v3.25.4
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Equity Instruments
The following table summarizes the Company’s equity instruments at December 31, 2025 and 2024:
December 31, 2025
Authorized SharesIssued and Outstanding Shares
Potential Common Shares(A)
WarrantsOptionsRSUs
Class A Common Stock, $0.0001 par value per share
1,000,000,000 178,485,407 183,333 25,741,803 4,974,764 
Class B Commons Stock, $0.0001 par value per share
200,000,000 37,893,047 — 7,760,846 5,134,845 
Blockchain Common Stock, $0.0001 par value per share
500,000,000 — — — — 
Preferred Stock, $0.0001 par value per share
100,000,000 — — — — 
Total1,800,000,000 216,378,454 183,333 33,502,649 10,109,609 
December 31, 2024
Authorized SharesIssued and Outstanding Shares
Potential Common Shares(A)
WarrantsOptions
RSUs(B)
Common Stock, $0.00001 par value per share
240,820,153 69,300,284 — 32,030,416 5,874,850 
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 5,874,850 
(A)    Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan.
(B)    RSUs at December 31, 2024 have been corrected, which resulted in a decrease of 39,098,606 potential common shares disclosed as of December 31, 2024.
The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:
December 31, 2024Per Share
Number of Shares OutstandingLiquidation 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 
Schedule of Information Regarding Series of Convertible Preferred Stock
The following table summarizes the Company’s equity instruments at December 31, 2025 and 2024:
December 31, 2025
Authorized SharesIssued and Outstanding Shares
Potential Common Shares(A)
WarrantsOptionsRSUs
Class A Common Stock, $0.0001 par value per share
1,000,000,000 178,485,407 183,333 25,741,803 4,974,764 
Class B Commons Stock, $0.0001 par value per share
200,000,000 37,893,047 — 7,760,846 5,134,845 
Blockchain Common Stock, $0.0001 par value per share
500,000,000 — — — — 
Preferred Stock, $0.0001 par value per share
100,000,000 — — — — 
Total1,800,000,000 216,378,454 183,333 33,502,649 10,109,609 
December 31, 2024
Authorized SharesIssued and Outstanding Shares
Potential Common Shares(A)
WarrantsOptions
RSUs(B)
Common Stock, $0.00001 par value per share
240,820,153 69,300,284 — 32,030,416 5,874,850 
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 5,874,850 
(A)    Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan.
(B)    RSUs at December 31, 2024 have been corrected, which resulted in a decrease of 39,098,606 potential common shares disclosed as of December 31, 2024.
The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:
December 31, 2024Per Share
Number of Shares OutstandingLiquidation 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 
Schedule of Stock-Based Compensation Expense The following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Consolidated Statements of Operations:
Years Ended December 31,
202520242023
General and administrative$59,113 $35,423 $8,296 
Technology and product development(A)
12,036 9,363 3,994 
Operations and processing455 388 356 
Sales and marketing817 136 804 
Total equity-based compensation expense$72,421 $45,310 $13,450 
(A)    Technology and product development includes $9.5 million, $6.6 million, and zero equity-based expense for warrants for the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of Warrants or Rights
The warrants were valued at the grant date using the Black-Scholes option pricing model with the following assumptions:
Year ended December 31, 2025
LowHighWeighted Average
Expected Term (years)1.36.02.7
Volatility39.9%46.2%41.9%
Interest Rate4.0%4.3%4.1%
Dividend Yieldn.a.n.a.n.a.
The following table summarizes the warrants activity during the years ended December 31, 2025 and 2024:
Number of WarrantsWeighted Average Exercise PriceFair Value on Grant Date
Outstanding at December 31, 2023— $— $— 
Granted
1,462,119 3.23 10,215 
Exercised— — — 
Forfeited and cancelled— — — 
Outstanding at December 31, 20241,462,119 $3.23 $10,215 
Granted
1,005,200 3.23 8,827 
Exercised(2,283,986)3.23 17,626 
Forfeited and cancelled— — — 
Outstanding at December 31, 2025(A)
183,333 $3.23 $1,416 
Exercisable at December 31, 2025(B)
183,333 $3.23 $1,416 
(A)    At December 31, 2025, the weighted-average grant date fair values for outstanding warrants and exercisable warrants were $1.4 million, and the intrinsic value for outstanding warrants and exercisable warrants was $6.9 million.
(B)    Outstanding and exercisable warrants have a weighted average exercise period of 3.2 years at December 31, 2025.
Schedule of Share-Based Payment Award Stock Options Valuation Assumptions
The fair value of each option grant is estimated as of the grant date using the Black-Scholes option pricing model. The fair values of options granted during the years presented were determined using the following weighted average assumptions as of the grant date:
Years Ended December 31,
202520242023
LowHighWeighted
Average		LowHighWeighted
Average		LowHighWeighted
Average
Expected Term4.96.15.81.36.94.31.76.75.8
Volatility57.3%59.4%57.5%41.9 %59.2%53.0%45.5%64.3%54.2%
Interest Rate3.7%4.5%4.2%3.8%4.4%4.2%0.3%4.3%2.0%
Dividend Yieldn.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.
Fair Value$1.75 $7.21 $4.43 $2.83 $3.65 $3.35 $0.17 $3.81 $1.88 
The grant date assumptions of the stock options are as follows:
Year ended December 31, 2025Year ended December 31, 2024
LowHighWeighted
Average		LowHighWeighted
Average
Expected Term0.26.15.84.96.15.7
Volatility33.0%58.5%58.3%44.9%45.9%45.3%
Interest Rate4.0%4.5%4.1%3.7%4.3%4.2%
Dividend Yieldn.a.n.a.n.a.n.a.n.a.n.a.
Fair Value$0.18 $1.87 $1.63 $1.44 $1.59 $1.54 
The grant date assumptions of the stock options granted under the 2025 Plan are as follows:
Year ended December 31, 2025
LowHighWeighted
Average
Expected Term6.06.06.0
Volatility57.3%57.3%57.3%
Interest Rate3.7%3.7%3.7%
Dividend Yieldn.a.n.a.n.a.
Fair Value$14.26 $14.26 $14.26 
Schedule of Share-Based Payment Arrangement Option Activity
The following table reflects the activities of stock options granted under the 2018 Plan for the years ended December 31, 2025, 2024 and 2023:
Number of OptionsWeighted-Average
Exercise Price(A)
Remaining Life (Years)(B)
Grant Date Fair Value(C)
Outstanding at December 31, 202219,623,139 $3.79 8.2$2.05 
Granted3,593,104 5.47 n.a.3.26 
Exercised(582,905)1.94 n.a.1.00 
Forfeited and cancelled(2,801,990)4.93 n.a.2.70 
Outstanding at December 31, 202319,831,348 $4.07 7.7$2.14 
Granted15,613,098 4.71 n.a.4.41 
Exercised(1,153,803)2.75 n.a.1.49 
Forfeited and cancelled(4,642,073)4.11 n.a.2.65 
Outstanding at December 31, 202429,648,570 $4.45 6.1$3.28 
Granted1,726,700 7.76 n.a.4.43 
Exercised(1,791,680)2.69 n.a.1.15 
Forfeited and cancelled(1,467,371)4.67 n.a.2.30 
Outstanding at December 31, 202528,116,219 $4.75 4.82$3.54 
At December 31, 2025
Options Exercisable22,540,335 $4.57 4.57$3.64 
(A)    The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the issuing entity’s common shares, which was $36.09 per common share of FTS as of December 31, 2025.
(B)    Options expire on the 10th anniversary of the original grant.
(C)    For the year ended December 31, 2025, the Company used risk-free rates, estimated common stock volatility, expected term, and dividend yield as inputs and the fair value of the Company’s common stock as a key input to estimate the grant date fair value using the Black-Scholes method. The Company does not assume dividend payments, as it does not pay dividends, and estimates common stock volatilities using the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term. The Company estimates the grant-date fair value of awards using the contractual term of award, if any, including discounts for applicable post-vesting restrictions such as remaining in the service to the business except as otherwise amended estimated using Black-Scholes method.
The following table reflects the activities of stock options granted under the 2024 Plan for the years ended December 31, 2025 and 2024; there was no activity in the year ended December 31, 2023.
Number of OptionsWeighted-Average
Exercise Price(A)
Remaining Life (Years)(B)
Grant Date Fair Value(C)
Outstanding at December 31, 2023— $— $— $— 
Granted2,866,300 3.23 n.a.1.54 
Exercised(216,223)3.23 n.a.1.49 
Forfeited and cancelled(268,231)3.23 n.a.1.59 
Outstanding at December 31, 20242,381,846 3.23 9.61.54 
Granted306,006 5.13 n.a.1.63 
Exercised(180,184)3.23 n.a.1.84 
Forfeited and cancelled(322,180)3.93 n.a.1.72 
Outstanding at December 31, 20252,185,488 $3.39 5.6$1.50 
At December 31, 2025
Options Exercisable1,176,697 $3.31 5.3$1.21 
(A)    The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the issuing entity’s common shares, which was $37.45 per common share.
(B)    Options expire on the 10th anniversary of the original grant.
(C)    For the year ended December 31, 2025, the Company used risk-free rates, estimated common stock volatility, expected term, and dividend yield as inputs and the fair value of the Company’s common stock as a key input to estimate the grant date fair value using the Black-Scholes method. The Company does not assume dividend payments, as it does not pay dividends, and estimates common stock volatilities using the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term. The Company estimates the grant-date fair value of awards using the contractual term of award, if any, including discounts for applicable post-vesting restrictions such as remaining in the service to the business except as otherwise amended estimated using Black-Scholes method.
The following table reflects the activities of stock options granted under the 2025 Plan for the year ended December 31, 2025; there was no activity in the years ended December 31, 2024 and 2023.
Number of OptionsWeighted-Average
Exercise Price(A)
Remaining Life (Years)(B)
Grant Date Fair Value(C)
Outstanding at December 31, 2024— $— — $— 
Granted3,200,942 25.00 n.a.14.26 
Exercised— — n.a.— 
Forfeited and cancelled— — n.a.— 
Outstanding at December 31, 20253,200,942 $25.00 6.0$14.26 
At December 31, 2025
Options Exercisable200,058 $25.00 6.0$14.26 
(A)    The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the issuing entity’s common shares, which was $15.84 per common share of FTS, respectively, at December 31, 2025.
(B)    Options expire on the 10th anniversary of the original grant.
(C)    For the year ended December 31, 2025, the Company used risk-free rates, estimated common stock volatility, expected term, and dividend yield as inputs and the fair value of the Company’s common stock as a key input to estimate the grant date fair value using the Black-Scholes method. The Company does not assume dividend payments, as it does not pay dividends, and estimates common stock volatilities using the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term. The Company estimates the grant-date fair value of awards using the contractual term of award, if any, including discounts for applicable post-vesting restrictions such as remaining in the service to the business except as otherwise amended estimated using Black-Scholes method.
Schedule of Nonvested Restricted Stock Units Activity
The following table reflects the activities of RSUs granted under the 2018 Plan for the years ended December 31, 2025 and 2024; there was no activity in the year ended December 31, 2023.
Number of RSUsWeighted Average Grant Date Fair Value
Unvested at December 31, 2023— $— 
Granted5,874,850 4.82 
Vested— — 
Forfeited and cancelled— — 
Unvested at December 31, 20245,874,850 4.82 
Granted602,284 10.48 
Vested(2,251,468)6.07 
Forfeited and cancelled(30,000)9.98 
Unvested at December 31, 20254,195,666 $4.92 
The following table reflects the activities of RSU awards granted under the 2025 Plan for the year ended December 31, 2025; there was no activity in the years ended December 31, 2024 and 2023.
Number of RSUsWeighted Average Grant Date Fair Value
Unvested at December 31, 2024— $— 
Granted6,352,695 26.95 
Vested(438,752)31.70 
Forfeited and cancelled— — 
Unvested at December 31, 20255,913,943 $27.09 
Schedule of Unrecognized Compensation Expense
At December 31, 2025, the Company has not yet recognized compensation expense for the following awards:
Vesting ConditionWeighted Average Recognition Period (Years)SharesUnrecognized Compensation Expense
OptionsRSUsTotalOptionsRSUs
Time-based(A)
3.59,585,559 3,007,454 12,593,013 $63,081 $101,264 
Multiple(A)(B)
1.1— 6,512,752 6,512,752 — 49,550 
Total9,585,559 9,520,206 19,105,765 $63,081 $150,814 
(A)    Awards typically vest over a period of 1 to 4 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 December 31, 2025.
Schedule of Noncontrolling Interests
The following amounts relate to equity interests held by the third-party investors in a real estate investment trust subsidiary, Figure REIT, Inc. (“Figure REIT”) and the Figure Markets Offshore Opportunity Investment Fund L.P. (“Offshore Solana Fund”) both of which the Company consolidates, but does not wholly-own.
The noncontrolling interests included in net income (loss) are computed as follows:
Years Ended December 31,
202520242023
Net Income (Loss)
Non-controlling Interest as a % of Total(A)
Non-controlling Interest in Income of Consolidated Subsidiaries(B)
Net Income (Loss)
Non-controlling Interest as a % of Total(A)
Non-controlling Interest in Income of Consolidated Subsidiaries(B)
Net Income (Loss)
Non-controlling Interest as a % of Total(A)
Non-controlling Interest in Loss of Consolidated Subsidiaries(B)
Figure REIT$1,302 45.0 %$584 $5,509 44.6 %$2,458 $(9,989)44.6 %$(4,455)
Offshore Solana Fund(5,729)2.8 (161)8,627 2.8 243 n.a.n.a.n.a.
Total$(4,427)$423 $14,136 $2,701 $(9,989)$(4,455)
(A)    Represents the weighted average percentage of total noncontrolling shareholders’ net income (loss) in consolidated subsidiaries throughout the period, which may not agree to the percentages as calculated based on the ending balances presented above.
(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 are computed as follows:
December 31, 2025December 31, 2024
Total Consolidated EquityNon-controlling Ownership Interest as a Percent of TotalNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityNon-controlling Ownership Interest as a Percent of TotalNon-controlling Interest in Equity of Consolidated Subsidiaries
Figure REIT$18,217 45.0 %$8,178 $18,261 44.6 %$7,769 
Offshore Solana Fund6,602 2.8 186 17,807 2.8 508 
Total$24,819 $8,364 $36,068 $8,277