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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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 Management						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	246					$	—					$	246
Other revenue			—						9						9
Total revenues			246						9						255
Operating expenses:
Fund management and administration			282						—						282
Employee compensation and benefits			3,129						15,591						18,720
General and administrative expense			91						354						445
Marketing and advertising			3						15						18
Depreciation and amortization			—						12						12
Total operating expenses			3,505						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 income			3						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 Management						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	1,283					$	—					$	1,283
Other revenue			—						5						5
Total revenues			1,283						5						1,288

Operating expenses:
Fund management and administration			1,251						—						1,251
Employee compensation and benefits			1,550						1,601						3,151
General and administrative expense			252						619						871
Marketing and advertising			10						58						68
Depreciation and amortization			—						43						43
Total operating expenses			3,063						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 Management						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	950					$	—					$	950
Other revenue			34						—						34
Total revenues			984						—						984
Operating expenses:
Fund management and administration			1,272						—						1,272
Employee compensation and benefits			2,182						—						2,182
General and administrative expense			4,404						—						4,404
Marketing and advertising			89						—						89
Depreciation and amortization			47						—						47
Total operating expenses			7,994						—						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 income			208						—						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 Management						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	246					$	—					$	246
Other revenue			—						9						9
Total revenues			246						9						255
Operating expenses:
Fund management and administration			282						—						282
Employee compensation and benefits			3,129						15,591						18,720
General and administrative expense			91						354						445
Marketing and advertising			3						15						18
Depreciation and amortization			—						12						12
Total operating expenses			3,505						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 income			3						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 Management						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	4,187					$	—					$	4,187
Other revenue			7						28						35
Total revenues			4,194						28						4,222
Operating expenses:
Fund management and administration			4,250						—						4,250
Employee compensation and benefits			4,861						2,361						7,222
General and administrative expense			2,672						1,557						4,229
Marketing and advertising			88						143						231
Depreciation and amortization			52						97						149
Total operating expenses			11,923						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 income			360						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 Management						Corporate & Other						Total Consolidated
Revenues:
Investment advisory fees			$	2,560					$	—					$	2,560
Other revenue			55						—						55
Total revenues			2,615						—						2,615
Operating expenses:
Fund management and administration			3,488						—						3,488
Employee compensation and benefits			6,465						—						6,465
General and administrative expense			10,040						—						10,040
Marketing and advertising			443						—						443
Depreciation and amortization			141						—						141
Total operating expenses			20,577						—						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 income			500						—						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)

Reconciliation of Assets from Segment to Consolidated

The total assets of the Company's operating segments are summarized as follows (in thousands):

			September 30, 2025						December 31, 2024
			(Successor)						(Predecessor)
Asset Management			$	1,471					$	28,197
Corporate & Other			791,105						—
Total			$	792,576					$	28,197

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

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