OakChart

DeFi Development Corp

DFDVFinancial·Asset Management·USA·Micro·NASD·Nov 13 • 7:36 AM ET

2.98+0.03 (1.02%)
2026-11-13 13:42 CET
Market cap
$118.42M
Revenue, TTM
12.90 USD m
Net income, TTM
-188.68 USD m
Free cash flow, TTM
-31.93 USD m
EPS diluted, TTM
-7.23
Price / earnings
-
Compare

Price

DFDV against its 20, 50 and 200-day averages
Terms2050200Earnings
Patternshover a marker to name it
RS 9Sales 6.10Price2.513.904.006.008.004.5M9.0MVolumeMay 26Jun 26Jul 26Aug 26Sep 26Oct 26Nov 26DFDVclose 2.9820-day 3.5150-day 4.51200-day 3.932.9852w high 8.7152w low 2.4452-week range, not 6 months

65.8% under the 52-week high of 8.71 on 13 Nov 2025. 52-week low 2.44 on 25 Jun 2026. Last 15 sessions, 37.9% high to low

Volume 0.27× normal · the line is the 50-bar volume average

Setup. RS line 9
CANSLIM 1 of 6 — fails: EPS Growth Qtr Over Qtr: High (>25%); EPS Growth This Year: High (>25%); 52-Week High/Low: 0-10% below High; Performance: Year +50%; Institutional Ownership: Over 50%
VCP 4 of 6 — fails: 200-Day Simple Moving Average: Price above SMA200; 52-Week High/Low: 0-10% below High
Minervini 1 of 4 — fails: 200-Day Simple Moving Average: Price above SMA200; 52-Week High/Low: 0-10% below High; Performance: Year +50%
Zanger 0 of 5 — fails: RSI (14): Not Oversold (>50); Performance: Week +10%; 20-Day High/Low: 0-5% below High; Relative Volume: Over 1.5; 200-Day Simple Moving Average: Price above SMA200
Leaders 1 of 5 — fails: 50-Day Simple Moving Average: Price above SMA50; 200-Day Simple Moving Average: Price above SMA200; Performance: Year +50%; 52-Week High/Low: 0-10% below High
Breakout 0 of 4 — fails: 52-Week High/Low: New High; Relative Volume: Over 2; 50-Day Simple Moving Average: Price above SMA50; 200-Day Simple Moving Average: Price above SMA200
Growth 1 of 4 — fails: EPS Growth Qtr Over Qtr: High (>25%); EPS Growth This Year: High (>25%); Return on Equity: Over +15%
Quality 1 of 5 — fails: Return on Equity: Over +15%; Net Profit Margin: High (>20%); Debt/Equity: Low (<0.1) — not on the tape: P/E: Under 25
Value 1 of 4 — fails: Return on Equity: Over +15%; Debt/Equity: Low (<0.1) — not on the tape: P/E: Under 15
Income 0 of 4 — fails: Dividend Growth: Growing 2+ Years — not on the tape: Dividend Yield: Over 2%; Payout Ratio: Low (<20%); P/E: Under 25
Small Cap 2 of 4 — fails: 200-Day Simple Moving Average: Price above SMA200; Performance: Year +50%
Accumulation 0 of 4 — fails: Institutional Ownership: Over 30%; Institutional Transactions: Over +10%; 200-Day Simple Moving Average: Price above SMA200; Performance: Year Up
Relative Strength 1 of 3 — fails: Performance: Year +100%; 200-Day Simple Moving Average: Price above SMA200

Profile

DFDV
52-week range, 9% of the way up
2.448.71

DeFi Development Corp. provides business and commercial property financing services. It provides technology that connects commercial mortgage borrowers looking for debt to refinance, build, or buy commercial property including apartment buildings to commercial property lenders (including banks, credit unions, REITs, debt funds, and more) looking to deploy capital into commercial mortgages. The company was founded by Blake E. Janover on November 28, 2018 and is headquartered in Boca Raton, FL.

Employees16
IPOJul 25, 2023
Beta-3.05
ATR, 14d0.39
Rel volume0.27
Short float22.11%
Insider own23.82%
Inst own11.32%

Snapshot

6 groups

Valuation

Index-
Market Cap$118.42M
Enterprise Value237.63M
Income-188.68M
Sales12.90M
Book / share2.50
Cash / share0.33
Dividend Est.-
Dividend TTM-
Dividend Ex-Date-
Dividend Gr. 3/5Y- -
Payout-
Employees16
IPOJul 25, 2023

Ratios

Price / earnings-
Forward price / earnings-
Price / earnings / growth-
Price / sales9.18
Price / book1.19
Price / cash9.03
Price / free cash flow-
Value / cash profit-
Value / sales18.42
Quick Ratio1.09
Current Ratio1.09
Debt / equity1.13
Long-term debt / equity1.13
Options and shortYes / Yes

Earnings

Earnings / share-7.23
Earnings next year-0.41
Earnings next quarter-0.13
Earnings this year23.25%
Earnings next year86.64%
Earnings growth, 5 years56.91%
Past earnings growth-202.61% -
Past sales growth74.28% 48.79%
Earnings vs last year-819.20%
Sales vs last year71.36%
Earnings vs last quarter1.16%
Sales vs last quarter-47.42%
EarningsNov 12 BMO
Surprise1223.53% -47.13%

Ownership

Insiders own23.82%
Insider trades0.58%
Institutions own11.32%
Institution trades-7.38%
Return on assets-40.20%
Return on equity-107.44%
Return on capital-82.63%
Gross Margin86.91%
Operating margin-75.24%
Profit Margin-1462.86%
20-day average-15.06%
50-day average-33.88%
200-day average-24.17%

Technical

Shares out38.38M
Shares floating30.28M
Short / float22.11%
Short ratio3.42
Short interest6.70M
52-week high8.71 -65.8%
52-week low2.44 +22.1%
Volatility10.08% 10.35%
Average range0.39
Strength index38.34
Market sensitivity-3.05
Relative volume0.27
Avg Volume1.96M
Volume26,193

Performance

Perf Week-11.05%
Perf Month-28.37%
Perf Quarter-5.70%
Perf Half Y-37.92%
Perf YTD-40.99%
Perf Year-63.57%
Perf 3Y272.48%
Perf 5Y-
Perf 10Y-
Recommendation1.00
Target Price10.40
Prev Close2.95
Price2.98
Change %1.01%

Analyst ratings

latest 2 of 2
DateActionAnalystRating changeTargetImplied
Aug 04, 2025InitiatedCraig HallumBuy$25+739.0%
Jun 16, 2025InitiatedCantor FitzgeraldOverweight$45+1,410.2%

Peers

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BGDEBig Digital Energy Inc16.35M

Insider trading

11 filings
InsiderRelationshipDateTransactionCostSharesValueTotal heldForm
White Parker10% OwnerSep 24 '26Buy8.969,46284,7809,462Sep 25 02:29 PM
White Parker10% OwnerSep 25 '26Buy8.905384,78810,000Sep 25 02:29 PM
Kang DanielChief Strategy OfficerSep 22 '26Buy8.846,90060,9966,900Sep 23 08:58 PM
Kang DanielChief Strategy OfficerSep 22 '26Buy8.813,54031,1873,540Sep 23 08:58 PM
White Parker10% OwnerAug 21 '26Buy3.9110,06939,321279,944Aug 24 04:14 PM
Kang DanielChief Strategy OfficerAug 20 '26Buy3.8811,00042,68018,181Aug 21 04:40 PM
Kang DanielChief Strategy OfficerAug 14 '26Buy2.9113,00037,83013,000Aug 17 04:48 PM
JANOVER BLAKEDirectorApr 01 '26Option Exercise0.0070,000078,281Apr 03 04:00 PM
White ParkerCOO, CHIEF INVESTMENT OFFICERDec 10 '25Buy5.7617,760102,298269,875Dec 11 06:57 PM
Kang DanielChief Strategy OfficerNov 25 '25Buy6.904,20028,9807,181Nov 25 09:13 PM
White ParkerCOO & Chief Investment OfficerNov 25 '25Buy6.9110,04469,424252,115Nov 25 09:13 PM

Held by

AUM
TickerCompanyAUM
VTIVanguard Morningstar Total Stock Market ETFAUM: 696.31B
VXFVanguard Extended Market Index ETFAUM: 30.79B
DWASInvesco Dorsey Wright SmallCap Momentum ETFAUM: 396.75M
IWCiShares Micro-Cap ETFAUM: 1.23B
SATOInvesco Alerian Galaxy Crypto Economy ETFAUM: 6.28M
EESWisdomTree U.S. SmallCap FundAUM: 690.24M

News

latest 14 of 100

Quarterly earnings

2026Q3 EPS 1.910 beat -0.170, from 1.880 a year earlier. Sales 2.43 missed 4.60, from 4.60 a year earlier
EPS
1.9100-6.4402025Q1 EPS -0.08025Q12025Q2 EPS -0.030 against 0.50025Q22025Q3 EPS 1.880 against -0.33025Q32025Q4 EPS -6.440 against -0.07025Q42026Q1 EPS -3.180 against -0.24526Q12026Q2 EPS -1.000 against -0.33526Q22026Q3 EPS 1.910 against -0.17026Q3
Sales, USD millions
4.6002024Q4 sales 0.6324Q42025Q1 sales 0.2925Q12025Q2 sales 0.61 against 1.3125Q22025Q3 sales 4.60 against 2.5325Q32025Q4 sales 4.49 against 4.1025Q42026Q1 sales 2.66 against 3.5026Q12026Q2 sales 3.31 against 2.4626Q22026Q3 sales 2.43 against 4.6026Q3

The outline behind the bar is the estimate. The filled bar is the print. Green beat it, red missed it.

PeriodReportedEPS adjustedEPS estEPS reportedSales act, USD mSales est, USD mSurpriseYear-ago quarterAnalystsNext session
2026Q3ended 2026-09-302026-11-12 08:301.910-0.1701.8502.434.60EPS -1223.5% · sales -47.1%vs 2025Q3, year-ago quarter · EPS +1.6% · sales -47.1%1Open -4.32% vs SPY -0.77%. Close -8.95% vs SPY -0.35%
2026Q2ended 2026-06-302026-08-12 16:30-1.000-0.335-0.9983.312.46EPS +198.5% · sales +34.6%vs 2025Q2, year-ago quarter · EPS +3233.3% · sales +442.4%2Open +0.70% vs SPY +0.31%. Close +6.27% vs SPY +0.70%
2026Q1ended 2026-03-312026-05-13 16:30-3.180-0.245-3.1762.663.50EPS +1198.0% · sales -23.9%vs 2025Q1, year-ago quarter · EPS +3875.0% · sales +807.4%2Open -1.72% vs SPY +0.18%. Close +8.82% vs SPY +0.79%
2025Q4ended 2025-12-312026-03-30 08:30-6.440-0.070-4.9054.494.10EPS +9100.0% · sales +9.6%vs 2024Q4, year-ago quarter · EPS - · sales +614.6%1Open +4.49% vs SPY +0.95%. Close -2.53% vs SPY -0.33%
2025Q3ended 2025-09-302025-11-12 16:301.880-0.3301.8294.602.53EPS -669.7% · sales +82.2%-1 EPS · 2 salesOpen -2.51% vs SPY -0.42%. Close -2.15% vs SPY -1.66%
2025Q2ended 2025-06-302025-08-19 12:00-0.0300.5000.7980.611.31EPS -106.0% · sales -53.2%-2Open -0.17% vs SPY -0.03%. Close -13.74% vs SPY -0.54%
2025Q1ended 2025-03-312025-05-28 12:00-0.080--0.0780.29-EPS - · sales -vs 2024Q1, year-ago quarter · EPS - · sales -28.6%-Open -2.66% vs SPY +0.07%. Close -16.95% vs SPY -0.58%
2024Q4ended 2024-12-312025-03-13 12:00---0.0490.63-EPS - · sales ---Open +4.47% vs SPY -0.07%. Close +4.70% vs SPY -1.33%
2024Q1ended 2024-03-312024-05-14 12:00---0.1000.41-EPS - · sales ---Open +1.75% vs SPY +0.04%. Close -7.89% vs SPY +0.46%
2023Q2ended 2023-06-302023-09-05 12:00---0.0460.60-EPS - · sales ---Open -0.38% vs SPY -0.10%. Close +1.15% vs SPY -0.43%
2026Q4ended 2026-12-31---0.130--6.10EPS - · sales -vs 2025Q4, year-ago quarter · EPS - · sales -1-
2027Q1ended 2027-03-31---0.120--7.30EPS - · sales -vs 2026Q1, year-ago quarter · EPS - · sales -1-
2027Q2ended 2027-06-30---0.100--8.80EPS - · sales -vs 2026Q2, year-ago quarter · EPS - · sales -1-
2027Q3ended 2027-09-30---0.100--9.30EPS - · sales -vs 2026Q3, year-ago quarter · EPS - · sales -1-
2027Q4ended 2027-12-31---0.090--9.80EPS - · sales -vs 2026Q4, year-ago quarter · EPS - · sales -1-
2028Q1ended 2028-03-31---0.090--10.40EPS - · sales -vs 2027Q1, year-ago quarter · EPS - · sales -1-

Annual earnings

2025FY EPS -4.000 missed 3.100. Sales 11.39 beat 11.00

earnings feed, not the snapshot. Not the statement ratio.

PeriodEPS adjustedEPS estEPS reportedSales act, USD mSales est, USD mP/E, earnings feed
2028FYestimate--0.320--45.20-
2027FYestimate--0.410--35.20-
2026FYestimate--3.070--16.70-
2025FY-4.0003.100-11.3911.001.63

Quarterly results

2026Q3 revenue 2.43, from 4.62 a year earlier. Operating margin -75.7%, from -6.9% a year earlier
Revenue, USD millions
4.6202024Q4 revenue 0.6324Q42025Q1 revenue 0.2925Q12025Q2 revenue 1.9925Q22025Q3 revenue 4.6225Q32025Q4 revenue 4.4925Q42026Q1 revenue 2.6626Q12026Q2 revenue 3.3126Q22026Q3 revenue 2.4326Q3
Operating margin
0.00-327.592024Q4 operating margin -95.2%24Q42025Q1 operating margin -327.59%25Q12025Q2 operating margin -201.01%25Q22025Q3 operating margin -6.9%25Q32025Q4 operating margin -52.3%25Q42026Q1 operating margin -157.52%26Q12026Q2 operating margin -39.9%26Q22026Q3 operating margin -75.7%26Q3

From the quarterly statement. Not an estimate.

Estimate revisions

Latest snapshot of each period and type. 2026Q4 E -0.13 per share.
PeriodTypeScaleDateMeanvs prior date
2026Q4Eper share2026-11-12-0.130.0%
2026Q4Sper share2026-11-126.100.0%
2026FYEper share2026-09-08-3.07-1.3%
2026Q3Eper share2026-09-08-0.17-5.6%
2026FYSper share2026-09-0816.70+16.8%
2026Q3Sper share2026-09-084.60+15.0%
2026Q2Eper share2026-08-05-0.340.0%
2026Q2Sper share2026-08-052.460.0%
2026Q1Eper share2026-03-31-0.25+250.0%
2026Q1Sper share2026-03-313.50-20.5%
2025Q4Eper share2026-02-20-0.07-36.4%
2025Q4Sper share2026-02-204.10+19.7%
2025Q3Eper share2025-10-28-0.180.0%
2025Q3Sper share2025-10-281.820.0%
2025Q2Eper share2025-08-140.50-2600.0%
2025Q2Sper share2025-08-141.31+85.0%

Estimate history

Annual
Metric202020212022202320242025TTMMRQ
EPS per share0.037-0.185-0.144-0.456-0.279-3.999-7.2278-
Sales USD millions222221113-
Shares million shares99961030-38
Quarterly
MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
EPS per share-0.048-0.049-0.0780.7981.829-4.905-3.176-0.9981.85
Sales USD millions110254332
Shares million shares101010172830293138

Income statement, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
MetricTTM2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/2020
Total Revenue12.9011.39+442.4%2.10+5.0%2.00-7.0%2.15+8.6%1.98+26.9%1.56
Cost of Goods Sold Incl. D&A1.691.24+264.7%0.34----
Gross Profit11.2110.14+476.1%1.76----
Selling, General and Administrative Excl. Other20.9117.72+272.3%4.76-12.0%5.41+39.8%3.87+27.3%3.04+159.8%1.17
Research and Development0.761.14+72.7%0.66-16.5%0.79+83.7%0.43+53.6%0.28+154.5%0.11
Other Operating Expense0.000.000.000.000.000.000.00
Operating Income-9.70-7.57-3.00-3.40-1.72-1.06-371.8%0.39
Interest Expense14.988.930.000.000.000.000.00
Unusual Expense109.00-0.130.00-100.0%0.12-0.43-174.1%0.580.00
Net Income Before Taxes-207.68-73.78-2.73-3.37-1.26-1.62-606.3%0.32
Income Taxes-19.130.010.000.000.000.000.00
Consolidated Net Income-188.55-73.79-2.73-3.37-1.26-1.62-606.3%0.32
Net Income From Continuing Operations-188.55-73.79-2.73-3.37-1.26-1.62-606.3%0.32
Net Income-188.68-73.79-2.73-3.37-1.26-1.62-606.3%0.32
EPS (Recurring) per share-3.19-4.00-0.28-0.44-0.18-0.14-450.0%0.04
EPS (Basic, Before Extraordinaries) per share-6.77-4.00-0.28-0.46-0.14-0.18-550.0%0.04
EPS (Diluted) per share-7.23-4.00-0.28-0.46-0.14-0.18-550.0%0.04
EBITDA-8.30-6.58-2.70-3.40-1.72-1.06-371.8%0.39
Non-Operating Income (Expense)-73.99-57.40-20600.0%0.28+86.7%0.15+650.0%0.020.0%0.02-0.07
Other After Tax Adjustments0.000.000.000.000.000.000.00
Stock Option Compensation Expense29.39132.25+45503.4%0.29-80.5%1.49+181.1%0.53-52.7%1.12-
Price To Sales Ratio ratio-8.183.234.35---
Gross Margin %86.9189.0883.86----
Operating Margin %-75.24-66.52-143.00-169.98-79.98-53.2825.20
Net Margin %-1,462.86-648.06-129.86-168.42-58.66-81.6320.43
Shares Outstanding million shares38.3829.89+201.6%9.91+60.4%6.18-29.3%8.740.0%8.740.0%8.74
Market Capitalization117.24117.24+1606.6%6.87-5.8%7.29---

Income statement, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Total Revenue2.43-47.4%3.31+66.3%2.66+817.2%4.49+612.7%4.62+645.2%1.99+352.3%0.29-29.3%0.63+80.0%
Cost of Goods Sold Incl. D&A0.38-13.6%0.37+15.6%0.45+650.0%0.48+700.0%0.44+633.3%0.32+433.3%0.06-25.0%0.06
Gross Profit2.05-51.0%2.94+76.0%2.21+860.9%4.01+603.5%4.18+646.4%1.67+339.5%0.23-30.3%0.57
Selling, General and Administrative Excl. Other3.89-13.7%4.26-24.9%6.40+442.4%6.36+443.6%4.51+346.5%5.67+357.3%1.18-12.6%1.17-26.9%
Research and Development0.14-48.1%0.08-74.2%0.14-17.6%0.39+116.7%0.27+80.0%0.31+106.7%0.170.0%0.18-48.6%
Other Operating Expense0.000.000.000.000.000.000.000.00
Operating Income-1.84-1.32-4.19-2.35-0.32-4.00-0.95-0.60
Interest Expense3.36+14.7%3.70+374.4%2.705.222.930.780.000.00
Unusual Expense-33.40-2.8722.84122.44-74.54-149180.0%-21.36-0.15-0.08
Net Income Before Taxes66.59-10.0%-27.29-264.1%-83.39-163.5973.9616.63-0.78-0.49
Income Taxes0.00-100.0%0.00-100.0%0.00-19.1317.931.200.000.00
Consolidated Net Income66.59+18.8%-27.29-276.9%-83.39-144.4756.0315.43-0.78-0.49
Net Income From Continuing Operations66.59+18.8%-27.29-276.9%-83.39-144.4756.0315.43-0.78-0.49
Net Income66.47+18.6%-27.29-276.9%-83.39-144.4756.0315.43-0.78-0.49
EPS (Recurring) per share1.20+605.9%-1.07-5450.0%-2.57-2.040.170.02-0.09-0.06
EPS (Basic, Before Extraordinaries) per share2.24-7.1%-1.00-191.7%-3.18-4.832.411.09-0.08-0.05
EPS (Diluted) per share1.85+1.1%-1.00-225.0%-3.18-4.901.830.80-0.08-0.05
EBITDA-1.49-5066.7%-0.97-3.84-2.000.03-3.71-0.90-0.55
Non-Operating Income (Expense)38.39+1337.8%-25.14-50380.0%-53.67-268450.0%-33.58-112033.3%2.67+6575.0%0.050.0%0.02-60.0%0.03-57.1%
Other After Tax Adjustments0.000.000.000.000.000.000.000.00
Stock Option Compensation Expense0.69-97.4%1.36-98.2%0.72+1340.0%26.62+88633.3%26.15+52200.0%75.21+68272.7%0.05-50.0%0.03-97.4%
Price To Earnings Ratio ratio statement ratio, not the snapshot---2.0224.57---
Price To Sales Ratio ratio-5.336.2813.2663.95117.733.613.27
Gross Margin %84.2988.7482.9689.3390.4983.9480.2190.73
Operating Margin %-75.78-39.86-157.28-52.36-7.01-201.61-329.92-94.80
Net Margin %2,732.94-823.39-3,130.26-3,218.981,211.37777.04-270.78-77.29
Shares Outstanding million shares38.38+38.5%30.58+75.7%29.50+194.7%29.89+201.6%27.72+180.3%17.40+79.8%10.01+3.5%9.91+60.4%
Market Capitalization117.24-70.1%88.55-72.0%98.35+1275.5%160.88+2241.8%391.53+5270.8%316.047.156.87

Balance sheet, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/2020
Cash & Short Term Investments9.60+235.7%2.86-43.7%5.08+418.4%0.98-42.7%1.71+307.1%0.42
Short Term Receivables0.05-75.0%0.20+122.2%0.09+125.0%0.04-69.2%0.13-56.7%0.30
Inventories0.000.000.000.000.000.00
Other Current Assets105.90+96172.7%0.11-15.4%0.13+1200.0%0.010.00-100.0%0.01
Total Current Assets115.55+3556.6%3.16-40.3%5.29+413.6%1.03-44.0%1.84+155.6%0.72
Net Property, Plant & Equipment0.00-100.0%0.04-55.6%0.09-18.2%0.110.000.00
Total Investments and Advances0.000.000.000.000.000.00
Long-Term Note Receivable0.00-100.0%0.04----
Intangible Assets185.39+18817.3%0.98-23.4%1.28+6300.0%0.020.0%0.020.0%0.02
Deferred Tax Assets0.74-----
Other Assets6.47+4213.3%0.15+650.0%0.02-88.9%0.180.000.00
Total Assets308.15+6935.4%4.38-34.4%6.68+398.5%1.34-28.0%1.86+151.4%0.74
Short Term Debt Incl. Current Port. of LT Debt0.110.00-100.0%0.050.0%0.050.000.00
Accounts Payable6.82+1905.9%0.34-37.0%0.54+237.5%0.16+100.0%0.08+166.7%0.03
Other Current Liabilities73.86+29444.0%0.25+212.5%0.080.000.000.00
Total Current Liabilities80.79+13593.2%0.59-13.2%0.68+240.0%0.20+150.0%0.08+166.7%0.03
Long Term Debt127.360.00-100.0%0.01-85.7%0.070.000.00
Provision for Risks Charges0.000.000.000.000.000.00
Deferred Tax Liabilities0.74-----
Other Liabilities0.00-100.0%0.28+55.6%0.18-66.7%0.54-60.3%1.36+61.9%0.84
Total Liabilities208.89+23910.3%0.870.0%0.87+7.4%0.81-43.7%1.44+65.5%0.87
Non-Equity Reserves0.000.000.000.000.000.00
Preferred Stock - Carrying Value0.000.000.000.000.000.00
Common Equity99.26+2736.0%3.50-39.9%5.82+998.1%0.53+26.2%0.42-0.13
Total Shareholders Equity99.26+2736.0%3.50-39.9%5.82+998.1%0.53+26.2%0.42-0.13
Accumulated Minority Interest0.000.000.000.000.000.00
Total Equity99.26+2736.0%3.50-39.9%5.82+998.1%0.53+26.2%0.42-0.13
Total Liabilities & Stockholders Equity308.15+6935.4%4.38-34.4%6.68+398.5%1.34-28.0%1.86+151.4%0.74
Book Value Per Share per share3.32+848.6%0.35-62.8%0.94+1466.7%0.06+20.0%0.05-0.02
Tangible Book Value Per Share per share-2.88-1252.0%0.25-65.8%0.73+1116.7%0.06+20.0%0.05-0.02
Full-Time Employees people16-38.5%26-33.3%39+39.3%28--
Price to Book Ratio ratio-7.501.961.84---
Return on Assets %-47.22-49.31-84.13-78.96-124.48-
Return on Equity %-143.61-58.53-106.41-267.11-1,134.33-
Return on Invested Capital %-32.56-77.87-57.87-212.96-385.76-
Quick Ratio ratio1.435.337.845.0122.2624.62
Current Ratio ratio1.435.337.845.0122.2624.62

Cash flow, annual

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
MetricTTM2025FY12/31/20252024FY12/31/20242023FY12/31/20232022FY12/31/20222021FY12/31/20212020FY12/31/2020
Net Income-188.55-73.79-2.73-3.37-1.26-1.62-606.3%0.32
Depreciation1.411.04+235.5%0.310.00---
Other Funds (Non Cash)177.5048.49+69171.4%0.07-95.7%1.61+1510.0%0.10-94.1%1.69+1777.8%0.09
Funds from Operations-28.69-24.25-2.35-1.77-1.17-1562.5%0.08-80.5%0.41
Extraordinary Item0.000.000.000.000.000.000.00
Changes in Working Capital-3.246.29-0.07-135.0%0.20+42.9%0.14-0.01-0.05
Cash from Operating Activities-31.93-17.97-2.42-1.57-1.02-1557.1%0.07-80.6%0.36
Capital Expenditures-49.91-217.32-0.02-0.030.000.00-0.02
Net Assets From Acquisitions0.00-1.250.00-0.060.000.000.00
Sale of Fixed Assets and Businesses0.000.000.000.000.000.000.00
Purchase or Sale of Investments-3.22-2.320.000.000.000.000.00
Purchase of Investments-4.16-2.320.000.000.000.000.00
Sale Or Maturity of Investments0.940.000.000.000.000.000.00
Other Uses0.00-17.400.000.000.000.000.00
Other Sources55.9416.750.000.000.000.000.00
Cash from Investing Activities2.81-221.54-0.02-0.090.000.00-0.02
Cash Dividends Paid0.000.000.000.000.00-0.07-0.53
Change in Capital Stock36.7294.37-0.12-102.1%5.75+3282.4%0.17-84.5%1.100.00
Repurchase of Common Pref Stock-22.21-87.16-0.010.000.000.000.00
Sale of Common Pref Stock58.94181.53-0.11-101.9%5.75+3282.4%0.17-84.5%1.100.00
Proceedsfrom Stock Options58.88127.79-0.11-101.9%5.75+3282.4%0.17-84.5%1.100.00
Issuance or Reduction of Debt, Net-5.17148.540.000.000.000.000.00
Change in Long Term Debt148.91148.910.000.000.000.000.00
Issuance of Long Term Debt148.91148.910.000.000.000.000.00
Reduction of Long Term Debt0.000.000.000.000.000.000.00
Net Financing Active Other Cash Flow0.000.000.000.00-100.0%0.13-31.6%0.19-67.2%0.58
Other Financing Activities Uses0.000.000.000.00-0.150.000.00
Cash from Financing Activities31.55242.91-0.12-102.1%5.75+1816.7%0.30-75.6%1.23+2360.0%0.05
Net Change in Cash2.443.40-2.56-162.6%4.09-0.73-156.6%1.29+222.5%0.40
Free Cash Flow-31.93-17.97-2.44-1.60-1.02-1557.1%0.07-80.6%0.36
Preferred Dividends (Cash Flow)-0.000.000.000.000.000.00
Deferred Taxes & Investment Tax Credit-0.000.000.000.000.000.00

Balance sheet, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Cash & Short Term Investments13.11+28.8%6.29+105.6%4.24+90.1%9.60+235.7%10.18+267.5%3.06-5.6%2.23-43.1%2.86-43.7%
Short Term Receivables0.00-100.0%0.00-100.0%0.00-100.0%0.05-75.0%0.05-70.6%1.09+890.9%0.63+425.0%0.20+122.2%
Inventories0.000.000.000.000.000.000.000.00
Other Current Assets237.54+55.4%107.53+18439.7%120.17+150112.5%105.90+96172.7%152.85+117476.9%0.58+728.6%0.08-38.5%0.11-15.4%
Total Current Assets250.65+53.7%113.81+2301.1%124.41+4131.6%115.55+3556.6%163.08+5229.4%4.74+38.6%2.94-29.7%3.16-40.3%
Net Property, Plant & Equipment0.000.00-100.0%0.00-100.0%0.00-100.0%0.00-100.0%0.05-37.5%0.11+37.5%0.05-44.4%
Total Investments and Advances0.000.000.000.000.00-100.0%0.000.000.00
Intangible Assets206.60-32.4%88.59-12.7%101.86+10736.2%185.39+18626.3%305.45+27172.3%101.46+8646.6%0.94-22.3%0.99-22.7%
Deferred Tax Assets---0.74----
Other Assets0.81-92.9%0.93-1.1%3.45+2553.8%6.47+4876.9%11.42+16214.3%0.94+840.0%0.13+550.0%0.13+550.0%
Total Assets458.06-4.6%203.33+89.6%229.72+5422.1%308.15+6935.4%479.95+10613.2%107.23+2157.5%4.16-24.2%4.38-34.4%
Short Term Debt Incl. Current Port. of LT Debt0.00-100.0%0.00-100.0%0.00-100.0%0.11+1000.0%0.27+800.0%0.47+1075.0%0.06+20.0%0.01-80.0%
Accounts Payable3.76-31.9%4.96+52.6%5.36+3052.9%6.82+1905.9%5.52+4500.0%3.25+1610.5%0.17-19.0%0.34-37.0%
Other Current Liabilities226.10+183.5%89.85+6227.5%86.39+10308.4%73.86+30675.0%79.76+39780.0%1.42+1477.8%0.83+937.5%0.24+200.0%
Total Current Liabilities229.86+168.7%94.80+1744.4%91.74+8554.7%80.79+13593.2%85.55+24342.9%5.14+1558.1%1.06+202.9%0.59-13.2%
Long Term Debt121.00-7.9%120.56+468.4%127.78127.36131.4421.210.000.00-100.0%
Provision for Risks Charges0.000.000.000.000.000.000.000.00
Deferred Tax Liabilities---0.7419.041.11--
Other Liabilities0.00-100.0%0.00-100.0%0.00-100.0%0.00-100.0%0.12-33.3%0.16-11.1%0.25+38.9%0.28+55.6%
Total Liabilities350.86+48.6%215.37+679.8%219.52+16657.3%208.89+23910.3%236.15+44456.6%27.62+5536.7%1.31+147.2%0.870.0%
Non-Equity Reserves0.000.000.000.000.000.000.000.00
Preferred Stock - Carrying Value11.320.000.000.000.000.000.000.00
Common Equity95.89-60.7%-12.03-115.1%10.19+257.5%99.26+2736.0%243.80+6056.6%79.61+1768.8%2.85-42.5%3.50-39.9%
Total Shareholders Equity107.20-56.0%-12.03-115.1%10.19+257.5%99.26+2736.0%243.80+6056.6%79.61+1768.8%2.85-42.5%3.50-39.9%
Accumulated Minority Interest0.000.000.000.000.000.000.000.00
Total Equity107.20-56.0%-12.03-115.1%10.19+257.5%99.26+2736.0%243.80+6056.6%79.61+1768.8%2.85-42.5%3.50-39.9%
Total Liabilities & Stockholders Equity458.06-4.6%203.33+89.6%229.72+5422.1%308.15+6935.4%479.95+10613.2%107.23+2157.5%4.16-24.2%4.38-34.4%
Book Value Per Share per share2.50-71.6%-0.39-108.5%0.35+25.0%3.32+848.6%8.80+2100.0%4.57+938.6%0.28-45.1%0.35-62.8%
Tangible Book Value Per Share per share-2.88-3.29-3.11-1736.8%-2.88-1252.0%-2.22-865.5%-1.26-493.8%0.19-51.3%0.25-65.8%
Full-Time Employees people---16-38.5%---26-33.3%
Price to Book Ratio ratio-7.508.510.990.573.3575.372.511.96
Return on Assets %-40.20-128.23-133.75-47.2228.9824.46-52.66-49.31
Return on Equity %-107.44-589.29-2,398.44-143.6156.6632.66-65.06-58.53
Return on Invested Capital %29.18-25.14-60.44-63.7514.9315.31-27.31-13.88
Quick Ratio ratio1.091.201.361.431.910.922.785.33
Current Ratio ratio1.091.201.361.431.910.922.785.33

Cash flow, quarterly

USD millions, except where the row names a unit. The percent under a figure is against the same period a year earlier. TTM has no earlier TTM to compare with, and a ratio or a margin has no change.
Metric2026Q39/30/20262026Q26/30/20262026Q13/31/20262025Q412/31/20252025Q39/30/20252025Q26/30/20252025Q13/31/20252024Q412/31/2024
Net Income66.59+18.8%-27.29-276.9%-83.39-144.4756.0315.43-0.78-0.49
Depreciation0.350.0%0.35+20.7%0.35+600.0%0.35+600.0%0.35+600.0%0.29+480.0%0.05-28.6%0.05
Other Funds (Non Cash)-72.4223.9875.83150.11-80.46-80560.0%-21.07-19254.5%-0.10-190.9%-0.16-420.0%
Funds from Operations-5.47-2.96-7.21-13.05-6.24-4.14-0.82-0.59
Extraordinary Item0.000.000.000.000.000.000.000.00
Changes in Working Capital-1.42-213.6%-1.34-146.7%-2.60-6600.0%2.12+404.8%1.252.870.040.42-10.6%
Cash from Operating Activities-6.89-4.29-9.82-10.93-4.98-1.27-0.79-0.18
Capital Expenditures-45.92-0.61-3.720.34-156.41-61.250.00-0.01
Net Assets From Acquisitions0.000.000.000.00-1.250.000.000.00
Sale of Fixed Assets and Businesses0.000.000.000.000.000.000.000.00
Purchase or Sale of Investments0.16-0.59-0.47-2.320.000.000.000.00
Purchase of Investments0.00-1.21-0.63-2.320.000.000.000.00
Sale Or Maturity of Investments0.160.620.160.000.000.000.000.00
Other Uses0.000.000.000.00-17.400.000.000.00
Other Sources7.2311.5820.3816.750.000.000.000.00
Cash from Investing Activities-38.5310.3916.1914.77-175.06-61.250.00-0.01
Cash Dividends Paid0.000.000.000.000.000.000.000.00
Preferred Dividends (Cash Flow)-0.000.000.000.000.000.000.00
Change in Capital Stock52.33-23.1%-0.49-101.5%-8.50-12242.9%-6.6268.0532.870.07-0.07
Repurchase of Common Pref Stock-0.04-0.14-10.52-11.52-75.640.000.000.00
Sale of Common Pref Stock52.37-63.6%-0.35-101.1%2.01+2771.4%4.90143.6932.870.07-0.07
Proceedsfrom Stock Options52.37-41.8%-0.35-101.1%1.96+2700.0%4.9089.9532.860.07-0.07
Issuance or Reduction of Debt, Net0.00-100.0%-4.96-116.0%-0.11-0.11117.7030.950.000.00
Change in Long Term Debt0.000.000.00148.910.000.000.000.00
Issuance of Long Term Debt0.000.000.00148.910.000.000.000.00
Reduction of Long Term Debt0.000.000.000.000.000.000.000.00
Net Financing Active Other Cash Flow0.00-100.0%0.000.000.000.62-0.620.000.00
Other Financing Activities Uses0.00-100.0%0.000.000.000.62-0.620.000.00
Cash from Financing Activities52.33-71.9%-5.45-108.6%-8.61-12400.0%-6.72186.3863.190.07-0.07
Net Change in Cash6.91+9.2%0.65-3.0%-2.24-2.886.330.67-0.72-0.25
Free Cash Flow-6.89-4.29-9.82-10.93-4.98-1.27-0.79-0.19

Revenue breakdown

USD millions, so a column adds up to the income statement. Share is of the latest year in that split. The change is versus the older year shown, not TTM.

Product
Name20242025vs 20242025 share
Digital Asset Treasury-9.19-80.7%
Real Estate Platform2.102.20+4.7%19.3%
Total2.1011.39+442.2%100.0%
Region
Name20242025vs 20242025 share
United States2.1011.39+442.2%100.0%
Total2.1011.39+442.2%100.0%

Short interest

shares short against float, oldest to newest
SettlementOf floatShares shortFloatAvg volume
2026-10-3026.95%6.7M24.9M1.81M
2026-10-1526.76%6.6M24.9M1.71M
2026-09-3018.78%4.7M24.9M1.52M
2026-09-1518.63%4.6M24.9M1.18M
2026-08-3120.58%4.9M23.6M1.06M
2026-08-1421.37%5.0M23.4M814.99K
2026-07-3124.59%5.6M22.7M872.03K
2026-07-1527.74%6.3M22.7M916.88K
2026-06-3027.42%6.2M22.7M959.40K
2026-06-1528.96%6.2M21.3M976.97K
2026-05-2926.57%5.7M21.3M1.01M
2026-05-1524.96%5.3M21.3M1.02M
2026-04-3027.12%5.7M20.9M1.15M
2026-04-1528.71%6.0M20.9M1.25M
2026-03-3131.89%6.5M20.4M1.43M
2026-03-1330.70%6.3M20.6M1.56M
2026-02-2732.71%6.8M20.6M1.63M
2026-02-1334.21%7.1M20.6M1.70M
2026-01-3026.88%5.7M21.0M1.75M
2026-01-1542.81%5.4M12.7M1.75M

Option chain

Expiry 2026-11-13 · underlying 2.98, quoted 13 Nov 07:36 ET · ATM 3.00

Option quotes 12 Nov 15:10 ET. A date on a row is older than the last session (12 Nov). 23 rows.

Implied move 10.91% into expiry (call 0.225 + put 0.100 = 0.325 on 2.98)

Put/call open interest 0.03 (9 puts / 271 calls) · Put/call volume 0.04 (4 puts / 102 calls)

IV change is points against the prior close.

TypeStrikeMoneyBidAskLastChgIVOpen intVolumeLast sizeDeltaThetaVega
call0.50ITM1.952.852.62-0.20-7110.979-0.1140.000
putOTM0.000.050.03-0.01-211-0.020-0.1010.000
call 10 Nov1.00ITM1.352.352.220.00-8000.961-0.1170.000
put 1 JanOTM0.000.050.000.00-000-0.034-0.0560.000
call 11 Nov1.50ITM0.901.851.970.00-3000.940-0.1110.000
put 1 JanOTM0.000.050.000.00-000-0.051-0.0540.000
call2.00ITM0.201.501.480.00-1110.833-0.2530.000
putOTM0.001.650.380.00-111-0.167-0.2520.000
call 1 Jan2.50ITM0.051.500.000.00-0000.740-0.2050.000
put 1 JanOTM0.000.700.000.00-000-0.260-0.2040.000
call 30 Oct3.00ATM0.000.450.750.00841.8% +222.42000.537-0.2080.001
put 1 JanATM0.000.200.000.00307.2% -312.7000-0.463-0.2080.001
call 11 Nov3.50OTM0.000.050.140.00-19000.269-0.1280.000
put 9 NovITM0.051.150.370.00-400-0.811-0.0840.000
call4.00OTM0.000.050.03-0.02-2311001000.144-0.1030.000
put 1 JanITM0.452.800.000.00-000-0.856-0.1020.000
call 1 Jan4.50OTM0.001.750.000.00-0000.122-0.1150.000
put 1 JanITM0.253.300.000.00-000-0.878-0.1140.000
call 1 Jan5.00OTM0.000.750.000.00-0000.109-0.1240.000
put 1 JanITM1.304.100.000.00-000-0.891-0.1230.000
call 1 Jan5.50OTM0.001.150.000.00-0000.101-0.1310.000
putITM1.704.002.720.00-111-0.899-0.1300.000
call 1 Jan6.00OTM0.000.800.000.00-0000.094-0.1360.000
putITM2.205.103.140.00-111-0.906-0.1360.000
call 1 Jan6.50OTM0.001.750.000.00-0000.089-0.1410.000
put 1 JanITM1.905.200.000.00-000-0.911-0.1410.000
call 1 Jan7.00OTM0.001.750.000.00-0000.085-0.1450.000
put 3 NovITM2.605.803.930.00-000-0.915-0.1450.000
call 1 Jan8.00OTM0.000.950.000.00-0000.079-0.1530.000
put 1 JanITM4.106.300.000.00-000-0.921-0.1520.000

Latest SEC filings

30
FiledFormDescriptionPeriodLink
2026-11-12FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-11-12FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-11-1210-QQuarterly report pursuant to Section 13 or 15(d)2026-09-30SEC
2026-11-128-KCurrent report2026-11-12SEC
2026-11-128-KCurrent report2026-11-09SEC
2026-11-098-KCurrent report2026-11-09SEC
2026-11-05FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-11-05FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-11-04DEFA14AProxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934SEC
2026-11-04DEF 14AProxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 19342026-12-16SEC
2026-11-03FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-11-028-KCurrent report2026-11-02SEC
2026-10-26FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-10-268-KCurrent report2026-10-26SEC
2026-10-218-KCurrent report2026-10-21SEC
2026-10-21FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-10-20FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-10-194Statement of changes in beneficial ownership of securities2026-10-17SEC
2026-10-198-KCurrent report2026-10-19SEC
2026-10-158-KCurrent report2026-10-14SEC
2026-10-14FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-10-138-KCurrent report2026-10-12SEC
2026-10-094Statement of changes in beneficial ownership of securities2026-10-07SEC
2026-10-094Statement of changes in beneficial ownership of securities2026-10-07SEC
2026-10-058-KCurrent report2026-10-05SEC
2026-09-29FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-09-28FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-09-288-KCurrent report2026-09-28SEC
2026-09-254Statement of changes in beneficial ownership of securities2026-09-24SEC
2026-09-24FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC

Insider activity by month

MonthBoughtBuysSoldSells
2026-110000
2026-100000
2026-09181.75K400
2026-08119.83K300
2026-070000
2026-060000
2026-050000
2026-040000
2026-030000
2026-020000
2026-010000
2025-12102.30K100
2025-1198.40K200

Institutional holders

Manager% owned
VANGUARD CAPITAL MANAGEMENT LLC3.62%
BlackRock, Inc.1.20%
TWO SIGMA INVESTMENTS, LP0.95%
GEODE CAPITAL MANAGEMENT, LLC0.91%
Invesco Ltd.0.89%
Alyeska Investment Group, L.P.0.89%
RENAISSANCE TECHNOLOGIES LLC0.85%
JANE STREET GROUP, LLC0.77%
MILLENNIUM MANAGEMENT LLC0.63%
DeepCurrents Investment Group LLC0.51%

Funds

Fund% owned
VANGUARD TOTAL STOCK MARKET INDEX FUND2.62%
VANGUARD EXTENDED MARKET INDEX FUND0.92%
Fidelity Extended Market Index Fund0.48%
iShares Micro-Cap ETF0.24%
Fidelity Total Market Index Fund0.15%
Hartford Multifactor Small Cap ETF0.13%
Fidelity Series Total Market Index Fund0.12%
Schwab Total Stock Market Index Fund0.07%
VANGUARD INSTITUTIONAL TOTAL STOCK MARKET INDEX FUND0.05%
T. Rowe Price Extended Equity Market Index Fund0.05%

OakChart. DFDV. Cached 15 minutes. Terms