v3.26.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Operating Income (Loss)
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)
Schedule of Reconciliation of Segment Income (Loss) to Consolidated Income (Loss) Before Income Taxes
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