INVESTMENTS IN OTHER EQUITY SECURITIES	12 Months Ended
Dec. 31, 2025
Investments In Other Equity Securities
INVESTMENTS IN OTHER EQUITY SECURITIES	7. INVESTMENTS IN OTHER EQUITY SECURITIES The Company holds non-marketable equity investments in privately held companies over which it does not have significant influence. For equity securities that do not have readily determinable fair values, the Company has elected the measurement alternative to measure such investments at cost, less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. Investments in other equity securities are included within other assets on the accompanying consolidated balance sheets. As of December 31, 2025 and 2024, the aggregate carrying value of these investments was approximately $4.1 million and $2.8 million, respectively. Included in the December 31, 2025 balance is an investment in Fintex Financial, Inc. of approximately $3.8 million, which is included within investments in other equity securities and not separately presented. The remaining balance, totaling approximately $0.3 million as of December 31, 2025, consists of various other investments accounted for under the measurement alternative. The Company evaluates its equity investments without readily determinable fair values for impairment at each reporting period. If a qualitative assessment indicates that an investment is impaired, the Company recognizes an impairment loss equal to the difference between the investment’s carrying amount and its estimated fair value. Adjustments resulting from observable price changes and impairments are recorded in the consolidated statements of operations. For the years ended December 31, 2025 and 2024, the Company recognized cumulative impairment charges of $0 and $8.6 million, respectively, related to equity securities without readily determinable fair values. Of the impairment recognized in 2024, approximately $6.3 million was recorded in other income (expense), and $2.3 million related to Fintech lending operations and was recorded as a reduction to revenue from lending and trading activities on the consolidated statements of operations and comprehensive loss.

INVESTMENTS IN OTHER EQUITY SECURITIES

12 Months Ended

Dec. 31, 2025

Investments In Other Equity Securities

7. INVESTMENTS IN OTHER EQUITY SECURITIES

The Company holds non-marketable equity investments in privately held companies over which it does not have significant influence. For equity securities that do not have readily determinable fair values, the Company has elected the measurement alternative to measure such investments at cost, less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer.

Investments in other equity securities are included within other assets on the accompanying consolidated balance sheets. As of December 31, 2025 and 2024, the aggregate carrying value of these investments was approximately $4.1 million and $2.8 million, respectively. Included in the December 31, 2025 balance is an investment in Fintex Financial, Inc. of approximately $3.8 million, which is included within investments in other equity securities and not separately presented. The remaining balance, totaling approximately $0.3 million as of December 31, 2025, consists of various other investments accounted for under the measurement alternative.

The Company evaluates its equity investments without readily determinable fair values for impairment at each reporting period. If a qualitative assessment indicates that an investment is impaired, the Company recognizes an impairment loss equal to the difference between the investment’s carrying amount and its estimated fair value. Adjustments resulting from observable price changes and impairments are recorded in the consolidated statements of operations.

For the years ended December 31, 2025 and 2024, the Company recognized cumulative impairment charges of $0 and $8.6 million, respectively, related to equity securities without readily determinable fair values. Of the impairment recognized in 2024, approximately $6.3 million was recorded in other income (expense), and $2.3 million related to Fintech lending operations and was recorded as a reduction to revenue from lending and trading activities on the consolidated statements of operations and comprehensive loss.