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 by the Company and held as collateral for personal loans; and investments in entities that the Company does not consolidate.


	June 30, 2026
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	276,249	$	(613)	$	275,636
Below investment grade debt securities(D)	44,216		(632)		43,584
Residual interest securities(E)	35,760		(973)		34,787
Total marketable securities, at fair value	$	356,225	$	(2,218)	$	354,007

	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

(B) The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. The total carrying value includes $318.1 million and $231.8 million of debt securities collateralized under repurchase agreements at June 30, 2026 and December 31, 2025, respectively. See “Note 6—Debt” and “Note 12—Fair Value Measurements” 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 28 and 20 non-rated securities with aggregate outstanding face amounts of $17.0 million and $20.9 million at June 30, 2026 and December 31, 2025, respectively, and 23 and 15 interest-only securities based upon aggregate outstanding principal amounts of $18.7 million and $19.9 million at June 30, 2026 and December 31, 2025, 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 Condensed Consolidated Balance Sheets. The Company originates loans collateralized by digital assets and recorded a corresponding $21.1 million and $52.6 million liability at June 30, 2026 and December 31, 2025, respectively, representing the fair value of digital assets owed to the borrower in the event of loan repayment that is included in “Other current liabilities” in the Condensed Consolidated Balance Sheets.


	June 30, 2026			December 31, 2025
	Units	Fair Value		Units	Fair Value
Digital assets held as collateral:
Bitcoin (BTC)	313	18,338		527	$	46,119
Ethereum (ETH)	1,775	2,787		2,173	6,450
Total digital assets held as collateral		$	21,125		$	52,569

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 Condensed Consolidated Balance Sheets, depending on the nature of the underlying asset and related restrictions. See “Note 2—Summary of Significant Accounting Policies” and “Note 12—Fair Value Measurements” for additional information regarding the classification and valuation of these assets.

During the three months ended June 30, 2026, the Company established new liquidity pool positions on the Ethereum and Solana blockchains by redeploying an equivalent of $19.0 million in digital financial assets, which were held as of March 31, 2026. The treatment of these digital assets held continue to be accounted for in accordance with the existing accounting policy per “Note 2—Summary of Significant Accounting Policies”.


	June 30, 2026					December 31, 2025
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Digital assets held at fair value:
Solana (SOL)(A)	94,860	$	11,332	$	6,989	87,707	$	10,731	$	10,918
United States Dollar Tether (USDT)	158,379	158		194		958,734	959		959

Liquidity Pools	Various	22,507		22,507		Various	23,485		23,510
Other digital assets(B)	Various	848		849		Various	475		555
Total digital assets held at fair value		$	34,845	$	30,539		$	35,650	$	35,942

(A) Includes 42,253 Solana (“SOL”) at June 30, 2026 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 Condensed 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 June 30, 2026 and December 31, 2025:


	June 30, 2026					December 31, 2025
	Units	Cost Basis		Carrying Value		Units	Cost Basis		Carrying Value
Digital assets held at cost:
HASH(A)	19,768,595,783	$	11,832	$	11,832	19,873,741,886	$	11,691	$	11,691
Total digital assets held at cost		$	11,832	$	11,832		$	11,691	$	11,691

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


	Held as Collateral		Held at Fair Value(A)		Held at Cost
Balance at December 31, 2024	$	64,439	$	19,207	$	1,506
Purchases(B)	—		1,841		385
Sales(C)	—		(2,716)		(386)
Collateral received(D)	33,575		—		—
Collateral returned(D)	(25,066)		—		—
Gains(E)	—		3,928		—
Distributions from Fund I(F)	—		1,436		—
Change in fair value(G)	239		(5,718)		—
Balance at June 30, 2025	$	73,187	$	17,978	$	1,505

Balance at December 31, 2025	$	52,569	$	35,942	$	11,691
Purchases(B)	—		362,009		1,765
Sales(C)	—		(363,458)		(1,624)
Collateral received(D)	13,238		—		—
Collateral returned(D)	(29,613)		—		—
Gains(E)	—		525		—
Distributions from Fund I(F)	—		521		—
Change in fair value(G)	(15,069)		(5,000)		—
Balance at June 30, 2026	$	21,125	$	30,539	$	11,832

(A) Period activity for the six months ended June 30, 2025 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $(3.5) million change to Purchases activity and a $3.3 million change to Sales activity for the six months ended June 30, 2025. See “Note 2—Summary of Significant Accounting Policies—Change in Accounting Principle”, for further details.

(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) 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 income (expense), net” in the Condensed 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.

(G) 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 Condensed 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 income (expense), net” on the Condensed Consolidated Statements of Operations.

The Company holds the following minority investments in certain entities not considered significant to the Company which are reported in “Other non-current assets” in the Condensed Consolidated Balance Sheets. Following the disposal of all ownership interest in Reflow Services, LLC, as discussed in “Note 11—Related Party Transactions” the Company’s net income earned from equity-method investees is primarily recorded within Other income (expense), net in the Condensed Consolidated Statements of Operations. The following table presents the carrying value of these investments at June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Equity Interest		Investment		Investment
Equity method investees:
Domestic Solana Fund	4.8	%	$	976	$	2,104
Reflow Services, LLC	—	%	—		800
Fig SIX Mortgage, LLC	5.0	%	5,517		2,477
Evergreen Funds(A)	(A)		9,753		—
Total equity method investments			16,246		5,381
Measurement alternative investments			2,419		1,419
Total equity investments			$	18,665	$	6,800

(A) The Evergreen Funds represent the Company’s 33.3% and 55% interest in VS Evergreen Fund GP LLC and VS Evergreen Financing Fund LP, respectively. The Company does not consolidate the Evergreen Funds as the Company is not the primary beneficiary.


	Equity Method Investments		Measurement Alternative Investments		Total
Balance at December 31, 2024	$	6,668	$	1,542	$	8,210
Share of investee earnings	(1,646)		—		(1,646)
Dividends received	(1,925)		—		(1,925)
Contributions	1,373		—		1,373
Measurement alternative adjustments	n.a.		(182)		(182)


Balance at June 30, 2025	$	4,470	$	1,360	$	5,830

Balance at December 31, 2025	$	5,381	$	1,419	$	6,800
Share of investee earnings	(533)		—		(533)
Dividends received	(1,344)		—		(1,344)
Contributions	12,792		1,000		13,792


Disposals	(50)		—		(50)
Balance at June 30, 2026	$	16,246	$	2,419	$	18,665