14. Segments

We operate in two segments: (i) MCA operations, conducted primarily through LMCS, and (ii) real estate operations, conducted primarily through Recur. LMCS, which we established in January 2019, operates through its syndication network to facilitate MCA funding by connecting and administering the relationships among a network of MCA originators with syndicate participants who provide those originators with capital by purchasing participation interests in funded MCAs, in exchange for a fee. In addition, LMCS generates income by directly funding MCAs, which generates fee income, and by providing loans to MCA originators to fund the MCAs themselves, which generates interest income.

Through Recur, which we established in September 2018, we conduct, hold, and manage our existing and future real estate operations.

Our President and Chief Executive Officer is our chief operating decision maker (the “CODM”). Our CODM uses revenue and operating income to evaluate the profitability of our operating segments; all other financial information is reviewed by the CODM on a consolidated basis. Segment operating contribution reflects segment revenue less operating expenses that are directly attributable to the operating segment, not including corporate and unallocated expenses. All of our principal operations and assets are located in the United States.

Segment operating results are as follows:


	Fiscal Year Ended June 30,
	2019		2018
	(Amounts in thousands)

Segment revenue:
MCA	$	2,597	$	—
Real estate and commercial lending		859		54
Total revenues		3,456		54

Segment operating expenses:
MCA		2,567		—
Real estate and commercial lending		—		—
Add:
Corporate expenses		3,646		7,370
Consolidated operating expenses		6,213		7,370

Segment operating income (loss):
MCA		30		—
Real estate and commercial lending		859		54
Add:
Corporate		(3,646)		(7,370)
Consolidated operating loss	$	(2,757)	$	(7,316)

Segment assets are as follows:


	June 30,
	2019		2018
	(Amounts in thousands)

Segment assets:
MCA	$	18,277	$	—
Real estate and commercial lending		7,379		4,405
Add:
Corporate assets		47,190		56,901
Corporate intercompany loan to MCA		(10,372)		—
Total consolidated assets	$	62,474	$	61,306