0002064124-26-000029 | 10-Q | XBRL Viewer | Figure Technology Solutions INC

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COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 28, 2025
Other Commitments [Line Items]
Loans originated or purchased, borrowers permitted to draw amounts after original origination date, period	5 years
Commitment to lend	$ 118,900		$ 105,100
Commitment to lend, settled within a week	53,100		$ 16,900
Gains (losses) on loans repurchase obligations	(47)	$ (1,600)
Lease rent expense	700	700
ROU assets	4,800
Lease liabilities	$ 5,260
Weighted average remaining lease term	4 years 3 months 18 days		4 years 2 months 12 days
Weighted average discount rate, percent	1.00%		1.00%
Lease payments	$ 700	$ 700
Joint Venture
Other Commitments [Line Items]
Noncontrolling owner, interest percentage				5.00%
Joint Venture
Other Commitments [Line Items]
Contractual obligation				$ 10,500
Contributed capital	0
Obligation to Repurchase Receivables Sold
Other Commitments [Line Items]
Unpaid principal balance	2,000,000
Contractual obligation	16,800
Loss contingency accrual	$ (5,900)

INVESTMENTS - Schedule of Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investees:	$ 13,532	$ 5,381
Measurement alternative investments	2,419	1,419	$ 1,542
Total equity investments	$ 15,951	$ 6,800
Domestic Solana Fund
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percentage	4.80%	4.80%
Equity method investees:	$ 1,252	$ 2,104
Reflow Services, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percentage	17.30%	17.30%
Equity method investees:	$ 50	$ 800
Fig SIX Mortgage, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percentage	5.00%	5.00%
Equity method investees:	$ 2,477	$ 2,477
Evergreen Funds
Schedule of Equity Method Investments [Line Items]
Equity method investees:	$ 9,753	$ 0
VS Evergreen Fund GP LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percentage	33.30%	33.30%
VS Evergreen Financing Fund LP
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest, percentage	55.00%	55.00%

INVESTMENTS

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The Company holds investments across three primary categories: marketable securities that represent the interests it is required to retain upon securitizing loans in transactions that are considered sales under GAAP; digital assets, in the form of cryptocurrencies or digital financial assets, held and held as collateral for personal loans; and investments in entities that the Company does not consolidate.

Marketable Securities

The following table summarizes the Company’s marketable securities at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	231,279	$	683	$	231,962
Below investment grade debt securities(D)	35,075		(524)		34,551
Residual interest securities(E)	32,702		(787)		31,915
Total marketable securities, at fair value	$	299,056	$	(628)	$	298,428

	December 31, 2025
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	202,358	$	1,500	$	203,858
Below investment grade debt securities(D)	29,648		(521)		29,127
Residual interest securities(E)	40,803		(637)		40,166
Total marketable securities, at fair value	$	272,809	$	342	$	273,151

(A) The total outstanding face amount represents the aggregate face amount of the debt securities outstanding at each period end.

(B) The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. The total carrying value includes $263.9 million and $231.8 million of debt securities collateralized under repurchase agreements at March 31, 2026 and December 31, 2025, respectively. See Notes 6 and 12 for additional information regarding the retained interest facility and valuation of the Company’s marketable securities, respectively.

(D) Represents debt securities rated below A- by DBRS Morningstar or comparable rating by other rating agencies.

(E) Represents residual interests and non-rated securities in securitizations that are not considered debt securities, including 24 and 20 non-rated securities with aggregate outstanding face amounts of $15.5 million and $20.9 million at March 31, 2026 and December 31, 2025, respectively, and 19 and 15 interest-only securities based upon aggregate outstanding principal amounts of $17.2 million and $19.9 million at March 31, 2026 and December 31, 2025, respectively.

Digital Assets

Digital Assets Held as Collateral

The Company records digital assets and the corresponding liability for digital assets held as collateral at fair value, and the Company does not consider the cost basis to be meaningful. While the collateral is in the Company’s control, the Company has the ability to use the collateral for loan, margin, rehypothecation, or other similar activities to which the Company or its affiliates are a party, however, chooses not to do so without the customer’s consent and such assets are held solely for the purpose of securing the related loans. Digital assets held for collateral are included in “Digital assets” in the Condensed Consolidated Balance Sheets. The Company originates loans collateralized by digital assets and recorded a corresponding $31.1 million and $52.6 million liability at March 31, 2026 and December 31, 2025, respectively, representing the fair value of digital assets owed to the borrower in the event of loan repayment that is included in “Other current liabilities” in the Condensed Consolidated Balance Sheets.

See Note 12 for additional information regarding the valuation of these assets and liabilities.

The following table summarizes the significant digital assets held as collateral at March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
	Units	Fair Value		Units	Fair Value
Digital assets held as collateral:
Bitcoin (BTC)	387	26,377		527	$	46,119
Ethereum (ETH)	2,265	4,767		2,173	6,450
Total digital assets held as collateral		$	31,144		$	52,569

The Company engages a third party custodian to hold digital assets as collateral in an account in the Company’s name, and provide custodial services including holding the cryptographic key information and working to protect the digital assets from loss or theft. The Company maintains internal recordkeeping of the digital asset collateral, including the amount and type of digital asset owned by each borrower.

Digital Assets Held

Digital Assets Held at Fair Value

The Company records digital assets held at fair value in both “Digital assets” and “Digital assets, non-current” in the Condensed Consolidated Balance Sheets, depending on the nature of the underlying asset and related restrictions. See Notes 2 and 12 for additional information regarding the classification and valuation of these assets.

The following table summarizes digital assets held at fair value by the Company, and by third-party custodians on behalf of the Company, at March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Digital assets held at fair value:
Solana (SOL)(A)	92,343	$	11,053	$	7,664	87,707	$	10,731	$	10,918
United States Dollar Tether (USDT)	1,044,053	1,044		1,044		958,734	959		959
Kamino Liquidity Pools	Various	23,644		23,645		Various	23,485		23,510
Other digital assets(B)	Various	1,092		900		Various	475		555
Total digital assets held at fair value		$	36,833	$	33,253		$	35,650	$	35,942

(A) Includes 47,698 Solana (“SOL”) at March 31, 2026 that are subject to a lock-up period through January 2028 and unlocked on a monthly basis based on a contractual schedule. The locked tokens are not accessible, are staked, and earn rewards during the lock up period.

(B) Includes various other digital asset balances, none of which individually represented more than 5% of the fair value of total digital assets held at fair value.

Digital Assets Held at Cost

The Company records digital assets held at cost, net of impairment, in “Digital assets” in the Condensed Consolidated Balance Sheets. The following table summarizes digital assets held at cost by the Company, and by third-party custodians on behalf of the Company, at March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	Units	Cost Basis		Carrying Value		Units	Cost Basis		Carrying Value
Digital assets held at cost:
HASH(A)	19,846,262,501	$	11,883	$	11,883	19,873,741,886	$	11,691	$	11,691
Total digital assets held at cost		$	11,883	$	11,883		$	11,691	$	11,691

(A) Represents native utility tokens used by the Company as a medium of exchange (“HASH”), maintained by an affiliated entity. See Note 11 for additional information regarding the related party relationship.

Digital Assets Activity

The following table summarizes activities involving the Company’s digital assets for the three months ended March 31, 2026 and 2025:


	Held as Collateral		Held at Fair Value(A)		Held at Cost
Balance at December 31, 2024	$	64,439	$	19,207	$	1,506
Purchases(B)	—		1,619		—
Sales(C)	—		(2,595)		—
Collateral received(D)	19,280		—		—
Collateral returned(D)	(11,217)		—		—
Gains(E)	—		2,338		—
Distributions from Fund I(F)	—		1,177		—
Change in fair value(G)	(12,660)		(7,782)		—
Balance at March 31, 2025	$	59,842	$	13,964	$	1,506

Balance at December 31, 2025	$	52,569	$	35,942	$	11,691
Purchases(B)	—		825		901
Sales(C)	—		(32)		(709)
Collateral received(D)	11,491		—		—
Collateral returned(D)	(21,326)		—		—
Gains(E)	—		274		—
Distributions from Fund I(F)	—		374		—
Change in fair value(G)	(11,590)		(4,130)		—
Balance at March 31, 2026	$	31,144	$	33,253	$	11,883

(A) Period activity for the three months ended March 31, 2025 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $(0.4) million change to Purchases activity and a $0.3 million change to Sales activity for the three months ended March 31, 2025. See Note 2, Change in Accounting Principle, for further details.

(B) Includes receipts of digital assets held resulting from the disbursement of cash.

(C) Includes transactions related to the settlement and transfer of digital assets held in exchange for the receipt of cash.

(D) Collateral received and returned includes movements impacting digital assets held as collateral associated with borrower personal loan activities which can include receipt of digital assets held as collateral related to loan originations, combined loan to value maintenance, and returns of collateral owed to the borrower once a loan has been repaid.

(E) Includes realized gains incurred on the sale of digital assets held for sale, and the recognition of income associated to blockchain staking rewards which are reflected in “Other expense, net” in the Condensed Consolidated Statements of Operations. No realized gains were recorded for digital assets held as collateral, as the liquidation of collateral reduces the corresponding liability and cash proceeds are applied to the borrower’s personal loan balance.

(F) Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a domestic fund that invests primarily in SOL.

(G) There is a corresponding liability to return digital assets held as collateral that is an embedded derivative. The embedded derivative and the host contract are reported within “Other current liabilities” on the Condensed Consolidated Balance Sheets. The change in the fair value of the embedded derivative and the change in the digital assets held as collateral have a naturally offsetting relationship and are recorded within “Other expense, net” on the Condensed Consolidated Statements of Operations.

Equity Investments

The Company holds the following minority investments in certain entities not considered significant to the Company and recorded within “Other non-current assets” in the Condensed Consolidated Balance Sheets, with the Company’s share of net income of equity-method investees recorded as “Other revenue” in the Condensed Consolidated Statements of Operations. The following table presents the carrying value of these investments at March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Equity Interest		Investment		Investment
Equity method investees:
Domestic Solana Fund	4.8	%	$	1,252	$	2,104
Reflow Services, LLC	17.3	%	50		800
Fig SIX Mortgage, LLC	5.0	%	2,477		2,477
Evergreen Funds(A)	(A)		9,753		—
Total equity method investments			13,532		5,381
Measurement alternative investments			2,419		1,419
Total equity investments			$	15,951	$	6,800

(A) The Evergreen Funds represent the Company’s 33.3% and 55% interest in VS Evergreen Fund GP LLC and VS Evergreen Financing Fund LP, respectively. The Company does not consolidate the Evergreen Funds as the Company is not the primary beneficiary.

The following table summarizes activities involving the Company’s equity investments:


	Equity Method Investments		Measurement Alternative Investments		Total
Balance at December 31, 2024	$	6,668	$	1,542	$	8,210
Share of investee earnings	(2,180)		—		(2,180)
Dividends received	(1,801)		—		(1,801)
Contributions	58		—		58
Measurement alternative adjustments	n.a.		—		—


Balance at March 31, 2025	$	2,745	$	1,542	$	4,287

Balance at December 31, 2025	$	5,381	$	1,419	$	6,800
Share of investee earnings	(417)		—		(417)
Dividends received	(1,184)		—		(1,184)
Contributions	9,752		1,000		10,752
Measurement alternative adjustments	n.a.		—		—


Balance at March 31, 2026	$	13,532	$	2,419	$	15,951

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, the Company made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The Condensed Consolidated Financial Statements include the accounts of the Company and the combined wholly-owned subsidiaries over which the Company controls significant operating, financial, and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which the Company is determined to have a controlling financial interest.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2026, or for any other period. Further, the balance sheet as of December 31, 2025, has been derived from the audited Consolidated Balance Sheet as of this date. There have been no material changes, other than what is discussed herein, to the Company's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Change in Financial Statement Presentation

Marketable Securities Income, net

As of March 31, 2026, the Company voluntarily elected to change its income statement presentation for net gains and losses on the change in fair value of marketable securities, and the interest income earned on marketable securities, by reclassifying them into a separate line item, “Marketable securities income, net”. Previously, these amounts were included within “Gain on sale of loans, net” and “Interest income”, respectively.

This change in classification has been applied retrospectively to all periods presented. It had no impact on the Condensed Consolidated Balance Sheets and no effect on previously reported total assets, total liabilities, equity, net income, or earnings per share for any period presented.

The following tables present the impact to the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows as a result of this change for the three months ended March 31, 2025.


	Three Months Ended March 31, 2025
Condensed Consolidated Statements of Operations	As Reported		Adjustment		Recast
Interest income	$	16,606	$	(5,382)	$	11,224
Gain on sale of loans, net	32,023		(2,231)		29,792
Marketable securities income, net	—		7,613		7,613


	Three Months Ended March 31, 2025
Condensed Consolidated Statements of Cash Flows	As Reported		Adjustment		Recast
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of loans, net	$	(32,023)	$	2,231	$	(29,792)
Change in fair value of marketable securities	—		(2,231)		(2,231)

Customer Deposit Liability

As of March 31, 2026, the Company voluntarily elected to change its presentation of cash flow activity in connection with deposits held for customer marketplace transactions. Such activity was previously reflected within operating activities in the “Accounts payable and other liabilities” line item, and are now presented in financing activities in the “Net changes in customer deposit liabilities” line item. The amounts for the three months ended March 31, 2025 were $6.5 million. The change in presentation had no impact on the Condensed Consolidated Financial Statements, other than the reclassification of amounts within the Condensed Consolidated Statements of Cash Flows captions as described herein. The movement between customer deposit liabilities and YLDS (debt) is presented as cash payments and receipts.

Change in Accounting Principle

Accounting for payment stablecoins

As of December 31, 2025, the Company voluntarily elected to change its method of accounting for payment stablecoins to classify them as cash equivalents and applied the change retrospectively. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of the change in accounting principle.

The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of this change to the three months ended March 31, 2025; there was no impact to the Condensed Consolidated Statements of Cash Flows beyond the line items shown below.


	Three Months Ended March 31, 2025
	As Reported		Adjustment		Recast
Investing activities:
Purchases of digital assets	$	(2,053)	$	434	$	(1,619)
Proceeds from sales of digital assets	2,899		(304)		2,595

Change in Statement of Cash Flow Presentation Related to Retained Beneficial Interests in Loan Securitizations

As of December 31, 2025, the Company corrected the presentation of certain retained beneficial interests in loan securitization transactions within the Condensed Consolidated Statements of Cash Flows and applied the correction retrospectively. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of the correction.

The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of the correction for the three months ended March 31, 2025; there was no impact to the Condensed Consolidated Statements of Cash Flows beyond the line items shown below.


	Three Months Ended March 31, 2025
	As Reported		Adjustment		As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases	$	994,870	$	(16,636)	$	978,234
Purchases of marketable securities	(31,797)		31,797		—

Principal payments on marketable securities	2,476		(2,476)		—
Net cash provided by (used in) operating activities	(152,958)		12,685		(140,273)
Investing activities:
Purchases of marketable securities	—		(15,161)		(15,161)

Principal payments on marketable securities	—		2,476		2,476
Net cash used in investing activities(A)	$	(3,572)	$	(12,685)	$	(16,257)

Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$	—	$	(16,636)	$	(16,636)

(A) Net cash used in investing activities “As Corrected” represents the impact from this adjustment only and does not tie to the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 as it does not include the impact from the payment stablecoin presentation change disclosed in “Change in Accounting Principle” in Note 2.

Segments

The Company operates as a single operating and reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

The CODM evaluates performance and allocates resources using consolidated net income (loss) as reported in the Condensed Consolidated Statements of Operations. Significant expense categories and revenue streams reviewed by the CODM are presented on the face of the Condensed Consolidated Statements of Operations. The CODM does not review assets, liabilities, or capital expenditures at a more granular level; accordingly, no such disclosures are presented. Total consolidated assets are presented on the Condensed Consolidated Balance Sheets.

Substantially all of the Company’s revenues and long-lived assets are located in the United States. For the three months ended March 31, 2026, Toledo Bend Investments accounted for approximately $21.1 million, or 13%, of the Company’s total net revenue. Our diversified ecosystem of whole loan buyers and access to additional liquidity through the securitization market mitigates concentration risk related to individual purchasers of loans for which we earn revenues. No other customer accounted for more than 10% of the Company’s total net revenue for each of the respective periods or for the same periods in the prior year.

Derivatives

Treasury Note Futures Contracts

The Company recorded aggregate net realized and unrealized gains (losses) for derivative assets and liabilities within “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations of $4.0 million and $(4.8) million for the three months ended March 31, 2026 and 2025, respectively. Any results from the settlement of the Company derivative financial instruments are included as “Realized gains (losses) on futures” as an investing cash flow within the Condensed Consolidated Statements of Cash Flows.

The Company records derivative assets and liabilities within “Other current liabilities” and “Other current assets” in the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025 we recorded the following balances:


	Notional		March 31, 2026		December 31, 2025
Other current asset:
Treasury note futures	$	205,000	$	2,788	$	442

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	1,425,754	$	1,159,597
Payment stablecoins	38,889		38,544
Restricted cash	71,947		68,637
Total cash, cash equivalents and restricted cash	$	1,536,590	$	1,266,778

Accounts receivable, net

The following table presents the components of “Accounts receivable, net” reported in the Condensed Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	37,446	$	30,627
Interest receivable	4,402		4,440
Subservicer receivable(A)	8,813		6,914
Other accounts receivable	14,939		10,355
Less: Allowance for credit losses	(270)		(320)
Accounts receivable, net	$	65,330	$	52,016

(A) Subservicer receivable consists of loan principal and interest payments collected on behalf of the Company by a subservicer that have not yet been remitted to the Company.

The Company is exposed to credit risk related to trade accounts receivable. In order to manage credit risk, the Company generally has the right to withhold amounts due from transaction proceeds paid to the customer. At March 31, 2026, trade accounts receivable from four customers individually accounted for approximately 28.5%, 24.2%, 16.8%, and 12.1% of trade accounts receivables. No other customer accounted for 10% or more of trade accounts receivable.

Revenue Recognition

The Company’s revenues are substantially comprised of ecosystem and technology fees, loan originations and sales gains or losses, interest income earned on those loans, and loan servicing.

See the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for the Company’s revenue recognition accounting policies.

The following table presents the components of “Ecosystem and technology fees” in the Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2026		2025
Ecosystem and technology fees:
Technology offering fees(A)	$	17,296	$	7,895
Ecosystem fees(B)	24,419		5,212
	41,715		13,107
Program fees(C)	5,591		2,506
Total ecosystem and technology fees	$	47,306	$	15,613

(A) Technology offering fees include fees that are accounted under ASC 606 as well as $9.7 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively, that are in the scope of ASC 310.

(B) Ecosystem fees include fees that are accounted for under ASC 606 as well as $7.8 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively, that are in the scope of ASC 310.

Software Costs

The Company amortizes internally-developed software capitalized costs within “Technology and product development” expense in the Condensed Consolidated Statements of Operations as follows:


	Estimated Useful Life (Years)	March 31, 2026		December 31, 2025
Internally developed software	3	$	110,074	$	101,873
Accumulated amortization(A)		(78,387)		(73,704)
Net		$	31,687	$	28,169

(A) The Company amortized $4.7 million and $3.9 million of capitalized internally-developed software costs during the three months ended March 31, 2026 and 2025, respectively.

Recently Issued Accounting Standards

With the exception of those discussed below, there have not been recent changes in accounting pronouncements issued by the FASB that are applicable to, or adopted by, the Company during the three months ended March 31, 2026.

Recently Issued Accounting Standards Not Yet Adopted

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the applicability of interim reporting guidance, establishes a comprehensive list of interim disclosures required under GAAP, and introduces a disclosure principle requiring entities to disclose events occurring after the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 also improves navigability by organizing interim disclosure requirements across the Codification and clarifies the form and content of interim financial statements, including the use of condensed statements and required accompanying notes. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, for public business entities, and after December 15, 2028, for all other entities, with early adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-11 on its interim reporting disclosures.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans (“ASU 2025-08”), which introduces the concept of purchased seasoned loans and expands use of the gross-up approach to a broader population of acquired loans. Under the amendments, loans (other than credit cards) that are acquired without significant credit deterioration since origination and meet seasoning criteria are accounted for using the gross-up approach at acquisition (that is, recognition of an allowance for credit losses with a corresponding increase to amortized cost). A loan generally is considered seasoned if it is obtained more than 90 days after origination and the transferee was not involved in the loan’s origination; the guidance provides indicators for assessing involvement and excludes certain assets (such as credit cards, debt securities, and Topic 606 trade receivables) from the purchased seasoned loans category. ASU 2025-08 also clarifies related measurement and interest income guidance for purchased seasoned loans and aligns various Topics (including business combinations, consolidations, and transfers and servicing) with the new model. ASU 2025-08 is

effective for all entities for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, and is applied prospectively to loans acquired on or after the date of initial application; early adoption is permitted in an interim or annual period for which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the effect of adopting ASU 2025-08 on its financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract (“ASU 2025-07”). The ASU expands the population of contracts excluded from derivative accounting by excluding contracts whose underlyings are based on operations or activities specific to one of the parties to the contract. In addition, the ASU clarifies that a share-based payment received from a customer as consideration for goods or services should be accounted for under ASC 606’s share-based noncash consideration guidance, and that guidance in other topics should not be applied unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC 606. ASU 2025-07 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with earlier adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-07 on its financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for software costs by removing references to prescriptive project stages and establishing a new recognition threshold. Under ASU 2025-06, entities are required to begin capitalizing internal-use software costs once management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used as intended. In assessing the probability threshold, entities must evaluate whether significant development uncertainty exists, including unresolved technological innovations or unproven features, or whether significant performance requirements have not been identified or continue to be substantially revised. The amendments also incorporate website development cost guidance into Subtopic 350-40, require property, plant, and equipment disclosures for capitalized internal-use software costs, and eliminate duplicative intangible disclosure requirements. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-06 on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclosure of the total amount of selling expenses, and in annual reporting periods. the Company’s definition of selling expenses. ASU 2024-03 is effective for public business entities’ annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of adopting ASU 2024-03 on its disclosures.

In December 2023, the FASB issued ASU 2023‐09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. ASU 2023-09 should be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effect of adopting ASU 2023-09 on its disclosures for annual reporting for the year ended December 31, 2026.

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Apr. 30, 2026	May 14, 2026	Mar. 31, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Borrowing capacity			$ 1,905,300
Borrowing outstanding			$ 318,639	$ 293,186
Subsequent Event
Line of Credit Facility [Line Items]
Debt term	1 year
Subsequent Event \| Warehouse Facility 7
Line of Credit Facility [Line Items]
Borrowing capacity	$ 250,000
Borrowing outstanding		$ 31,700

EQUITY - Equity Incentive Plans, Narrative (Details) - shares		3 Months Ended
	Sep. 12, 2025	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2018
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	2,133,961
Percentage of outstanding stock maximum	1.00%
Maximum employee subscription rate	20.00%
Purchase price of common stock	85.00%
2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)					52,346,283
Number of shares issued gross of forfeiture (in shares)			56,462,313
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)				4,635,234
Number of shares issued gross of forfeiture (in shares)			3,172,306
2024 Plan \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		0
2025 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	22,985,926
Percentage of outstanding stock maximum	5.00%
2025 Plan \| Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued gross of forfeiture (in shares)		1,979,036	1,017,792
2025 Plan \| Common Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued gross of forfeiture (in shares)		8,535,845	8,535,845

VARIABLE INTEREST ENTITIES - Assets and Liabilities Of VIEs Consolidation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Total Assets	$ 2,730,893	$ 2,317,523
Total Liabilities	1,438,873	1,080,325
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	605,810	395,470
Total Liabilities	601,556	331,066
Variable Interest Entity, Primary Beneficiary \| Offshore Solana Fund
Variable Interest Entity [Line Items]
Total Assets	3,963	44,760
Total Liabilities	1	0
Variable Interest Entity, Primary Beneficiary \| Figure REIT
Variable Interest Entity [Line Items]
Total Assets	0	20,789
Total Liabilities	0	1,847
Variable Interest Entity, Primary Beneficiary \| Figure Certificate Company
Variable Interest Entity [Line Items]
Total Assets	601,847	329,921
Total Liabilities	$ 601,555	$ 329,219

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RELATED PARTY TRANSACTIONS - Schedule of related party contributions, gross of distributions (Details) - Equity Method Investments - Domestic Solana Fund - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Contributions	$ 0	$ 58
Distributions	$ 199	$ 1,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS - Schedule of Changes in the Company’s Equity Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity method investees:
Beginning balance	$ 5,381
Share of investee earnings	(417)	$ (2,825)
Ending balance	13,532
Measurement Alternative Investments
Beginning balance	1,419	1,542
Ending balance	2,419
Total
Share of investee earnings	(417)	(2,825)
Equity Method Investments
Equity method investees:
Beginning balance	5,381	6,668
Share of investee earnings	(417)	(2,180)
Dividends received	(1,184)	(1,801)
Contributions	9,752	58
Ending balance	13,532	2,745
Measurement Alternative Investments
Contributions	9,752	58
Total
Share of investee earnings	(417)	(2,180)
Dividends received	(1,184)	(1,801)
Contributions	9,752	58
Measurement Alternative Investments
Equity method investees:
Share of investee earnings	0
Contributions	1,000
Measurement Alternative Investments
Beginning balance	1,419
Contributions	1,000
Measurement alternative adjustments	0	0
Ending balance	2,419	1,542
Total
Share of investee earnings	0
Contributions	1,000
Measurement alternative adjustments	0	0
Equity Investments
Equity method investees:
Share of investee earnings	(417)	(2,180)
Dividends received	(1,184)	(1,801)
Contributions	10,752	58
Measurement Alternative Investments
Contributions	10,752	58
Measurement alternative adjustments	0	0
Total
Beginning balance	6,800	8,210
Share of investee earnings	(417)	(2,180)
Dividends received	(1,184)	(1,801)
Contributions	10,752	58
Measurement alternative adjustments	0	0
Ending balance	$ 15,951	$ 4,287

NET INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities.

Diluted net income (loss) per share reflects the dilutive effect of potential common shares from share-based awards, warrants and convertible preferred stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards and warrants, which assumes the proceeds upon vesting or exercise would be used to purchase common stock at the average price for the period.

Net income (loss) per share is computed using the two-class method which is required for multiple classes of common stock and participating securities. In historical periods where the Company had outstanding convertible preferred stock, net income (loss) attributable to FTS is first allocated to the convertible preferred stock based on their dividend preference. Any remaining net income (loss) attributable to FTS is then allocated to common stockholders and preferred stockholders using the if-converted method. All preferred stock was convertible on a 1:1 basis to common stock.

The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock, Blockchain common stock, and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis for those classes and the resulting net income (loss) per share will, therefore, be the same for Class A common stock, Blockchain common stock, and Class B common stock on an individual or combined basis, and they have been combined as common shares below.

The following table sets forth the calculation of basic and diluted net income (loss) per common share for the periods presented:


	Three months ended March 31,
	2026		2025
Numerator:
Net income (loss) attributable to FTS	$	44,945	$	(820)
Less: Undistributed earnings attributable to convertible preferred stockholders	—		—
Net income (loss) attributable to common stockholders, basic and diluted	$	44,945	$	(820)

Denominator:
Basic weighted average common shares attributable to FTS	217,277,605		69,398,649
Add: effect of dilutive securities related to share-based payment awards (A)	31,552,067		—
Diluted weighted average common shares attributable to FTS	248,829,672		69,398,649

Net income (loss) per common share attributable to FTS, basic	$	0.21	$	(0.01)
Net income (loss) per common share attributable to FTS, diluted	$	0.18	$	(0.01)

(A) The dilutive impact of share-based payment awards and warrants for the three months ended March 31, 2026, comprised of 25,815,326 shares related to stock options and 5,736,741 related to unvested RSUs, respectively. As the three months ended March 31, 2025 resulted in a net loss position, 16,228,153 potentially dilutive shares outstanding in connection with share based-payment awards were excluded from the computation of diluted net income (loss) per common share as the effect would have been anti-dilutive.

SERVICING (Tables)

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Schedule of Servicing Assets

The following table summarizes the Company’s servicing assets at March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	UPB of Underlying Loans		Loan Count	Carrying Value(A)		UPB of Underlying Loans		Loan Count(B)	Carrying Value(A)
HELOC loans	$	14,413,966	191,280	$	123,964	$	12,783,215	172,540	$	111,211
Mortgage loans	145,060		265	1,967		147,268		270	1,853
Total servicing assets	$	14,559,026	191,545	$	125,931	$	12,930,483	172,810	$	113,064

(A) The Company records loan servicing assets at fair value. The total carrying value includes $61.9 million and $63.8 million of collateralized loan servicing rights at March 31, 2026 and December 31, 2025, respectively. See Notes 6 and 12 for additional information regarding the mortgage service right (“MSR”) financing arrangement and valuation of the Company’s servicing rights, respectively.

(B) The loan count for HELOC loans was incorrectly presented in thousands, instead of ones, at December 31, 2025, and has been corrected to be properly presented in ones.

The following table presents a rollforward of the Company’s servicing assets for the three months ended March 31, 2026 and 2025:


Balance at December 31, 2024	$	88,497
Change in fair value due to:
Additions(A)	10,269
Realization of cash flows(B)	(5,240)
Change in valuation inputs and assumptions	(4,703)
Total impact of change to fair value	326
Balance at March 31, 2025	$	88,823

Balance at December 31, 2025	$	113,064
Change in fair value due to:
Additions(A)	20,352
Realization of cash flows(B)	(8,669)
Change in valuation inputs and assumptions	1,184
Total impact of change to fair value	12,867
Balance at March 31, 2026	$	125,931

(A) Represents the fair value of servicing rights retained upon sale of originated and purchased loans.

(B) Based on the paydown of the underlying loans.

Schedules of Geographic Concentration of the Loans

The following table summarizes the geographic concentration of the loans underlying the servicing rights at March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
State	Amount Outstanding(A)		% of Total		Amount Outstanding(A)		% of Total
California	$	3,603,059	24.7	%	$	3,239,619	25.1	%
Florida	1,736,919		11.9		1,553,217		12.0
Arizona	700,695		4.8		634,623		4.9
Georgia	644,475		4.4		579,494		4.5
Washington	528,940		3.6		490,630		3.8
New Jersey	512,202		3.5		455,704		3.5
Ohio	475,199		3.3		414,065		3.2
Virginia	472,959		3.2		413,862		3.2
North Carolina	393,825		2.7		358,185		2.8
Colorado	371,633		2.6		338,515		2.6
Other (B)	5,119,120		35.3		4,452,569		34.4
Total	$	14,559,026	100.0	%	$	12,930,483	100.0	%

(A) Represents the principal balance of loans that the Company services.

(B) The Company did not service loans in any state or U.S. territory contained in “Other” aggregating to more than 5% of the total amount outstanding of the loans that the Company services.

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities

The following table presents the carrying value and classification of the assets and liabilities of VIEs consolidated within the Condensed Consolidated Balance Sheets, after elimination of intercompany balances:


	March 31, 2026				December 31, 2025
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
Offshore Solana Fund	$	3,963	$	1	$	44,760	$	—
Figure REIT(B)	—		—		20,789		1,847
Figure Certificate Company	601,847		601,555		329,921		329,219
Total	$	605,810	$	601,556	$	395,470	$	331,066

(A) As of March 27, 2026, Figure REIT, Inc. merged with and into VS Evergreen Acquisition Co. L.P.. As a result of the merger, Figure REIT, Inc. is no longer controlled nor consolidated by FTS. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger.

The following table summarizes the aggregate risk characteristics of the unconsolidated VIEs and the Company’s maximum exposure to loss at March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
UPB of securitization collateral	$	6,766,151		$	4,595,629
Face amount of debt held by third parties	$	6,689,854		$	4,805,192
Maximum exposure(A)	$	377,552		$	347,793
Weighted average delinquency(B)	0.8		%	0.8		%

(A) Primarily represents the aggregate fair value of the Company’s investments in marketable securities and collateralized servicing assets. In certain cases, the Company is also obligated to fund securitization reserve accounts. See Note 10 for further discussion regarding the Company’s reserve account funding obligations.

(B) Represents the percentage of the UPB that is 60+ days delinquent.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Estimated Useful Life (Years)	3 years
Internally developed software	$ 110,074		$ 101,873
Accumulated amortization	(78,387)		(73,704)
Net	31,687		$ 28,169
Amortization of internally developed software	$ 4,712	$ 3,943

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications from Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reclassification [Line Items]
Interest income	$ 19,376	$ 11,224
Gain on sale of loans, net	49,356	29,792
Marketable securities income, net	$ 3,660	7,613
As Reported
Reclassification [Line Items]
Interest income		16,606
Gain on sale of loans, net		32,023
Marketable securities income, net		0
Adjustment
Reclassification [Line Items]
Interest income		(5,382)
Gain on sale of loans, net		(2,231)
Marketable securities income, net		7,613
Recast
Reclassification [Line Items]
Interest income		11,224
Gain on sale of loans, net		29,792
Marketable securities income, net		$ 7,613

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147479255/942-310-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478116/942-310-S99-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1)(e))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
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-Section 55
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147477346/946-830-45-39

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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,425,754	$ 1,159,597
Payment stablecoins	38,889	38,544
Restricted cash	71,947	68,637
Total cash, cash equivalents and restricted cash	$ 1,536,590	$ 1,266,778	$ 387,079	$ 347,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes to Statement of Cash Flows Related to Retained Beneficial Interest In Loan Securitizations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Proceeds from loan sales, net of repurchases	$ 1,986,508	$ 978,234
Net cash provided by (used in) operating activities	(37,818)	(140,273)
Investing activities:
Principal payments on marketable securities	18,052	2,476
Net cash used in investing activities	(53,593)	(16,127)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$ 0	(16,636)
As Reported
Operating activities:
Proceeds from loan sales, net of repurchases		994,870
Purchases of marketable securities		(31,797)
Principal payments on marketable securities		2,476
Net cash provided by (used in) operating activities		(152,958)
Investing activities:
Purchases of marketable securities		0
Principal payments on marketable securities		0
Net cash used in investing activities		(3,572)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions		0
Adjustment
Operating activities:
Proceeds from loan sales, net of repurchases		(16,636)
Purchases of marketable securities		31,797
Principal payments on marketable securities		(2,476)
Net cash provided by (used in) operating activities		12,685
Investing activities:
Purchases of marketable securities		(15,161)
Principal payments on marketable securities		2,476
Net cash used in investing activities		(12,685)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions		(16,636)
As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases		978,234
Purchases of marketable securities		0
Principal payments on marketable securities		0
Net cash provided by (used in) operating activities		(140,273)
Investing activities:
Purchases of marketable securities		(15,161)
Principal payments on marketable securities		2,476
Net cash used in investing activities		(16,257)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions		$ (16,636)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification Impact to Statement of Cash Flows Stable Coins (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of loans, net	$ (53,321)	$ (29,792)
Change in fair value of marketable securities	2,468	(2,231)
Investing activities:
Purchases of digital assets	(1,726)	(1,619)
Proceeds from sales of digital assets	$ 803	2,595
As Reported
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of loans, net		(32,023)
Change in fair value of marketable securities		0
Investing activities:
Purchases of digital assets		(2,053)
Proceeds from sales of digital assets		2,899
Adjustment
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of loans, net		2,231
Change in fair value of marketable securities		(2,231)
Investing activities:
Purchases of digital assets		434
Proceeds from sales of digital assets		(304)
As Corrected
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of loans, net		(29,792)
Change in fair value of marketable securities		(2,231)
Investing activities:
Purchases of digital assets		(1,619)
Proceeds from sales of digital assets		$ 2,595

SERVICING

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

SERVICING

The following table summarizes the Company’s servicing assets at March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	UPB of Underlying Loans		Loan Count	Carrying Value(A)		UPB of Underlying Loans		Loan Count(B)	Carrying Value(A)
HELOC loans	$	14,413,966	191,280	$	123,964	$	12,783,215	172,540	$	111,211
Mortgage loans	145,060		265	1,967		147,268		270	1,853
Total servicing assets	$	14,559,026	191,545	$	125,931	$	12,930,483	172,810	$	113,064

(B) The loan count for HELOC loans was incorrectly presented in thousands, instead of ones, at December 31, 2025, and has been corrected to be properly presented in ones.

The following table presents a rollforward of the Company’s servicing assets for the three months ended March 31, 2026 and 2025:


Balance at December 31, 2024	$	88,497
Change in fair value due to:
Additions(A)	10,269
Realization of cash flows(B)	(5,240)
Change in valuation inputs and assumptions	(4,703)
Total impact of change to fair value	326
Balance at March 31, 2025	$	88,823

Balance at December 31, 2025	$	113,064
Change in fair value due to:
Additions(A)	20,352
Realization of cash flows(B)	(8,669)
Change in valuation inputs and assumptions	1,184
Total impact of change to fair value	12,867
Balance at March 31, 2026	$	125,931

(A) Represents the fair value of servicing rights retained upon sale of originated and purchased loans.

(B) Based on the paydown of the underlying loans.

The following table summarizes the geographic concentration of the loans underlying the servicing rights at March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
State	Amount Outstanding(A)		% of Total		Amount Outstanding(A)		% of Total
California	$	3,603,059	24.7	%	$	3,239,619	25.1	%
Florida	1,736,919		11.9		1,553,217		12.0
Arizona	700,695		4.8		634,623		4.9
Georgia	644,475		4.4		579,494		4.5
Washington	528,940		3.6		490,630		3.8
New Jersey	512,202		3.5		455,704		3.5
Ohio	475,199		3.3		414,065		3.2
Virginia	472,959		3.2		413,862		3.2
North Carolina	393,825		2.7		358,185		2.8
Colorado	371,633		2.6		338,515		2.6
Other (B)	5,119,120		35.3		4,452,569		34.4
Total	$	14,559,026	100.0	%	$	12,930,483	100.0	%

(A) Represents the principal balance of loans that the Company services.

(B) The Company did not service loans in any state or U.S. territory contained in “Other” aggregating to more than 5% of the total amount outstanding of the loans that the Company services.

As part of its servicing operations, the Company held principal, interest, and other borrower payments of $434.5 million and $364.9 million at March 31, 2026 and December 31, 2025, respectively, due to third-party loan buyers recorded as “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. The Company makes payments on these arrangements by remitting amounts due from proceeds received from borrower payments on the underlying loans. Additionally, the Company has outstanding liability obligations to repurchase loans that are in early payment default status. At March 31, 2026 and December 31, 2025, the total obligation to repurchase loans associated with contractual arrangements was $16.8 million and $17.7 million, respectively, recorded in “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The Company recorded contributions, net of distributions, to the Domestic Solana Fund in “Other non-current assets” in the Condensed Consolidated Balance Sheets as follows:


	Three Months Ended March 31,
	2026		2025
Contributions	$	—	$	58
Distributions	$	199	$	1,200

See Note 3 for detail on the Company’s investment in Domestic Solana Fund.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Trade accounts receivable	$ 37,446	$ 30,627
Interest receivable	4,402	4,440
Subservicer receivable	8,813	6,914
Other accounts receivable	14,939	10,355
Less: Allowance for credit losses	(270)	(320)
Accounts receivable, net	$ 65,330	$ 52,016

INVESTMENTS - Schedule of Activities Involving the Company’s Digital Assets Held as Collateral and Held For Sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Crypto Asset [Roll Forward]
Balance at Beginning Balance	$ 35,942,000
Balance at End of Period	33,253,000
Crypto asset, purchase increase (decrease)		$ (400,000)
Crypto asset, sales increase (decrease)		300,000
Portion at Other than Fair Value Measurement
Crypto Asset [Roll Forward]
Balance at Beginning Balance	11,691,000	1,506,000
Purchases	901,000	0
Sales	(709,000)	0
Collateral received	0	0
Collateral returned	0	0
Gains	0	0
Distributions from Fund I	0	0
Change in fair value	0	0
Balance at End of Period	11,883,000	1,506,000
Reported Value Measurement
Crypto Asset [Roll Forward]
Balance at Beginning Balance	35,942,000	19,207,000
Purchases	825,000	1,619,000
Sales	(32,000)	(2,595,000)
Collateral received	0	0
Collateral returned	0	0
Gains	274,000	2,338,000
Distributions from Fund I	374,000	1,177,000
Change in fair value	(4,130,000)	(7,782,000)
Balance at End of Period	33,253,000	13,964,000
Held As Collateral
Crypto Asset [Roll Forward]
Balance at Beginning Balance	52,569,000	64,439,000
Purchases	0	0
Sales	0	0
Collateral received	11,491,000	19,280,000
Collateral returned	(21,326,000)	(11,217,000)
Gains	0	0
Distributions from Fund I	0	0
Change in fair value	(11,590,000)	(12,660,000)
Balance at End of Period	$ 31,144,000	$ 59,842,000

NET INCOME (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted net income (loss) per common share for the periods presented:


	Three months ended March 31,
	2026		2025
Numerator:
Net income (loss) attributable to FTS	$	44,945	$	(820)
Less: Undistributed earnings attributable to convertible preferred stockholders	—		—
Net income (loss) attributable to common stockholders, basic and diluted	$	44,945	$	(820)

Denominator:
Basic weighted average common shares attributable to FTS	217,277,605		69,398,649
Add: effect of dilutive securities related to share-based payment awards (A)	31,552,067		—
Diluted weighted average common shares attributable to FTS	248,829,672		69,398,649

Net income (loss) per common share attributable to FTS, basic	$	0.21	$	(0.01)
Net income (loss) per common share attributable to FTS, diluted	$	0.18	$	(0.01)

EQUITY - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 25,878	$ 5,341
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	23,474	1,726
Technology and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	1,841	3,459
Technology and product development \| Warrant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	0	2,900
Operations and processing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	152	77
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 411	$ 79

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Equity - Noncontrolling Interests in Consolidated Subsidiaries (Narrative) (Details)	Mar. 27, 2026 USD ($) $ / shares
Subsidiaries \| Figure REIT
Noncontrolling Interest [Line Items]
Gain (loss) on disposition of interest subsidiary \| $	$ 0
Series A Redeemable Cumulative Preferred Stock \| Figure REIT
Noncontrolling Interest [Line Items]
Preferred stock, rate	12.00%
Preferred stock, redemption price per share \| $ / shares	$ 1,019
Convertible preferred stock converted ratio	1

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule Of Marketable Securities

The following table summarizes the Company’s marketable securities at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	231,279	$	683	$	231,962
Below investment grade debt securities(D)	35,075		(524)		34,551
Residual interest securities(E)	32,702		(787)		31,915
Total marketable securities, at fair value	$	299,056	$	(628)	$	298,428

	December 31, 2025
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	202,358	$	1,500	$	203,858
Below investment grade debt securities(D)	29,648		(521)		29,127
Residual interest securities(E)	40,803		(637)		40,166
Total marketable securities, at fair value	$	272,809	$	342	$	273,151

(A) The total outstanding face amount represents the aggregate face amount of the debt securities outstanding at each period end.

(D) Represents debt securities rated below A- by DBRS Morningstar or comparable rating by other rating agencies.

Schedule of Digital Assets

The following table summarizes the significant digital assets held as collateral at March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
	Units	Fair Value		Units	Fair Value
Digital assets held as collateral:
Bitcoin (BTC)	387	26,377		527	$	46,119
Ethereum (ETH)	2,265	4,767		2,173	6,450
Total digital assets held as collateral		$	31,144		$	52,569

The following table summarizes digital assets held at fair value by the Company, and by third-party custodians on behalf of the Company, at March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Digital assets held at fair value:
Solana (SOL)(A)	92,343	$	11,053	$	7,664	87,707	$	10,731	$	10,918
United States Dollar Tether (USDT)	1,044,053	1,044		1,044		958,734	959		959
Kamino Liquidity Pools	Various	23,644		23,645		Various	23,485		23,510
Other digital assets(B)	Various	1,092		900		Various	475		555
Total digital assets held at fair value		$	36,833	$	33,253		$	35,650	$	35,942

(B) Includes various other digital asset balances, none of which individually represented more than 5% of the fair value of total digital assets held at fair value.

Digital Assets Held at Cost


	March 31, 2026					December 31, 2025
	Units	Cost Basis		Carrying Value		Units	Cost Basis		Carrying Value
Digital assets held at cost:
HASH(A)	19,846,262,501	$	11,883	$	11,883	19,873,741,886	$	11,691	$	11,691
Total digital assets held at cost		$	11,883	$	11,883		$	11,691	$	11,691

Schedule of Activities Involving the Company’s Digital Assets Held as Collateral and Held For Sale

The following table summarizes activities involving the Company’s digital assets for the three months ended March 31, 2026 and 2025:


	Held as Collateral		Held at Fair Value(A)		Held at Cost
Balance at December 31, 2024	$	64,439	$	19,207	$	1,506
Purchases(B)	—		1,619		—
Sales(C)	—		(2,595)		—
Collateral received(D)	19,280		—		—
Collateral returned(D)	(11,217)		—		—
Gains(E)	—		2,338		—
Distributions from Fund I(F)	—		1,177		—
Change in fair value(G)	(12,660)		(7,782)		—
Balance at March 31, 2025	$	59,842	$	13,964	$	1,506

Balance at December 31, 2025	$	52,569	$	35,942	$	11,691
Purchases(B)	—		825		901
Sales(C)	—		(32)		(709)
Collateral received(D)	11,491		—		—
Collateral returned(D)	(21,326)		—		—
Gains(E)	—		274		—
Distributions from Fund I(F)	—		374		—
Change in fair value(G)	(11,590)		(4,130)		—
Balance at March 31, 2026	$	31,144	$	33,253	$	11,883

(B) Includes receipts of digital assets held resulting from the disbursement of cash.

(C) Includes transactions related to the settlement and transfer of digital assets held in exchange for the receipt of cash.

(F) Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a domestic fund that invests primarily in SOL.

Schedule of Investment

The following table presents the carrying value of these investments at March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Equity Interest		Investment		Investment
Equity method investees:
Domestic Solana Fund	4.8	%	$	1,252	$	2,104
Reflow Services, LLC	17.3	%	50		800
Fig SIX Mortgage, LLC	5.0	%	2,477		2,477
Evergreen Funds(A)	(A)		9,753		—
Total equity method investments			13,532		5,381
Measurement alternative investments			2,419		1,419
Total equity investments			$	15,951	$	6,800

Schedule of Changes In the Company’s Equity Investments

The following table summarizes activities involving the Company’s equity investments:


	Equity Method Investments		Measurement Alternative Investments		Total
Balance at December 31, 2024	$	6,668	$	1,542	$	8,210
Share of investee earnings	(2,180)		—		(2,180)
Dividends received	(1,801)		—		(1,801)
Contributions	58		—		58
Measurement alternative adjustments	n.a.		—		—


Balance at March 31, 2025	$	2,745	$	1,542	$	4,287

Balance at December 31, 2025	$	5,381	$	1,419	$	6,800
Share of investee earnings	(417)		—		(417)
Dividends received	(1,184)		—		(1,184)
Contributions	9,752		1,000		10,752
Measurement alternative adjustments	n.a.		—		—


Balance at March 31, 2026	$	13,532	$	2,419	$	15,951

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Derivative Assets and Liabilities (Details) - Other current asset: - Treasury note futures - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	$ 205,000
Derivative asset	$ 2,788	$ 442

- Definition

Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.

+ References + Details

EQUITY - Unrecognized Compensation Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total, Shares	18,870,874
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, Shares	8,438,209
Options, Unrecognized Compensation Expense \| $	$ 55,465
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs, Shares	10,432,665
RSUs, Unrecognized Compensation Expense \| $	$ 165,512
Share-Based Payment Arrangement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation award cliff feature vesting period	1 year
Share-Based Payment Arrangement \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation award vesting period	1 year
Share-Based Payment Arrangement \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation award vesting period	4 years
Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Recognition Period (Years)	3 years 4 months 24 days
Total, Shares	12,944,194
Share-Based Payment Arrangement, Tranche One \| Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, Shares	8,438,209
Options, Unrecognized Compensation Expense \| $	$ 55,465
Share-Based Payment Arrangement, Tranche One \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs, Shares	4,505,985
RSUs, Unrecognized Compensation Expense \| $	$ 125,153
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Recognition Period (Years)	1 year 1 month 6 days
Total, Shares	5,926,680
Share-Based Payment Arrangement, Tranche Two \| Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, Shares	0
Options, Unrecognized Compensation Expense \| $	$ 0
Share-Based Payment Arrangement, Tranche Two \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs, Shares	5,926,680
RSUs, Unrecognized Compensation Expense \| $	$ 40,359

SERVICING - Schedules of Rollforward of the Company Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Servicing of Financial Assets [Roll Forward]
Servicing asset , beginning balance	$ 113,064	$ 88,497
Additions	$ 20,352	$ 10,269
Servicing Asset At Fair Value Other Change In Fair Value Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed	Realization of cash flows(B)	Realization of cash flows(B)
Realization of cash flows	$ (8,669)	$ (5,240)
Change in valuation inputs and assumptions	1,184	(4,703)
Total impact of change to fair value	12,867	326
Servicing asset, ending balance	$ 125,931	$ 88,823

- Definition

Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481260/860-50-45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481260/860-50-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481260/860-50-45-2

+ Details

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

Provenance Blockchain Foundation

Term Note

In July 2022, the Company entered into an interest bearing term note with the Provenance Blockchain Foundation (“Provenance”), pursuant to which the Company provided Provenance with a $5.0 million loan, which was subsequently amended on June 12, 2023, to increase the total principal amount to $9.1 million. The term note was eligible to be settled in cash or an equivalent value of HASH at maturity. On December 31, 2025, the loan was settled in full. The total loan balance at the time of payoff, including all accrued interest, was $10.1 million. As allowed by the terms of the note, the payoff was satisfied through the transfer of 4,969,120,678 HASH tokens. The per token value of the HASH tokens was determined to be $0.00205, based on a valuation report provided by an independent third party. This valuation resulted in a total transfer value of $10.2 million. As the transfer of HASH tokens resulted in an overpayment by Provenance of $0.1 million, representing 31,707,317 HASH tokens to be returned to Provenance, which resulted in a payable to related party of $0.1 million as of March 31, 2026 and December 31, 2025. Interest earned on the note was $0.9 million for the three months ended March 31, 2025, recorded as “Interest income” in the Condensed Consolidated Statements of Operations.

Gas Fee Service Provider

In February 2025, FCC entered into a services agreement with Provenance whereby Provenance pays, on behalf of FCC, HASH to cover fees to network validators for processing and validating operations on the blockchain incurred in connection with the purchase or sale of the face-amount certificates issued by FCC and transacted on Provenance’s blockchain (“Provenance Blockchain”). FCC reimburses Provenance in cash in an amount equal to the then-current market value of HASH paid by Provenance. The Company recognized $4 thousand incurred under the services agreement for the three months ended March 31, 2026, respectively, recorded as expense in “Operations and processing” on the Condensed Consolidated Statements of Operations. At March 31, 2026 the Company owed $5 thousand to Provenance recorded in “Accounts payable and accrued liabilities” in the Condensed Consolidated Balance Sheets.

Signum Ltd. (dba Hastra)

In December 2025, the Company entered into a Software License Agreement (the “Agreement”) with Signum Ltd. (dba Hastra) (“Hastra”). Under the terms of the Agreement, the Company granted Hastra a nonexclusive, non-sublicensable, and nontransferable license to use certain proprietary software to support their protocol. In exchange for the license and ongoing maintenance and support services, Hastra pays the Company a royalty fee equal to 0.50% (50 basis points) of the per-transaction revenue earned from the protocol.

The initial term of the Agreement is three years, expiring in December 2028, with automatic one-year renewals thereafter. For the three months ended March 31, 2026, the Company recognized $0.3 million revenue related to this Agreement, and had $0.3 million outstanding receivables due from Hastra as of March 31, 2026.

Hastra holds YLDS as part of their protocol activity; the YLDS held by Hastra are recorded in “Debt, current to related parties” in the Condensed Consolidated Balance Sheets.

Investments in Loan Securitizations

The Company retains beneficial interests in loan securitization trusts that it sponsors. See Notes 3 and 9 for additional detail.

Executive Officer YLDS Holdings

As of March 31, 2026, the Chief Capital Officer holds $0.4 million of YLDS invested in Democratized Prime, recorded as “Debt, current” on the Condensed Consolidated Balance Sheets. The officer’s holdings are on normal market terms and do not include any preferential terms, guarantees, or other arrangements with the Company.

Transactions with Equity-Method Investees

Reflow

The Company holds a 17.3% interest in Reflow Services, LLC, an SEC-registered investment advisor, contributed to the Company by the Controlling Party. The Company received distributed profits of $1.0 million and zero for the three months ended March 31, 2026 and 2025, respectively, recorded in “Other revenue” in the Condensed Consolidated Statements of Operations. See Note 3 for detail on the Company’s investment in Reflow.

Domestic Solana Fund

The Domestic Solana Fund acquired its investments in SOL primarily through auctions held through the FTX Trading Ltd. (“FTX”) bankruptcy proceedings through a purchase and sale agreement with Alameda Research and Maclaurin Investments. The Company recorded contributions, net of distributions, to the Domestic Solana Fund in “Other non-current assets” in the Condensed Consolidated Balance Sheets as follows:


	Three Months Ended March 31,
	2026		2025
Contributions	$	—	$	58
Distributions	$	199	$	1,200

See Note 3 for detail on the Company’s investment in Domestic Solana Fund.

Evergreen Funds

The Company had $2.0 million in outstanding receivables due from the Evergreen Funds as of March 31, 2026, recorded in “Accounts receivable, net” in the Condensed Consolidated Balance Sheets.

Transactions with the Controlling Party

The Company incurred $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, in costs to arrange travel for the Controlling Party and other affiliates, recorded as “General and administrative” expense in the Condensed Consolidated Statements of Operations.

As of March 31, 2026, the Controlling Party holds $0.5 million of YLDS invested in Democratized Prime, recorded as “Debt, current” on the Condensed Consolidated Balance Sheets. The Controlling Party’s holdings are on normal market terms and do not include any preferential terms, guarantees, or other arrangements with the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INVESTMENTS - Marketable Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) security	Dec. 31, 2025 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount	$ 299,056	$ 272,809
Carrying Value	$ 298,428	$ 273,151
Number of non rated securities \| security	19	15
Investment grade debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount	$ 231,279	$ 202,358
Net Fair Value Adjustment	683	1,500
Carrying Value	231,962	203,858
Below investment grade debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount	35,075	29,648
Net Fair Value Adjustment	(524)	(521)
Carrying Value	34,551	29,127
Residual interest securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount	32,702	40,803
Net Fair Value Adjustment	(787)	(637)
Carrying Value	31,915	40,166
Marketable securities:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Fair Value Adjustment	$ (628)	$ 342
Number of non rated securities \| security	24	20
Debt securities collateralized under repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 263,900	$ 231,800
Non-Rated Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount	15,500	20,900
Interest-Only Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount	$ 17,200	$ 19,900

Debt - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended
Debt - Narrative (Details) $ in Thousands	Aug. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2025 USD ($)	Apr. 30, 2025 USD ($)	Mar. 31, 2026 USD ($)	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Oct. 01, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jul. 31, 2025 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 1,905,300
Nonrelated Party
Debt Instrument [Line Items]
Debt, current, fair value					174,589		$ 100,519
Related Party
Debt Instrument [Line Items]
Debt, current, fair value					$ 376,526		166,135
Warehouse Facility 2 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.15%
Warehouse Facility 2 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					5.50%
Warehouse Facility 5
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.35%
Warehouse Facility 6 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.75%
Warehouse Facility 6 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.00%
Digital Asset Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				13.50%
FCC Certificates
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					35.00%
FCC Certificates \| Nonrelated Party
Debt Instrument [Line Items]
Debt oustanding					$ 125,500		76,100
Debt, current, fair value					125,496		76,110
FCC Certificates \| Related Party
Debt Instrument [Line Items]
Debt oustanding					73,600		2,100
Debt, current, fair value					73,623		2,050
Democratized Prime YLDS \| Nonrelated Party
Debt Instrument [Line Items]
Debt oustanding					49,100		24,400
Debt, current, fair value					49,093		24,409
Democratized Prime YLDS \| Related Party
Debt Instrument [Line Items]
Debt oustanding					302,900		164,100
Debt, current, fair value					$ 302,903		164,085
Revolving Credit Facility \| Warehouse Facility 1
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 150,000
Debt instrument, basis spread on variable rate			2.25%
Revolving Credit Facility \| Warehouse Facility 2
Debt Instrument [Line Items]
Line of credit facility, sublimit, amount						$ 50,000
Revolving Credit Facility \| REIT Warehouse
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000
Debt exit fee percentage	0.15%
Debt exit fee (not to exceed)	$ 500
Revolving Credit Facility \| REIT Warehouse \| Minimum
Debt Instrument [Line Items]
Aggregate outstanding purchase price for mortgage loans during pricing period greater than or equal	$ 100,000
Aggregate outstanding purchase price for mortgage loans during pricing period greater than or equals percentage	0.0300
Revolving Credit Facility \| REIT Warehouse \| Maximum
Debt Instrument [Line Items]
Aggregate outstanding purchase price for mortgage loans during pricing period less than	$ 100,000
Aggregate outstanding purchase price for mortgage loans during pricing period less than, percentage	3.50%
Revolving Credit Facility \| Warehouse Facility 5
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 300,000
Debt instrument, basis spread on variable rate				2.35%
Line of credit facility, committed borrowing capacity				$ 1,000
Revolving Credit Facility \| Warehouse Facility 6
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000					$ 300,000			$ 200,000
Debt instrument, basis spread on variable rate		1.75%
Debt instrument, variable rate, floor		2.00%
Debt instrument, variable rate and basis spread, minimum		3.75%
Revolving Credit Facility \| Digital Asset Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				100.00%
Revolving Credit Facility \| Digital Asset Loan Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 30,000
Revolving Credit Facility \| Digital Asset Loan Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 50,000
Revolving Credit Facility \| Retained Interest Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 500,000	$ 250,000
Revolving Credit Facility-Upsize Option \| Warehouse Facility 6
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000

LOANS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
LOANS - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-dale, nonaccrual	$ 14,000,000.0		$ 2,400,000
Loans held for sale, fair value, nonaccrual status	9,600,000		1,600,000
Loans held for investment	$ 0		$ 0
Concentration risk, percentage	100.00%		100.00%
Amount outstanding on loans purchased	$ 1,700,000,000	$ 516,200,000
Amount outstanding on loans securitized	0		$ 73,500,000
Top Five Originators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount outstanding on loans originated	$ 793,500,000	$ 387,100,000
Top Five Originators \| Financing Receivable Benchmark \| Loan Originations Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	77.80%	73.90%
Top Five Originators \| Revenue Benchmark \| Loan Originations Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	15.30%	15.00%
Top Five Loan Purchasers \| Financing Receivable Benchmark \| Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	51.60%	73.60%
Top Five Loan Purchasers \| Revenue Benchmark \| Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	27.10%	17.80%

Debt - Contractual Maturities of Recourse and Nonrecourse Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Held-to-Maturity Securities [Line Items]
2026	$ 44,053
2027	10,790
2028	0
2029	0
2030	0
Thereafter	263,796
Total	318,639	$ 293,186
Recourse Debt
Schedule of Held-to-Maturity Securities [Line Items]
2026	42,482
2027	10,790
2028	0
2029	0
2030	0
Thereafter	0
Total	53,272
Nonrecourse Debt
Schedule of Held-to-Maturity Securities [Line Items]
2026	1,571
2027	0
2028	0
2029	0
2030	0
Thereafter	263,796
Total	$ 265,367

SERVICING - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Borrower Payments
Servicing Liabilities at Fair Value [Line Items]
Servicing liability	$ 434.5	$ 364.9
Loan Purchase Commitments
Servicing Liabilities at Fair Value [Line Items]
Servicing liability	$ 16.8	$ 17.7

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Litigation — The Company is or may become, from time to time, involved in various disputes, litigation, arbitration, and regulatory inquiry and investigation matters that arise in the ordinary course of business. Given the inherent unpredictability of matters the Company has been and currently is involved in, the outcome of these proceedings cannot be determined at this time, and it is possible that future adverse outcomes could have a material adverse effect on its business, financial position or results of operations. The Company is not aware of any unasserted claims that it believes are material and probable of assertion where the risk of loss is expected to be reasonably possible, but the Company may become involved in additional litigation in the ordinary course of the Company’s business in the future, including litigation that could be material to its business.

The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in a liability and the amount of loss, if any, can be reasonably estimated. Management, after consultation with legal counsel, believes that there are no known actions or threats that would result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

The Company is, from time to time, subject to inquiries by government entities, though the Company currently does not believe any of these inquiries would result in a material adverse effect on the Company’s business.

Indemnifications — In the normal course of business, the Company and its subsidiaries enter into contracts that contain representations and warranties that provide general indemnifications in regards to legal proceedings. The Company’s maximum exposure under these arrangements is unknown as this would involve future legal claims that may be made against the Company that have not yet occurred. However, based on its experience, the Company expects the risk of material loss to be remote.

Debt Covenants — Certain of the Company’s debt obligations are subject to loan covenants and event of default provisions. See Note 6 for further discussion of the Company’s debt obligations.

Loan Purchase and Servicing Commitments — The Company enters into agreements with various loan origination partners to purchase and service the loans they originate through the Technology Offering. At March 31, 2026 and December 31, 2025, purchase commitments were not material. The Company does not record an asset or liability for purchase or servicing commitments since it expects such commitments to benefit the Company, the Company has not yet taken control of the underlying loans, and the commitments are not material.

Loan Funding Obligations — The HELOC loans that the Company originates or purchases include terms that permit borrowers to draw amounts, or redraw previously repaid amounts, typically up to a 5-year period after the original origination date. At March 31, 2026 and December 31, 2025, borrowers were able to borrow up to $118.9 million and $105.1 million on undrawn HELOC loans that the Company has committed to fund. Additionally, the Company has $53.1 million and $16.9 million in unfunded loan commitments at March 31, 2026 and December 31, 2025, respectively, related to loans originated or purchased near the end of each respective period, which were substantially settled within a week after each period end.

Loan Repurchase Obligations — The Company has contractual agreements with certain loan buyers to repurchase or substitute loans where a borrower misses a payment within 30 to 90 days since the loan’s origination, though the Company indemnifies the loan buyer against future losses on such loans in certain cases. The repurchase price is equal to the original sale price to the loan purchaser and the Company recognizes a loss to the extent the repurchase price of the loan exceeds the estimated fair value on the repurchase date, further adjusted upon resale of the loan, if applicable. The Company generally continues to service the defaulting loan through a third-party subservicer. The Company repurchased loans for which it recognized gains (losses) of $(47) thousand and $(1.6) million for the three months ended March 31, 2026, and 2025, respectively, within “Other expense” in the Condensed Consolidated Statements of Operations.

At March 31, 2026, the Company has contingent commitments to repurchase loans with an aggregate UPB of up to $2.0 billion for which the Company recorded repurchase obligations totaling $16.8 million within “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. The Company recorded a reserve of $5.9 million within “Other current liabilities” in the Condensed Consolidated Balance Sheets, based on the Company’s estimate of expected future losses at March 31, 2026.

Securitization Reserve Account Funding Obligations — The Company, in its capacity as servicer of certain securitizations, has committed to fund and replenish customary reserve accounts held by the securitization trust that the Company initially funds at the time of securitization in an amount based upon expected prepayments, delinquencies, defaults, and draws from borrowers for loans in the securitization. While the Company’s obligation to fund reserve amounts is not limited, and the Company cannot reliably estimate the long-term macroeconomic environment that may impact its maximum exposure for such obligations over the contractual life of the securitization, the Company does not expect to fund material amounts to its securitizations in excess of current balances at March 31, 2026.

Capital Commitments — In February 2025, the Company entered into a joint venture agreement with a third party to finance loans originated or purchased by the Company. As part of that agreement, the Company committed to invest up to $10.5 million in exchange for a 5.0% interest in the joint venture. The Company contributed no capital to the joint venture during the three months ended March 31, 2026.

Leases — The Company has non-cancellable leases on office spaces expiring through 2031 that it does not sublease. Rent expense totaled $0.7 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively. The Company has leases that include renewal options, leasehold improvement incentives, and escalation clauses. At March 31, 2026, the Company has not considered such renewal provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. The terms of the leases do not impose any financial restrictions or covenants. Operating lease right-of-use (“ROU”) assets of $4.8 million are presented in “Other non-current assets”, and lease liabilities of $5.3 million are presented in “Other current liabilities” and “Lease liability, non-current”, in the Condensed Consolidated Balance Sheets at March 31, 2026.

Future undiscounted, minimum lease payments for the Company’s non-cancellable operating leases are as follows:


Years Ending December 31,	March 31, 2026
2026 (remainder)	$	1,452
2027	1,519
2028	1,337
2029	1,012
2030	988
Thereafter	83
Total undiscounted lease payments	$	6,391
Less: Imputed Interest	(1,131)
Operating Lease Liabilities	$	5,260

At March 31, 2026 and December 31, 2025, the weighted average remaining lease term for operating leases was 4.3 years and 4.2 years, respectively, and the weighted average discount rate was 1.0% and 1.0%, respectively. The Company paid $0.7 million and $0.7 million in cash included in the measurement of lease liabilities for the three months ended March 31, 2026 and 2025, respectively.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 11, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42829
Registrant Name	FIGURE TECHNOLOGY SOLUTIONS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	99-2556408
Entity Address, Address Line One	100 West Liberty Street, Suite 600
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	917
Local Phone Number	789-8049
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	FIGR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0002064124
Current Fiscal Year End Date	--12-31
Entity Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		182,622,749
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,893,047
Blockchain Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		585,053

SERVICING - Schedule of Servicing Assets (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
UPB of Underlying Loans	$ 14,559,026	$ 12,930,483
Loan Count \| loan	191,545	172,810
Carrying value	$ 125,931	$ 113,064	$ 88,823	$ 88,497
Collateralized loan servicing rights	61,900	63,800
HELOC loans \| Servicing assets:
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
UPB of Underlying Loans	$ 14,413,966	$ 12,783,215
Loan Count \| loan	191,280	172,540
Carrying value	$ 123,964	$ 111,211
Mortgage loans \| Servicing assets:
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
UPB of Underlying Loans	$ 145,060	$ 147,268
Loan Count \| loan	265	270
Carrying value	$ 1,967	$ 1,853

- Definition

+ References

+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company calculates the provision for income taxes during interim periods by applying an estimated annual effective tax rate to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) changes in valuation allowance assumptions, and (v) changes due to employee equity exercises. The Company’s income tax provision for the three months ended March 31, 2026 is a benefit of $6.9 million and expense of $1.2 million for the three months ended March 31, 2025. The income tax benefit for the three months ended March 31, 2026, primarily represents a discrete benefit arising from excess windfall benefit due to stock exercises during the quarter. As of March 31, 2026, the Company continues to maintain a valuation allowance against certain federal and state deferred tax assets. Management will continue to assess the realizability of deferred tax assets in future periods, and any changes could impact our income tax expense. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition at the effective date to be recognized. None of the unrecognized tax benefits would affect the Company’s effective tax rate if these amounts were recognized due to our full valuation allowance. The Company’s operations and resulting income taxes are calculated as if the Company filed a combined, separate federal income tax return until the Recombination. All tax years since inception are subject to examination by tax authorities. The Company is currently not under examination by any federal or state jurisdiction.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	$ 263,796	$ 231,633
Total liabilities	263,796	231,633
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	257,750	273,151
Total liabilities	257,750	273,151
Level 1 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	0	0
Total liabilities	0	0
Level 2 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	257,750	233,684
Total liabilities	257,750	233,684
Level 3 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	0	39,467
Total liabilities	$ 0	$ 39,467

SERVICING - Schedules of Geographic Concentration of the Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 14,559,026	$ 12,930,483
% of Total	100.00%	100.00%
California \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 3,603,059	$ 3,239,619
California \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	24.70%	25.10%
Florida \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 1,736,919	$ 1,553,217
Florida \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	11.90%	12.00%
Arizona \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 700,695	$ 634,623
Arizona \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	4.80%	4.90%
Georgia \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 644,475	$ 579,494
Georgia \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	4.40%	4.50%
Washington \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 528,940	$ 490,630
Washington \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	3.60%	3.80%
New Jersey \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 512,202	$ 455,704
New Jersey \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	3.50%	3.50%
Ohio \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 475,199	$ 414,065
Ohio \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	3.30%	3.20%
Virginia \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 472,959	$ 413,862
Virginia \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	3.20%	3.20%
North Carolina \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 393,825	$ 358,185
North Carolina \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	2.70%	2.80%
Colorado \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 371,633	$ 338,515
Colorado \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	2.60%	2.60%
Other \| Concentration Risk
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 5,119,120	$ 4,452,569
Other \| Concentration Risk \| Loans Underlying Servicing Assets
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
% of Total	35.30%	34.40%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Changes To Prior Periods Condensed Consolidated Statements of Operations, Consolidated Balance Sheets And Consolidated Statements Of Cash Flows


	Three Months Ended March 31, 2025
Condensed Consolidated Statements of Operations	As Reported		Adjustment		Recast
Interest income	$	16,606	$	(5,382)	$	11,224
Gain on sale of loans, net	32,023		(2,231)		29,792
Marketable securities income, net	—		7,613		7,613


	Three Months Ended March 31, 2025
Condensed Consolidated Statements of Cash Flows	As Reported		Adjustment		Recast
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of loans, net	$	(32,023)	$	2,231	$	(29,792)
Change in fair value of marketable securities	—		(2,231)		(2,231)


	Three Months Ended March 31, 2025
	As Reported		Adjustment		Recast
Investing activities:
Purchases of digital assets	$	(2,053)	$	434	$	(1,619)
Proceeds from sales of digital assets	2,899		(304)		2,595


	Three Months Ended March 31, 2025
	As Reported		Adjustment		As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases	$	994,870	$	(16,636)	$	978,234
Purchases of marketable securities	(31,797)		31,797		—

Principal payments on marketable securities	2,476		(2,476)		—
Net cash provided by (used in) operating activities	(152,958)		12,685		(140,273)
Investing activities:
Purchases of marketable securities	—		(15,161)		(15,161)

Principal payments on marketable securities	—		2,476		2,476
Net cash used in investing activities(A)	$	(3,572)	$	(12,685)	$	(16,257)

Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$	—	$	(16,636)	$	(16,636)

Schedule of Derivative Assets and Liabilities


	Notional		March 31, 2026		December 31, 2025
Other current asset:
Treasury note futures	$	205,000	$	2,788	$	442

Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	1,425,754	$	1,159,597
Payment stablecoins	38,889		38,544
Restricted cash	71,947		68,637
Total cash, cash equivalents and restricted cash	$	1,536,590	$	1,266,778

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table presents the components of “Accounts receivable, net” reported in the Condensed Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	37,446	$	30,627
Interest receivable	4,402		4,440
Subservicer receivable(A)	8,813		6,914
Other accounts receivable	14,939		10,355
Less: Allowance for credit losses	(270)		(320)
Accounts receivable, net	$	65,330	$	52,016

(A) Subservicer receivable consists of loan principal and interest payments collected on behalf of the Company by a subservicer that have not yet been remitted to the Company.

Schedule of Components of Ecosystem and Technology Fees

The following table presents the components of “Ecosystem and technology fees” in the Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2026		2025
Ecosystem and technology fees:
Technology offering fees(A)	$	17,296	$	7,895
Ecosystem fees(B)	24,419		5,212
	41,715		13,107
Program fees(C)	5,591		2,506
Total ecosystem and technology fees	$	47,306	$	15,613

Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives

The Company amortizes internally-developed software capitalized costs within “Technology and product development” expense in the Condensed Consolidated Statements of Operations as follows:


	Estimated Useful Life (Years)	March 31, 2026		December 31, 2025
Internally developed software	3	$	110,074	$	101,873
Accumulated amortization(A)		(78,387)		(73,704)
Net		$	31,687	$	28,169

(A) The Company amortized $4.7 million and $3.9 million of capitalized internally-developed software costs during the three months ended March 31, 2026 and 2025, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Components of Ecosystem and Technology Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total net revenue	$ 167,007	$ 84,510
Ecosystem and Technology Fees
Disaggregation of Revenue [Line Items]
Total net revenue	41,715	13,107
Technology Offering Fees
Disaggregation of Revenue [Line Items]
Total net revenue	17,296	7,895
Other fee income	9,700	2,500
Ecosystem Fees
Disaggregation of Revenue [Line Items]
Total net revenue	24,419	5,212
Other fee income	7,800	2,500
Program Fees
Disaggregation of Revenue [Line Items]
Total net revenue	5,591	2,506
Ecosystem and Technology Fees Including Program Fees
Disaggregation of Revenue [Line Items]
Total net revenue	$ 47,306	$ 15,613

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

INVESTMENTS - Schedule of Digital Assets Held as Collateral, Held at Fair Value and by Third-party Custodians (Details) $ in Thousands	Mar. 31, 2026 USD ($) unit loan	Dec. 31, 2025 USD ($) unit loan
Crypto Asset, Holding [Line Items]
Liability for loan originations collateralized by digital assets	$ 31,100	$ 52,600
Crypto Assets Held As Colateral [Abstract]
Fair Value	31,144	52,569
Digital Assets Held For Sale [Abstract]
Cost Basis	36,833	35,650
Fair Value	33,253	35,942
Held At Cost
Digital Assets Held For Sale [Abstract]
Cost Basis	11,883	11,691
Carrying Value	$ 11,883	$ 11,691
Bitcoin (BTC)
Crypto Assets Held As Colateral [Abstract]
Units \| unit	387	527
Fair Value	$ 26,377	$ 46,119
Ethereum (ETH)
Crypto Assets Held As Colateral [Abstract]
Units \| unit	2,265	2,173
Fair Value	$ 4,767	$ 6,450
Solana (SOL)
Digital Assets Held For Sale [Abstract]
Units \| loan	92,343	87,707
Cost Basis	$ 11,053	$ 10,731
Fair Value	$ 7,664	$ 10,918
Units subject to lock-up period \| loan	47,698
United States Dollar Tether (USDT)
Digital Assets Held For Sale [Abstract]
Units \| loan	1,044,053	958,734
Cost Basis	$ 1,044	$ 959
Fair Value	1,044	959
Kamino Liquidity Pools
Digital Assets Held For Sale [Abstract]
Cost Basis	23,644	23,485
Fair Value	23,645	23,510
Other digital assets
Digital Assets Held For Sale [Abstract]
Cost Basis	1,092	475
Fair Value	$ 900	$ 555
HASH \| Held At Cost
Digital Assets Held For Sale [Abstract]
Units \| loan	19,846,262,501	19,873,741,886
Cost Basis	$ 11,883	$ 11,691
Carrying Value	$ 11,883	$ 11,691

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to March 31, 2026 through May 14, 2026, the date at which the Company’s Condensed Consolidated Financial Statements were available to be issued. Warehouse Facility 5 In April 2026, the Company amended its agreement with Warehouse Facility 5 to extend the maturity date to July 2026. No other terms of the agreement were amended. Warehouse Facility 7 In April 2026, the Company entered into a master participation interest purchase and sales agreement with Warehouse Facility 7, which establishes the terms and conditions under which the Company may enter into transactions from time to time. The agreement provides for a maximum aggregate financing capacity of $250.0 million and has an initial term of one year. As of May 14, 2026, the Company carried $31.7 million of debt at cost in connection with the arrangement.

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Undiscounted Minimum Lease Payments for Operating Leases

Future undiscounted, minimum lease payments for the Company’s non-cancellable operating leases are as follows:


Years Ending December 31,	March 31, 2026
2026 (remainder)	$	1,452
2027	1,519
2028	1,337
2029	1,012
2030	988
Thereafter	83
Total undiscounted lease payments	$	6,391
Less: Imputed Interest	(1,131)
Operating Lease Liabilities	$	5,260

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

The following table summarizes the Company’s debt components:


	March 31, 2026								December 31, 2025
	Carrying Value		Facility Inception Date	Final Stated Maturity(A)	Weighted Average Funding Cost		Collateral Carrying Value		Carrying Value
Debt carried at cost:
Funding debt:
Warehouse Facility 1(B)	$	2,482	November 2022	May 2026	5.9	%	$	3,128	$	2,904
Warehouse Facility 2(C)	441		February 2023	January 2027	6.7		2,065		7,039
Warehouse Facility 3(D)	—		October 2023	n.a.	—		—		—
REIT Warehouse(E)	—		October 2024	December 2026	7.2		—		750
Warehouse Facility 4(F)	—		May 2024	May 2026	—		—		—
Warehouse Facility 5(G)	973		April 2025	April 2026	9.0		1,223		1,700
Warehouse Facility 6(H)	10,349		July 2025	June 2027	6.0		9,287		6,063
Digital Asset Loan Facility(I)	598		April 2025	October 2026	26.8		28		3,097
	14,843								21,553

MSR financing:
Lender 1(J)	40,000		June 2024	June 2026	16.9		61,859		40,000

Financed retained interests:
Retained Interest Facility(K)	263,796		April 2023	Various(L)	6.3		263,935		231,633

Total debt carried at cost, gross	318,639								293,186

Unamortized deferred financing costs(M)	(2,500)								(2,603)
Total debt carried at cost, net	316,139								290,583

Debt at fair value:
FCC(N)	125,496								76,110
Democratized Prime YLDS(O)	49,093								24,409
	174,589								100,519

Debt at fair value to related parties:
FCC - related parties(N)	73,623								2,050
Democratized Prime YLDS - related parties(O)	302,903								164,085
	376,526								166,135

Total debt carried at fair value	551,115								266,654

Total debt	$	867,254							$	557,237

(A) Debt obligations with a stated maturity through the date of issuance of the Condensed Consolidated Financial Statements were refinanced, extended or repaid.

(B) Warehouse Facility 1 bears interest at Secured Financing Overnight Rate (“SOFR”) plus a spread of 2.25% at March 31, 2026.

(C) Warehouse Facility 2 bears variable interest at SOFR plus a spread between 2.15% and 5.50% at March 31, 2026. A portion of the facility is also subject to a 0.5% non-use fee.

(D) Warehouse Facility 3 is an advance facility in which the lender earns carry on collateral in the facility.

(E) Real Estate Investment Trust ("REIT") Warehouse was the warehouse for Figure REIT, Inc. As of March 27, 2026, Figure REIT, Inc. merged with and into VS Evergreen Acquisition Co. L.P.. As a result of the merger, Figure REIT, Inc. is no longer controlled nor consolidated by FTS. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger.

(F) Warehouse Facility 4 bears interest at SOFR, plus a spread of 3.5% at March 31, 2026. The facility also carries a 0.5% exit fee on all loans repurchased from the facility.

(G) Warehouse Facility 5 bears interest at SOFR, plus a spread of 2.35%.

(H) Warehouse Facility 6 bears interest at SOFR, subject to a 2.0% floor, plus a spread of 1.75%.

(I) The Digital Asset Loan Facility bears interest at a rate of 13.5%.

(J) The MSR Note bears interest at 16.5% per annum and secured by eligible servicing assets, which include servicing fees related to loan servicing rights owned by, or delegated to, the Company.

(K) Under the Retained Interest Facility, the interest accrued on the securities and beneficial interests is payable to the lender during the period the loans are held plus a spread between 0.50% and 0.55%, depending on the tranche to which the Company pledges collateral.

(L) The maturities of financed retained interests align with the terms of the underlying securities. The financed retained interest have maturity dates through March 2056.

(M) During the three months ended March 31, 2026 and 2025, the Company amortized $0.4 million, and $0.3 million, respectively, of deferred financing costs.

(N) Interest accrues at a rate of SOFR less 35 basis points based on the face-amount certificates issued by FCC. Certificates mature 20 years from the issue date, but may be surrendered at any time by the holder at face amount, plus accrued interest minus any applicable expenses or fees.

(O) Interest is accrued at an hourly rate that is agreed upon through a Dutch auction process; during the three months ended March 31, 2026, the average interest rate was 8.1%. YLDS can be redeemed by the holder at face amount, plus accrued interest minus any applicable expenses or fees on demand.

Maturities

Contractual maturities of recourse and nonrecourse debt obligations at March 31, 2026, are as follows:


Years Ending December 31,	Recourse		Nonrecourse		Total
2026	$	42,482	$	1,571	$	44,053
2027	10,790		—		10,790
2028	—		—		—
2029	—		—		—
2030	—		—		—
Thereafter	—		263,796		263,796
	$	53,272	$	265,367	$	318,639

Borrowing Capacity

The following table represents borrowing capacity of committed debt facilities that have not matured at March 31, 2026:


	March 31, 2026
	Borrowing Capacity		Balance Outstanding		Available Financing
Funding Debt:
Warehouse Facility 1	$	150,000	$	2,482	$	147,518
Warehouse Facility 2	335,300		441		334,859
Warehouse Facility 4	250,000		—		250,000
Warehouse Facility 5	300,000		973		299,027
Warehouse Facility 6	300,000		10,349		289,651
Digital Asset Loan Facility	30,000		598		29,402

MSR financing:
Lender 1	40,000		40,000		—

Financed retained interests:
Retained Interest Facility	500,000		263,796		236,204
	$	1,905,300	$	318,639	$	1,586,661

Certain debt obligations are subject to customary loan covenants, such as minimum tangible net worth, minimum liquidity, maximum leverage ratios, required range of net income or loss during specified periods, periodic financial reporting requirements, and event of default provisions, including event of default provisions triggered by certain specified declines in the Company’s equity or a failure to maintain a specified tangible net worth, liquidity, or indebtedness to tangible net worth ratio. The Company was in compliance with all of its debt covenants at March 31, 2026.

Facilities

The following summarizes the debt facilities that the Company entered into or amended during the three months ended March 31, 2026 and the year ended December 31, 2025:

Warehouse Facility 1

In May 2025, the Company and its lender amended Warehouse Facility 1 to reduce the borrowing capacity to $150.0 million, expand eligible collateral types, and reduce certain funding costs. The amended facility has an initial maturity date of May 2026, and borrowings under the facility bear interest at a rate of SOFR plus a spread of 2.25%.

Warehouse Facility 2

In January 2026, the Company and its lender amended Warehouse Facility 2 to extend the facility maturity date to January 2027, and add a facility sub-limit of $50.0 million for certain loan products. No other terms of the facility were amended.

REIT Warehouse

In August 2025, the Company amended the REIT Warehouse to increase the borrowing limit to $200.0 million, extend the maturity date to December 2026, and add an exit fee of 0.15% that is not to exceed $0.5 million in any calendar year. It also amended the interest rate to be SOFR plus a spread of (i) if the average daily aggregate outstanding purchase price for all purchased mortgage loans subject to outstanding transactions during such pricing rate period is greater than or equal to $100.0 million, 3.00% or (ii) if the average daily aggregate outstanding purchase price for all purchased mortgage loans subject to outstanding transactions during such pricing rate period is less than $100.0 million, 3.50%.

The REIT Warehouse was the warehouse for Figure REIT, Inc. As of March 27, 2026, Figure REIT, Inc. merged with and into VS Evergreen Acquisition Co. L.P. As a result of the merger, Figure REIT, Inc. is no longer controlled nor consolidated by FTS. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger.

Warehouse Facility 5

In April 2025, the Company entered into a master repurchase agreement with a major banking institution that contains customary debt covenants, a borrowing capacity of $300.0 million, including $1.0 million in committed capacity, and an initial maturity date in April 2026, with the option to renew at maturity. Borrowings under the facility bear interest at a rate of SOFR plus 2.35%.

Warehouse Facility 6

In June 2025, the Company executed a master repurchase agreement with a major banking institution that had a facility limit up to $100.0 million, with the option to temporarily upsize to $200.0 million and has an initial maturity date in June 2027 with the option to renew at maturity. Borrowings under the facility bear interest at a rate of SOFR, subject to a floor of 2.0%, plus 1.75% that results in a minimum rate of 3.75%.

In July 2025, the Company amended Warehouse Facility 6 to permanently increase the facility limit to $200.0 million. In December 2025, the Company amended Warehouse Facility 6 to increase the facility limit to $300.0 million.

Digital Asset Loan Facility

In April 2025, the Company executed a master participation agreement with an asset management firm that allows the Company to grant 100% participation interest for digital asset backed loans it owns. The $30.0 million facility, with the ability to increase to a maximum facility size of $50.0 million, matures in October 2026, bears interest at a rate of 13.5%, and has a purchase period through April 2026.

Retained Interest Facility

The Company amended the Retained Interest Facility to increase the borrowing limit from $250.0 million to $500.0 million, effective as of October 2025.

FCC

At March 31, 2026, FCC had $125.5 million and $73.6 million outstanding face-amount certificates to third parties and related parties, respectively, redeemable upon redemption of YLDS. At December 31, 2025, there were $76.1 million and $2.1 million outstanding face-amount certificates to third parties and related parties, respectively. The certificates entitle the certificate owner to receive, at certificate maturity, a stated amount of money, interest, or credits declared from time to time by FCC, at its discretion. The certificates issued by FCC are not insured by any government agency or other entity.

Democratized Prime YLDS

At March 31, 2026, FCC had $49.1 million and $302.9 million outstanding face-amount certificates to third parties and related parties, respectively, redeemable upon redemption of YLDS. At December 31, 2025, there were $24.4 million and $164.1 million outstanding face-amount certificates to third parties and related parties, respectively. Democratized Prime YLDS represents liabilities where parties have lent YLDS to the Company through the Democratized Prime platform. The Company pays interest based on a rate agreed upon through a Dutch auction process defined within the pool and can be redeemed each hour for YLDS. The YLDS are collateralized by pools of HELOC loans and are not insured by any government agency or other entity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

EQUITY - Share Repurchase Program, Narrative (Details) - Share Repurchase - USD ($) $ in Millions		3 Months Ended
	Feb. 25, 2026	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share repurchase program authorized amount	$ 200
Share repurchase program, period	12 months
Shares repurchased by underwriters		0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (6,945)	$ 1,230

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

LOANS - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 503,900	$ 404,337	$ 530,525	$ 395,922
Loans collateralized under repurchase agreements	15,700	21,700
Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	492,725	396,475
Carrying Value	503,900	404,337
HELOC loans \| Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	426,137	312,401
Carrying Value	437,577	320,566
Personal loans \| Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	57,907	79,350
Carrying Value	57,670	79,113
Other \| Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	8,681	4,724
Carrying Value	$ 8,653	$ 4,658

- Definition

Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

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+ Details

EQUITY - Noncontrolling Interests in Consolidated Subsidiaries (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Noncontrolling Interest [Line Items]
Net income (loss)	$ 45,047	$ (613)
Net income attributable to noncontrolling interests in consolidated subsidiaries	$ 102	$ 207
Figure REIT
Noncontrolling Interest [Line Items]
Noncontrolling Interest as a Percent of Total	45.00%	44.60%
Figure REIT \| Figure REIT
Noncontrolling Interest [Line Items]
Net income (loss)	$ 353	$ 874
Figure REIT \| Subsidiaries
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interests in consolidated subsidiaries	$ 159	$ 390
Offshore Solana Fund
Noncontrolling Interest [Line Items]
Noncontrolling Interest as a Percent of Total	2.80%	2.80%
Offshore Solana Fund \| Offshore Solana Fund
Noncontrolling Interest [Line Items]
Net income (loss)	$ (2,024)	$ (6,536)
Offshore Solana Fund \| Subsidiaries
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interests in consolidated subsidiaries	(57)	(183)
Third Party Investors in Real Estate Investment Trust Subsidiary
Noncontrolling Interest [Line Items]
Net income (loss)	(1,671)	(5,662)
Third Party Investors in Real Estate Investment Trust Subsidiary \| Subsidiaries
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interests in consolidated subsidiaries	$ 102	$ 207

LOANS - Schedule of Past Due Aggregate Carrying Value of Loans Held (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 503,900	$ 404,337	$ 530,525	$ 395,922
Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	492,725	396,475
Carrying Value	503,900	404,337
Carrying Value Over (Under) UPB	11,175	7,862
Current \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	460,163	374,842
Carrying Value	471,977	383,602
Carrying Value Over (Under) UPB	11,814	8,760
30 to 59 days \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	10,724	2,308
Carrying Value	10,711	2,229
Carrying Value Over (Under) UPB	(13)	(79)
60 to 89 days \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	2,285	4,193
Carrying Value	2,208	4,030
Carrying Value Over (Under) UPB	(77)	(163)
90 days or more \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	19,207	14,387
Carrying Value	18,649	13,717
Carrying Value Over (Under) UPB	(558)	(670)
Forbearance \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	346	745
Carrying Value	355	759
Carrying Value Over (Under) UPB	$ 9	$ 14

LOANS - Schedule of Loans Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loans Held for Sale
Beginning balance	$ 404,337	$ 395,922
Purchases	1,027,603	516,863
Originations	1,204,129	680,350
Sales, net of repurchases	(1,944,326)	(974,207)
Principal payments	(191,230)	(95,990)
Change in fair value	4,299	6,168
Loans not yet repurchased	(912)	1,419
Ending balance	$ 503,900	$ 530,525

- Definition

Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,464,643	$ 1,198,141
Restricted cash	71,947	68,637
Loans held for sale, at fair value	503,900	404,337
Digital assets ($62,430 and $84,867 at fair value)	74,313	96,558
Accounts receivable, net	65,330	52,016
Other current assets	46,005	41,518
Total current assets	2,226,138	1,861,207
Loan servicing asset, at fair value	125,931	113,064
Marketable securities, at fair value	298,428	273,151
Digital assets, non-current	1,967	3,644
Deferred income taxes, net	26,037	26,037
Other non-current assets	52,392	40,420
Total assets	2,730,893	2,317,523
Current liabilities:
Accounts payable and accrued liabilities	29,731	29,501
Payables to third-party loan owners	451,393	383,772
Other current liabilities	86,601	105,642
Total current liabilities	1,172,756	846,009
Debt, non-current	262,223	230,143
Lease liability, non-current	3,894	4,173
Total liabilities	1,438,873	1,080,325
Stockholders' equity:
Preferred stock — $0.0001 par value per share: 100,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Treasury stock, at cost	(18,218)	0
Additional paid-in capital	1,452,264	1,415,804
Accumulated deficit	(142,048)	(186,993)
Total Figure Technology Solutions, Inc. stockholders' equity	1,292,021	1,228,834
Noncontrolling interests in consolidated subsidiaries	(1)	8,364
Total stockholders' equity	1,292,020	1,237,198
Total liabilities and stockholders' equity	2,730,893	2,317,523
Nonrelated Party
Current liabilities:
Debt, current ($174,589 and $100,519 at fair value)	228,505	160,959
Related Party
Current liabilities:
Debt, current ($174,589 and $100,519 at fair value)	376,526	166,135
Common Class A
Stockholders' equity:
Common stock	19	19
Common Class B
Stockholders' equity:
Common stock	4	4
Blockchain Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0

Debt - Borrowing Capacity of Committed Debt Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Borrowing Capacity	$ 1,905,300
Balance Outstanding	318,639	$ 293,186
Available Financing	1,586,661
Funding Debt:
Debt Instrument [Line Items]
Balance Outstanding	14,843	21,553
Warehouse Facility 1 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	150,000
Balance Outstanding	2,482	2,904
Available Financing	147,518
Warehouse Facility 2 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	335,300
Balance Outstanding	441	7,039
Available Financing	334,859
Warehouse Facility 4 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	250,000
Balance Outstanding	0	0
Available Financing	250,000
Warehouse Facility 5 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	300,000
Balance Outstanding	973	1,700
Available Financing	299,027
Warehouse Facility 6 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	300,000
Balance Outstanding	10,349	6,063
Available Financing	289,651
Digital Asset Loan Facility \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	30,000
Balance Outstanding	598	3,097
Available Financing	29,402
Lender 1 \| MSR financing:
Debt Instrument [Line Items]
Borrowing Capacity	40,000
Balance Outstanding	40,000	40,000
Available Financing	0
Retained Interest Facility \| Financed retained interests:
Debt Instrument [Line Items]
Borrowing Capacity	500,000
Balance Outstanding	263,796	$ 231,633
Available Financing	$ 236,204

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss) attributable to FTS	$ 44,945	$ (820)
Less: Undistributed earnings attributable to convertible preferred stockholders	0	0
Less: Undistributed earnings attributable to convertible preferred stockholders	0	0
Net income (loss) attributable to common stockholders, basic and diluted	44,945	(820)
Net income (loss) attributable to common stockholders, basic and diluted	$ 44,945	$ (820)
Denominator:
Basic weighted average common shares attributable to FTS (in shares)	217,277,605	69,398,649
Add: effect of dilutive securities related to share-based payment awards (A) (in shares)	31,552,067	0
Diluted weighted average common shares attributable to FTS (in shares)	248,829,672	69,398,649
Net income per common share attributable to FTS, basic (USD per share)	$ 0.21	$ (0.01)
Net income per common share attributable to FTS, diluted (USD per share)	$ 0.18	$ (0.01)
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	25,815,326
Restricted Stock Units Unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,736,741
Share-Based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		16,228,153

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net revenue:
Ecosystem and technology fees	$ 47,306	$ 15,613
Servicing fees	9,825	7,191
Interest income	19,376	11,224
Origination fees	23,130	12,477
Gain on sale of loans, net	49,356	29,792
Gain on servicing asset, net	12,867	326
Marketable securities income, net	3,660	7,613
Other revenue	1,487	274
Total net revenue	167,007	84,510
Expenses:
General and administrative	45,595	18,840
Technology and product development	15,605	17,416
Operations and processing	21,447	12,678
Sales and marketing	25,483	14,967
Interest expense	16,889	10,972
Other expense	47	1,565
Total expenses	125,066	76,438
Operating income	41,941	8,072
Other expense, net	(3,839)	(7,455)
Income before income taxes	38,102	617
Income tax (benefit) provision	(6,945)	1,230
Net income (loss)	45,047	(613)
Net income attributable to noncontrolling interests in consolidated subsidiaries	102	207
Net income (loss) attributable to Figure Technology Solutions, Inc.	$ 44,945	$ (820)
Net income (loss) per share of Class A, Class B, and Blockchain common stock
Basic (USD per share)	$ 0.21	$ (0.01)
Diluted (USD per share)	$ 0.18	$ (0.01)
Weighted-average Class A, Class B, and Blockchain common shares outstanding
Basic (in shares)	217,277,605	69,398,649
Diluted (in shares)	248,829,672	69,398,649

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2026

Variable Interest Entity, Measure of Activity [Abstract]

VARIABLE INTEREST ENTITIES

Consolidated VIEs

The Company consolidates VIEs in which the Company is deemed to have both the power to direct the most significant activities of the entities and the right to receive benefits, or the obligation to absorb losses, that could potentially be significant to the entities.


	March 31, 2026				December 31, 2025
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
Offshore Solana Fund	$	3,963	$	1	$	44,760	$	—
Figure REIT(B)	—		—		20,789		1,847
Figure Certificate Company	601,847		601,555		329,921		329,219
Total	$	605,810	$	601,556	$	395,470	$	331,066

Additionally, the Company has wholly-owned consolidated VIEs that are formed to acquire, receive, participate, hold, release and dispose of participation interests for the Company’s warehouse facilities. The Company is the primary

beneficiary of these VIEs, and retains the risks and benefits associated with the assets and liabilities transferred to the VIEs. See Note 6 for further discussion of the Company’s warehouse facilities.

Offshore Solana Fund

The Offshore Solana Fund was initially a wholly-owned subsidiary of the Company. In July 2024, the Company sold 2.8% of the Offshore Solana Fund limited partnership interests to unrelated third parties. As of March 31, 2026, the Company holds a 97.2% interest in the Offshore Solana Fund. Through its ownership of the general partner, the Company has the power to direct the activities that most significantly impact the economic performance of the Offshore Solana Fund and the Company has an obligation to absorb losses or receive returns of the Offshore Solana Fund. Third-party limited partners in the Offshore Solana Fund hold a ratable interest in the fair value of the Offshore Solana Fund’s net assets, and the Company presents such noncontrolling interests at fair value in the Condensed Consolidated Balance Sheets and reflects changes thereon in the Condensed Consolidated Statements of Operations.

See Note 7 for further discussion of noncontrolling interests in the Offshore Solana Fund.

Figure Certificate Company

FCC is a face-amount certificate company registered with the SEC and is a wholly-owned subsidiary of the Company. The Company holds all voting rights in FCC and it directs the activities that most significantly impact the economic performance of FCC.

Non-Consolidated VIEs

While the Company continues to be involved with securitizations considered VIEs in its role as the sponsor and the servicer of securitization transactions, the Company has determined that it is not the primary beneficiary of these entities and therefore does not consolidate these securitizations. These entities are established as grantor trusts for various securitization transactions. The activities that most significantly impact the economic performance of the VIE include servicing activities with respect to delinquent and defaulted loans, determined by a third-party special servicer that the Company may not remove without cause. Assets transferred into each securitization trust are legally isolated from the creditors of the Company, not available to satisfy obligations of the Company, and can only be used to settle obligations of the underlying trust in exchange for debt securities and beneficial interests sold.

The following table summarizes the aggregate risk characteristics of the unconsolidated VIEs and the Company’s maximum exposure to loss at March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
UPB of securitization collateral	$	6,766,151		$	4,595,629
Face amount of debt held by third parties	$	6,689,854		$	4,805,192
Maximum exposure(A)	$	377,552		$	347,793
Weighted average delinquency(B)	0.8		%	0.8		%

(B) Represents the percentage of the UPB that is 60+ days delinquent.

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 1,452
2027	1,519
2028	1,337
2029	1,012
2030	988
Thereafter	83
Total undiscounted lease payments	6,391
Less: Imputed Interest	(1,131)
Operating Lease Liabilities	$ 5,260

EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

EQUITY

NOTE 7 – EQUITY

The following table summarizes the Company’s equity instruments at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Authorized Shares(A)	Issued and Outstanding Shares	Potential Common Shares(B)
			Options	RSUs
Class A Common Stock, $0.0001 par value per share	1,000,000,000	180,812,863	24,253,561	5,429,391
Class B Commons Stock, $0.0001 par value per share	200,000,000	37,893,047	7,760,846	4,934,786
Blockchain Common Stock, $0.0001 par value per share	500,000,000	687,920	—	—
Preferred Stock, $0.0001 par value per share	100,000,000	—	—	—
Total	1,800,000,000	219,393,830	32,014,407	10,364,177


	December 31, 2025
	Authorized Shares(A)	Issued and Outstanding Shares	Potential Common Shares(B)
			Warrants	Options	RSUs
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	—	—	—	—
Total	1,800,000,000	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.

Warrants

In March 2024, the Company issued warrants to purchase up to 411,219, 411,219, and 1,644,881 Series E convertible preferred shares to an existing convertible preferred shareholder in exchange for a software license, one year of software development services, and up to two years of other services, respectively, for a total of 2,467,319 shares at an exercise price of $3.23 per share. All of the warrants have been earned and exercised as of March 31, 2026 into Class A common stock.

During the three months ended March 31, 2025, the Company recognized equity-based expense within “Technology and product development” in the Condensed Consolidated Statements of Operations of $2.9 million related to the warrants. There was zero equity-based expense for warrants for the three months ended March 31, 2026.

Equity-Based Compensation

The Company grants equity-based compensation in the form of options and RSUs for its officers, employees, and other service providers under the terms of the applicable equity incentive plans for the purpose of providing incentives and rewards for service or performance that align the interest of grantees with the long-term growth and profitability of the Company. The Company grants RSUs to employees and members of the board which vest subject to either (i) continued service, or (ii) continued service and a market condition tied to the Company’s share price over defined performance periods. The Company only granted RSUs which vest solely subject to continued service during the three months ended March 31, 2026.

The Company records stock-based compensation for service-based RSUs on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes expense only for the stock-based awards that ultimately vest, and accounts for forfeitures of stock-based awards as those forfeitures occur. 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 March 31,
	2026		2025
General and administrative	$	23,474	$	1,726
Technology and product development(A)	1,841		3,459
Operations and processing	152		77
Sales and marketing	411		79
Total equity-based compensation expense	$	25,878	$	5,341

(A) Technology and product development has been corrected to include $2.9 million of equity-based expense for warrants for the three months ended March 31, 2025. There is zero equity-based expense for warrants for the three months ended March 31, 2026.

Equity Incentive Plans

2018 Equity Incentive Plan

In 2018, the Company adopted the 2018 Equity Incentive Plan (as amended and/or restated, the “2018 Plan”) that authorized the Company to grant awards of up to 52,346,283 shares of common stock of FTS to FTS’ employees, non-employees, officers, and directors in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and RSUs. Each award outstanding under the 2018 Plan continues to be governed by the terms and conditions of the 2018 Plan. In connection with the IPO, the 2018 Plan awards were amended to cover shares of Class A common stock (or, if determined by the plan administrator, Class B common stock). As of December 31, 2025 the Company had granted awards equivalent to 56,462,313 shares of common stock, gross of forfeited and cancelled shares that could be recycled back into authorized shares under the 2018 Plan. In connection with the IPO, the Company froze the 2018 Plan and no new awards will be granted under the 2018 Plan.

2024 Equity Incentive Plan

In 2024, FMH adopted the 2024 Equity Incentive Plan (as amended and/or restated, the “2024 Plan”) that authorized FMH to grant awards of up to 4,635,234 shares of common stock of FMH to FMH employees, non-employees, officers, and directors in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and RSUs. As part of the Recombination, the Company assumed the 2024 Plan and all options outstanding thereunder as of the Recombination Date, and such outstanding options were converted to options of FTS. As of December 31, 2025 the Company had granted option awards equivalent to 3,172,306 shares of common stock, gross of forfeited and cancelled awards under the 2024 Plan. There were no RSUs granted under the 2024 Plan. In connection with the IPO, the Company froze the 2024 Plan and no new awards will be granted under it.

2025 Incentive Award Plan

As part of the IPO, the Company adopted the 2025 Incentive Award Plan (as amended and/or restated, the “2025 Plan”) in order to facilitate the grant of equity incentives to directors, employees (including named officers), and consultants of the Company. The 2025 Plan authorizes the issuance of 22,985,926 of Class A or Class B common stock of FTS, subject to an automatic increase on January 1 of each calendar year from January 1, 2026 through and including January 1, 2035, by a number of shares equal to the lesser of (i) 5% of the total shares of the aggregate number of shares of Class A common

stock and Class B common stock outstanding (on an as-converted basis) as of the last day of the immediately preceding fiscal year and (ii) such smaller number of shares as determined by the board. Awards under the 2025 Plan may be granted in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs, stock payments, and other incentive awards and cash awards. As of March 31, 2026, the Company had granted awards equivalent to 1,979,036 and 8,535,845 shares of Class A and Class B common stock, respectively, and as of December 31, 2025 1,017,792 and 8,535,845 shares of Class A and Class B common stock, respectively, gross of forfeited and delivered awards under the 2025 Plan

2025 Employee Stock Purchase Plan (“ESPP”)

In connection with the IPO, the Company adopted the ESPP under which eligible employees may purchase shares of Class A common stock of FTS, up to a maximum percentage of their eligible compensation (which shall be 20% unless otherwise specified in an applicable offering document), subject to certain IRS and share purchase limitations, at 85% of the lower of the closing price (fair market value) of a share of FTS on the first day of the offering period or the purchase date, whichever is lower. As of March 31, 2026, there have been no offering periods under the ESPP program.

The maximum aggregate number of shares that may be subject to awards and sold under the ESPP is 2,133,961 shares, subject to an automatic annual increase on the first day of each calendar year beginning in 2026 and ending on and including January 1, 2035 in an amount equal to the lesser of (i) one percent (1%) of the aggregate number of shares of Class A common stock and Class B common stock of FTS outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Board.

Unrecognized Compensation Expense

At March 31, 2026, the Company has not yet recognized compensation expense for the following awards:


Vesting Condition	Weighted Average Recognition Period (Years)	Shares		Unrecognized Compensation Expense
		Options	RSUs	Total	Options		RSUs
Time-based(A)	3.4	8,438,209	4,505,985	12,944,194	$	55,465	$	125,153
Multiple(A)(B)	1.1	—	5,926,680	5,926,680	—		40,359
Total		8,438,209	10,432,665	18,870,874	$	55,465	$	165,512

(A) Awards typically vest over a period of 1 to 4 years and awards generally have a one year cliff vesting feature with quarterly 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.

Share Repurchase Program

On February 25, 2026, the Company’s Board of Directors authorized a program under which the Company may repurchase up to $200 million of its Class A common stock and Blockchain common stock over the next 12 months subject to market conditions, contractual restrictions and other factors (the “Share Repurchase Program”).

Repurchases under the Share Repurchase Program may be made from time to time in the open market, through privately negotiated transactions, accelerated share repurchase transactions, or by other means in accordance with applicable securities laws and regulations. The timing, number of shares repurchased, and prices paid will depend on market conditions, share price, trading volume, corporate considerations, and other factors. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18. The Company also treats shares of common stock withheld for tax purposes on behalf of employees in connection with the vesting of RSUs as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are considered common stock repurchases under our authorized common stock repurchase program. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization.

The Share Repurchase Program does not obligate the Company to acquire any particular amount of stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion.

The Company did not repurchase any stock under the Share Repurchase Program during the three months ended March 31, 2026.

Noncontrolling Interests in Consolidated Subsidiaries

The following amounts relate to equity interests held by 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.

On March 27, 2026, Figure REIT merged with and into the VS Evergreen Acquisition Co. L.P., a subsidiary of VS Evergreen Financing Fund LP. The surviving entity is VS Evergreen Acquisition Co. L.P., a Delaware limited partnership ("Evergreen"). The Company redeemed all issued and outstanding shares of the 12.0% Series A Redeemable Cumulative Preferred Stock for $1,019 per share and the shares are considered cancelled and no longer outstanding. Each outstanding share of the Company’s voting and non-voting common stock held by Figure REIT stockholders immediately prior to the effective time was converted on a one-for-one basis into Evergreen fund units. As a result of the merger, Figure REIT is no longer controlled by FTS, as FTS’s ownership interests have moved into VS Evergreen Financing Fund LP and FTS is not the primary beneficiary of VS Evergreen Financing Fund LP. The Company did not recognize a gain or loss on the transaction, and the Company’s new investment in the Evergreen Funds is disclosed in Note 3, “Equity Investments”.

The noncontrolling interests included in net income (loss) are computed as follows:


	Three Months Ended March 31,
	2026						2025
	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	45.0	%	$	159	$	874	44.6	%	$	390
Offshore Solana Fund	(2,024)		2.8		(57)		(6,536)		2.8		(183)
Total	$	(1,671)			$	102	$	(5,662)			$	207

(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:


	March 31, 2026						December 31, 2025
	Total Consolidated Equity		Non-controlling Ownership Interest as a Percent of Total		Non-controlling Interest in Equity of Consolidated Subsidiaries		Total Consolidated Equity		Non-controlling Ownership Interest as a Percent of Total		Non-controlling Interest in Equity of Consolidated Subsidiaries
Figure REIT	$	—	—	%	$	—	$	18,217	45.0	%	$	8,178
Offshore Solana Fund	(41)		2.8		(1)		6,602		2.8		186
Total	$	(41)			$	(1)	$	24,819			$	8,364

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, the Company made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The Condensed Consolidated Financial Statements include the accounts of the Company and the combined wholly-owned subsidiaries over which the Company controls significant operating, financial, and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which the Company is determined to have a controlling financial interest. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2026, or for any other period. Further, the balance sheet as of December 31, 2025, has been derived from the audited Consolidated Balance Sheet as of this date. There have been no material changes, other than what is discussed herein, to the Company's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Change in Accounting Principle	Change in Accounting Principle Accounting for payment stablecoins As of December 31, 2025, the Company voluntarily elected to change its method of accounting for payment stablecoins to classify them as cash equivalents and applied the change retrospectively. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of the change in accounting principle. Change in Statement of Cash Flow Presentation Related to Retained Beneficial Interests in Loan Securitizations As of December 31, 2025, the Company corrected the presentation of certain retained beneficial interests in loan securitization transactions within the Condensed Consolidated Statements of Cash Flows and applied the correction retrospectively. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of the correction.
Segments	Segments The Company operates as a single operating and reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM evaluates performance and allocates resources using consolidated net income (loss) as reported in the Condensed Consolidated Statements of Operations. Significant expense categories and revenue streams reviewed by the CODM are presented on the face of the Condensed Consolidated Statements of Operations. The CODM does not review assets, liabilities, or capital expenditures at a more granular level; accordingly, no such disclosures are presented. Total consolidated assets are presented on the Condensed Consolidated Balance Sheets. Substantially all of the Company’s revenues and long-lived assets are located in the United States. For the three months ended March 31, 2026, Toledo Bend Investments accounted for approximately $21.1 million, or 13%, of the Company’s total net revenue. Our diversified ecosystem of whole loan buyers and access to additional liquidity through the securitization market mitigates concentration risk related to individual purchasers of loans for which we earn revenues. No other customer accounted for more than 10% of the Company’s total net revenue for each of the respective periods or for the same periods in the prior year.
Software Costs	Software Costs The Company amortizes internally-developed software capitalized costs within “Technology and product development” expense
Recently Issued Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards With the exception of those discussed below, there have not been recent changes in accounting pronouncements issued by the FASB that are applicable to, or adopted by, the Company during the three months ended March 31, 2026. Recently Issued Accounting Standards Not Yet Adopted In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the applicability of interim reporting guidance, establishes a comprehensive list of interim disclosures required under GAAP, and introduces a disclosure principle requiring entities to disclose events occurring after the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 also improves navigability by organizing interim disclosure requirements across the Codification and clarifies the form and content of interim financial statements, including the use of condensed statements and required accompanying notes. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, for public business entities, and after December 15, 2028, for all other entities, with early adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-11 on its interim reporting disclosures. In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans (“ASU 2025-08”), which introduces the concept of purchased seasoned loans and expands use of the gross-up approach to a broader population of acquired loans. Under the amendments, loans (other than credit cards) that are acquired without significant credit deterioration since origination and meet seasoning criteria are accounted for using the gross-up approach at acquisition (that is, recognition of an allowance for credit losses with a corresponding increase to amortized cost). A loan generally is considered seasoned if it is obtained more than 90 days after origination and the transferee was not involved in the loan’s origination; the guidance provides indicators for assessing involvement and excludes certain assets (such as credit cards, debt securities, and Topic 606 trade receivables) from the purchased seasoned loans category. ASU 2025-08 also clarifies related measurement and interest income guidance for purchased seasoned loans and aligns various Topics (including business combinations, consolidations, and transfers and servicing) with the new model. ASU 2025-08 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, and is applied prospectively to loans acquired on or after the date of initial application; early adoption is permitted in an interim or annual period for which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the effect of adopting ASU 2025-08 on its financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract (“ASU 2025-07”). The ASU expands the population of contracts excluded from derivative accounting by excluding contracts whose underlyings are based on operations or activities specific to one of the parties to the contract. In addition, the ASU clarifies that a share-based payment received from a customer as consideration for goods or services should be accounted for under ASC 606’s share-based noncash consideration guidance, and that guidance in other topics should not be applied unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC 606. ASU 2025-07 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with earlier adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-07 on its financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for software costs by removing references to prescriptive project stages and establishing a new recognition threshold. Under ASU 2025-06, entities are required to begin capitalizing internal-use software costs once management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used as intended. In assessing the probability threshold, entities must evaluate whether significant development uncertainty exists, including unresolved technological innovations or unproven features, or whether significant performance requirements have not been identified or continue to be substantially revised. The amendments also incorporate website development cost guidance into Subtopic 350-40, require property, plant, and equipment disclosures for capitalized internal-use software costs, and eliminate duplicative intangible disclosure requirements. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-06 on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclosure of the total amount of selling expenses, and in annual reporting periods. the Company’s definition of selling expenses. ASU 2024-03 is effective for public business entities’ annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of adopting ASU 2024-03 on its disclosures. In December 2023, the FASB issued ASU 2023‐09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. ASU 2023-09 should be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effect of adopting ASU 2023-09 on its disclosures for annual reporting for the year ended December 31, 2026.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

EQUITY - Warrants, Narrative (Details) - USD ($)	3 Months Ended
EQUITY - Warrants, Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Capital Unit [Line Items]
Stock-based compensation expense	$ 25,878,000	$ 5,341,000
Technology and product development
Capital Unit [Line Items]
Stock-based compensation expense	$ 1,841,000	3,459,000
Series E Preferred Stock
Capital Unit [Line Items]
Number of warrants (in shares)			2,467,319
Series E Preferred Shares in Exchange for Software License
Capital Unit [Line Items]
Number of warrants (in shares)			411,219
Series E Preferred Shares in Exchange for One Year of Software Development Services
Capital Unit [Line Items]
Number of warrants (in shares)			411,219
Series E Preferred Shares in Exchange for Two Years of Other Services
Capital Unit [Line Items]
Number of warrants (in shares)			1,644,881
Common Class A
Capital Unit [Line Items]
Warrants exercise price (in dollars per share)	$ 3.23
Warrant
Capital Unit [Line Items]
Equity-based compensation expense	$ 0
Warrant \| Technology and product development
Capital Unit [Line Items]
Stock-based compensation expense	$ 0	$ 2,900,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Change in customer deposit liability		$ 6,500
Revenue	$ 167,007	84,510
Concentration risk, percentage	100.00%		100.00%
Derivative, gain (loss) net	$ 4,000	$ (4,800)
Customer One \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	28.50%
Customer Two \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	24.20%
Customer Three \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	16.80%
Customer Four \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	12.10%
Toledo Bend Investments \| Revenue Benchmark \| Customer Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue	$ 21,100
Concentration risk, percentage	13.00%

BUSINESS AND ORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026
Share Repurchase
Class of Stock [Line Items]
Shares repurchased by underwriters		0
Cash used to purchase shares resulting in reduction in cash and cash equivalents	$ 10.0
Treasury stock repurchases (in shares)	312,500
Shares issued, offering price (in dollar per share)	$ 32.00
Blockchain Common Stock \| Public Offering
Class of Stock [Line Items]
Number of shares issued (in shares)	4,375,000
Common Class A \| Underwriters
Class of Stock [Line Items]
Shares repurchased by underwriters	4,375,000

RELATED PARTY TRANSACTIONS - Narrative (Details)	1 Months Ended	3 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Dec. 31, 2025 USD ($) shares $ / shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares $ / shares	Jun. 12, 2023 USD ($)	Jul. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Accrued liabilities	$ 557,237,000	$ 867,254,000		$ 557,237,000
Interest income		19,376,000	$ 11,224,000
Operations and processing		21,447,000	12,678,000
Accounts payable and accrued liabilities	29,501,000	29,731,000		29,501,000
Revenue		167,007,000	84,510,000
Accounts receivable, net	$ 52,016,000	65,330,000		$ 52,016,000
General and administrative		45,595,000	18,840,000
Provenance Term Note \| HASH
Related Party Transaction [Line Items]
Equity instruments per share \| $ / shares	$ 0.00205			$ 0.00205
Combination transferred				$ 10,200,000
Affiliated Entity \| Provenance Term Note
Related Party Transaction [Line Items]
Debt face amount					$ 9,100,000	$ 5,000,000.0
Accrued liabilities	$ 10,100,000			10,100,000
Accounts payable	$ 100,000			$ 100,000
Affiliated Entity \| Provenance Term Note \| HASH
Related Party Transaction [Line Items]
Units \| shares	4,969,120,678			4,969,120,678
Number of equity instruments returned \| shares	31,707,317			31,707,317
Interest income		900,000
Affiliated Entity \| Provenance Service Agreement
Related Party Transaction [Line Items]
Operations and processing		4,000
Accounts payable and accrued liabilities		5,000
Affiliated Entity \| Software License Arrangement
Related Party Transaction [Line Items]
Royalty fee percentage	0.50%
Software license agreement, term	3 years
Software License Agreement, Automatic Renewal Term	1 year
Revenue		300,000
Accounts receivable, net		300,000
Related Party
Related Party Transaction [Line Items]
Debt current	$ 166,135,000	376,526,000		$ 166,135,000
Related Party \| Yield-bearing Stablecoin (YLDS)
Related Party Transaction [Line Items]
Debt current		$ 400,000
Equity Method Investments \| Reflow
Related Party Transaction [Line Items]
Equity method investment, ownership interest, percentage		17.30%
Distribution from equity method investment		$ 1,000,000.0	0
Equity Method Investments \| Evergreen Funds
Related Party Transaction [Line Items]
Accounts receivable, net		2,000,000.0
Majority Shareholder
Related Party Transaction [Line Items]
Debt current		500,000
General and administrative		$ 100,000	$ 200,000

EQUITY - Company’s Equity Instruments (Details)	Sep. 12, 2025 vote	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Common stock, par value per share (in USD per share) \| $ / shares			$ 0.0001
Preferred stock, par value (in USD per share) \| $ / shares		$ 0.0001	$ 0.0001
Authorized Shares(A)
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Total shares authorized (in shares)		1,800,000,000	1,800,000,000
Stock Dividends, Shares [Abstract]
Total shares issued (in shares)		219,393,830	216,378,454
Total shares outstanding (in shares)		219,393,830	216,378,454
Options
Options
Options (in shares)		32,014,407	33,502,649
RSUs
RSUs
RSUs (in shares)		10,364,177	10,109,609
Warrant
Warrants
Warrants (in shares)			183,333
Common Class A
Class of Stock [Line Items]
Common stock, par value per share (in USD per share) \| $ / shares		$ 0.0001	$ 0.0001
Authorized Shares(A)
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)		180,812,863	178,485,407
Common stock, shares outstanding (in shares)		180,812,863	178,485,407
RSUs
Number of votes for each share of common stock held \| vote	1
Common Class A \| Options
Options
Options (in shares)		24,253,561	25,741,803
Common Class A \| RSUs
RSUs
RSUs (in shares)		5,429,391	4,974,764
Common Class A \| Warrant
Warrants
Warrants (in shares)			183,333
Common Class B
Class of Stock [Line Items]
Common stock, par value per share (in USD per share) \| $ / shares		$ 0.0001	$ 0.0001
Authorized Shares(A)
Common stock, shares authorized (in shares)		200,000,000	200,000,000
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)		37,893,047	37,893,047
Common stock, shares outstanding (in shares)		37,893,047	37,893,047
RSUs
Number of votes for each share of common stock held \| vote	10
Common Class B \| Options
Options
Options (in shares)		7,760,846	7,760,846
Common Class B \| RSUs
RSUs
RSUs (in shares)		4,934,786	5,134,845
Blockchain Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in USD per share) \| $ / shares		$ 0.0001	$ 0.0001
Authorized Shares(A)
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)		687,920	0
Common stock, shares outstanding (in shares)		687,920	0
Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in USD per share) \| $ / shares			$ 0.0001
Authorized Shares(A)
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000

FAIR VALUE MEASUREMENTS - Summary of Activity In Marketable Securities (Details) - Residual interest securities - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ (787)		$ (637)
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	40,166	$ 34,506	34,506
Purchases	3,523	2,797
Sales	(8,958)
Principal payments	(1,287)	(4,818)
Change in fair value	(1,529)	2,073
Ending Balance	$ 31,915	$ 34,558	$ 40,166

LOANS

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

LOANS

The Company records loans at fair value, therefore carrying value represents fair value; see Note 12 for additional information regarding the valuation of loans.

The following table summarizes loans held by the Company at March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	UPB		Carrying Value		UPB		Carrying Value
Loans held for sale:
HELOC loans(A)	$	426,137	$	437,577	$	312,401	$	320,566
Personal loans(B)	57,907		57,670		79,350		79,113
Other(C)	8,681		8,653		4,724		4,658
Total loans held for sale	$	492,725	$	503,900	$	396,475	$	404,337

(A) The total carrying value of HELOC loans includes $15.7 million and $21.7 million of collateralized HELOCs under repurchase agreements at March 31, 2026 and December 31, 2025, respectively, which are not for sale while collateralized. See Notes 6 and 12 for additional information regarding funding debt outstanding and valuation of the Company’s loans at fair value, respectively.

(B) Loans collateralized by digital assets.

Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. The Company does not consider the average carrying values and interest income recognized (including interest income recognized using a cash-basis method) material for non-accrual loans. The Company placed loans held for sale with an aggregate UPB of $14.0 million and $2.4 million and fair value of $9.6 million and $1.6 million on non-accrual status at March 31, 2026 and December 31, 2025, respectively.

The Company did not hold any loans for investment at March 31, 2026 or December 31, 2025.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans held by the Company at March 31, 2026 and December 31, 2025.


	March 31, 2026						December 31, 2025
Payment Delinquency	UPB		Carrying Value		Carrying Value Over (Under) UPB		UPB		Carrying Value		Carrying Value Over (Under) UPB
Loans held for sale:
Current	$	460,163	$	471,977	$	11,814	$	374,842	$	383,602	$	8,760
30 to 59 days	10,724		10,711		(13)		2,308		2,229		(79)
60 to 89 days	2,285		2,208		(77)		4,193		4,030		(163)
90 days or more	19,207		18,649		(558)		14,387		13,717		(670)
Forbearance	346		355		9		745		759		14
Total loans held for sale	$	492,725	$	503,900	$	11,175	$	396,475	$	404,337	$	7,862

The following table summarizes the Company’s loan activity for the three months ended March 31, 2026 and 2025:


	Loans Held for Sale
Balance at December 31, 2024	$	395,922
Purchases	516,863
Originations	680,350
Sales, net of repurchases	(974,207)
Principal payments	(95,990)
Change in fair value(A)	6,168
Loans not yet repurchased	1,419
Balance at March 31, 2025	$	530,525

Balance at December 31, 2025	$	404,337
Purchases	1,027,603
Originations	1,204,129
Sales, net of repurchases	(1,944,326)
Principal payments	(191,230)
Change in fair value(A)	4,299
Loans not yet repurchased	(912)
Balance at March 31, 2026	$	503,900

(A) Change in fair value of loans are reflected in “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations.

The top five loan originators for the three months ended March 31, 2026 and 2025 originated $793.5 million and $387.1 million unpaid principal balance of loans, or 77.8% and 73.9%, of total unpaid principal balance of loans purchased by the Company, whose “Gain on sale of loans, net” revenue represent 15.3% and 15.0% of total revenue, respectively.

The top five loan purchasers for the three months ended March 31, 2026 and 2025 purchased $1.7 billion and $516.2 million unpaid principal balance of loans, or 51.6% and 73.6%, of total unpaid principal balance of loans sold by the Company, excluding zero and $73.5 million unpaid principal balance securitized, whose “Gain on sale of loans, net” revenue represent 27.1% and 17.8% of total revenue, respectively.

BUSINESS AND ORGANIZATION	3 Months Ended
BUSINESS AND ORGANIZATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Figure Technology Solutions, Inc. (“FTS”, “Figure”, or the “Company”) is a financial technology company that has built a suite of blockchain-based products and solutions centered around the vision of promoting efficiency and liquidity in financial markets. The Company offers a technology-enabled loan origination system and pairs this system with a distribution marketplace, Figure Connect, providing access to a deep and broad pool of capital markets partners (together, the “Technology Offering”). In addition, the Company has utilized blockchain technology to develop an exchange for digital assets and credit, providing interest-bearing stablecoin deposits and Democratized Prime a decentralized, blockchain-based financial marketplace connecting sources and uses of capital. 2025 Corporate Transactions During 2025, the Company completed a series of corporate transactions: •Recombination: On August 29, 2025, FT Intermediate, Inc. (“FTI”) and Figure Markets Holdings, Inc. (“FMH”), entities under common control, recombined (the “Recombination”). FTI was subsequently renamed Figure Technology Solutions, Inc. As the Recombination was between entities under the common control of the controlling shareholder, Michael Cagney (“Controlling Party”), the transaction was accounted for in a manner similar to a pooling of interests. Accordingly, the Company’s Condensed Consolidated Financial Statements for the prior-year periods have been retrospectively recast to reflect the combined results of FTI and FMH as if they were a single consolidated entity as of the earliest period presented. •Initial Public Offering: On September 12, 2025, the Company completed its Initial Public Offering (“IPO”) of Class A common stock. In connection with the IPO, all then-outstanding shares of convertible preferred stock were converted into shares of Class A common stock; a dual-class common stock structure was established, consisting of Class A and Class B; and shares held by the Controlling Party were converted into Class B common stock. For additional information regarding the Recombination and the IPO, refer to Note 1 in the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Secondary Offering In February 2026, the Company completed a secondary public offering of 4,375,000 shares of its Blockchain Common Stock ("Blockchain Stock"). The transaction was structured as a synthetic secondary offering in which underwriters purchased 4,375,000 existing shares of the Company’s Class A common stock from selling stockholders and sold them to the Company. The Company then sold newly minted Blockchain Stock to the purchasers. The Company received no cash proceeds from the sale of the Blockchain Stock. In connection with the offering, the Company utilized approximately $10.0 million of cash on hand to repurchase 312,500 shares of its Class A common stock from the underwriters at the public offering price of $32.00 (the "Share Repurchase"). The shares acquired in the Share Repurchase are held in treasury. The completion of this transaction resulted in approximately a $10.0 million reduction in cash and cash equivalents and a corresponding increase in treasury stock, with no net impact on the total number of common shares issued.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ 45,047	$ (613)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on servicing asset, net	(12,867)	(326)
Gain on sale of loans, net	(53,321)	(29,792)
Loss (gain) on sale of digital assets	3,856	5,444
Change in fair value of marketable securities	2,468	(2,231)
Loss (income) from fund and equity method investments	417	2,825
Interest expense paid in YLDS	8,167	0
Amortization of deferred financing costs	374	274
Amortization of internally developed software	4,712	3,943
Services exchanged for issuance of warrants	0	2,927
Stock-based compensation expense	25,878	2,414
Losses on repurchased loans	47	1,600
Net change in operating assets and liabilities:
Proceeds from loan sales, net of repurchases	1,986,508	978,234
Originations of loans held for sale	(1,202,372)	(680,350)
Purchases of loans held for sale	(1,027,603)	(516,863)
Principal payments on loans held for sale	186,965	95,990
Accounts receivable, net	(8,397)	956
Other assets	(2,326)	(10,476)
Accounts payable and other liabilities	4,629	5,771
Net cash provided by (used in) operating activities	(37,818)	(140,273)
Investing activities:
Capitalization of internally developed software costs	(6,436)	(4,418)
Purchases of digital assets	(1,726)	(1,619)
Proceeds from sales of digital assets	803	2,595
Realized gains (losses) on futures	1,619	0
Purchases of marketable securities	(51,634)	(15,161)
Principal payments on marketable securities	18,052	2,476
Deconsolidation of subsidiary	(11,737)	0
Partner prefunding	(13,034)	0
Partner prefunding repayment	10,500	0
Net cash used in investing activities	(53,593)	(16,127)
Financing activities:
Payments of deferred financing costs	(217)	(140)
Proceeds from servicing activity on behalf of third-party loan owners	68,533	49,877
Net changes in customer deposit liabilities	2,310	0
Distributions to shareholders	0	(81)
Common stock repurchase	(9,700)	0
Proceeds from exercises of stock options	8,813	508
Taxes paid related to net share settlement of equity awards	(8,517)	0
Other financing activities	(54)	0
Net cash provided by financing activities	361,223	196,032
Net increase in cash, cash equivalents, and restricted cash	269,812	39,632
Cash, cash equivalents, and restricted cash, beginning of period	1,266,778	347,447
Cash, cash equivalents, and restricted cash, end of period	1,536,590	387,079
Supplemental cash flow disclosure:
Cash paid during the period for interest	13,858	10,720
Cash paid during the period for income taxes	173	0
Non-cash investing and financing activities:
Unrealized losses on futures	2,346	0
Distributions from Onshore Solana Fund	374	81
Stock-based compensation included in capitalized internally developed software	1,769	115
Marketable securities retained in securitization transactions	0	(16,636)
Non-cash payments issued through debt	(1,699)	0
Nonrelated Party
Financing activities:
Proceeds from debt	2,066,896	1,037,243
Principal payments on debt	(1,835,081)	(891,375)
Related Party
Financing activities:
Proceeds from debt	96,924	0
Principal payments on debt	$ (28,684)	$ 0

VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
UPB of securitization collateral	$ 14,559,026	$ 12,930,483
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
UPB of securitization collateral	6,766,151	4,595,629
Face amount of debt held by third parties	6,689,854	4,805,192
Maximum exposure	$ 377,552	$ 347,793
Weighted average delinquency	0.80%	0.80%
UPB number of days delinquent	60 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Digital asset, fair value	$ 62,430	$ 84,867
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value per share (in USD per share)		$ 0.0001
Nonrelated Party
Debt, current, fair value	$ 174,589	$ 100,519
Related Party
Debt, current, fair value	$ 376,526	$ 166,135
Preferred Stock
Preferred stock, par value (in USD per share)		$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common Class A
Common stock, par value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	180,812,863	178,485,407
Common stock, shares outstanding (in shares)	180,812,863	178,485,407
Common Class B
Common stock, par value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	37,893,047	37,893,047
Common stock, shares outstanding (in shares)	37,893,047	37,893,047
Blockchain Common Stock
Common stock, par value per share (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	687,920	0
Common stock, shares outstanding (in shares)	687,920	0

EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Equity Instruments

The following table summarizes the Company’s equity instruments at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Authorized Shares(A)	Issued and Outstanding Shares	Potential Common Shares(B)
			Options	RSUs
Class A Common Stock, $0.0001 par value per share	1,000,000,000	180,812,863	24,253,561	5,429,391
Class B Commons Stock, $0.0001 par value per share	200,000,000	37,893,047	7,760,846	4,934,786
Blockchain Common Stock, $0.0001 par value per share	500,000,000	687,920	—	—
Preferred Stock, $0.0001 par value per share	100,000,000	—	—	—
Total	1,800,000,000	219,393,830	32,014,407	10,364,177


	December 31, 2025
	Authorized Shares(A)	Issued and Outstanding Shares	Potential Common Shares(B)
			Warrants	Options	RSUs
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	—	—	—	—
Total	1,800,000,000	216,378,454	183,333	33,502,649	10,109,609

(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 related to equity-based compensation recognized in the Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2026		2025
General and administrative	$	23,474	$	1,726
Technology and product development(A)	1,841		3,459
Operations and processing	152		77
Sales and marketing	411		79
Total equity-based compensation expense	$	25,878	$	5,341

Schedule of Unrecognized Compensation Expense

At March 31, 2026, the Company has not yet recognized compensation expense for the following awards:


Vesting Condition	Weighted Average Recognition Period (Years)	Shares		Unrecognized Compensation Expense
		Options	RSUs	Total	Options		RSUs
Time-based(A)	3.4	8,438,209	4,505,985	12,944,194	$	55,465	$	125,153
Multiple(A)(B)	1.1	—	5,926,680	5,926,680	—		40,359
Total		8,438,209	10,432,665	18,870,874	$	55,465	$	165,512

(A) Awards typically vest over a period of 1 to 4 years and awards generally have a one year cliff vesting feature with quarterly vesting thereafter.

Schedule of Noncontrolling Interests

The noncontrolling interests included in net income (loss) are computed as follows:


	Three Months Ended March 31,
	2026						2025
	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	45.0	%	$	159	$	874	44.6	%	$	390
Offshore Solana Fund	(2,024)		2.8		(57)		(6,536)		2.8		(183)
Total	$	(1,671)			$	102	$	(5,662)			$	207

(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:


	March 31, 2026						December 31, 2025
	Total Consolidated Equity		Non-controlling Ownership Interest as a Percent of Total		Non-controlling Interest in Equity of Consolidated Subsidiaries		Total Consolidated Equity		Non-controlling Ownership Interest as a Percent of Total		Non-controlling Interest in Equity of Consolidated Subsidiaries
Figure REIT	$	—	—	%	$	—	$	18,217	45.0	%	$	8,178
Offshore Solana Fund	(41)		2.8		(1)		6,602		2.8		186
Total	$	(41)			$	(1)	$	24,819			$	8,364

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

LOANS (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Loans Held for Sale and Other Receivables

The following table summarizes loans held by the Company at March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	UPB		Carrying Value		UPB		Carrying Value
Loans held for sale:
HELOC loans(A)	$	426,137	$	437,577	$	312,401	$	320,566
Personal loans(B)	57,907		57,670		79,350		79,113
Other(C)	8,681		8,653		4,724		4,658
Total loans held for sale	$	492,725	$	503,900	$	396,475	$	404,337

(B) Loans collateralized by digital assets.

Schedule of Past Due Aggregate Carrying Value of Loans Held

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans held by the Company at March 31, 2026 and December 31, 2025.


	March 31, 2026						December 31, 2025
Payment Delinquency	UPB		Carrying Value		Carrying Value Over (Under) UPB		UPB		Carrying Value		Carrying Value Over (Under) UPB
Loans held for sale:
Current	$	460,163	$	471,977	$	11,814	$	374,842	$	383,602	$	8,760
30 to 59 days	10,724		10,711		(13)		2,308		2,229		(79)
60 to 89 days	2,285		2,208		(77)		4,193		4,030		(163)
90 days or more	19,207		18,649		(558)		14,387		13,717		(670)
Forbearance	346		355		9		745		759		14
Total loans held for sale	$	492,725	$	503,900	$	11,175	$	396,475	$	404,337	$	7,862

Schedule of Loans Held for Sale

The following table summarizes the Company’s loan activity for the three months ended March 31, 2026 and 2025:


	Loans Held for Sale
Balance at December 31, 2024	$	395,922
Purchases	516,863
Originations	680,350
Sales, net of repurchases	(974,207)
Principal payments	(95,990)
Change in fair value(A)	6,168
Loans not yet repurchased	1,419
Balance at March 31, 2025	$	530,525

Balance at December 31, 2025	$	404,337
Purchases	1,027,603
Originations	1,204,129
Sales, net of repurchases	(1,944,326)
Principal payments	(191,230)
Change in fair value(A)	4,299
Loans not yet repurchased	(912)
Balance at March 31, 2026	$	503,900

(A) Change in fair value of loans are reflected in “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table summarizes information about the assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Carrying Value		Fair value
			Level 1		Level 2		Level 3(A)		Total
Assets:
Cash and cash equivalents	$	1,464,643	$	1,075,087	$	389,556	$	—	$	1,464,643
Restricted cash	71,947		71,947		—		—		71,947
Digital assets(B)	64,397		64,397		—		—		64,397
Distressed asset claims(C)	2,264		—		—		2,264		2,264
Marketable securities, at fair value(D)	298,428		—		266,513		31,915		298,428
Loans held for sale, at fair value (E)	503,900		—		—		503,900		503,900
Loan servicing assets, at fair value (E)	125,931		—		—		125,931		125,931
Treasury note futures (F)	2,788		2,788		—		—		2,788
Total assets	$	2,534,298	$	1,214,219	$	656,069	$	664,010	$	2,534,298

Liabilities:
Digital asset collateral repayment obligation(G)	$	31,144	$	31,144	$	—	$	—	$	31,144
Certificate repayment obligation(H)	551,115		—		551,115		—		551,115

Total liabilities	$	582,259	$	31,144	$	551,115	$	—	$	582,259


	December 31, 2025
	Carrying Value		Fair value
			Level 1		Level 2		Level 3(A)		Total
Assets:
Cash and cash equivalents	$	1,198,141	$	955,200	$	242,941	$	—	$	1,198,141
Restricted cash	68,637		68,637		—		—		68,637
Digital assets(B)	88,511		88,511		—		—		88,511
Distressed asset claims(C)	3,068		—		—		3,068		3,068
Marketable securities, at fair value(D)	273,151		—		232,985		40,166		273,151
Loans held for sale, at fair value (E)	404,337		—		—		404,337		404,337
Loan servicing assets, at fair value (E)	113,064		—		—		113,064		113,064
Treasury note futures (F)	442		442		—		—		442
Total assets	$	2,149,351	$	1,112,790	$	475,926	$	560,635	$	2,149,351

Liabilities:
Digital asset collateral repayment obligation(G)	$	52,569	$	52,569	$	—	$	—	$	52,569
Certificate repayment obligation(H)	266,654		—		266,654		—		266,654

Total liabilities	$	319,223	$	52,569	$	266,654	$	—	$	319,223

(A) There were no transfers of Level 3 instruments to, or from, other fair value levels during the periods presented.

(B) Included in “Digital assets” and “Digital assets, non-current” in the Condensed Consolidated Balance Sheets and represents all digital assets held which are measured at fair value.

(C) Represents purchased interests in bankruptcy claims acquired on secondary markets which are included in “Other current assets” in the Condensed Consolidated Balance Sheets. As of March 31, 2026 and 2025, the related balances were considered insignificant.

(D) Residual interest securities and non-rated securities in securitizations not considered debt securities are included within Level 3 of the fair value hierarchy.

(E) See Notes 4 and 5 regarding changes in the carrying value of servicing assets and loans, respectively.

(F) Treasury note future assets are recorded in “Other current assets”, and treasury note future liabilities in “Other current liabilities" in the Condensed Consolidated Balance Sheets. For further information, see Note 2.

(G) Included in “Other current liabilities” in the Condensed Consolidated Balance Sheets.

(H) Included in “Debt, current” in the Condensed Consolidated Balance Sheets.

Significant Valuation Inputs

The Company used the following unobservable inputs that it considers significant to value the financial assets and liabilities carried at fair value and classified within Level 3 of the fair value hierarchy:


	March 31, 2026
	Fair Value		Discount Rate (A) (%)	CPR (B) (%)	CDR (C) (%)	Servicing Rate (D) (%)	Loss Severity (E) (%)
Marketable securities:
Residual interest securities	$	31,915	5.3% - 26.9% 14.5%	16.2% - 20.8% 18.8%	—% - 2.4% 1.2%	n.a	n.a

Servicing assets:
HELOC loans	$	123,964	13.0% - 13.0% 13.0%	—% - 37.7% 13.4%	—% - 4.4% 0.7%	0.3%	n.a
Mortgage loans	1,967		9.5% - 10.5% 10.3%	3.5% - 8.7% 4.4%	—% - 10.6% 0.2%	0.3%	n.a
Total / Weighted average(F)	$	125,931	13.0%	13.3%	0.7%	0.3%

Loans held for sale:
HELOC loans(G)	$	437,577	5.8% - 7.7% 6.3%	2.1% - 44.3% 15.4%	—% - 95.0% 1.2%	—%	—% - 99.4% 27.9%
Personal loans(H)	57,670		8.9% - 11.5% 10.5%	—%	—%	—%	—%
Other(I)	8,653
Total / Weighted average(F)	$	503,900	6.8%	13.5%	1.1%


	December 31, 2025
	Fair Value		Discount Rate(A) (%)	CPR(B) (%)	CDR(C) (%)	Servicing Rate(D) (%)	Loss Severity (E) (%)
Marketable securities:
Residual interest securities	$	40,166	9.6% - 25.8% 15.7%	16.2% - 20.8% 18.8%	—% - 2.4% 1.2%	n.a	n.a

Servicing assets:
HELOC loans	$	111,211	13.0% - 13.0% 13.0%	—% - 33.1% 13.3%	—% - 4.8% 0.8%	0.3%	n.a
Mortgage loans	1,853		9.5% - 10.5% 10.3%	3.5% - 8.2% 5.3%	—% - 10.5% 0.4%	0.3%	n.a
Total / Weighted average(F)	$	113,064	13.0%	13.2%	0.7%	0.3%

Loans held for sale:
HELOC loans(G)	$	320,566	5.7% - 7.8% 6.4%	1.1% - 47.4% 17.8%	—% - 94.0% 1.8%	n.a	—% - 99.1% 25.4%
Personal loans(H)	79,113		8.9% - 11.5% 9.8%	—%	—%	n.a.	—%
Other(J)	4,658		6.2% - 12.0% 7.6%	4.6% - 73.2% 26.1%	1.0% - 62.8% 9.6%	n.a	88.0% - 92.0% 90.0%
Total / Weighted average(F)	$	404,337	6.5%	18.0%	1.9%

(A) Significant increases (decreases) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement.

(B) Significant increases (decreases) in the CPR, in isolation, would result in a significantly lower (higher) fair value measurement.

(C) Significant increases (decreases) in the CDR, in isolation, would result in a significantly lower (higher) fair value measurement.

(D) Significant increases (decreases) in the servicing rate in excess of servicing costs, in isolation, would result in a significantly higher (lower) fair value measurement. Values represent the weighted average total mortgage servicing amount, net of subservicing costs.

(E) Significant increases (decreases) in the severity, in isolation, would result in a significantly lower (higher) fair value measurement.

(F) Unobservable inputs were weighted by respective fair value of each class.

(G) HELOC loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a residential mortgage cash flow model.

(H) Personal loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model.

(I) Primarily contains residential transition loans, other mortgage loans, legacy mortgages and other unsecured loans. The Company reviews this loan pool each quarter for any material changes and fair values the assets if such changes exist; if no changes, the Company fair values this loan pool on a yearly basis.

(J) Personal unsecured loans included in “Other” are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model. The Company uses an estimated recovery from collections and recent sales to fair value personal loans that are 30 days past due; the fair value of such loans at December 31, 2025 were not material.

Significant Valuation Input Sensitivity

The following tables summarize the estimated change in fair value of assets carried at fair value and classified within Level 3 of the fair value hierarchy for the unobservable inputs in “—Significant Valuation Inputs” at March 31, 2026. Each of the following sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on the following variations in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear.


	-2%				-1%				+1%				+2%
	$		%		$		%		$		%		$		%
Discount rate:
Marketable securities:
Residual interest securities	$	22,882	7.6	%	$	11,141	3.7	%	$	(10,617)	(3.5)	%	$	(20,729)	(6.9)	%
Servicing assets:
HELOC loans	8,247		7.0		4,124		3.5		(2,749)		(2.3)		(5,498)		(4.7)
Mortgage loans	207		10.5		99		5.0		(91)		(4.6)		(174)		(8.8)
Loans held for sale:
HELOC loans	32,984		4.0		26,206		3.1		(30,413)		(3.7)		(60,252)		(7.2)
Personal loans	509		0.9		283		0.5		(291)		(0.5)		(577)		(1.0)

	-20%				-10%				+10%				+20%
	$		%		$		%		$		%		$		%
CPR:
Marketable securities:
Residual interest securities	$	55,057	17.3	%	$	25,990	8.2	%	$	(23,162)	(7.3)	%	$	(44,305)	(14.0)	%
Servicing assets:
HELOC loans	8,247		7.0		4,124		3.5		(2,749)		(2.3)		(5,498)		(4.7)
Mortgage loans	80		4.1		39		2.0		(38)		(1.9)		(74)		(3.8)
Loans held for sale:
HELOC loans	831		0.1		557		0.1		(765)		(0.1)		(1,729)		(0.2)
Personal loans	—		—		—		—		—		—		—		—

CDR:
Marketable securities:
Residual interest securities	14,762		4.5		7,316		2.2		(7,004)		(2.2)		(14,157)		(4.3)
Servicing assets:
HELOC loans	—		—		—		—		—		—		—		—
Loans held for sale:
HELOC loans	2,194		0.3		557		0.1		(1,084)		(0.1)		(2,178)		(0.3)
Personal loans	—		—		—		—		—		—		—		—

Servicing rate:
Servicing Assets
HELOC loans	9,622		8.1		5,498		4.7		(4,124)		(3.5)		(9,622)		(8.1)

Marketable Securities

The following table summarizes activities involving the Company’s marketable securities that are measured at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2026 and 2025:


Balance at December 31, 2024	$	34,506
Purchases(A)	2,797

Principal payments	(4,818)
Change in fair value(B)	2,073
Balance at March 31, 2025	$	34,558

Balance at December 31, 2025	$	40,166
Purchases(A)	3,523
Sales(C)	(8,958)
Principal payments	(1,287)
Change in fair value(B)	(1,529)
Balance at March 31, 2026	$	31,915

(A) Includes premiums paid on the purchased notes.

(B) Included in “Marketable securities income, net” in the Condensed Consolidated Statements of Operations.

(C) Represents marketable securities held by Figure REIT, Inc. that were included in the deconsolidation of Figure REIT, Inc. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion.

Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The following table summarizes information about the liabilities that are not measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
Liabilities:
Financed retained interests(A)	$	263,796	$	—	$	257,750	$	—	$	257,750
Total liabilities	$	263,796	$	—	$	257,750	$	—	$	257,750

	December 31, 2025
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
Liabilities:
Financed retained interests(A)	$	231,633	$	—	$	233,684	$	39,467	$	273,151
Total liabilities	$	231,633	$	—	$	233,684	$	39,467	$	273,151

(A) Financed retained interests classified as Level 2 in the fair value hierarchy were valued with a discounted cash flow model using collateral contractual terms and discount rates of similar instruments that include default and prepayment expectations as observable inputs.

Debt not carried at fair value, including financed retained interests, is presented at the face amount, net of debt issuance costs that are amortized over the contractual term using the effective interest method. The carrying value of debt associated with the warehouse facilities and servicing rights financing approximates the fair value due to their relatively short maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s debt components:


	March 31, 2026								December 31, 2025
	Carrying Value		Facility Inception Date	Final Stated Maturity(A)	Weighted Average Funding Cost		Collateral Carrying Value		Carrying Value
Debt carried at cost:
Funding debt:
Warehouse Facility 1(B)	$	2,482	November 2022	May 2026	5.9	%	$	3,128	$	2,904
Warehouse Facility 2(C)	441		February 2023	January 2027	6.7		2,065		7,039
Warehouse Facility 3(D)	—		October 2023	n.a.	—		—		—
REIT Warehouse(E)	—		October 2024	December 2026	7.2		—		750
Warehouse Facility 4(F)	—		May 2024	May 2026	—		—		—
Warehouse Facility 5(G)	973		April 2025	April 2026	9.0		1,223		1,700
Warehouse Facility 6(H)	10,349		July 2025	June 2027	6.0		9,287		6,063
Digital Asset Loan Facility(I)	598		April 2025	October 2026	26.8		28		3,097
	14,843								21,553

MSR financing:
Lender 1(J)	40,000		June 2024	June 2026	16.9		61,859		40,000

Financed retained interests:
Retained Interest Facility(K)	263,796		April 2023	Various(L)	6.3		263,935		231,633

Total debt carried at cost, gross	318,639								293,186

Unamortized deferred financing costs(M)	(2,500)								(2,603)
Total debt carried at cost, net	316,139								290,583

Debt at fair value:
FCC(N)	125,496								76,110
Democratized Prime YLDS(O)	49,093								24,409
	174,589								100,519

Debt at fair value to related parties:
FCC - related parties(N)	73,623								2,050
Democratized Prime YLDS - related parties(O)	302,903								164,085
	376,526								166,135

Total debt carried at fair value	551,115								266,654

Total debt	$	867,254							$	557,237