The Company holds investments across three primary categories: marketable securities that represent the interests it is required to retain upon securitizing loans in transactions that are considered sales under GAAP; digital assets, in the form of cryptocurrencies or digital financial assets, held and held as collateral for personal loans; and investments in entities that the Company does not consolidate.


	December 31, 2025
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	202,358	$	1,500	$	203,858
Below investment grade debt securities(D)	29,648		(521)		29,127
Residual interest securities(E)	40,803		(637)		40,166
Total marketable securities, at fair value	$	272,809	$	342	$	273,151

	December 31, 2024
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	121,278	$	(102)	$	121,176
Below investment grade debt securities(D)	7,897		(90)		7,807
Residual interest securities(E)	24,138		10,368		34,506
Total marketable securities, at fair value	$	153,313	$	10,176	$	163,489

(B) The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. The total carrying value includes $231.8 million and $129.0 million of debt securities collateralized under repurchase agreements at December 31, 2025 and 2024, respectively. See Notes 6 and 12 for additional information regarding the retained interest facility and valuation of the Company’s marketable securities, respectively.

(E) Represents residual interests and non-rated securities in securitizations that are not considered debt securities, including 20 and 11 non-rated securities with aggregate outstanding face amounts of $20.9 million and $15.1 million at December 31, 2025 and 2024, respectively, and 15 and 6 interest-only securities based upon aggregate outstanding principal amounts of $19.9 million and $9.1 million at December 31, 2025 and 2024, respectively.

The Company records digital assets and the corresponding liability for digital assets held as collateral at fair value, and the Company does not consider the cost basis to be meaningful. While the collateral is in the Company’s control, the Company has the ability to use the collateral for loan, margin, rehypothecation, or other similar activities to which the Company or its affiliates are a party, however, chooses not to do so without the customer’s consent and such assets are held solely for the purpose of securing the related loans. Digital assets held for collateral are included in “Digital assets” in the Consolidated Balance Sheets. The Company originates loans collateralized by digital assets and recorded a corresponding $52.6 million and $64.4 million liability at December 31, 2025 and 2024, respectively, representing the fair value digital assets owed to the borrower in the event of loan repayment that is included in “Other current liabilities” in the Consolidated Balance Sheets.


	December 31, 2025			December 31, 2024
	Units	Fair Value		Units	Fair Value
Digital assets held as collateral:
Bitcoin (BTC)	527	46,119		531	$	49,593
Ethereum (ETH)	2,173	6,450		4,457	14,846
Total digital assets held as collateral		$	52,569		$	64,439

The Company engages a third party custodian to hold digital assets as collateral in an account in the Company’s name, and provide custodial services including holding the cryptographic key information and working to protect the digital assets from loss or theft. The Company maintains internal recordkeeping of the digital asset collateral, including the amount and type of digital asset owned by each borrower.

The Company records digital assets held at fair value in both “Digital assets” and “Digital assets, non-current” in the Consolidated Balance Sheets, depending on the nature of the underlying asset and related restrictions. See Notes 2 and 12 for additional information regarding the classification and valuation of these assets.


	December 31, 2025					December 31, 2024
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Digital assets held at fair value(A):
Solana (SOL)(B)	87,707	$	10,731	$	10,918	95,139	$	10,110	$	18,020
United States Dollar Tether (USDT)	958,734	959		959		1,002,506	1,003		1,003
Kamino Liquidity Pools	Various	23,485		23,510		n.a.	—		—
Other digital assets(C)	Various	475		555		Various	184		184
Total digital assets held at fair value		$	35,650	$	35,942		$	11,297	$	19,207

(A) The Company reclassified payment stablecoins from “Digital assets” to “Cash and cash equivalents”, which resulted in a $2.4 million decrease to the previously reported total digital assets held cost basis and fair value as of December 31, 2024. See Note 2, Change in Accounting Principle, for further details.

(B) Includes 53,071 Solana (“SOL”) that are subject to a lock-up period through January 2028 and unlocked on a monthly basis based on a contractual schedule. The locked tokens are not accessible, are staked, and earn rewards during the lock up period.

The Company records digital assets held at cost, net of impairment, in “Digital assets” in the Consolidated Balance Sheets. The following table summarizes digital assets held at cost by the Company, and by third-party custodians on behalf of the Company, at December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
	Units	Cost Basis		Carrying Value		Units	Cost Basis		Carrying Value
Digital assets held at cost:
HASH(A)	19,873,741,886	$	11,691	$	11,691	15,002,914,730	$	1,506	$	1,506
Total digital assets held at cost		$	11,691	$	11,691		$	1,506	$	1,506

(A) Represents native utility tokens used by the Company as a medium of exchange (“HASH”), maintained by an affiliated entity. See Note 11 for additional information regarding the related party relationship.


	Held as Collateral		Held at Fair Value(A)		Held at Cost
Balance at December 31, 2023	$	—	$	—	$	5,865
Purchases(B)	—		11,558		—
Sales(C)	—		(3,279)		—
Collateral received(D)(E)	57,503		—		—
Collateral returned(D)(E)	(6,121)		—		—
Gains(F)	—		2,471		—
Contribution from Related Party	—		—		1,500
Distributions from Fund I(G)	—		547		—
Impairment of digital assets	—		—		(5,859)
Change in fair value(E)(H)	13,057		7,910		—
Balance at December 31, 2024	64,439		19,207		1,506
Purchases(B)	—		26,943		3,864
Sales(C)	—		(8,922)		(3,979)
Collateral received(D)	63,724		—		—
Collateral returned(D)	(71,500)		—		—
Gains(F)	—		5,872		113

Distributions from Fund I(G)	—		2,042		—

Provenance Blockchain Foundation term note settlement(I)	—		—		10,187
Change in fair value(H)	(4,094)		(9,200)		—
Balance at December 31, 2025	$	52,569	$	35,942	$	11,691

(A) Period activity for the year ended December 31, 2024 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $(15.2) million change to Purchases activity and a $12.8 million change to Sales activity for the year ended December 31, 2024. See Note 2, Change in Accounting Principle, for further details. There was no impact to the balance at December 31, 2023.

(D) Collateral received and returned includes movements impacting digital assets held as collateral associated with borrower personal loan activities which can include receipt of digital assets held as collateral related to loan originations, combined loan to value maintenance, and returns of collateral owed to the borrower once a loan has been repaid.

(E) Change in fair value for digital assets held as collateral has been corrected to disclose the change in fair value for the year ended December 31, 2024 of $13.1 million. The correction resulted in a net decrease to collateral received and collateral returned for the year ended December 31, 2024 by the same amount.

(F) Includes realized gains incurred on the sale of digital assets held for sale, and the recognition of income associated to blockchain staking rewards which are reflected in “Other (expense) income, net” in the Consolidated Statements of Operations. No realized gains were recorded for digital assets held as collateral, as the liquidation of collateral reduces the corresponding liability and cash proceeds are applied to the borrower’s personal loan balance.

(H) There is a corresponding liability to return digital assets held as collateral that is an embedded derivative. The embedded derivative and the host contract are reported within “Other current liabilities” on the Consolidated Balance Sheets. The change in the fair value of the embedded derivative and the change in the digital assets held as collateral have a naturally offsetting relationship and are recorded within “Other (expense) income, net” on the Consolidated Statements of Operations.

The Company holds the following minority investments in certain entities not considered significant to the Company and recorded within “Other non-current assets” in the Consolidated Balance Sheets, with the Company’s share of net income of equity-method investees recorded as “Other revenue” in the Consolidated Statements of Operations. The following table presents the carrying value of these investments at December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Equity method investees:
Domestic Solana Fund(A)	$	2,104	$	5,748
Reflow(B)	800		920
Fig SIX(C)	2,477		—
	5,381		6,668
Measurement alternative investments:
JAM FINTOP(D)	1,419		1,542
Total equity investments	$	6,800	$	8,210


	Equity Method Investees		Measurement Alternative Investments		Total
Balance at December 31, 2023	$	477	$	1,542	$	2,019
Share of investee earnings	3,698		—		3,698
Dividends received	(854)		—		(854)
Additional contributions	3,347		—		3,347
Measurement alternative adjustments	n.a.		—		—


Balance at December 31, 2024	$	6,668	$	1,542	$	8,210
Share of investee earnings	(1,246)		—		(1,246)
Dividends received	(2,643)		—		(2,643)
Additional contributions	2,602		—		2,602
Measurement alternative adjustments	n.a.		(123)		(123)


Balance at December 31, 2025	$	5,381	$	1,419	$	6,800