Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Note 12 — Segment Information

On September 29, 2023, GlassBridge purchased MSRs and assumed related obligations from Greenway. Under the transaction, GlassBridge acquired the MSRs and title to 2,009 fixed rate residential Mortgage Loans with an aggregate value of approximately $435 Million, for a total purchase price of $6.1 million. The Company intends to create a separate reportable segment from the asset management business.

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)	2023			2022			2023			2022
Net revenue
Asset management business	$	—		$	—		$	0.1		$	—
Mortgage servicing business		—			—			—			—
Total net revenue		—			—			0.1			—
Operating loss from operations
Asset management business		(0.4	)		(0.4	)		(1.0	)		(1.1	)
Mortgage servicing business		—			—			—			—
Total segment operating loss		(0.4	)		(0.4	)		(1.0	)		(1.1	)
Corporate and unallocated		(0.6	)		(0.3	)		(2.1	)		(1.2	)
Total operating loss		(1.0	)		(0.7	)		(3.1	)		(2.3	)
Interest expense		—			(0.1	)		(0.2	)		(0.2	)
Other income, net		(0.1	)		—			—			0.2
Income (loss) from operations before income taxes	$	(1.1	)	$	(0.8	)	$	(3.3	)	$	(2.3	)

	September 30,		December 31,
(In millions)	2023		2022
	(unaudited)
Assets
Asset management business	$	13.4	$	13.5
Mortgage servicing business		6.1		—
Total segment assets		19.5		13.5
Corporate and unallocated		3.8		1.1
Total consolidated assets	$	23.3	$	14.6