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FY2025
12 months to Dec 31, 2025
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|---|---|
| Operating activities: | |
| Net income (loss) | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| Gain on servicing asset, net | |
| Gain on sale of loans, net | |
| Loss (gain) on sale of digital assets | |
| Income (loss) from fund and equity method investments | |
| Amortization of deferred financing costs | |
| Amortization of internally developed software | |
| Impairment of internally developed software costs | |
| Impairment of digital assets | |
| Other asset impairment charge | |
| Services exchanged for issuance of warrants | |
| Noncash dissolution of subsidiary | |
| Stock-based compensation expense | |
| Losses on repurchased loans | |
| Deferred income taxes, net | |
| Net change in operating assets and liabilities: | |
| Proceeds from loan sales, net of repurchases | |
| Originations of loans held for sale | |
| Purchases of loans held for sale | |
| Principal payments on loans held for sale | |
| Accounts receivable, net | |
| Other assets | |
| Accounts payable and other liabilities | |
| Net cash provided by (used in) operating activities | |
| Investing activities: | |
| Capitalization of internally developed software costs | |
| Investment contributions | |
| Purchases of digital assets | |
| Proceeds from sales of digital assets | |
| Note receivable issued to related parties | |
| Payment on note receivable from related parties | |
| Realized losses on futures | |
| Purchases of marketable securities | |
| Proceeds from sale of marketable securities | |
| Principal payments on marketable securities | |
| Other investing activities | |
| Net cash used in investing activities | |
| Financing activities: | |
| Proceeds from debt | |
| Nonrelated Party | |
| Related Party | |
| Principal payments on debt | |
| Nonrelated Party | |
| Related Party | |
| Payments of deferred financing costs | |
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | |
| Proceeds from servicing activity on behalf of third-party loan owners | |
| Fees paid in connection with the initial public offering | |
| Net Proceeds from issuance of preferred stock | |
| Distributions to shareholders | |
| Common stock repurchase and retirement | |
| Proceeds from exercises of stock options | |
| Other financing activities | |
| Net cash provided by financing activities | |
| Net increase in cash, cash equivalents, and restricted cash | |
| Cash, cash equivalents, and restricted cash, beginning of period | |
| Cash, cash equivalents, and restricted cash, end of period | |
| Supplemental cash flow disclosure: | |
| Cash paid during the period for interest | |
| Cash paid during the period for income taxes | |
| Non-cash investing and financing activities: | |
| Non-cash principal payments on debt | |
| Non-cash principal payments on debt, related parties | |
| Receipt of liquidity pool tokens | |
| Sale of liquidity pool tokens | |
| Related party debt issued at receipt of liquidity pool tokens | |
| Loan to related party settlement | |
| Right of use assets obtained in exchange for operating lease liabilities | |
| Unrealized losses on futures | |
| Distributions from Onshore Solana Fund | |
| Stock-based compensation included in capitalized internally developed software | |
| Marketable securities retained in securitization transactions | |
| Transfers from held for investment to held for sale | |
| Other non-cash investing and financing activities | |
| Contribution from related party | |
| Other capital contributions | |
| Other capital charges | |
| Transfers from held for sale to held for investment |
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