v3.25.4
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Equity Instruments
The following table summarizes the Company’s equity instruments at September 30, 2025 and December 31, 2024:
September 30, 2025
Authorized Shares
Issued and Outstanding(A)
SharesWarrantsOptionsRSUs
Class A Common Stock, $0.0001 par value per share
1,000,000,000 174,853,649 456,909 27,470,601 6,189,477 
Class B Common Stock, $0.0001 par value per share
200,000,000 37,893,047 — 7,760,846 5,334,903 
Blockchain Common Stock, $0.0001 par value per share
500,000,000 — — — — 
Preferred Stock, $0.0001 par value per share
100,000,000 — — — — 
Total1,800,000,000 212,746,696 456,909 35,231,447 11,524,380 
December 31, 2024
Authorized Shares
Issued and Outstanding(A)
SharesWarrantsOptionsRSUs
Common Stock, $0.00001 par value per share
240,820,153 69,300,284 — 32,030,416 44,973,456 
Convertible Preferred Stock, $0.00001 par value per share
115,983,447 111,900,495 1,381,486 — — 
Total356,803,600 181,200,779 1,381,486 32,030,416 44,973,456 
__________________
(A)Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Equity Incentive Plan.
The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:
December 31, 2024Per Share
Number of Shares Outstanding
Liquidation PreferenceLiquidation PriceDividend RateConversion Price
Series Seed16,100,540 $16,947 $1.05 $0.08 $1.05 
Series A32,860,461 41,759 1.27 0.10 1.27 
Series B29,448,787 73,519 2.50 0.20 2.50 
Series C11,238,629 85,000 7.56 0.61 7.56 
Series C-1504,081 3,050 6.05 0.48 6.05 
Series C-21,983,287 15,000 7.56 0.61 7.56 
Series D12,439,325 219,999 17.69 1.41 17.69 
Series E7,325,385 73,292 10.01 0.80 10.01 
Total111,900,495 $528,566 
The following table summarizes the Company’s equity instruments at December 31, 2024 and 2023:
December 31, 2024(A)
Authorized Shares
Issued and Outstanding(B)
Shares(C)
WarrantsOptionsRSUs
Common Stock240,820,153 69,300,284 — 32,030,416 44,973,456 
Convertible Preferred Stock115,983,447 111,900,495 1,381,486 — — 
Total356,803,600 181,200,779 1,381,486 32,030,416 44,973,456 
December 31, 2023
Authorized Shares
Issued and Outstanding(B)
Shares(C)
WarrantsOptionsRSUs
Common Stock197,100,000 51,618,208 — 19,807,404 39,098,606 
Convertible Preferred Stock106,615,302 104,575,110 — — — 
Total303,715,302 156,193,318 — 19,807,404 39,098,606 
__________________
(A)Includes the equity instruments of both the 2018 Equity Incentive Plan and the 2024 Equity Incentive Plan.
(B)Except for common and convertible preferred shares, amounts represent the gross common or convertible preferred shares issuable upon exercise or vesting.
(C)Par value of $0.00001 per share. The holders of each share of common stock are entitled to voting rights equal to one vote for each share of common stock. The holder of each share of preferred stock is entitled to voting rights equal to the number of shares of common stock into which each share of preferred stock converts at the stated conversion rate. Common shareholders may elect six members to the Board of Directors. Except for Series C-2 and D convertible preferred stock, each series of convertible preferred stock, as a group, is entitled to elect one member to the Board of Directors (Series C and C-1 elect a single member to the Board of Directors as a group). Any remaining members to the Board of Directors are elected by common and preferred shareholders, on an as-converted basis, as a single group. At December 31, 2024, no common or convertible preferred dividends have been declared.
The following table includes information regarding each series of convertible preferred stock as of December 31, 2024 and 2023:
Number of Shares OutstandingLiquidation PreferencePer Share
December 31,December 31,
Liquidation Price(A)
Dividends(B)
Conversion Rate(C)
2024202320242023
Series Seed16,100,540 16,100,540 $16,947 $16,947 $1.05 $0.08 $1.05 
Series A
32,860,461 32,860,461 41,759 41,759 1.27 0.10 1.27 
Series B29,448,787 29,448,787 73,519 73,519 2.50 0.20 2.50 
Series C11,238,629 11,238,629 85,000 85,000 7.56 0.61 7.56 
Series C-1504,081 504,081 3,050 3,050 6.05 0.48 6.05 
Series C-21,983,287 1,983,287 15,000 15,000 7.56 0.61 7.56 
Series D12,439,325 12,439,325 219,999 219,999 17.69 1.41 17.69 
Series E7,325,385 n.a.73,292 n.a.10.01 0.80 10.01 
Total111,900,495 104,575,110 $528,566 $455,275 
__________________
(A)In the event of any liquidation, dissolution, or winding up of the issuing entity, either voluntary or involuntary, the holders of preferred stock are entitled to receive, prior to and in preference over holders of common stock, an amount equal to the original issuance price as adjusted for dividends, stock splits, combinations, recapitalizations, or similar adjustments. If the issuing entity’s legally available assets are insufficient to satisfy the preferred stock liquidation preference, the funds will be distributed ratably among the preferred stock stockholders in proportion to their full liquidation preference. Following the above payments, all remaining legally available assets of the issuing entity, if any, are distributed to the holders of common and preferred stock on an as-converted basis.
(B)The holders of preferred stock are entitled to receive dividends, when and if declared by the Board of Directors, out of any of the issuing entity’s funds or assets legally available. The holders of preferred stock are entitled to receive dividends prior to, and in preference of, dividends declared on common stock. Dividends are non-cumulative and paid on a pari passu basis, with any additional dividends paid ratably among holders of common stock and preferred stock on an as-converted basis.
(C)Each share of preferred stock is convertible to common stock, at the option of the holder, at any time after the date of issuance at a specified rate. Each share of preferred stock will automatically convert into shares of common stock, at the then-effective conversion rate, upon the
earlier of: (i) a qualifying initial public offering with aggregate gross proceeds exceeding $50.0 million or, (ii) upon the issuing entity’s receipt of written consent by the holders of a majority of the then-outstanding shares of preferred stock, voting as a single class, on an as-converted basis.
Schedule of Information Regarding Series of Convertible Preferred Stock
The following table summarizes the Company’s equity instruments at September 30, 2025 and December 31, 2024:
September 30, 2025
Authorized Shares
Issued and Outstanding(A)
SharesWarrantsOptionsRSUs
Class A Common Stock, $0.0001 par value per share
1,000,000,000 174,853,649 456,909 27,470,601 6,189,477 
Class B Common Stock, $0.0001 par value per share
200,000,000 37,893,047 — 7,760,846 5,334,903 
Blockchain Common Stock, $0.0001 par value per share
500,000,000 — — — — 
Preferred Stock, $0.0001 par value per share
100,000,000 — — — — 
Total1,800,000,000 212,746,696 456,909 35,231,447 11,524,380 
December 31, 2024
Authorized Shares
Issued and Outstanding(A)
SharesWarrantsOptionsRSUs
Common Stock, $0.00001 par value per share
240,820,153 69,300,284 — 32,030,416 44,973,456 
Convertible Preferred Stock, $0.00001 par value per share
115,983,447 111,900,495 1,381,486 — — 
Total356,803,600 181,200,779 1,381,486 32,030,416 44,973,456 
__________________
(A)Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Equity Incentive Plan.
The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:
December 31, 2024Per Share
Number of Shares Outstanding
Liquidation PreferenceLiquidation PriceDividend RateConversion Price
Series Seed16,100,540 $16,947 $1.05 $0.08 $1.05 
Series A32,860,461 41,759 1.27 0.10 1.27 
Series B29,448,787 73,519 2.50 0.20 2.50 
Series C11,238,629 85,000 7.56 0.61 7.56 
Series C-1504,081 3,050 6.05 0.48 6.05 
Series C-21,983,287 15,000 7.56 0.61 7.56 
Series D12,439,325 219,999 17.69 1.41 17.69 
Series E7,325,385 73,292 10.01 0.80 10.01 
Total111,900,495 $528,566 
The following table summarizes the Company’s equity instruments at December 31, 2024 and 2023:
December 31, 2024(A)
Authorized Shares
Issued and Outstanding(B)
Shares(C)
WarrantsOptionsRSUs
Common Stock240,820,153 69,300,284 — 32,030,416 44,973,456 
Convertible Preferred Stock115,983,447 111,900,495 1,381,486 — — 
Total356,803,600 181,200,779 1,381,486 32,030,416 44,973,456 
December 31, 2023
Authorized Shares
Issued and Outstanding(B)
Shares(C)
WarrantsOptionsRSUs
Common Stock197,100,000 51,618,208 — 19,807,404 39,098,606 
Convertible Preferred Stock106,615,302 104,575,110 — — — 
Total303,715,302 156,193,318 — 19,807,404 39,098,606 
__________________
(A)Includes the equity instruments of both the 2018 Equity Incentive Plan and the 2024 Equity Incentive Plan.
(B)Except for common and convertible preferred shares, amounts represent the gross common or convertible preferred shares issuable upon exercise or vesting.
(C)Par value of $0.00001 per share. The holders of each share of common stock are entitled to voting rights equal to one vote for each share of common stock. The holder of each share of preferred stock is entitled to voting rights equal to the number of shares of common stock into which each share of preferred stock converts at the stated conversion rate. Common shareholders may elect six members to the Board of Directors. Except for Series C-2 and D convertible preferred stock, each series of convertible preferred stock, as a group, is entitled to elect one member to the Board of Directors (Series C and C-1 elect a single member to the Board of Directors as a group). Any remaining members to the Board of Directors are elected by common and preferred shareholders, on an as-converted basis, as a single group. At December 31, 2024, no common or convertible preferred dividends have been declared.
The following table includes information regarding each series of convertible preferred stock as of December 31, 2024 and 2023:
Number of Shares OutstandingLiquidation PreferencePer Share
December 31,December 31,
Liquidation Price(A)
Dividends(B)
Conversion Rate(C)
2024202320242023
Series Seed16,100,540 16,100,540 $16,947 $16,947 $1.05 $0.08 $1.05 
Series A
32,860,461 32,860,461 41,759 41,759 1.27 0.10 1.27 
Series B29,448,787 29,448,787 73,519 73,519 2.50 0.20 2.50 
Series C11,238,629 11,238,629 85,000 85,000 7.56 0.61 7.56 
Series C-1504,081 504,081 3,050 3,050 6.05 0.48 6.05 
Series C-21,983,287 1,983,287 15,000 15,000 7.56 0.61 7.56 
Series D12,439,325 12,439,325 219,999 219,999 17.69 1.41 17.69 
Series E7,325,385 n.a.73,292 n.a.10.01 0.80 10.01 
Total111,900,495 104,575,110 $528,566 $455,275 
__________________
(A)In the event of any liquidation, dissolution, or winding up of the issuing entity, either voluntary or involuntary, the holders of preferred stock are entitled to receive, prior to and in preference over holders of common stock, an amount equal to the original issuance price as adjusted for dividends, stock splits, combinations, recapitalizations, or similar adjustments. If the issuing entity’s legally available assets are insufficient to satisfy the preferred stock liquidation preference, the funds will be distributed ratably among the preferred stock stockholders in proportion to their full liquidation preference. Following the above payments, all remaining legally available assets of the issuing entity, if any, are distributed to the holders of common and preferred stock on an as-converted basis.
(B)The holders of preferred stock are entitled to receive dividends, when and if declared by the Board of Directors, out of any of the issuing entity’s funds or assets legally available. The holders of preferred stock are entitled to receive dividends prior to, and in preference of, dividends declared on common stock. Dividends are non-cumulative and paid on a pari passu basis, with any additional dividends paid ratably among holders of common stock and preferred stock on an as-converted basis.
(C)Each share of preferred stock is convertible to common stock, at the option of the holder, at any time after the date of issuance at a specified rate. Each share of preferred stock will automatically convert into shares of common stock, at the then-effective conversion rate, upon the
earlier of: (i) a qualifying initial public offering with aggregate gross proceeds exceeding $50.0 million or, (ii) upon the issuing entity’s receipt of written consent by the holders of a majority of the then-outstanding shares of preferred stock, voting as a single class, on an as-converted basis.
Summary of Stock-Based Compensation Expense The following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Condensed Consolidated Statements of Operations:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
General and administrative$16,850 $3,844 $20,370 $31,874 
Sales and marketing165 89 347 54 
Technology and product development2,822 3,064 9,560 6,311 
Operations and processing91 107 316 306 
Total equity-based compensation expense$19,928 $7,104 $30,593 $38,545 
The following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Consolidated Statements of Operations:
For the Years Ended
December 31,
20242023
General and administrative$35,423 $8,296 
Sales and marketing
136 804 
Technology and product development9,363 3,994 
Operations and processing
388 356 
Total equity-based compensation expense$45,310 $13,450 
Schedule of Unrecognized Compensation Expense
At September 30, 2025, the Company has not yet recognized compensation expense for the following awards:
Weighted Average Recognition Period (Years)SharesUnrecognized Compensation Expense
Vesting ConditionOptionsRSUsTotalOptionsRSUs
Time-based(A)
3.611,134,713 — 11,134,713 $67,382 $— 
Multiple(A)(B)
3.3— 10,222,338 10,222,338 — 148,163 
Total11,134,713 10,222,338 21,357,051 $67,382 $148,163 
__________________
(A)All awards vest over a period of two to four years, and most awards have a one year cliff vesting feature with quarterly vesting thereafter.
(B)Awards include a service period vesting condition, as noted above, as well as market based and liquidity-based vesting conditions. The liquidity event for awards which have that feature has been satisfied in connection with the IPO as of September 30, 2025.
At December 31, 2024, the Company has not yet recognized compensation expense for the following awards:
Weighted Average Recognition Period (Years)SharesUnrecognized Compensation Expense
Vesting ConditionOptionsRSUsTotalOptionsRSUs
Time-based(A)
3.110,548,284 — 10,548,284 $25,878 $— 
Multiple(A)(B)
n.a.— 5,874,850 5,874,850 — 28,317 
Total10,548,284 5,874,850 16,423,134 $25,878 $28,317 
__________________
(A)All awards vest over a period of two to four years, and most awards have a one year cliff vesting feature.
(B)Awards include a service period vesting condition, as noted above, and a liquidity-based vesting conditions. These awards require a liquidity event, as defined in the award agreement, that has neither occurred nor reasonably likely to occur at December 31, 2024.
Schedule of Noncontrolling Interests
The noncontrolling interests in the net income (loss) is computed as follows:
Three Months Ended September 30,
20252024
Net Income (Loss)
Noncontrolling Interest as a Percent of Total(A)
Noncontrolling Interest in Income (Loss) of Consolidated SubsidiariesNet Income
Noncontrolling Interest as a Percent of Total(A)
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries(B)
Figure REIT$321 44.9 %$147 $170 44.6 %$76 
Offshore Solana Fund3,559 2.8 99 411 2.8 12 
Total / weighted average$3,880 6.3 %$246 $581 15.0 %$88 
Nine Months Ended September 30,
20252024
Net Income (Loss)
Noncontrolling Interest as a Percent of Total(A)
Noncontrolling Interest in Income (Loss) of Consolidated SubsidiariesNet Income
Noncontrolling Interest as a Percent of Total(A)
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries(B)
Figure REIT$1,193 44.9 %$536 $4,802 44.6 %$2,143 
Offshore Solana Fund(1,084)2.8 (31)5,162 2.8 145 
Total / weighted average$109 24.9 %$505 $9,964 22.9 %$2,288 
__________________
(A)Represents the weighted average percentage of total noncontrolling shareholders’ net income (loss) in consolidated subsidiaries.
(B)Balances may not cross-foot due to rounding for presentation purposes in the Noncontrolling Interest as a Percent of Total shown.
The noncontrolling interests in the equity of consolidated subsidiaries is computed as follows:
September 30, 2025December 31, 2024
Total Consolidated EquityNoncontrolling Ownership Interest as a Percent of TotalNoncontrolling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityNoncontrolling Ownership Interest as a Percent of TotalNoncontrolling Interest in Equity of Consolidated Subsidiaries
Figure REIT$18,678 44.9 %$8,394 $18,261 44.6 %$7,769 
Offshore Solana Fund12,148 2.8 342 17,807 2.8 508 
Total / weighted average$30,826 28.3 %$8,736 $36,068 24.0 %$8,277 
The noncontrolling interests in the net income (loss) is computed as follows:
December 31, 2024December 31, 2023
Net Income (Loss)
Noncontrolling Interest as a Percent of Total(A)
Noncontrolling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)
Noncontrolling Interest as a Percent of Total(A)
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries
Figure REIT$5,509 44.6 %$2,458 $(9,989)44.6 %$(4,455)
Offshore Solana Fund8,627 2.8 243 n.a.n.a.n.a.
__________________
(A)Represents the weighted average percentage of total noncontrolling shareholders' net income (loss) in consolidated subsidiaries.
The noncontrolling interests in the equity of consolidated subsidiaries is computed as follows:
December 31, 2024December 31, 2023
Total Consolidated EquityNoncontrolling Ownership Interest as a Percent of TotalNoncontrolling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityNoncontrolling Ownership Interest as a Percent of TotalNoncontrolling Interest in Equity of Consolidated Subsidiaries
Figure REIT$18,261 44.6 %$7,769 $11,214 44.6 %$5,353 
Offshore Solana Fund17,807 2.8 508 n.a.n.a.n.a.