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INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS The Company holds investments across three primary categories: marketable securities that represents 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 held for sale and held as collateral for personal loans, and investments in entities that the Company does not consolidate. Marketable Securities The following table summarizes the Company’s marketable securities at September 30, 2025 and December 31, 2024:
|  | September 30, 2025
|  | Outstanding Face Amount(A) |  | Net Fair Value Adjustment |  | Carrying Value(B)
Marketable securities, at fair value |  |  |  |  |  |
Investment grade debt securities(C) |  | $ | 175,139 |  |  | $ | 1,763 |  |  | $ | 176,902 |
Below investment grade debt securities(D) |  | 24,145 |  |  | 339 |  |  | 24,484 |
Residual interest securities(E) |  | 38,175 |  |  | 133 |  |  | 38,308 |
Total |  | $ | 237,459 |  |  | $ | 2,235 |  |  | $ | 239,694 |
|  | December 31, 2024
|  | Outstanding Face Amount(A) |  | Net Fair Value Adjustment |  | Carrying Value(B)
Marketable securities, at fair value |  |  |  |  |  |
Investment grade debt securities(C) |  | $ | 121,278 |  |  | $ | (102) |  |  | $ | 121,176 |
Below investment grade debt securities(D) |  | 7,897 |  |  | (90) |  |  | 7,807 |
Residual interest securities(E) |  | 24,138 |  |  | 10,368 |  |  | 34,506 |
Total |  | $ | 153,313 |  |  | $ | 10,176 |  |  | $ | 163,489 |
(A) The total outstanding face amount represents the aggregate face amount of the debt securities outstanding at each period end, excluding residual interest securities and interest-only securities. (B) The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. See Note 12 for additional information regarding the valuation of the Company’s marketable securities. (C) Represents debt securities rated A- or above by DBRS Morningstar or comparable rating by other rating agencies. (D) Represents debt securities rated below A- by DBRS Morningstar or comparable rating by other rating agencies. (E) Represents residual interests and non-rated securities in securitizations that are not considered debt securities, including 15 and 11 non-rated securities with aggregate outstanding face amounts of $20.4 million and $15.1 million at September 30, 2025 and December 31, 2024, respectively, and 12 and 6 interest-only securities based upon aggregate outstanding principal amounts of $17.8 million and $9.1 million at September 30, 2025 and December 31, 2024, respectively. Digital Assets The following table summarizes the significant digital assets held by third-party custodians on behalf of the Company’s customers at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
|  | Units |  | Fair Value(A) |  | Units |  | Fair Value(A)
Digital Assets Held as Collateral(B) |  |  |  |  |  |  |  |
Bitcoin (BTC) |  | 661 |  |  | $ | 75,367 |  |  | 531 |  |  | $ | 49,593 |
Ethereum (ETH) |  | 2,327 |  |  | 9,649 |  |  | 4,457 |  |  | 14,846 |
Total |  | 2,988 |  |  | $ | 85,016 |  |  | 4,988 |  |  | $ | 64,439 |
(A) 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. See Note 12 for additional information regarding the valuation of these assets and liabilities. (B) 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 $85.0 million and $64.4 million liability at September 30, 2025 and December 31, 2024, respectively, representing the fair value 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. The following table summarizes the significant digital assets held by the Company, and by third-party custodians on behalf of the Company, at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
|  | Units |  | Cost Basis |  | Fair Value(A) |  | Units |  | Cost Basis |  | Fair Value(A)
Digital Assets Held for Sale(B) |  |  |  |  |  |  |  |  |  |  |  |
Solana (SOL)(C) |  | 84,726 |  |  | $ | 11,701 |  |  | $ | 17,687 |  |  | 95,139 |  |  | $ | 10,110 |  |  | $ | 18,020 |
USDC |  | 4,143,156 |  |  | 4,143 |  |  | 4,143 |  |  | 2,414,254 |  |  | 2,414 |  |  | 2,414 |
USDT |  | 958,297 |  |  | 958 |  |  | 958 |  |  | — |  |  | — |  |  | — |
Other digital assets(D)(E) |  | Various |  | 1,844 |  |  | 2,381 |  |  | Various |  | 2,693 |  |  | 2,693 |
Total |  |  |  | $ | 18,646 |  |  | $ | 25,169 |  |  |  |  | $ | 15,217 |  |  | $ | 23,127 |
(A) The Company records digital assets held for sale at fair value. See Note 12 for additional information regarding the valuation of these assets and liabilities. (B) Digital assets held for sale are included 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. (C) Includes 58,204 SOL 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. (D) Includes native utility tokens used by the Company as a medium of exchange (HASH), maintained by an affiliated entity, which is carried at cost in the Condensed Consolidated Balance Sheets. See Note 11 for additional information regarding the related party relationship. (E) Includes various other digital asset balances, none of which individually represented more than 5% of the carrying value of total digital assets held for sale other than HASH, which had a cost basis of $1.5 million and $1.5 million at September 30, 2025 and December 31, 2024, respectively. The following table summarizes activities involving the Company’s digital assets held as collateral and held for sale for the nine months ended September 30, 2025 and 2024:
|  | Held as Collateral |  | Held for Sale |
Balance at December 31, 2023 |  | $ | — |  |  | $ | 5,865 |  |
Purchases(A) |  | — |  |  | 25,777 |  |
Sales(B) |  | — |  |  | (10,842) |  |
Collateral received(C) |  | 35,941 |  |  | — |  |
Collateral returned(C) |  | (3,057) |  |  | — |  |
Gains(D) |  | — |  |  | 1,176 |  |
Distributions from Fund I(E) |  | — |  |  | 240 |  |
Change in fair value |  | — |  |  | 5,889 |  |
Impairment of digital assets |  | — |  |  | (5,851) |  |
Balance at September 30, 2024 |  | $ | 32,884 |  |  | $ | 22,254 |  |
Balance at December 31, 2024 |  | $ | 64,439 |  |  | $ | 23,127 |  |
Purchases(A) |  | — |  |  | 9,938 |  |
Sales(B) |  | — |  |  | (12,634) |  |
Collateral received(C) |  | 55,946 |  |  | — |  |
Collateral returned(C) |  | (44,597) |  |  | — |  |
Gains(D) |  | — |  |  | 6,052 |  |
Distributions from Fund I(E) |  | — |  |  | 1,759 |  |
Change in fair value |  | 9,228 |  |  | (3,073) |  |
Balance at September 30, 2025 |  | $ | 85,016 |  |  | $ | 25,169 |  |
(A) Includes receipts of digital assets held for sale resulting from the disbursement of cash. (B) Includes transactions related to the settlement and transfer of digital assets held for sale in exchange for the receipt of cash. (C) 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. (D) 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, 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. (E) Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a dom estic fund that invests primarily in SOL. Safeguarding of Digital Assets The Company engages a third party to provide custodial services for digital assets, which includes holding the cryptographic key information and working to protect the digital assets from loss or theft. The third-party custodian holds digital assets as custodial assets in an account in the Company’s name for the benefit of borrowers that collateralize their loans using digital assets. The Company maintains internal recordkeeping of the collateral in the form of digital assets, including the amount and type of digital assets owned by each borrower. Equity Investments The Company holds the following minority investments in certain entities not considered significant to the Company and recorded within “Other non-current assets” in the Condensed Consolidated Balance Sheets, with the Company’s share of net income of equity-method investees recorded as “Other revenue” in the Condensed Consolidated Statements of Operations. The following table presents the carrying value of these investments at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
Equity Method Investees |  |  |  |
Domestic Solana Fund(A) |  | $ | 3,916 |  |  | $ | 5,748 |
Reflow(B) |  | 50 |  |  | 920 |
Fig SIX(C) |  | 2,477 |  |  | — |
|  | 6,443 |  |  | 6,668 |
Measurement Alternative Investments |  |  |  |
JAM FINTOP(D) |  | 1,337 |  |  | 1,542 |
Total Equity Investments |  | $ | 7,780 |  |  | $ | 8,210 |
(A) Represents a 4.8% equity interest in Domestic Solana Fund at September 30, 2025 and December 31, 2024. (B) Represents a 17.3% interest in Reflow Services LLC (“Reflow”), an SEC-registered investment adviser, at September 30, 2025 and December 31, 2024. (C) Represents a 5.0% equity interest in Fig SIX Mortgage, LLC (“Fig SIX”), a company domiciled in the United States of America, at September 30, 2025. (D) Represents a 1.0% equity interest in JAM FINTOP Blockchain LP (“JAM FINTOP”), an investment company domiciled in the United States of America, at September 30, 2025 and December 31, 2024. A summary of changes in the Company’s equity investments is as follows:
|  | Equity Method Investees |  | Measurement Alternative Investments |  | Total
Balance at December 31, 2023 |  | $ | 477 |  |  | $ | 1,542 |  |  | $ | 2,019 |
Share of investee earnings |  | 1,114 |  |  | — |  |  | 1,114 |
Dividends received |  | (668) |  |  | — |  |  | (668) |
Additional contributions |  | 3,342 |  |  | — |  |  | 3,342 |
Measurement alternative adjustments |  | n.a. |  | — |  |  | — |
Balance at September 30, 2024 |  | $ | 4,265 |  |  | $ | 1,542 |  |  | $ | 5,807 |
Balance at December 31, 2024 |  | $ | 6,668 |  |  | $ | 1,542 |  |  | $ | 8,210 |
Share of investee earnings |  | (475) |  |  | — |  |  | (475) |
Dividends received |  | (2,353) |  |  | — |  |  | (2,353) |
Additional Contributions |  | 2,603 |  |  | — |  |  | 2,603 |
Measurement alternative adjustments |  | n.a. |  | (205) |  |  | (205) |
Balance at September 30, 2025 |  | $ | 6,443 |  |  | $ | 1,337 |  |  | $ | 7,780 |

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