LOANS RECEIVABLE

9 Months Ended

Sep. 30, 2025

In the general course of business, the Company offers fiat-denominated loans to counterparties against digital assets or other collateral. No loans receivable were on nonaccrual status as of September 30, 2025 or December 31, 2024.

Loans Receivable, Current and Non-current


(in thousands)	September 30, 2025		December 31, 2024
Loans receivable	$	635,919	$	476,620
Loans receivable, non-current	7,300		—
Less: allowance for credit loss	(548)		—
Loans receivable, current and non-current	$	642,671	$	476,620

Loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	576,114
2026	60,293
2027	1,088
2028	3,688
2029	1,188
2030	300
Loans receivable, current and non-current	$	642,671

Balances represent loan principal and exclude accrued interest receivable on loans.

Collateral Payable Associated with Loans Receivable, Current and Non-current


(in thousands)	September 30, 2025		December 31, 2024
Collateral payable — Digital assets	$	881,476	$	620,633
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current and non-current	$	881,476	$	620,633

Interest income related to the Company’s Loans receivable was $11.4 million and $38.1 million for the three and nine months ended September 30, 2025, respectively, and $12.9 million and $38.3 million for the three and nine months ended September 30, 2024, respectively.

Galaxy Digital Inc. 10-Q