Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting Information, Additional Information [Abstract]

Segment Information

Note 13 – Segment Information

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily on differentiated revenue streams for services offered. The Company’s reportable segments consist of the Industrial Assets Division and Financial Assets Division. The Industrial Assets Division advises enterprise and financial customers on the sale of industrial assets mostly from surplus and sometimes distressed circumstances while acting as an agent, guarantor or principal in the sale. The Financial Assets Division provides liquidity to issuers of consumer credit that are looking to monetize nonperforming and charged-off loans — loans that creditors have written off as uncollectable. Nonperforming and charged-off loans typically originate from banks that issue unsecured consumer credit.

The Company evaluates the performance of its reportable segments based primarily on net operating income. Further, the Company does not utilize segmented asset information to evaluate the performance of its reportable segments and does not include intercompany transfers between segments for management reporting purposes.

The following table sets forth certain financial information for the Company's reportable segments (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Industrial Assets Division:
Net operating income	$	3,058		$	765		$	7,247		$	2,538
Financial Assets Division:
Net operating income	$	1,566		$	449		$	3,480		$	1,372
Corporate and Other:
Net operating loss	$	(1,150	)	$	(681	)	$	(2,754	)	$	(2,258	)
Consolidated:
Net operating income	$	3,474		$	533		$	7,973		$	1,652