We are a holding company owning and seeking to own subsidiaries engaged in a variety of business operations. As of June 30, 2019, we had two existing operating segments: (i) merchant cash advance (“MCA”) operations, conducted through our subsidiary LM Capital Solutions, LLC (d/b/a LuxeMark Capital) (“LMCS”), and (ii) real estate operations, conducted through our subsidiary Recur Holdings LLC (“Recur”) and its subsidiaries.1
Prior to January 1, 2018, the Company had historically operated (i) our real-time business consisting of real-time Linux operating system-based software solutions (the “Real-Time business”), which we sold in May 2017 to a private equity purchaser, and (ii) our content delivery and storage business consisting of advanced applications focused on storing, protecting, transforming and delivering high value media content (the “Content Delivery business”), which we sold on December 31, 2017 to Vecima, Inc. (“Vecima”).
Following the sale of its Real-Time business and Content Delivery business, the Company began developing its real estate operations during the second half of fiscal year 2018. Since commencing our real estate operations, we have made several commercial loans secured by real property. Based on the success of these activities, including the yield characteristics of these loans, access to a consistent volume of attractive real estate transactions and management's experience in the real estate industry, we created Recur, a Delaware limited liability company wholly owned by the Company, during the first quarter of our fiscal year 2019. Recur currently provides commercial loans to local, regional and national builders, developers and commercial landowners and is also acquiring, owning and managing a portfolio of real property for development. Recur does not provide consumer mortgages.