Segment Information

The Legacy Businesses and the Nexsan Business are presented in our Condensed Consolidated Statements of Operations as discontinued operations and are not included in segment results for all periods presented. See Note 4 - Discontinued Operations for further information about these divestitures.

On February 2, 2017, we closed the Capacity and Services Transaction with Clinton. The Capacity and Services Transaction allows GBAM to access investment capacity within Clinton’s quantitative equity strategy. In addition, we have recently taken steps to build our own independent organizational foundation while leveraging Clinton’s capabilities and infrastructure. While our intention is to primarily engage in the management of third-party assets, we may make opportunistic proprietary investments from time to time that comply with applicable laws and regulations. Since the closing of the Capacity and Services Transaction, we have focused on our Asset Management Business as our primary operating business segment. See Note 16 - Related Party Transactions for additional information.

In June 2017, we launched the GBAM Fund which focuses on technology-driven quantitative strategies and other alternative investment strategies. As of September 30, 2018, our investment in the GBAM Fund was $2.4 million. We have made the determination to consolidate the GBAM Fund and, accordingly, its financial results were included in our Condensed Consolidated Financial Statements as part of the Asset Management Business shown below.

As of September 30, 2018, the Asset Management Business is our only reportable segment.

We evaluate segment performance based on revenue and operating loss. The operating loss reported in our segments excludes corporate and other unallocated amounts. Although such amounts are excluded from the business segment results, they are included in reported consolidated results. The corporate and unallocated operating loss includes costs which are not allocated to the business segments in management’s evaluation of segment performance such as litigation settlement expense, corporate expense and other expenses.

For our Asset Management Business, we include net gain (loss) from GBAM Fund activities in our performance evaluation. Net gain (loss) from GBAM Fund activities primarily represents realized and unrealized gains and losses for the GBAM Fund.

Net revenue and operating loss from continuing operations by segment were as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2018		2017		2018	2017
Net revenue
Asset Management Business	—		—		—	—
Total net revenue	$	—	$	—	—	$	—



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2018			2017			2018			2017
Operating income (loss) from continuing operations
Asset Management Business	(0.9		)	(1.2		)	(2.7		)	(2.9		)
Total segment operating loss	(0.9		)	(1.2		)	(2.7		)	(2.9		)
Corporate and unallocated	(1.1		)	(1.4		)	(2.7		)	(4.4		)
Restructuring and other	—			(0.1		)	(0.1		)	—
Total operating loss	(2.0		)	(2.7		)	(5.5		)	(7.3		)
Interest expense	—			—			(0.1		)	—
Net gain (loss) from GBAM Fund activities	(0.2		)	1.0			(0.7		)	1.0
Other income (expense), net	0.1			0.1			0.4			(0.6		)
Loss from continuing operations before income taxes	$	(2.1	)	$	(1.6	)	$	(5.9	)	$	(6.9	)