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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Beginning in 2025, the Company's management directs operations as two reportable operating segments, the “Asset Management” segment, which provides investment advisory services and the "Corporate and Other" segment, which includes the Company's bitcoin treasury operations. Prior to 2025, the Company's management evaluated performance and
allocated resources in consideration of only one operating segment, the Asset Management segment, as the Company's sole operations were related to its asset management business, with no consideration of a potential bitcoin treasury strategy. As a result, prior to 2025, all revenues and expenses were related to the Company's Asset Management segment. Beginning in 2025, costs that are not directly allocable to a specific operating segment, including, but not limited to, employee-related costs, general and administrative expenses, such as rent expense, and depreciation and amortization, are allocated using a reasonable allocation methodology, which is primarily represented by the relative percentage of resources used by each segment.
The Company's CODM is its Chief Executive Officer, who utilizes key financial metrics, including net income (loss), to assess performance and make decisions regarding allocation of resources, such as capital allocation, determining compensation, and managing costs. The CODM also evaluates significant revenues and expenses by reportable segment to evaluate key operating decisions.
The following summarizes the information reviewed by the CODM to evaluate the Company's Asset Management and Corporate and Other net income (loss) for the period from September 12, 2025 to September 30, 2025, the period from July 1, 2025 to September 11, 2025, and the three months ended September 30, 2024 (amounts in thousands):
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$246 $— $246 
Other revenue— 9 9 
Total revenues246 9 255 
Operating expenses:
Fund management and administration282 — 282 
Employee compensation and benefits3,129 15,591 18,720 
General and administrative expense91 354 445 
Marketing and advertising3 15 18 
Depreciation and amortization— 12 12 
Total operating expenses3,505 15,972 19,477 
Investment gains/(losses):
Net unrealized loss on digital assets— (10,133)(10,133)
Other derivative loss— (14,731)(14,731)
Net investment gains/(losses)— (24,864)(24,864)
Net operating loss(3,259)(40,827)(44,086)
Other income/(expense):
Other income3 65 68 
Transaction costs— (7,484)(7,484)
Goodwill and intangible asset impairment— (140,785)(140,785)
Total other income/(expense)3 (148,204)(148,201)
Net loss before income taxes(3,256)(189,031)(192,287)
Income tax benefit/(expense)— — — 
Net loss$(3,256)$(189,031)$(192,287)
Period from July 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$1,283 $— $1,283 
Other revenue— 5 5 
Total revenues1,283 5 1,288 
Operating expenses:
Fund management and administration1,251 — 1,251 
Employee compensation and benefits1,550 1,601 3,151 
General and administrative expense252 619 871 
Marketing and advertising10 58 68 
Depreciation and amortization— 43 43 
Total operating expenses3,063 2,321 5,384 
Investment gains/(losses):
Net unrealized loss on digital assets— — — 
Other derivative loss— — — 
Net investment gains/(losses)— — — 
Net operating loss(1,780)(2,316)(4,096)
Other income/(expense):
Other income/(expense)15 (5)10 
Transaction costs— (10,280)(10,280)
Goodwill and intangible asset impairment— — — 
Total other income/(expense)15 (10,285)(10,270)
Net loss before income taxes(1,765)(12,601)(14,366)
Income tax benefit/(expense)— — — 
Net loss$(1,765)$(12,601)$(14,366)
Three Months Ended September 30, 2024 (Predecessor)
Asset ManagementCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$950 $— $950 
Other revenue34 — 34 
Total revenues984 — 984 
Operating expenses:
Fund management and administration1,272 — 1,272 
Employee compensation and benefits2,182 — 2,182 
General and administrative expense4,404 — 4,404 
Marketing and advertising89 — 89 
Depreciation and amortization47 — 47 
Total operating expenses7,994 — 7,994 
Investment gains/(losses):
Net unrealized loss on digital assets— — — 
Other derivative loss— — — 
Net investment gains/(losses)— — — 
Net operating loss(7,010)— (7,010)
Other income/(expense):
Other income208 — 208 
Transaction costs— — — 
Goodwill and intangible asset impairment— — — 
Total other income/(expense)208 — 208 
Net loss before income taxes(6,802)— (6,802)
Income tax benefit/(expense)— — — 
Net loss$(6,802)$— $(6,802)
The following summarizes the information reviewed by the CODM to evaluate the Company's Asset Management and Corporate and Other net income (loss) for the period from September 12, 2025 to September 30, 2025, the period from January 1, 2025 to September 11, 2025, and the nine months ended September 30, 2024 (amounts in thousands):
Period from September 12, 2025 to September 30, 2025 (Successor)
Asset ManagementCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$246 $— $246 
Other revenue— 9 9 
Total revenues246 9 255 
Operating expenses:
Fund management and administration282 — 282 
Employee compensation and benefits3,129 15,591 18,720 
General and administrative expense91 354 445 
Marketing and advertising3 15 18 
Depreciation and amortization— 12 12 
Total operating expenses3,505 15,972 19,477 
Investment gains/(losses):
Net unrealized loss on digital assets— (10,133)(10,133)
Other derivative loss— (14,731)(14,731)
Net investment gains/(losses)— (24,864)(24,864)
Net operating loss(3,259)(40,827)(44,086)
Other income/(expense):
Other income3 65 68 
Transaction costs— (7,484)(7,484)
Goodwill and intangible asset impairment— (140,785)(140,785)
Total other income/(expense)3 (148,204)(148,201)
Net loss before income taxes(3,256)(189,031)(192,287)
Income tax benefit/(expense)— — — 
Net loss$(3,256)$(189,031)$(192,287)
Period from January 1, 2025 to September 11, 2025 (Predecessor)
Asset ManagementCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$4,187 $— $4,187 
Other revenue7 28 35 
Total revenues4,194 28 4,222 
Operating expenses:
Fund management and administration4,250 — 4,250 
Employee compensation and benefits4,861 2,361 7,222 
General and administrative expense2,672 1,557 4,229 
Marketing and advertising88 143 231 
Depreciation and amortization52 97 149 
Total operating expenses11,923 4,158 16,081 
Investment gains/(losses):
Net unrealized loss on digital assets— — — 
Other derivative loss— — — 
Net investment gains/(losses)— — — 
Net operating loss(7,729)(4,130)(11,859)
Other income/(expense):
Other income360 226 586 
Transaction costs— (15,717)(15,717)
Goodwill and intangible asset impairment— — — 
Total other income/(expense)360 (15,491)(15,131)
Net loss before income taxes(7,369)(19,621)(26,990)
Income tax benefit/(expense)— — — 
Net loss$(7,369)$(19,621)$(26,990)
Nine Months Ended September 30, 2024 (Predecessor)
Asset ManagementCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$2,560 $— $2,560 
Other revenue55 — 55 
Total revenues2,615 — 2,615 
Operating expenses:
Fund management and administration3,488 — 3,488 
Employee compensation and benefits6,465 — 6,465 
General and administrative expense10,040 — 10,040 
Marketing and advertising443 — 443 
Depreciation and amortization141 — 141 
Total operating expenses20,577 — 20,577 
Investment gains/(losses):
Net unrealized loss on digital assets— — — 
Other derivative loss— — — 
Net investment gains/(losses)— — — 
Net operating loss(17,962)— (17,962)
Other income/(expense):
Other income500 — 500 
Transaction costs— — — 
Goodwill and intangible asset impairment— — — 
Total other income/(expense)500 — 500 
Net loss before income taxes(17,462)— (17,462)
Income tax benefit/(expense)— — — 
Net loss$(17,462)$— $(17,462)
The total assets of the Company's operating segments are summarized as follows (in thousands):
September 30, 2025December 31, 2024
(Successor)(Predecessor)
Asset Management$1,471 $28,197 
Corporate & Other791,105 — 
Total$792,576 $28,197