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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis
The following tables summarize, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities (i) measured at fair value on a recurring basis, (ii) measured at fair value on a nonrecurring basis, or (iii) disclosed but not carried at fair value in the unaudited condensed consolidated balance sheets as of the dates presented:
June 30, 2022
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents(1)
$707,302 $707,302 $— $— $707,302 
Restricted cash and restricted cash equivalents(1)
291,631 291,631 — — 291,631 
Investments in AFS debt securities(2)(4)
197,933 137,388 60,545 — 197,933 
Loans at fair value(2)
7,959,382 — — 7,959,382 7,959,382 
Loans at amortized cost(1)
253,112 — — 264,348 264,348 
Servicing rights(2)
176,964 — — 176,964 176,964 
Asset-backed bonds(2)(5)
193,739 — 193,739 — 193,739 
Residual investments(2)(5)
94,978 — — 94,978 94,978 
Non-securitization investments – other(3)
22,780 — — 22,780 22,780 
Third party warrants(2)(6)
766 — — 766 766 
Derivative assets(2)(7)(8)
2,243 2,243 — — 2,243 
Purchase price earn-out(2)(9)
625 — — 625 625 
IRLCs(2)(10)
1,120 — — 1,120 1,120 
Interest rate caps(2)(8)
3,987 — 3,987 — 3,987 
Digital assets safeguarding asset(2)(11)
112,010 — 112,010 — 112,010 
Total assets
$10,018,572 $1,138,564 $370,281 $8,520,963 $10,029,808 
Liabilities
Time deposits(1)
$18,474 $— $18,455 $— $18,455 
Debt(1)
3,723,561 783,600 2,556,006 — 3,339,606 
Residual interests classified as debt(2)
54,436 — — 54,436 54,436 
Derivative liabilities(2)(7)(8)
25,716 259 25,457 — 25,716 
Student loan commitments(2)(10)
254 — — 254 254 
Digital assets safeguarding liability(2)(11)
112,010 — 112,010 — 112,010 
Total liabilities$3,934,451 $783,859 $2,711,928 $54,690 $3,550,477 
    
December 31, 2021
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents(1)
$494,711 $494,711 $— $— $494,711 
Restricted cash and restricted cash equivalents(1)
273,726 273,726 — — 273,726 
Investments in AFS debt securities(2)(4)
194,907 129,835 65,072 — 194,907 
Loans at fair value(2)
5,952,972 — — 5,952,972 5,952,972 
Loans at amortized cost(1)
115,912 — — 118,412 118,412 
Servicing rights(2)
168,259 — — 168,259 168,259 
Asset-backed bonds(2)(5)
253,669 — 253,669 — 253,669 
Residual investments(2)(5)
121,019 — — 121,019 121,019 
Non-securitization investments – ETFs(2)
1,486 1,486 — — 1,486 
Non-securitization investments – other(3)
6,054 — — 6,054 6,054 
Third party warrants(2)(6)
1,369 — — 1,369 1,369 
Derivative assets(2)(7)(8)
5,444 — 5,444 — 5,444 
Purchase price earn-out(2)(9)
4,272 — — 4,272 4,272 
IRLCs(2)(10)
3,759 — — 3,759 3,759 
Student loan commitments(2)(10)
2,220 — — 2,220 2,220 
Interest rate caps(2)(8)
493 — 493 — 493 
Total assets
$7,600,272 $899,758 $324,678 $6,378,336 $7,602,772 
Liabilities
Debt(1)
$3,947,983 $1,240,560 $2,807,253 $— $4,047,813 
Residual interests classified as debt(2)
93,682 — — 93,682 93,682 
Derivative liabilities(2)(7)(8)
864 196 668 — 864 
Total liabilities
$4,042,529 $1,240,756 $2,807,921 $93,682 $4,142,359 
_____________________
(1)Disclosed but not carried at fair value. The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes issued in October 2021 was classified as Level 1, as it was based on an observable market quote. The fair values of our warehouse facility debt, revolving credit facility debt and credit card loans were based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. The fair value of our commercial and consumer banking loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. The fair value of our time-based deposits is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities.
(2)Measured at fair value on a recurring basis.
(3)Measured at fair value on a nonrecurring basis.
(4)Investments in AFS debt securities were classified as Level 1 or Level 2. The Level 1 investments utilize quoted prices in actively traded markets. The Level 2 investments rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 3 for additional information.
(5)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. As we do not provide financial support beyond our initial equity investment, our maximum exposure to loss as a result of our involvement with nonconsolidated VIEs is limited to the investment amount. See Note 5 for additional information.
(6)The key unobservable assumption used in the fair value measurement of the third party warrants is the price of the stock underlying the warrants. The fair value is measured as the difference between the stock price and the strike price of the warrants. As the strike price is insignificant, we concluded that the impact of time value on the fair value measure was immaterial.
(7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1 for additional information.
(8)Derivative liabilities classified as Level 1 are based on broker quotes in active markets and represent economic hedges of either loans or securitization investment fair values. Interest rate swaps and interest rate caps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of June 30, 2022, interest rate swaps and interest rate caps were valued using the overnight Secured Overnight Financing Rate (“SOFR”) curve and the implied volatilities suggested by the SOFR rate curve. As of December 31, 2021, interest rate swaps were valued using the three-month LIBOR swap yield curve. These were determined to be observable inputs from active markets.
(9)The purchase price earn-out provision is classified as Level 3 because of our reliance on unobservable inputs, such as conditional prepayment rates, annual default rates and discount rates.
(10)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date.
(11)The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members.
Schedule of Valuation Inputs and Assumptions
The following key unobservable assumptions were used in the fair value measurement of our loans as of the dates indicated:
June 30, 2022December 31, 2021
RangeWeighted AverageRangeWeighted Average
Student loans
Conditional prepayment rate
16.9% – 25.3%
20.2%
16.5% – 26.3%
19.2%
Annual default rate
0.2% – 4.4%
0.4%
0.2% – 4.2%
0.4%
Discount rate
3.2% – 8.0%
3.6%
1.9% – 7.1%
2.9%
Home loans
Conditional prepayment rate
2.5% – 7.9%
7.3%
4.8% – 16.4%
12.4%
Annual default rate
0.1% – 0.4%
0.1%
0.1% – 0.2%
0.1%
Discount rate
4.5% – 13.0%
4.8%
2.5% – 13.0%
2.6%
Personal loans
Conditional prepayment rate
16.1% – 43.8%
19.1%
18.4% – 37.7%
20.5%
Annual default rate
4.3% – 35.1%
4.6%
4.2% – 30.0%
4.4%
Discount rate
5.1% – 9.4%
5.4%
3.9% – 7.0%
4.0%
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights as of the dates presented:
June 30, 2022December 31, 2021
RangeWeighted AverageRange
Weighted Average
Student loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
15.1% – 23.3%
19.1%
15.2% – 25.6%
20.4%
Annual default rate
0.2% – 4.3%
0.4%
0.2% – 4.3%
0.4%
Discount rate
7.3% – 7.3%
7.3%
7.3% – 7.3%
7.3%
Home loans
Market servicing costs
0.1% – 0.1%
0.1%
0.1% – 0.1%
0.1%
Conditional prepayment rate
5.0% – 11.2%
5.2%
10.0% – 16.4%
11.5%
Annual default rate
0.1% – 0.1%
0.1%
0.1% – 0.2%
0.1%
Discount rate
8.0% – 8.0%
8.0%
7.5% – 7.5%
7.5%
Personal loans
Market servicing costs
0.2% – 1.3%
0.3%
0.2% – 1.1%
0.2%
Conditional prepayment rate
17.0% – 44.0%
25.1%
22.5% – 41.4%
26.0%
Annual default rate
3.3% – 7.0%
4.5%
3.2% – 7.0%
4.4%
Discount rate
7.3% – 7.3%
7.3%
7.3% – 7.3%
7.3%
The following key inputs were used in the fair value measurement of our asset-backed bonds as of the dates indicated:
June 30, 2022December 31, 2021
Discount rate (range)
1.6% – 5.0%
0.6% – 3.7%
Conditional prepayment rate (range)
19.4% – 33.0%
19.5% – 32.2%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt as of the dates indicated:
June 30, 2022December 31, 2021
RangeWeighted AverageRange
Weighted Average
Residual investments
Conditional prepayment rate
19.2% – 35.6%
21.6%
19.5% – 33.6%
23.0%
Annual default rate
0.3% – 5.3%
0.9%
0.3% – 5.7%
0.9%
Discount rate
3.9% – 10.5%
5.4%
2.6% – 10.5%
4.4%
Residual interests classified as debt
Conditional prepayment rate
19.1% – 50.7%
30.2%
20.0% – 41.8%
31.5%
Annual default rate
0.5% – 5.8%
2.7%
0.5% – 5.6%
3.2%
Discount rate
6.0% – 9.5%
6.4%
5.0% – 9.5%
5.7%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments as of the dates indicated:
June 30, 2022December 31, 2021
RangeWeighted AverageRange
Weighted Average
IRLCs
Loan funding probability(1)
26.0% – 56.0%
53.9%
75.0% – 75.0%
75.0%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% – 95.0%
95.0%
___________________
(1)The probability of honoring IRLCs and student loan commitments, which reflects the percentage likelihood that an approved loan application will close based on historical experience. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. The aggregate amount of student loans we committed to fund was $34,668 as of June 30, 2022. See Note 1 under “Derivative Financial Instruments” for the aggregate notional amount associated with IRLCs.
Our key valuation inputs were as follows as of the dates indicated:
Purchase Price Earn-OutJune 30, 2022December 31, 2021
Conditional prepayment rate22.7%22.9%
Annual default rate35.6%30.0%
Discount rate25.0%25.0%
The following table summarizes the inputs used for estimating the fair value of PSUs granted during the period indicated:
InputSix Months Ended
June 30, 2022
Risk-free interest rate
1.6%
Expected volatility
37.7%
Fair value of common stock
$12.06
Dividend yield
—%
Schedule of Sensitivity Analysis for Servicing Rights
The following table presents the estimated decrease to the fair value of our servicing rights as of the dates indicated if the key assumptions had each of the below adverse changes:
June 30, 2022December 31, 2021
Market servicing costs
2.5 basis points increase
$(11,074)$(10,822)
5.0 basis points increase
(22,191)(21,644)
Conditional prepayment rate
10% increase
$(5,442)$(6,260)
20% increase
(10,780)(12,031)
Annual default rate
10% increase
$(215)$(205)
20% increase
(428)(408)
Discount rate
100 basis points increase
$(4,810)$(3,782)
200 basis points increase
(9,408)(7,349)
Schedule of Servicing Rights at Fair Value
The following table presents the changes in the Company’s servicing rights, which are measured at fair value on a recurring basis:
Student LoansHome LoansPersonal LoansTotal
Three Months Ended June 30, 2022
Fair value as of March 31, 2022$85,957 $59,585 $27,963 $173,505 
Recognition of servicing from transfers of financial assets2,991 4,482 7,659 15,132 
Servicing rights assumed from third parties— — 1,317 1,317 
Derecognition of servicing via loan purchases
(31)— (146)(177)
Change in valuation inputs or other assumptions5,707 1,202 2,189 9,098 
Realization of expected cash flows and other changes
(9,705)(3,103)(9,103)(21,911)
Fair value as of June 30, 2022$84,919 $62,166 $29,879 $176,964 
Three Months Ended June 30, 2021
Fair value as of March 31, 2021$106,338 $32,038 $22,864 $161,240 
Recognition of servicing from transfers of financial assets
6,110 9,367 6,316 21,793 
Derecognition of servicing via loan purchases
(392)— (188)(580)
Change in valuation inputs or other assumptions
(387)(1,783)1,946 (224)
Realization of expected cash flows and other changes
(12,068)(2,065)(8,329)(22,462)
Fair value as of June 30, 2021$99,601 $37,557 $22,609 $159,767 
Six Months Ended June 30, 2022
Fair value as of January 1, 2022$90,003 $50,533 $27,723 $168,259 
Recognition of servicing from transfers of financial assets8,815 8,720 14,083 31,618 
Servicing rights assumed from third parties— — 1,946 1,946 
Derecognition of servicing via loan purchases
(1,072)— (515)(1,587)
Change in valuation inputs or other assumptions6,999 8,942 4,737 20,678 
Realization of expected cash flows and other changes
(19,826)(6,029)(18,095)(43,950)
Fair value as of June 30, 2022$84,919 $62,166 $29,879 $176,964 
Six Months Ended June 30, 2021
Fair value as of January 1, 2021$100,637 $23,914 $25,046 $149,597 
Recognition of servicing from transfers of financial assets
39,699 15,906 12,319 67,924 
Derecognition of servicing via loan purchases
(392)— (188)(580)
Change in valuation inputs or other assumptions
(16,115)1,546 2,236 (12,333)
Realization of expected cash flows and other changes
(24,228)(3,809)(16,804)(44,841)
Fair value as of June 30, 2021$99,601 $37,557 $22,609 $159,767 
Schedule of Changes in Residual Investments, Residual Interests and Interest Rate Lock and Student Loan Commitments
The following table presents the changes in our loans measured at fair value on a recurring basis:
Student Loans
Home Loans
Personal Loans
Total
Three Months Ended June 30, 2022
Fair value as of March 31, 2022$3,737,439 $146,658 $3,118,788 $7,002,885 
Origination of loans
398,722 332,047 2,471,849 3,202,618 
Principal payments
(167,049)(701)(461,178)(628,928)
Sales of loans
(259,690)(342,780)(1,123,898)(1,726,368)
Purchases(1)
5,274 330 67,189 72,793 
Change in accumulated interest
(139)(23)5,162 5,000 
Change in fair value(2)
(182)(269)31,833 31,382 
Fair value as of June 30, 2022$3,714,375 $135,262 $4,109,745 $7,959,382 
Three Months Ended June 30, 2021
Fair value as of March 31, 2021$2,666,793 $231,903 $1,573,908 $4,472,604 
Origination of loans
859,497 792,228 1,294,384 2,946,109 
Principal payments
(235,889)(1,280)(247,808)(484,977)
Sales of loans
(610,941)(841,642)(970,135)(2,422,718)
Purchases(1)
44,779 422 103,538 148,739 
Change in accumulated interest
(403)17 (153)(539)
Change in fair value(2)
15,657 665 9,808 26,130 
Fair value as of June 30, 2021$2,739,493 $182,313 $1,763,542 $4,685,348 
Six Months Ended June 30, 2022
Fair value as of January 1, 2022$3,450,837 $212,709 $2,289,426 $5,952,972 
Origination of loans1,382,526 644,430 4,497,853 6,524,809 
Principal payments(394,164)(5,101)(833,632)(1,232,897)
Sales of loans(803,840)(708,150)(2,101,818)(3,613,808)
Purchases(1)
121,707 828 227,937 350,472 
Change in accumulated interest(389)(31)10,745 10,325 
Change in fair value(2)
(42,302)(9,423)19,234 (32,491)
Fair value as of June 30, 2022$3,714,375 $135,262 $4,109,745 $7,959,382 
Six Months Ended June 30, 2021
Fair value as of January 1, 2021$2,866,459 $179,689 $1,812,920 $4,859,068 
Origination of loans
1,864,182 1,527,832 2,100,073 5,492,087 
Principal payments(486,108)(2,759)(506,007)(994,874)
Sales of loans
(1,547,101)(1,519,208)(1,749,576)(4,815,885)
Purchases(1)
44,850 541 104,539 149,930 
Change in accumulated interest(1,652)(18)(2,340)(4,010)
Change in fair value(2)
(1,137)(3,764)3,933 (968)
Fair value as of June 30, 2021$2,739,493 $182,313 $1,763,542 $4,685,348 
__________________
(1) Purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity during the three and six months ended June 30, 2022 included securitization clean-up calls of $60,240 and $335,739, respectively. Additionally, during the three and six months ended June 30, 2022, the Company elected to purchase $7,290 and $7,290, respectively, of previously sold loans from certain investors. Purchase activity during the three and six months ended June 30, 2021 included securitization clean-up calls of $131,372 and $131,372, respectively. Additionally, during the three and six months ended June 30, 2021, the Company elected to purchase $15,185 and $15,185, respectively, of previously sold loans from certain investors. The Company was not required to buy back these loans. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements.
(2) Changes in fair value of loans are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) within noninterest income—loan origination and sales for loans held on the balance sheet prior to transfer to a third party through a sale or to a VIE and within noninterest income—securitizations for loans in a consolidated VIE. Changes in fair value are impacted by valuation assumption changes, as well as sales price execution and amount of time the loans are held prior to sale. The estimated amount of losses included in earnings attributable to changes in instrument-specific credit risk were $23,221 and $16,725 during the three and six months ended June 30, 2022, respectively, and $9,038 and $2,111 during the three and six months ended June 30, 2021, respectively. The losses attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument.
The following table presents the changes in the residual investments and residual interests classified as debt, which are both measured at fair value on a recurring basis. We record changes in fair value within noninterest income—securitizations in the unaudited condensed consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—securitizations for residual investments, but does not impact the liability or asset balance, respectively.
Residual Investments
Residual Interests Classified as Debt
Three Months Ended June 30, 2022
Fair value as of March 31, 2022$106,677 $70,532 
Change in valuation inputs or other assumptions(1)
290 2,662 
Payments(11,989)(18,758)
Fair value as of June 30, 2022$94,978 $54,436 
Three Months Ended June 30, 2021
Fair value as of March 31, 2021$150,961 $114,882 
Additions11,787 2,170 
Change in valuation inputs or other assumptions(1)
3,355 5,717 
Payments(23,003)(10,224)
Fair value as of June 30, 2021$143,100 $112,545 
Six Months Ended June 30, 2022
Fair value as of January 1, 2022
$121,019 $93,682 
Change in valuation inputs or other assumptions(1)
1,052 5,625 
Payments(2)
(27,093)(44,871)
Fair value as of June 30, 2022$94,978 $54,436 
Six Months Ended June 30, 2021
Fair value as of January 1, 2021$139,524 $118,298 
Additions
38,168 2,170 
Change in valuation inputs or other assumptions(1)
6,852 13,668 
Payments(2)
(41,444)(21,591)
Fair value as of June 30, 2021$143,100 $112,545 
___________________
(1)For residual investments, the estimated amounts of gains and losses included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented.
(2)Payments of residual investments included residual investment sales of $220 and $220 during the three and six months ended June 30, 2022, respectively, and $2,676 and $2,676 during the three and six months ended June 30, 2021, respectively.
The following table presents the changes in our IRLCs and student loan commitments, which are measured at fair value on a recurring basis. Changes in the fair values of IRLCs and student loan commitments are recorded within noninterest income—loan origination and sales in the unaudited condensed consolidated statements of operations and comprehensive income (loss).
IRLCsStudent Loan Commitments
Three Months Ended June 30, 2022
Fair value as of March 31, 2022$(3,039)$23 
Revaluation adjustments
1,120 (254)
Funded loans(1)
1,636 (19)
Unfunded loans(1)
1,403 (4)
Fair value as of June 30, 2022$1,120 $(254)
Three Months Ended June 30, 2021
Fair value as of March 31, 2021$7,118 $— 
Revaluation adjustments
7,760 — 
Funded loans(1)
(5,275)— 
Unfunded loans(1)
(1,843)— 
Fair value as of June 30, 2021$7,760 $— 
Six Months Ended June 30, 2022
Fair value as of January 1, 2022$3,759 $2,220 
Revaluation adjustments
(1,919)(231)
Funded loans(1)
(565)(2,140)
Unfunded loans(1)
(155)(103)
Fair value as of June 30, 2022$1,120 $(254)
Six Months Ended June 30, 2021
Fair value as of January 1, 2021$15,620 $— 
Revaluation adjustments
14,878 — 
Funded loans(1)
(15,485)— 
Unfunded loans(1)
(7,253)— 
Fair value as of June 30, 2021$7,760 $— 
___________________
(1)For each quarter presented, funded and unfunded loan fair value adjustments represent the unpaid principal balance of funded and unfunded loans, respectively, during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. For the year-to-date periods presented, amounts represent the summation of the per-quarter effects.
The following table presents the changes in our purchase price earn-out, which is measured at fair value on a recurring basis. Changes in the fair value are recorded within noninterest income—other in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Changes during the three and six months ended June 30, 2021 were immaterial.
Purchase Price Earn-Out
Three Months Ended June 30, 2022
Fair value as of March 31, 2022$2,285 
Payments (1,872)
Changes in valuation inputs or assumptions(1)
212 
Fair value as of June 30, 2022$625 
Six Months Ended June 30, 2022
Fair value as of January 1, 2022$4,272 
Payments (4,689)
Changes in valuation inputs or assumptions(1)
1,042 
Fair value as of June 30, 2022$625 
___________________
(1)The estimated amount of losses included in earnings attributable to changes in instrument-specific credit risk were immaterial during the three and six months ended June 30, 2022. The losses attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the purchase price earn-out. These assumptions are based on historical performance and performance expectations over the term of the underlying instrument.
Safeguarding Assets and Liabilities
The following table presents the significant digital assets held by our third-party custodians on behalf of our members as of the date indicated:
June 30, 2022
Bitcoin (BTC)$48,143 
Ethereum (ETH)34,135 
Cardano (ADA)8,383 
Dogecoin (DOGE)4,182 
Solana (SOL)3,778 
Ethereum Classic (ETC)2,289 
All other(1)
11,100 
Digital assets safeguarding liability and corresponding safeguarding asset$112,010 
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(1)Includes 25 digital assets, none of which was determined to be individually significant.