Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 13 – Segment Reporting

The Company manages the Company’s business activities on a consolidated basis and operates as a single operating segment. The Company currently has no operations, does not generate operating revenues and the Company’s assets consist of cash and cash equivalents. The Company is engaged in the management of its assets and liabilities. The Company is principally involved with disputes and litigation relating to its interest in the 111 West 57th Property, and is pursuing, and will continue to pursue, options to realize the Company’s investment value, and to protect its legal rights, and recovery of its asset value from various sources of recovery.

The accounting policies of the Company as a single segment are the same as those described in Note 1 – Summary of Significant Accounting Policies. Our CODM is our President and Chief Executive Officer, Richard A. Bianco. The CODM evaluates the Company’s financial needs and legal proceeding results based on the progress of the current legal proceedings in consultation with the Company’s legal counsel to determine how to allocate resources of the Company as a whole, including continuing to pursue recovery in the Company’s legal proceedings. The Company does not have any revenue and the CODM does not review assets in evaluating the results of the business segment; therefore, such information is not presented. The following table provides the operating financial results for the Company, which are the same for the Company on a consolidated basis:

(in thousands)

	Years Ended December 31,
	2025			2024
Operating expenses:
Compensation and benefits	$	1,323		$	1,367
Professional and outside services		2,796			4,898
Property operating and maintenance		27			18
Insurance		107			120
Other operating		68			114
Total operating expenses		4,321			6,517
Operating income (loss)		(4,321	)		(6,517	)
Other income		124			-
Interest income		3			29
Interest expense		(365	)		(131	)
Income (loss) before income taxes		(4,559	)		(6,619	)
Income tax expense (benefit)		1			1
Net income (loss)	$	(4,560	)	$	(6,620	)