Exodus Movement, Inc.EXOD

Exodus Movement, Inc. Debt Disclosure

10-KFiled Mar 11, 20261 min read
Debt
On November 17, 2025, the Company entered into a Loan Term Sheet under its Amended and Restated Master Digital
Currency Loan Agreement with Galaxy Digital LLC, pursuant to which the Company borrowed $60.0 million (the “Galaxy
Loan”). The borrowing is structured as an evergreen, callable loan, under which Galaxy may recall, and the Company may
elect to repay, all or a portion of the outstanding principal with 30 days’ notice.
The Galaxy Loan bears a Borrow Fee of 9.0%, per annum, and interest expense recognized on the Galaxy Loan for the year
ended December 31, 2025 was $0.6 million. Interest expense is recorded on the consolidated statement of operations and
comprehensive (loss) income. As of December 31, 2025, the Galaxy Loan was paid in full.

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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