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EQUITY (Tables) | 9 Months Ended
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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)
|  | Shares |  | Warrants |  | Options |  | RSUs |  |
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 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | 1,800,000,000 |  |  | 212,746,696 |  |  | 456,909 |  |  | 35,231,447 |  |  | 11,524,380 |  |  |
| December 31, 2024
Authorized Shares |  | Issued and Outstanding(A)
| Shares |  | Warrants |  | Options |  | RSUs |  |
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 |  |  | — |  |  | — |  |  |
Total | 356,803,600 |  |  | 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, 2024 |  | Per Share
| Number of Shares Outstanding |  | Liquidation Preference |  | Liquidation Price |  | Dividend Rate |  | Conversion Price
Series Seed | 16,100,540 |  |  | $ | 16,947 |  |  | $ | 1.05 |  |  | $ | 0.08 |  |  | $ | 1.05 |
Series A | 32,860,461 |  |  | 41,759 |  |  | 1.27 |  |  | 0.10 |  |  | 1.27 |
Series B | 29,448,787 |  |  | 73,519 |  |  | 2.50 |  |  | 0.20 |  |  | 2.50 |
Series C | 11,238,629 |  |  | 85,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series C-1 | 504,081 |  |  | 3,050 |  |  | 6.05 |  |  | 0.48 |  |  | 6.05 |
Series C-2 | 1,983,287 |  |  | 15,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series D | 12,439,325 |  |  | 219,999 |  |  | 17.69 |  |  | 1.41 |  |  | 17.69 |
Series E | 7,325,385 |  |  | 73,292 |  |  | 10.01 |  |  | 0.80 |  |  | 10.01 |
Total | 111,900,495 |  |  | $ | 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) |  | Warrants |  | Options |  | RSUs |  |
Common Stock | 240,820,153 |  |  | 69,300,284 |  |  | — |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
Convertible Preferred Stock | 115,983,447 |  |  | 111,900,495 |  |  | 1,381,486 |  |  | — |  |  | — |  |  |
Total | 356,803,600 |  |  | 181,200,779 |  |  | 1,381,486 |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
| December 31, 2023
| Authorized Shares |  | Issued and Outstanding(B)
|  | Shares(C) |  | Warrants |  | Options |  | RSUs |  |
Common Stock | 197,100,000 |  |  | 51,618,208 |  |  | — |  |  | 19,807,404 |  |  | 39,098,606 |  |  |
Convertible Preferred Stock | 106,615,302 |  |  | 104,575,110 |  |  | — |  |  | — |  |  | — |  |  |
Total | 303,715,302 |  |  | 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 Outstanding |  | Liquidation Preference |  | Per Share
| December 31, |  | December 31, |  | Liquidation Price(A) |  | Dividends(B) |  | Conversion Rate(C)
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Series Seed | 16,100,540 |  |  | 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 B | 29,448,787 |  |  | 29,448,787 |  |  | 73,519 |  |  | 73,519 |  |  | 2.50 |  |  | 0.20 |  |  | 2.50 |
Series C | 11,238,629 |  |  | 11,238,629 |  |  | 85,000 |  |  | 85,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series C-1 | 504,081 |  |  | 504,081 |  |  | 3,050 |  |  | 3,050 |  |  | 6.05 |  |  | 0.48 |  |  | 6.05 |
Series C-2 | 1,983,287 |  |  | 1,983,287 |  |  | 15,000 |  |  | 15,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series D | 12,439,325 |  |  | 12,439,325 |  |  | 219,999 |  |  | 219,999 |  |  | 17.69 |  |  | 1.41 |  |  | 17.69 |
Series E | 7,325,385 |  |  | n.a. |  | 73,292 |  |  | n.a. |  | 10.01 |  |  | 0.80 |  |  | 10.01 |
Total | 111,900,495 |  |  | 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)
|  | Shares |  | Warrants |  | Options |  | RSUs |  |
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 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total | 1,800,000,000 |  |  | 212,746,696 |  |  | 456,909 |  |  | 35,231,447 |  |  | 11,524,380 |  |  |
| December 31, 2024
Authorized Shares |  | Issued and Outstanding(A)
| Shares |  | Warrants |  | Options |  | RSUs |  |
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 |  |  | — |  |  | — |  |  |
Total | 356,803,600 |  |  | 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, 2024 |  | Per Share
| Number of Shares Outstanding |  | Liquidation Preference |  | Liquidation Price |  | Dividend Rate |  | Conversion Price
Series Seed | 16,100,540 |  |  | $ | 16,947 |  |  | $ | 1.05 |  |  | $ | 0.08 |  |  | $ | 1.05 |
Series A | 32,860,461 |  |  | 41,759 |  |  | 1.27 |  |  | 0.10 |  |  | 1.27 |
Series B | 29,448,787 |  |  | 73,519 |  |  | 2.50 |  |  | 0.20 |  |  | 2.50 |
Series C | 11,238,629 |  |  | 85,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series C-1 | 504,081 |  |  | 3,050 |  |  | 6.05 |  |  | 0.48 |  |  | 6.05 |
Series C-2 | 1,983,287 |  |  | 15,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series D | 12,439,325 |  |  | 219,999 |  |  | 17.69 |  |  | 1.41 |  |  | 17.69 |
Series E | 7,325,385 |  |  | 73,292 |  |  | 10.01 |  |  | 0.80 |  |  | 10.01 |
Total | 111,900,495 |  |  | $ | 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) |  | Warrants |  | Options |  | RSUs |  |
Common Stock | 240,820,153 |  |  | 69,300,284 |  |  | — |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
Convertible Preferred Stock | 115,983,447 |  |  | 111,900,495 |  |  | 1,381,486 |  |  | — |  |  | — |  |  |
Total | 356,803,600 |  |  | 181,200,779 |  |  | 1,381,486 |  |  | 32,030,416 |  |  | 44,973,456 |  |  |
| December 31, 2023
| Authorized Shares |  | Issued and Outstanding(B)
|  | Shares(C) |  | Warrants |  | Options |  | RSUs |  |
Common Stock | 197,100,000 |  |  | 51,618,208 |  |  | — |  |  | 19,807,404 |  |  | 39,098,606 |  |  |
Convertible Preferred Stock | 106,615,302 |  |  | 104,575,110 |  |  | — |  |  | — |  |  | — |  |  |
Total | 303,715,302 |  |  | 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 Outstanding |  | Liquidation Preference |  | Per Share
| December 31, |  | December 31, |  | Liquidation Price(A) |  | Dividends(B) |  | Conversion Rate(C)
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Series Seed | 16,100,540 |  |  | 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 B | 29,448,787 |  |  | 29,448,787 |  |  | 73,519 |  |  | 73,519 |  |  | 2.50 |  |  | 0.20 |  |  | 2.50 |
Series C | 11,238,629 |  |  | 11,238,629 |  |  | 85,000 |  |  | 85,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series C-1 | 504,081 |  |  | 504,081 |  |  | 3,050 |  |  | 3,050 |  |  | 6.05 |  |  | 0.48 |  |  | 6.05 |
Series C-2 | 1,983,287 |  |  | 1,983,287 |  |  | 15,000 |  |  | 15,000 |  |  | 7.56 |  |  | 0.61 |  |  | 7.56 |
Series D | 12,439,325 |  |  | 12,439,325 |  |  | 219,999 |  |  | 219,999 |  |  | 17.69 |  |  | 1.41 |  |  | 17.69 |
Series E | 7,325,385 |  |  | n.a. |  | 73,292 |  |  | n.a. |  | 10.01 |  |  | 0.80 |  |  | 10.01 |
Total | 111,900,495 |  |  | 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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
General and administrative |  | $ | 16,850 |  |  | $ | 3,844 |  |  | $ | 20,370 |  |  | $ | 31,874 |
Sales and marketing |  | 165 |  |  | 89 |  |  | 347 |  |  | 54 |
Technology and product development |  | 2,822 |  |  | 3,064 |  |  | 9,560 |  |  | 6,311 |
Operations and processing |  | 91 |  |  | 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,
| 2024 |  | 2023
General and administrative | $ | 35,423 |  |  | $ | 8,296 |
Sales and marketing | 136 |  |  | 804 |
Technology and product development | 9,363 |  |  | 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) |  | Shares |  | Unrecognized Compensation Expense
Vesting Condition |  |  | Options |  | RSUs |  |  |  | Total |  | Options |  | RSUs
Time-based(A) |  | 3.6 |  | 11,134,713 |  |  | — |  |  |  |  | 11,134,713 |  |  | $ | 67,382 |  |  | $ | — |
Multiple(A)(B) |  | 3.3 |  | — |  |  | 10,222,338 |  |  |  |  | 10,222,338 |  |  | — |  |  | 148,163 |
Total |  |  |  | 11,134,713 |  |  | 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) |  | Shares |  | Unrecognized Compensation Expense
Vesting Condition |  |  | Options |  | RSUs |  |  |  | Total |  | Options |  | RSUs |  |
Time-based(A) |  | 3.1 |  | 10,548,284 |  |  | — |  |  |  |  | 10,548,284 |  |  | $ | 25,878 |  |  | $ | — |  |  |
Multiple(A)(B) |  | n.a. |  | — |  |  | 5,874,850 |  |  |  |  | 5,874,850 |  |  | — |  |  | 28,317 |  |  |
Total |  |  |  | 10,548,284 |  |  | 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,
| 2025 |  | 2024
| Net Income (Loss) |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries |  | Net 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 Fund | 3,559 |  |  | 2.8 |  |  | 99 |  |  | 411 |  |  | 2.8 |  |  | 12 |
Total / weighted average | $ | 3,880 |  |  | 6.3 | % |  | $ | 246 |  |  | $ | 581 |  |  | 15.0 | % |  | $ | 88 |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Net Income (Loss) |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries |  | Net 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, 2025 |  | December 31, 2024
| Total Consolidated Equity |  | Noncontrolling Ownership Interest as a Percent of Total |  | Noncontrolling Interest in Equity of Consolidated Subsidiaries |  | Total Consolidated Equity |  | Noncontrolling Ownership Interest as a Percent of Total |  | Noncontrolling Interest in Equity of Consolidated Subsidiaries
Figure REIT | $ | 18,678 |  |  | 44.9 | % |  | $ | 8,394 |  |  | $ | 18,261 |  |  | 44.6 | % |  | $ | 7,769 |
Offshore Solana Fund | 12,148 |  |  | 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, 2024 |  | December 31, 2023
| Net Income (Loss) |  | Noncontrolling Interest as a Percent of Total(A) |  | Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries |  | Net 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 Fund | 8,627 |  |  | 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, 2024 |  | December 31, 2023
| Total Consolidated Equity |  | Noncontrolling Ownership Interest as a Percent of Total |  | Noncontrolling Interest in Equity of Consolidated Subsidiaries |  | Total Consolidated Equity |  | Noncontrolling Ownership Interest as a Percent of Total |  | Noncontrolling Interest in Equity of Consolidated Subsidiaries
Figure REIT | $ | 18,261 |  |  | 44.6 | % |  | $ | 7,769 |  |  | $ | 11,214 |  |  | 44.6 | % |  | $ | 5,353 |
Offshore Solana Fund | 17,807 |  |  | 2.8 |  |  | 508 |  |  | n.a. |  | n.a. |  | n.a.

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