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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 
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 
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 
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.
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 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