v3.26.1
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Equity Instruments
The following table summarizes the Company’s equity instruments at June 30, 2026 and December 31, 2025:
June 30, 2026
Authorized Shares(A)
Issued and Outstanding Shares
Potential Common Shares(B)
OptionsRSUs
Class A Common Stock, $0.0001 par value per share
1,000,000,000 178,794,505 19,776,526 5,351,099 
Class B Common Stock, $0.0001 par value per share
200,000,000 37,893,047 7,760,846 4,734,727 
Blockchain Common Stock, $0.0001 par value per share
500,000,000 6,941,715 — — 
Preferred Stock, $0.0001 par value per share
100,000,000 — — — 
Total1,800,000,000 223,629,267 27,537,372 10,085,826 
December 31, 2025
Authorized Shares(A)
Issued and Outstanding Shares
Potential Common Shares(B)
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 Common 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 
(A)    As authorized by the Company’s Charter. The holders of Class A common stock and Blockchain common stock are entitled to one vote for each share of common stock held. The holders of Class B common stock are entitled to ten votes for each share of common stock held.
(B)    Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan.
Schedule of Stock-Based Compensation Expense The following table presents the amount of stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
General and administrative$23,567 $1,795 $47,041 $3,521 
Technology and product development(A)
1,453 3,278 3,294 6,737 
Operations and processing180 148 332 225 
Sales and marketing898 103 1,309 182 
Total stock-based compensation expense$26,098 $5,324 $51,976 $10,665 
(A)    There was zero stock-based expense for warrants for the three and six months ended June 30, 2026.
Schedule of Unrecognized Compensation Expense
At June 30, 2026, 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)
3.06,952,212 4,562,091 11,514,303 $49,285 $150,238 
Multiple(A)(B)
2.2— 5,523,735 5,523,735 — 31,950 
Total6,952,212 10,085,826 17,038,038 $49,285 $182,188 
(A)    Awards typically vest over a period of 1 to 4 years and awards generally have a one year cliff vesting feature with quarterly or monthly vesting thereafter.
(B)    Awards include a service period vesting condition as well as market based and liquidity-based vesting conditions. The liquidity event for awards which have that feature has been satisfied in connection with the IPO.
Schedule of Noncontrolling Interests
The noncontrolling interests included in net income (loss) are computed as follows:
Three Months Ended June 30,
20262025
Net Income (Loss)
Non-controlling Interest as a % of Total(A)
Non-controlling Interest in Income of Consolidated Subsidiaries(B)
Net Income (Loss)
Non-controlling Interest as a % of Total(A)
Non-controlling Interest in Income of Consolidated Subsidiaries(B)
Figure REIT$— — %$— $(2)44.6 %$(1)
Offshore Solana Fund(358)2.8 (10)1,893 2.8 53 
Total$(358)$(10)$1,891 $52 
Six Months Ended June 30,
20262025
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)
Figure REIT$353 44.6 %$159 $872 44.6 %$389 
Offshore Solana Fund(2,382)2.8 (67)(4,643)2.8 (130)
Total$(2,029)$92 $(3,771)$259 
(A)    Represents the weighted average percentage of total noncontrolling shareholders’ net income (loss) in consolidated subsidiaries throughout the period, which may not agree to the percentages as calculated based on the ending balances presented above.
(B)    Balances may not cross-foot due to rounding for presentation purposes in the Noncontrolling Interest as a Percent of Total shown.
The noncontrolling interests in the equity of consolidated subsidiaries are computed as follows:
June 30, 2026December 31, 2025
Total Consolidated EquityNon-controlling Ownership Interest as a Percent of TotalNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityNon-controlling Ownership Interest as a Percent of TotalNon-controlling Interest in Equity of Consolidated Subsidiaries
Figure REIT$— — %$— $18,217 45.0 %$8,178 
Offshore Solana Fund(967)2.8 (27)6,602 2.8 186 
Total$(967)$(27)$24,819 $8,364