restricted cash (1,473) (150)
Cash, cash equivalents, and restricted cash at beginning of period 7,390 7,540
Cash, cash equivalents, and restricted cash at end of period 5,917 7,390
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 608 299
Income taxes paid 68 2
Right of use assets obtained in exchange for new lease liabilities 1,822 2,031
Intangible assets acquired upon sale of business 4,031 0
Issuance of common stock for purchase of business 300 2,110
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 5,773 7,127
Restricted cash 144 263
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 5,917 $ 7,390