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SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENTS
NOTE 4—SEGMENTS
We determine operating segments based on metrics that our Chief Operating Decision Maker (“CODM”) reviews internally to manage our business, including resource allocation and performance assessment. Our CODM is the Chief Executive Officer, who regularly reviews financial results based on two operating segments consisting of Digital Asset Treasury and Real Estate Platform.
•Digital Asset Treasury ("Treasury"): This segment is responsible for executing and managing the Company’s treasury policy, including our owned validators.
•Real Estate Platform ("Real Estate"): This segment is responsible for providing a technology platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy commercial property including apartment buildings to commercial property lenders. These property lenders include traditional banks, credit unions, real estate investment trusts ("REITs"), debt funds, and other financial institutions looking to deploy capital into commercial mortgages.
The CODM uses Segment operating (loss) income to evaluate operating segment performance and allocate resources, including current period to prior period variances on a quarterly basis. Segment (loss) income excludes the impact of income taxes, interest expense and other income (expense) items, as these are managed at the corporate level. We do not prepare separate balance sheets by operating segment for the CODM, as such, assets are not evaluated as part of operating segment performance and resource allocation. We provide the CODM depreciation and amortization expense and impairment charges that are generated from operating segment-specific assets, as these are included in Segment operating (loss) income.
Accounting policies associated with our operating segment are the same as those previously described in Note 1—Overview and Significant Accounting Policies of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q and the Notes to the Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025, including transactions between segments. Transactions between segments are reported as if each were a stand-alone business and are eliminated in consolidations.
The tables below shows our Segment operating (loss) income for the periods presented:
Three Months Ended
March 31,
20262025
(in thousands)TreasuryReal EstateTreasuryReal Estate
Segment revenue$2,402 $262 $— $287 
Cost of revenue96 7 — 7 
General and administrative5,071 935 — 543 
Sales and marketing150 103 — 465 
Research and development125 16 — 169 
Depreciation and amortization304 47 — 50 
Net loss (gain) on digital assets51,030 — — — 
(Gain) loss from changes in fair value of contingent consideration— — — (64)
Total segment operating expenses$56,776 $1,108 $— $1,170 
Segment operating (loss) income$(54,374)$(846)$— $(883)
The below table reconciles Segment (loss) income to consolidated (loss) income before income taxes for the periods presented:
Three Months Ended
March 31,
20262025
(in thousands)TreasuryReal EstateCorporateTotalTreasuryReal EstateCorporateTotal
Revenue$2,402 $262 $— $2,664 $— $287 $— $287 
Cost of revenue96 7 — 103 — 7 — 7 
General and administrative5,071 935 — 6,006 — 543 — 543 
Sales and marketing150 103 — 253 — 465 — 465 
Research and development125 16 — 141 — 169 — 169 
Depreciation and amortization304 47 — 351 — 50 — 50 
Net loss (gain) on digital assets51,030 — — 51,030 — — — — 
(Gain) loss from changes in fair value of contingent consideration— — — — — (64)— (64)
Total operating expenses56,776 1,108 — 57,884 — 1,170 — 1,170 
Operating (loss) income(54,374)(846)— (55,220)— (883)— (883)
Interest expense— — (2,696)(2,696)— — — — 
(Loss) gain from derivative instruments— — (22,838)(22,838)— — — — 
Investment and other (expense) income, net— — (2,636)(2,636)— — 105 105 
(Loss) income before income taxes$(54,374)$(846)$(28,170)$(83,390)$— $(883)$105 $(778)