The Company accounts for its digital assets, which are comprised solely of LINK tokens, as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other and ASU 2023-08. The Company’s digital assets are initially recorded at cost and then subsequently measured at fair value as of the end of each reporting period. The Company determines the fair value of its LINK holdings in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for LINK (Level 1 inputs). Changes in fair value are recognized as incurred in change in fair value of digital assets within the accompanying condensed consolidated statements of operations.

At June 30, 2026, the Company held 229,203 LINK tokens and one Ethereum (‘ETH”) token, with an aggregate cost basis of $4.9 million and an aggregate fair value of $1.7 million. The fair value of per token of LINK and ETH was $7.20 and $2,049.91, respectively. At December 31, 2025, the Company held 562,535 LINK tokens with an aggregate cost basis of $12.6 million and a fair value of $6.8 million, or $12.18 per token. The Company had no LINK or ETH holdings during the three and six months ended June 30, 2025.

During the three and six months ended June 30, 2026, the Company purchased zero and 100 LINK tokens, respectively, for aggregate consideration of $1.1 thousand during the six month period, and zero and one Ethereum token, respectively, for $3.0 thousand during the six month period. The Company did not purchase any digital assets during the corresponding periods in the prior year.

During the three and six months ended June 30, 2026, the Company sold 278,357 and 333,432, LINK tokens, respectively, as part of its digital asset treasury management activities, generating proceeds of $2.5 million and $3.0 million, respectively. The Company redeployed the proceeds to support project-level real estate Platform financings. In connection with these sales, the Company recognized an immaterial realized gain during the three months ended June 30, 2026 and a realized loss of $0.1 million during the six months ended June 30, 2026.

During the three and six months ended June 30, 2026 the Company recognized unrealized losses on digital assets of $0.4 million and $2.1 million, respectively. Realized and unrealized gains and losses on digital assets are included in change in fair value of digital assets in the condensed consolidated statements of operations.

The following table summarizes the Company’s combined realized and unrealized losses on digital assets calculated consistent with ASU 2023-08 (in thousands):