Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management and Corporate & Other for the period from September 12, 2025 to December 31, 2025, the period from January 1, 2025 to September 11, 2025, and the year ended December 31, 2024 (amounts in thousands):

	Period from September 12, 2025 to December 31, 2025 (Successor)
	Asset Management		Corporate & Other		Total Consolidated
Revenues:
Investment advisory fees	$	1,495	$	—	$	1,495
Other revenue	—		17		17
Total revenues	1,495		17		1,512
Operating expenses:
Fund management and administration	1,867		—		1,867
Employee compensation and benefits	4,932		22,707		27,639
General and administrative expense	631		3,050		3,681
Marketing and advertising	19		132		151
Depreciation and amortization	—		71		71
Total operating expenses	7,449		25,960		33,409
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value	—		(194,508)		(194,508)
Other derivative loss	—		(14,731)		(14,731)
Net investment gains/(losses)	—		(209,239)		(209,239)
Net operating loss	(5,954)		(235,182)		(241,136)

Other income/(expense):
Other income	15		708		723
Transaction costs	—		(12,400)		(12,400)
Goodwill and intangible asset impairment	—		(140,785)		(140,785)
Total other income/(expense)	15		(152,477)		(152,462)
Net loss before income taxes	(5,939)		(387,659)		(393,598)
Income tax benefit/(expense)	—		—		—
Net loss	$	(5,939)	$	(387,659)	$	(393,598)

	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, at fair value	—		—		—
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)

	Year Ended December 31, 2024 (Predecessor)
	Asset Management		Corporate & Other		Total Consolidated
Revenues:
Investment advisory fees	$	3,592	$	—	$	3,592
Other revenue	58		—		58
Total revenues	3,650		—		3,650
Operating expenses:
Fund management and administration	4,867		—		4,867
Employee compensation and benefits	9,135		—		9,135
General and administrative expense	11,248		—		11,248
Marketing and advertising	862		—		862
Depreciation and amortization	192		—		192
Total operating expenses	26,304		—		26,304
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value	—		—		—
Other derivative loss	—		—		—
Net investment gains/(losses)	—		—		—
Net operating loss	(22,654)		—		(22,654)
Other income/(expense):
Other income	795		—		795
Transaction costs	—		—		—
Gain on lease remeasurement	279		—		279
Goodwill and intangible asset impairment	—		—		—
Total other income/(expense)	1,074		—		1,074
Net loss before income taxes	(21,580)		—		(21,580)
Income tax benefit/(expense)	—		—		—
Net loss	$	(21,580)	$	—	$	(21,580)

Schedule of Total Assets of Operating Segments

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

	December 31, 2025		December 31, 2024
	(Successor)		(Predecessor)
Asset Management	$	1,279	$	28,197
Corporate & Other	744,248		—
Total	$	745,527	$	28,197