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SEGMENTS
 9 Months Ended
Sep. 30, 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 income (loss) to evaluate operating segment performance and allocate resources, including current period to prior period variances on a quarterly basis. Segment income (loss) 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 income (loss).
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 show our Segment operating income (loss) for the periods presented:
Three Months Ended
September 30,
20262025
(in thousands)TreasuryReal EstateTreasuryReal Estate
Segment revenue$2,379 $53 $3,794 $831 
Cost of revenue22 7 81 7 
General and administrative3,655 4 3,313 259 
Sales and marketing87 7 222 446 
Research and development139 1 145 124 
Depreciation and amortization304 49 303 49 
Net (gain) loss on digital assets(37,946)— (74,368)— 
Loss on disposition of Janover Pro— — — 1,958 
Total segment operating expenses$(33,739)$68 $(70,304)$2,843 
Segment operating income (loss)$36,118 $(15)$74,098 $(2,012)
Nine Months Ended
September 30,
20262025
(in thousands)TreasuryReal EstateTreasuryReal Estate
Segment revenue$8,037 $373 $5,000 $1,898 
Cost of revenue132 21 101 21 
General and administrative12,696 1,028 7,709 1,084 
Sales and marketing344 123 303 1,511 
Research and development346 18 302 449 
Depreciation and amortization911 145 506 187 
Net loss (gain) on digital assets34,603 — (95,561)— 
Loss on disposition of Janover Pro— — — 1,958 
(Gain) loss from changes in fair value of contingent consideration— — — (64)
Total segment operating expenses$49,032 $1,335 $(86,640)$5,146 
Segment operating (loss) income$(40,995)$(962)$91,640 $(3,248)
The below table reconciles Segment income (loss) to consolidated income (loss) before income taxes for the periods presented:
Three Months Ended
September 30,
20262025
(in thousands)TreasuryReal EstateCorporateTotalTreasuryReal EstateCorporateTotal
Revenue$2,379 $53 $— $2,432 $3,794 $831 $— $4,625 
Cost of revenue22 7 — 29 81 7 — 88 
General and administrative3,655 4 — 3,659 3,313 259 — 3,572 
Sales and marketing87 7 — 94 222 446 — 668 
Research and development139 1 — 140 145 124 — 269 
Depreciation and amortization304 49 — 353 303 49 — 352 
Net (gain) loss on digital assets(37,946)— — (37,946)(74,368)— — (74,368)
Loss on disposition of Janover Pro— — — — — 1,958 — 1,958 
Total operating expenses(33,739)68 — (33,671)(70,304)2,843 — (67,461)
Operating income (loss)36,118 (15)— 36,103 74,098 (2,012)— 72,086 
Interest expense— — (3,359)(3,359)— — (2,933)(2,933)
Gain (loss) from derivative instruments— — 33,400 33,400 — — 4,639 4,639 
Gain on retirement of debt— — — — — — — — 
Investment and other income (expense), net— — 447 447 — — 169 169 
Income (loss) before income taxes$36,118 $(15)$30,488 $66,591 $74,098 $(2,012)$1,875 $73,961 
Nine Months Ended
September 30,
20262025
(in thousands)TreasuryReal EstateCorporateTotalTreasuryReal EstateCorporateTotal
Revenue$8,037 $373 $— $8,410 $5,000 $1,898 $— $6,898 
Cost of revenue132 21 — 153 101 21 — 122 
General and administrative12,696 1,028 — 13,724 7,709 1,084 — 8,793 
Sales and marketing344 123 — 467 303 1,511 — 1,814 
Research and development346 18 — 364 302 449 — 751 
Depreciation and amortization911 145 — 1,056 506 187 — 693 
Net loss (gain) on digital assets34,603 — — 34,603 (95,561)— — (95,561)
Loss on disposition of Janover Pro— — — — — 1,958 — 1,958 
(Gain) loss from changes in fair value of contingent consideration— — — — — (64)— (64)
Total operating expenses49,032 1,335 — 50,367 (86,640)5,146 — (81,494)
Operating (loss) income(40,995)(962)— (41,957)91,640 (3,248)— 88,392 
Interest expense— — (9,756)(9,756)— — (3,709)(3,709)
Gain (loss) from derivative instruments— — 10,587 10,587 — — 4,639 4,639 
Gain on retirement of debt— — 2,849 2,849 — — — — 
Investment and other income (expense), net— — (5,808)(5,808)— — 494 494 
(Loss) income before income taxes$(40,995)$(962)$(2,128)$(44,085)$91,640 $(3,248)$1,424 $89,816