Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 10 — Segment Information

As of September 30, 2022, 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 that are not allocated to the business segments in management’s evaluation of segment performance, such as litigation settlement expense, corporate expense and other expenses.

Net revenue, operating loss from operations and assets by segment were as follows (unaudited):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In millions)	2022			2021			2022			2021
Net revenue
Asset management business	$	—		$	—		$	—		$	—
Total net revenue		—			—			—			—
Operating loss from operations
Asset management business		(0.4	)		—			(1.1	)		(2.0	)
Total segment operating loss		(0.4	)		—			(1.1	)		(2.0	)
Corporate and unallocated		(0.3	)		(2.8	)		(1.2	)		(3.5	)
Total operating loss		(0.7	)		(2.8	)		(2.3	)		(5.5	)
Interest expense		(0.1	)		(0.2	)		(0.2	)		(1.9	)
Gain on Chapter 11 reorganization		—			—			—			13.8
Bank Loan forgiveness		—			—			—			0.4
Other income, net		—			0.4			0.2			0.4
Income (loss) from continuing operations before income taxes	$	(0.8	)	$	(2.6	)	$	(2.3	)	$	7.2

	September 30,
	2022		December 31,
(In millions)	(unaudited)		2021
Assets
Asset management business	$	13.4	$	13.2
Total segment assets		13.4		13.2
Corporate and unallocated		1.9		4.0
Total consolidated assets	$	15.3	$	17.2