| Accounting standards update and change in accounting principle |
The following table presents the impact of the changes in financial statement presentation and accounting principle, as discussed above, on the Condensed Consolidated Statements of Cash Flows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Previously Reported | | Change in Presentation | | Change in Principle | | As Adjusted | | Changes in operating assets and liabilities | $ | (1,036,250) | | | $ | — | | | $ | 947,025 | | | $ | (89,225) | | | Loans originated | (955,488) | | | — | | | (3,641,093) | | | (4,596,581) | | | Proceeds from repayment of loans | 588,004 | | | — | | | 3,734,450 | | | 4,322,454 | | | | | | | | | | | Purchase of investments | (84,764) | | | — | | | (6,585) | | | (91,349) | | | Dispositions of investments | 5,520 | | | — | | | 215 | | | 5,735 | | | Purchases of crypto assets held for investment | (458,728) | | | — | | | (5,354) | | | (464,082) | | | Dispositions of crypto assets held for investment | 62,443 | | | — | | | 18,338 | | | 80,781 | | Other investing activities, net(1) | (73,796) | | | — | | | 4,009 | | | (69,787) | | | Customer collateral received | 370,553 | | | (312,510) | | | 51,356 | | | 109,399 | | | Return of customer collateral | (373,804) | | | 312,510 | | | (51,356) | | | (112,650) | | | Proceeds from short-term borrowings | | | — | | | 278,162 | | | 278,162 | | | Repayments of short-term borrowings | | | — | | | (305,084) | | | (305,084) | | | | | | | | | | | | | | | | | | | | | | | | | |
__________________ (1)Purchase of investments and Dispositions of investments are presented as separate line items on the face of the Condensed Consolidated Statements of Cash Flows and are therefore excluded from this presentation of Other investing activities, net.
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