10-K 0001805526-26-000006 (2026-03-30) vs 10-K 0001013762-25-003260 (2025-03-27)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,664 |
95.2% |
| MD&A | Item 7 | 4,510 |
96.5% |
| Legal Proceedings | Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES | 274 |
60.6% |
| Accounting Policies | Item 8, Note 1 – OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES | 3,800 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 127 words changed in this paragraph; it is 31% similar to last year's version.
In fiscal 2025, we will continue to focus on transitioning from transactional platform fee Real estate revenue to the more predictable and profitable recurring subscription revenue. At December 31, 2024 our annual recurring revenue run-rate reached approximately $812,000, increased $98.0 thousand, or 4.7%, in 2025 compared to 2024 primarily due to increased SaaS subscription revenue, partially offset by a decrease in our platform revenue. SaaS subscription revenue in 2025 was approximately $276,000 $1.3 million, compared to $480.0 thousand for the same period in the prior year, an increase of 194%. As 172.2%. We expect our SaaS subscription revenue to decline in fiscal 2026, after the sale of December 31, 2024 and 2023, there was approximately $341,000 and $83,000 the JPro business unit in deferred revenue, respectively, September 2025, which represented the majority of which is pertaining to these SaaS fees received in advance. The our subscription revenue will be recognized over the remaining term of the SaaS agreements in fiscal 2025 and beyond. 2025.
Source: Item 7, 10-K 0001805526-26-000006 vs Item 7, 10-K 0001013762-25-003260
Risk Factors 66 words changed in this paragraph; it is 33% similar to last year's version.
We face stiff competition for qualified personnel If we or our service providers experience a security breach or cyberattack and unauthorized parties obtain access to our digital assets, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we fail to attract new personnel may lose some or fail to retain all of our digital assets and motivate our current personnel, our business, financial condition, condition and results of operations could be materially and adversely affected.
Source: Item 1A, 10-K 0001805526-26-000006 vs Item 1A, 10-K 0001013762-25-003260
Legal Proceedings 32 words changed in this paragraph; it is 83% similar to last year's version.
In February 2022, the Company entered into a lease agreement for office space in Boca Raton, Florida. The lease lease, as amended, commenced on April 1, 2022, and expires on March 1, 2025 2026, with monthly base rent ranging from approximately $4,400 $4.0 thousand to $4,700. $5.0 thousand. The lease required a deposit of approximately $7,000, $7.0 thousand, which is included in other assets in the balance sheet. Consolidated Balance Sheets. Upon lease commencement, the Company recognized a right of use asset and liability of approximately $143,000 $143.0 thousand using a discount rate of 6.0%. As of December 31, 2025 we did not have any material lease commitments, see Note 7—Acquisitions and Dispositions for further discussion.
Source: Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0001805526-26-000006 vs Item 3, via Note 11 – COMMITMENTS, 10-K 0001013762-25-003260
Every change, by type
Sentences and paragraphs of DFDV's Risk Factors and MD&A, 10-K 2026-03-30 against 10-K 2025-03-27.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our financial results and the market price of our Common Stock may be affected by the prices of digital assets that we hold.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
As part of our capital allocation strategy for assets that are not required to provide working capital for our ongoing operations, we have invested and will continue to invest in SOL and other digital assets. The price of digital assets has historically been subject to dramatic price fluctuations and is highly volatile. Moreover, digital assets, such as SOL, are relatively novel and the application of securities laws and other regulations to such assets is unclear in many respects. It is possible that new legislation, or change in regulatory interpretation of existing law, may adversely affect the liquidity or value of digital assets.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
Any decrease in the fair value of digital assets below our carrying value for such assets currently would require us to incur a loss due to the decrease in fair market value, and such charge could be material to our financial results for the applicable reporting period, which may create significant volatility in our reported earnings. Any decrease in reported earnings or increased volatility of such earnings could have a material adverse effect on the market price of our Common Stock. In addition, the application of generally accepted accounting principles in the United States, with respect to digital assets, may change in the future and could have a material adverse effect on our financial results and the market price of our Common Stock.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
In addition, if investors view the value of our Common Stock as dependent upon or linked to the value or change in the value of our digital asset holdings, the price of digital assets may significantly influence the market price of our Common Stock.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
The price of our Common Stock has been and may continue to be volatile and fluctuate substantially, which could result in substantial losses for purchasers of our Common Stock.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
Our stock price has been and is likely to continue to be volatile. The stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular companies. With the adoption of our new SOL treasury strategy, we expect to see additional volatility. As a result of this volatility, you may not be able to sell your Common Stock. The market price for our Common Stock may be influenced by many factors, including:
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
•the Solana developer community and whether people continue to engage in building;
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
•the success of competitive products to SOL, alternative services or technologies in the blockchain and technology community;
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
•regulatory or legal developments in the United States and other countries related to digital assets, blockchain and AI;
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
•variations in our financial results or those of companies that are perceived to be similar to us that also have a SOL treasury strategy;
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
•the inclusion, exclusion or deletion of our Common Stock from any trading indices;
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedRisk Factors
•general economic, industry and market conditions in the cryptocurrency industry and broader macroeconomic trends related to the digital asset industry; and
Read it in 10-K 2026-03-30 at sec.gov ↗
RemovedRisk Factors
Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes, as well as our other public filings with the Securities and Exchange Commission. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. If any of the following risks or others not specified below materialize, our business, financial condition and results of operations could be materially adversely affected. In that case, the trading price of our common stock could decline.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
We are a growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses and difficulties, and makes it difficult to evaluate our prospects.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
The Company was originally formed as a limited liability company in the State of Florida in 2018 and was converted into a corporation in the State of Delaware on March 9, 2021. Accordingly, the Company has a limited history upon which an evaluation of its performance and prospects can be made. There can be no assurance that we will ever operate profitably. Our current and proposed operations are subject to all the business risks associated with new enterprises. The Company may not be successful in attaining the objectives necessary for it to overcome these risks and uncertainties. These include likely fluctuations in operating results as the Company reacts to developments in its market, managing its growth and the entry of competitors into the market. We will only be able to pay dividends on any shares once our directors determine that we are financially able to do so.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
We may not be able to effectively manage our growth and operations, which could materially and adversely affect our business.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
We may experience rapid growth and development in a relatively short time span through our marketing efforts. The management of this growth will require, among other things, continued development of our financial and management controls and management information systems, stringent control of costs, increased marketing activities, the ability to attract and retain qualified management personnel, and the training of new personnel. We intend to hire additional personnel to manage our expected growth and expansion. Failure to successfully manage our possible growth and development could have a material adverse effect on our business and the value of our common stock.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
Our revenue growth rate and financial performance in recent years may not be indicative of future performance and such growth may slow over time.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
We have grown over the last three years, and our recent revenue growth rate and financial performance may not be indicative of our future performance. You should not rely on our revenue for any previous quarterly or annual period as an indication of our revenue or revenue growth in future periods. As we grow our business, our revenue growth rates may slow, or our revenue may decline, in future periods for a number of reasons, which may include slowing demand for our platform offerings and services, increasing competition, a decrease in the growth of our overall credit market, increasing regulatory costs and challenges and our failure to capitalize on growth opportunities. Further, we believe our growth over the last several years has been driven in large part by our platform, lender partnerships and current lack of competitors with a similar business model. Future incremental improvements in the financial capabilities of lenders, primarily our partners, may impact this substantially, and such developments may lead to varying levels of growth from past periods. As a result of these factors, our revenue growth rates may slow, and our financial performance may be adversely affected.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
If we are unable to deliver effective customer service, it could harm our relationships with our existing customers and adversely affect our ability to attract new customers and our operating results.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
Our business depends, in part, on our ability to satisfy our customers by providing onboarding services and ongoing customer service. Once our solutions are deployed, our customers depend on our customer service organization to resolve technical issues relating to their use of our solutions. Increased demand for our support services may increase our costs without corresponding revenue, which could adversely affect our operating results. Further, our sales process is highly dependent on the ease of use of our solutions, our reputation and positive recommendations from our existing customers. Any failure to maintain high-quality and responsive customer service, or a market perception that we do not maintain high-quality and responsive customer service, could harm our reputation, cause us to lose customers and adversely impact our ability to sell our solutions to prospective customers.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
We track certain operational metrics, which are subject to inherent challenges in measurement, and real or perceived inaccuracies in such metrics may harm our reputation and adversely affect our stock price, business, results of operations, and financial condition.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
We track certain operational metrics, including metrics such as Monthly Unique Users (“MUUs”), which may differ from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which we rely. Our internal systems and tools are subject to a number of limitations, and our methodologies for tracking these metrics may change over time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. If the internal systems and tools we use to track these metrics undercount or overcount or contain algorithmic or other technical errors, the data we report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable period of measurement, there are inherent challenges in measuring how our platform is used. For example, the number of MUUs on our platform is based on activity associated with a unique device identifier during a certain time period. Certain individuals may have more than one device and therefore may be counted more than once in our count of Monthly Unique Users. Limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If our operational metrics are not accurate representations of our business, if investors do not perceive these metrics to be accurate, or if we discover material inaccuracies with respect to these figures, our reputation may be significantly harmed, our stock price could decline, we may be subject to stockholder litigation, and our business, financial results and results of operations could be adversely affected.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
Our growth plan may include completing acquisitions, which may or may not happen depending on the acquisition opportunities that are available in the marketplace.
Read it in 10-K 2025-03-27 at sec.gov ↗
RewordedRisk Factors
We may be unable subject to make acquisitions regulatory developments related to crypto assets and investments, successfully integrate acquired companies into our business, or our acquisitions and investments may not meet our expectations, any of crypto asset markets, which could adversely affect our business, financial condition, and results of operations.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedRisk Factors
If third-party external bad actors again gain access to our systems or our customers’ systems, or our employees or third-party service providers’ employees misuse our payment systems for malicious purposes, we could experience material financial loss that may affect our operating results.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedRisk Factors
We Our Real Estate Platform segment historically have has earned principally all of our its revenue from success fees when transactions close on our the platform or through a match we it curated.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedRisk Factors
We face Our Real Estate Platform segment faces risks in our its electronic payment services business that could adversely affect our its business and/or results of operations.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedRisk Factors
Our electronic payment services business also exposes us to risk in connection with theft, fraud and other malicious activity by our employees, our third-party external service providers’ employees, or third-parties external parties who improperly gain access to our systems or our customers’ systems.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedRisk Factors
A majority of our Real Estate Platform revenue is derived from transaction fees, which are not long-term contracted sources of recurring revenue and are subject to external economic conditions and declines in those engagements could have a material adverse effect on our its financial condition and results of operations.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedRisk Factors
We Our segment also generally do does not have long-term contracts with these service providers.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
You should read the following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in conjunction with the audited consolidated financial statements and the related notes that appear in this Annual Report. All references to "we," "us," "our," "the Company," and "DeFi Dev" refer to DeFi Development Corp. and its consolidated subsidiaries, unless otherwise noted.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
During 2025, we pivoted our primary business strategy to the acquisition, long-term holding, and active management of SOL and SOL-related digital assets. Our treasury strategy includes accumulating SOL, locked SOL, liquid staking tokens such as dfdvSOL, and other SOL-denominated or SOL-native positions. We also operate Solana validators, enabling us to participate directly in the Solana proof-of-stake consensus mechanism and generate staking rewards.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
We continuously evaluate capital market conditions, the broader cryptoeconomy, and macroeconomic factors in determining the timing and structure of financing transactions used to support our digital asset treasury strategy. Our objective is to expand our exposure to the Solana ecosystem over the long term.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
In addition to our digital asset treasury operations, we continue to operate our commercial real estate technology platform, which provides data, software subscriptions, and value-added services connecting commercial property borrowers and lenders, including banks, credit unions, REITs, debt funds, and other institutional capital providers.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
As a result of expanding our treasury strategy we consider these our two operating segments: “Digital Asset Treasury” and the “Real Estate Platform”.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
The following are the more significant developments in our business during 2025:
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
•On April 4, 2025, our previous Chief Executive Officer entered into a Stock Purchase Agreement with DeFi Dev LLC and 3277447 Nova Scotia Ltd where he sold approximately 51.0% of the Company's outstanding shares of common stock and all off the issued and outstanding Series A preferred stock for an aggregate purchase price of $4.0 million.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
•On April 17, 2025, the Company changed its name from “Janover Inc.” to “DeFi Development Corp.” We also changed the ticker symbol for our common stock to “DFDV” on the Nasdaq Capital Market on May 5, 2025.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
•The Board of Directors approved and we adopted a new treasury policy on April 4, 2025, authorizing the long-term accumulation of SOL.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
•On May 1, 2025, under the terms of an asset purchase agreement, we acquired two validator nodes from Solsync Solutions Partnership, a SOL validator business owned by our current Chief Operating and Investment Officer for $3.6 million.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
•We received net proceeds of $378.5 million through various financing transactions and used the proceeds to purchase digital assets and for working capital purposes.
Read it in 10-K 2026-03-30 at sec.gov ↗
AddedMD&A
•We received proceeds from digital asset financing arrangements of $172.0 million and repaid $85.7 million.
Read it in 10-K 2026-03-30 at sec.gov ↗
RemovedMD&A
The following discussion and analysis is intended as a review of significant factors affecting our financial condition and results of operations for the periods indicated. The discussion should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, the following Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly from those anticipated in these forward-looking statements as a result of certain factors discussed herein and any other periodic reports filed and to be filed with the SEC.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
We currently serve hundreds of thousands of web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders including more than 10% of the banks in America, credit unions, REITs, debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
We have developed an AI-enabled, B2B fintech platform that connects commercial borrowers and lenders, with a human touch. Commercial property owners, operators, and developers can quickly create an account on our platform, chat with our AI, set up their own profile and submit and manage loan requests on their dashboard in a digital experience. Our algorithms automatically match borrowers to their best loan option(s) or to our internal capital markets advisors (inbound sales team) that guide the borrower through the process and connect them with the right loan product and lender. Originators that work at commercial real estate mortgage lenders can log in and use their lender portal to view, sort, and engage with their new matches in real-time and communicate with the borrowers, tracking their loans right through our portal; they can setup the types of deals they are looking for as well. Our capital markets advisors have their own interface that gives them access to targeted loan opportunities, market intelligence, and data empowering them to better assist borrowers in managing their choices, leading to the best possible outcomes for both lenders and borrowers while building trust, all of which enhances our brand.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
We currently have two different customer segments: lenders and borrowers. Borrowers include (but are not limited to) owners, operators, and developers of commercial real estate including multifamily properties and most recently, a growing segment of small business owners (which we believe represents a significant growth opportunity). Lenders include banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders and SBA lenders.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Our business model includes earning a transaction fee, or platform fee, each time a loan closes with a lender through our platform. We are either paid a share of the revenue from the transaction by the lender and/or receive some fixed sum in an amount we negotiate from the borrower. We are generally paid by the lender or the borrower and are paid by both sometimes. Our average fee earned per transaction is approximately 1% of the loan amount generally earned at the time of closing. We do not make loans or share risk with the lenders, with whom we conduct business with.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
The Company derives its revenue primarily from platform fees and subscription revenue. Platform fees include referral and advisory fees generated from multifamily and commercial real estate and small business debt transactions. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied and the promised services have been transferred to the customer. The Company’s services are generally transferred to the customer at a point in time, which is when the underlying lending transaction has closed and successfully funded. The Company may act as an agent for both lenders and borrowers.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Janover Pro, which was launched in 2024, is our flagship offering and the leading online SaaS marketplace for multifamily and commercial real estate loans providing an online matchmaking service where borrowers or brokers can shop their loans, and lenders can provide financing and find more new opportunities. Our customer pays for subscriptions which are generally on annual contracts, and we generate revenue from SaaS subscription fees, which are recognized over time, throughout the term of the customer contract.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Janover Connect, formerly known as Groundbreaker and was acquired in 2023, is a SaaS platform to help real estate owners, operators, and developers raise capital and manage their investors. The platform streamlines the capital raising process by providing a professional investor portal where potential investors can analyze opportunities, sign documents, make investments, and track their investment portfolios. This real estate syndication software and investor portal primarily derives its revenue from SaaS subscription fees, which are recognized over time, throughout the term of the customer contract.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Janover Insurance was launched in 2024. This Insurtech subsidiary derives revenue from subscriptions pertaining to annual insurance premium commissions received, which are recognized at the start of the annual term, when the insurance coverage is bound.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Janover Engage, which is our equity marketplace, was launched in 2024. Janover Engage is a SaaS platform designed to connect real estate owners, operators, and sponsors raising capital using Reg D 506(c) with potential accredited investors. Janover Engage provides general partners (“GPs”) tools to market their offering and a platform on which to showcase it, making it easier for them to raise capital, build their pipeline, and focus on their next deal. Revenue is derived from the SaaS subscription fees, which are recognized over time, throughout the term of the customer contract.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Janover AI, which was also launched in 2024, represents the next frontier in leveraging technology to optimize the real estate lifecycle. We have developed a generative AI SaaS platform that is trained on and programmed to understand the nuances of multifamily and commercial property capital markets, from debt, to equity, to operations. The revenue derived from these SaaS subscriptions will be recognized over the term of the SaaS agreement.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
In fiscal 2025, we will continue to focus on transitioning from transactional platform fee revenue to the more predictable and profitable recurring subscription revenue. At December 31, 2024 our annual recurring revenue run-rate reached approximately $812,000, compared to approximately $276,000 in the prior year, an increase of 194%. As of December 31, 2024 and 2023, there was approximately $341,000 and $83,000 in deferred revenue, respectively, the majority of which is pertaining to these SaaS fees received in advance. The revenue will be recognized over the remaining term of the SaaS agreements in fiscal 2025 and beyond.
Read it in 10-K 2025-03-27 at sec.gov ↗
RewordedMD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations centers on a discussion of 2025 results as compared to 2024 results.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedMD&A
These property lenders include traditional banks, credit unions, real estate investment trusts (“REITs”), REITs, debt funds, and other financial institutions looking to deploy capital into commercial mortgages.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedMD&A
Janover provides We provide data, transparency, and tools, generally as annual software subscriptions, to help stakeholders navigate the most complex components of the multifamily and commercial property lifecycles – debt (Janover Pro, Janover Capital Markets), insurance (Janover Insurance), and equity (Janover Connect, Janover Engage), and technology (Janover AI). Engage).
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedMD&A
We provide have developed a technology platform that connects commercial mortgage and small business borrowers looking for debt to refinance, build, or buy commercial property property, including apartment buildings buildings, to commercial property lenders.
Read it in 10-K 2026-03-30 at sec.gov ↗
RewordedMD&A
Our data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”). basis.
Read it in 10-K 2026-03-30 at sec.gov ↗
