0002064124-26-000009 | 10-K | XBRL Viewer | Figure Technology Solutions INC

Print Document

EQUITY - Option Activity (Details) - $ / shares	12 Months Ended
EQUITY - Option Activity (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 4.57
Options Exercisable, Weighted-Average Remaining Life (in years)	4 years 6 months 25 days
Options Exercisable, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 3.64
2018 Plan
Number of Options
Outstanding, beginning balance (in shares)	29,648,570	19,831,348	19,623,139
Granted (in shares)	1,726,700	15,613,098	3,593,104
Exercised (in shares)	(1,791,680)	(1,153,803)	(582,905)
Forfeited and cancelled (in shares)	(1,467,371)	(4,642,073)	(2,801,990)
Outstanding, ending balance (in shares)	28,116,219	29,648,570	19,831,348	19,623,139
Exercise Price
Outstanding, Weighted-Average Exercise Price, beginning balance (in dollars per share)	$ 4.45	$ 4.07	$ 3.79
Granted, Weighted-Average Exercise Price (in dollars per share)	7.76	4.71	5.47
Exercised, Weighted-Average Exercise Price (in dollars per share)	2.69	2.75	1.94
Forfeited and cancelled, Weighted-Average Exercise Price (in dollars per share)	4.67	4.11	4.93
Outstanding, Weighted-Average Exercise Price, ending balance (in dollars per share)	$ 4.75	$ 4.45	$ 4.07	$ 3.79
Weighted Average Remaining Life (Years)
Outstanding, Weighted-Average Remaining Life (in years)	4 years 9 months 25 days	6 years 1 month 6 days	7 years 8 months 12 days	8 years 2 months 12 days
Weighted Average Grant Date Fair Value
Outstanding, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share)	$ 3.28	$ 2.14	$ 2.05
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	4.43	4.41	3.26
Exercised, Weighted Average Grant Date Fair Value (in dollars per share)	1.15	1.49	1.00
Forfeited and Cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	2.30	2.65	2.70
Outstanding, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share)	$ 3.54	$ 3.28	$ 2.14	$ 2.05
Options Exercisable, Number of options (in shares)	22,540,335
Options, grant date intrinsic value (in dollars per share)	$ 36.09
2024 Plan
Number of Options
Outstanding, beginning balance (in shares)	2,381,846	0
Granted (in shares)	306,006	2,866,300
Exercised (in shares)	(180,184)	(216,223)
Forfeited and cancelled (in shares)	(322,180)	(268,231)
Outstanding, ending balance (in shares)	2,185,488	2,381,846	0
Exercise Price
Outstanding, Weighted-Average Exercise Price, beginning balance (in dollars per share)	$ 3.23	$ 0
Granted, Weighted-Average Exercise Price (in dollars per share)	5.13	3.23
Exercised, Weighted-Average Exercise Price (in dollars per share)	3.23	3.23
Forfeited and cancelled, Weighted-Average Exercise Price (in dollars per share)	3.93	3.23
Outstanding, Weighted-Average Exercise Price, ending balance (in dollars per share)	$ 3.39	$ 3.23	$ 0
Weighted Average Remaining Life (Years)
Outstanding, Weighted-Average Remaining Life (in years)	5 years 7 months 6 days	9 years 7 months 6 days
Weighted Average Grant Date Fair Value
Outstanding, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share)	$ 1.54	$ 0
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	1.63	1.54
Exercised, Weighted Average Grant Date Fair Value (in dollars per share)	1.84	1.49
Forfeited and Cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	1.72	1.59
Outstanding, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share)	$ 1.50	$ 1.54	$ 0
Options Exercisable, Number of options (in shares)	1,176,697
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 3.31
Options Exercisable, Weighted-Average Remaining Life (in years)	5 years 3 months 18 days
Options Exercisable, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 1.21
Options, grant date intrinsic value (in dollars per share)	$ 37.45
2025 Plan
Number of Options
Outstanding, beginning balance (in shares)	0
Granted (in shares)	3,200,942
Exercised (in shares)	0
Forfeited and cancelled (in shares)	0
Outstanding, ending balance (in shares)	3,200,942	0
Exercise Price
Outstanding, Weighted-Average Exercise Price, beginning balance (in dollars per share)	$ 0
Granted, Weighted-Average Exercise Price (in dollars per share)	25.00
Exercised, Weighted-Average Exercise Price (in dollars per share)	0
Forfeited and cancelled, Weighted-Average Exercise Price (in dollars per share)	0
Outstanding, Weighted-Average Exercise Price, ending balance (in dollars per share)	$ 25.00	$ 0
Weighted Average Remaining Life (Years)
Outstanding, Weighted-Average Remaining Life (in years)	6 years
Weighted Average Grant Date Fair Value
Outstanding, Beginning Balance, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	14.26
Exercised, Weighted Average Grant Date Fair Value (in dollars per share)	0
Forfeited and Cancelled, Weighted Average Grant Date Fair Value (in dollars per share)	0
Outstanding, Ending Balance, Weighted Average Grant Date Fair Value (in dollars per share)	$ 14.26	$ 0
Options Exercisable, Number of options (in shares)	200,058
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 25.00
Options Exercisable, Weighted-Average Remaining Life (in years)	6 years
Options Exercisable, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 14.26
Options, grant date intrinsic value (in dollars per share)	$ 15.84

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents	$ 1,198,141	$ 289,670
Digital assets	35,942	19,207
Total Assets	$ 2,317,523	1,159,578
As Reported
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash and cash equivalents		287,256
Digital assets		77,862
Total Assets		1,159,578
Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Digital assets		$ (2,400)

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

INCOME TAXES - Reconciliation of Income Taxes (Details)	12 Months Ended
INCOME TAXES - Reconciliation of Income Taxes (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax at federal statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	(4.10%)	5.80%	0.40%
Permanent items	0.70%	(5.30%)	0.00%
Nondeductible officers’ compensation	2.00%	0.00%	0.00%
Change in valuation allowance	(29.50%)	(6.90%)	(0.20%)
Stock-based compensation	(4.60%)	16.60%	(2.20%)
Tax credits	(5.00%)	(43.00%)	(4.10%)
Return to provision	0.20%	18.00%	(15.10%)
Rate change / state impact	(0.20%)	(10.80%)	0.00%
Change in unrecognized tax benefits	2.40%	12.90%	0.00%
Other	(1.00%)	1.60%	0.00%
Total	(18.10%)	9.90%	(0.20%)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The financial statements for the years ended December 31, 2025, 2024 and 2023 reflect the recast consolidated statements of FTS to give effect to the Recombination of entities under common control to the earliest period presented. The 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. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows have been included and are of a normal and recurring nature. All intercompany balances and transactions have been eliminated.

Change in Accounting Principle

Accounting for payment stablecoins

Effective December 31, 2025, the Company voluntarily elected to change its method of accounting for payment stablecoins to classify them as cash equivalents. The Company believes the reclassification of payment stablecoins to cash equivalents is preferable because it better reflects their economic substance and the manner in which it is utilized by the Company. Payment stablecoins are readily convertible to known amounts of cash, allowing for near-instant, one-to-one redemption of the payment stablecoins for U.S. dollars. Furthermore, the underlying reserves backing payment stablecoins, comprising cash in segregated accounts titled for benefit of payment stablecoin holders and a government money market fund that holds cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements, exhibit the risk and liquidity characteristics of cash equivalents as defined in ASC 230, Statement of Cash Flows.

This change in accounting principle has been applied retrospectively to all periods presented, including in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows and had no effect on previously reported total assets, total liabilities, equity, net income, or earnings per share for any period presented.

The following table presents the impact to the Consolidated Balance Sheets as a result of this change to the prior period:


	December 31, 2024
	As Reported		Adjustment		Recast
Cash and cash equivalents	$	287,256	$	2,414	$	289,670
Digital assets	77,862		(2,414)		75,448
Total assets	$	1,159,578	$	—	$	1,159,578

The following table presents the impact to the Consolidated Statements of Cash Flows as a result of this change to the year ended December 31, 2024; there was no impact to the Consolidated Statements of Cash Flows beyond the line items shown below. There was no impact to the year ended December 31, 2023.


	Year Ended December 31, 2024
	As Reported		Adjustment		Recast
Investing activities:
Purchases of digital assets	$	(26,785)	$	15,227	$	(11,558)
Proceeds from sales of digital assets	16,092		(12,813)		3,279

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

The Company previously presented certain retained beneficial interests in loan securitization transactions within “Net cash provided by (used in) operating activities” on the Consolidated Statements of Cash Flows. The Company originates loans and sells or transfers loans into securitization vehicles while retaining beneficial interests. When the Company contributes loans to the securitization, it generally does not result in the receipt or payment of cash by the Company at the time of securitization.

Upon further assessment, the Company determined that the transfer of loans in securitization transactions and the related retention of beneficial interests should be disclosed as non-cash investing activities in accordance with ASC 230, Statement of Cash Flows. As a result, the Company corrected the presentation by removing the non-cash securitization activity from operating cash flows for the periods presented in these Consolidated Financial Statements. Additionally, the cash activity related to the purchases and sales of loans in securitization transactions has been reclassified from operating cash flows to investing cash flows for the periods presented in these Consolidated Financial Statements.

The correction did not impact the Company’s consolidated statements of operations, consolidated balance sheets, total cash, cash equivalents, or restricted cash. The correction represents a presentation reclassification only in the Consolidated Statements of Cash Flows.

The Company evaluated the materiality of this correction and concluded that it was not material to previously issued financial statements. Accordingly, the Company has revised the comparative cash flow presentation to reflect the corrected presentation. The non-cash securitization activity will be disclosed as a non-cash investing activity within the supplemental cash flow disclosures and the cash securitization activity will be disclosed as investing cash flows.

The following table presents the impact to the Consolidated Statements of Cash Flows as a result of the correction for the years ended December 31, 2024 and 2023; there was no impact to the Consolidated Statements of Cash Flows beyond the line items shown below.


	Year Ended December 31, 2024						Year Ended December 31, 2023
	As Reported		Adjustment		As Corrected		As Reported		Adjustment		As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases	$	4,782,838	$	(116,335)	$	4,666,503	$	3,297,216	$	(42,061)	$	3,255,155
Purchases of marketable securities	(141,557)		141,557		—		(42,061)		42,061		—
Proceeds from sale of marketable securities	872		(872)		—		602		(602)		—
Principal payments on marketable securities	15,347		(15,347)		—		3,882		(3,882)		—
Net cash provided by (used in) operating activities	(136,015)		9,003		(127,012)		(28,868)		(4,484)		(33,352)
Investing activities:
Purchases of marketable securities	—		(25,222)		(25,222)		—		—		—
Proceeds from sale of marketable securities	—		872		872		—		602		602
Principal payments on marketable securities	—		15,347		15,347		—		3,882		3,882
Net cash used in investing activities(A)	(30,856)		(9,003)		(39,859)		(22,107)		4,484		(17,623)

Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$	—	$	(116,335)	$	(116,335)	$	—	$	(42,061)	$	(42,061)

(A) Net cash used in investing activities “As Corrected” represents the impact from this adjustment only and does not tie to the Consolidated Statements of Cash Flows for the year ended December 31, 2024 as it does not include the impact from the presentation change disclosed in “Change in Accounting Principle” in Note 2.

Emerging Growth Company

The Company is an “Emerging Growth Company” (“EGC”), as defined in Section 2(a)(19) of the Securities Act and modified by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”), reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts EGCs from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an EGC can elect to opt out of the extended transition period and comply with the requirements that apply to non-EGCs, but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when an accounting standard is issued or revised and it has different application dates for public and private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s Consolidated Financial Statements with another public company that is neither an EGC nor an EGC that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Consolidation

Variable Interest Entities

A VIE is a legal entity in which (i) equity at risk investors do not have the characteristics of a controlling financial interest, (ii) the entities do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties, or (iii) substantially all of the activities of the entity are performed on behalf of the party with disproportionately few voting rights. The Company’s variable interest arises from contractual, ownership, or other monetary interests in the entity, which change with fluctuations in the fair value of the entity’s net assets. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

The determination of whether or not to consolidate a VIE under GAAP requires a significant amount of judgment concerning the degree of control over an entity by its holders of variable interests. To make these judgments, management conducts an analysis, on a case-by-case basis, on whether the Company is the primary beneficiary, the party who has the power to direct the activities of a VIE that most significantly impacts its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE, and are therefore required to consolidate the entity.

In circumstances where an entity does not have the characteristics of a VIE, the Company would consolidate the entity if the Company owns a majority of the equity interest and has control over significant operating, financial and investing decisions of the entity. For entities over which the Company exercises significant influence, but which do not meet the requirements for consolidation, the Company applies the equity method of accounting whereby it records its share of the underlying income of such entities. The Company records its share of income and losses in “Other (expense) income, net” in the Consolidated Statements of Operations. Distributions from equity method investments are classified as investing activities in the Consolidated Statements of Cash Flows.

The Company applies the measurement alternative for entities in which the Company holds non-security interests and over which the Company does not exercise significant influence. Under the measurement alternative, investments are measured at cost, less any impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer in the current period. The carrying value is not adjusted for the Company’s investment if there are no observable price changes in a same or similar security from the same issuer or if there are no identified events or changes in circumstances that may indicate impairment.

See Note 3 for additional information regarding the Company’s measurement alternative and equity method investees.

Management continually reconsiders whether the Company should consolidate a VIE or not; upon the occurrence of certain events, management will reconsider its conclusion regarding the status of an entity as a VIE. See Note 9 for additional information regarding the VIEs that the Company consolidates.

Noncontrolling Interests in Consolidated Subsidiaries

Noncontrolling interests represent the portion of subsidiaries’ net assets the Company consolidates but does not own. The Company recognizes each noncontrolling holder’s respective share of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions, and their share of the net earnings or losses of each respective consolidated entity. The Company allocates net income or loss to noncontrolling interests based on the weighted-average ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in “Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries” in the Consolidated Statements of Operations. The Company does not recognize a gain or loss on transactions with a consolidated entity in which it does not own 100% of the equity, but the Company reflects the difference in cash received from, or paid to, the noncontrolling interests as adjustments to its carrying amount offset by additional paid-in-capital adjustments.

Segments

As detailed in Note 1, the Recombination that was effective on August 29, 2025 recombined FTI and FMH through a series of transactions into a single operating entity. Prior to the Recombination, the Company operated and managed its business through FTI and FMH, including their respective subsidiaries, as two distinct legal entities and disclosed operating segments based on each legal entity.

Following the Recombination, the Company operates as a single operating and reportable segment. The legacy executive management teams have been consolidated into one executive team, and 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 Consolidated Statements of Operations. Significant expense categories and revenue streams reviewed by the CODM are presented on the face of the 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 Consolidated Balance Sheets.

Substantially all of the Company’s revenues and long-lived assets are located in the United States, and the Company does not have any customers that represent more than 10% of consolidated revenues.

The change in segment reporting did not have an impact on the Company’s consolidated financial position, results of operations, cash flows, or stockholders’ equity.

Risks and Uncertainties

In the course of its business, the Company primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on the Company’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, or other market factors, including risks that impact the value of the collateral underlying the Company’s marketable securities, loans, servicing, and digital assets. To the extent the Company originates, invests in, or services loans concentrated in certain geographic locations, disruptions to those locations may cause material risks to the Company despite favorable macroeconomic conditions.

Changes in federal, state, or international tax laws or tax rulings could adversely affect the Company’s effective tax rate and its operating results.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make subjective estimates, judgments, and assumptions that affect the reported amounts in these Consolidated Financial Statements and accompanying notes, including assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Consolidated

Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and estimates may change as the Company obtains new information. Management uses historical experience, current events, and other factors to develop estimates and assumptions that management reviews periodically. The Consolidated Financial Statements reflect the effects of estimate revisions in the period in which such revisions occur. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of the Consolidated Financial Statements.

Significant estimates include the determination of the prepayment rates, discount rates, default rates, and servicing costs (as applicable) used in determining the fair value adjustments for loans held for sale, held for investment, and servicing assets; valuation allowance for deferred tax assets; fair value of warrants; stock-based compensation, including the grant date fair value of the related common stock and employee awards of the Company, and other employee-related costs; inputs for capitalized internal use software and the related useful life for amortization.

Fair Value

ASC 820, Fair Value Measurements (“ASC 820”), requires the categorization of the fair value of assets and liabilities into three broad levels that form a hierarchy based on the transparency of inputs to the valuation.


Level						Measurement
1						Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
2						Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the asset or liability.
3						Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

The Company follows this hierarchy for its assets and liabilities, with classifications based on the lowest level of input that is significant to the fair value measurement. The following summarizes the Company’s assets and liabilities within the fair value hierarchy at December 31, 2025 and 2024:

Level

Assets and Liabilities

Measurement

Cash, cash equivalents and restricted cash

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Digital assets and digital asset collateral held

Estimates of fair value are measured using observable, quoted digital asset prices within the Company’s principal market at the time of measurement as Level 1 inputs.

Treasury Note Futures

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Cash equivalents

Estimates of fair value are based on quoted prices of similar assets.

Marketable securities

Estimates of fair value are measured based upon observable market data of similar instruments.

Certificate repayment obligation

Estimates of fair value are measured based upon observable market data of similar instruments.

Marketable Securities —Residual Interest Securities

Estimates of fair value are measured based upon discounted expected future cash flows arising from the securitization collateral cash flows after payments of principal and interest to senior noteholders and other fees, incorporating assumptions of scheduled principal and interest collections; prepayment and default rates; and debt-to-income and loan-to-value ratios.

Loans

Estimates of fair value are measured based upon discounted expected future contractual loan cash flows, incorporating assumptions of scheduled principal and interest collections; prepayment and default rates; and debt-to-income and loan-to-value ratios.

Loan servicing assets

Estimates of fair value are measured based upon discounted expected future cash flows arising from the market fees earned to service underlying similar loans, net of market servicing costs, of the forecasted loan balances, incorporating scheduled principal and interest collections as well as prepayment and default rates.

Significant Inputs — For the assets and liabilities measurements above, the Company uses the following significant inputs:

•Conditional Prepayment Rate (“CPR”) — The percentage per annum of a pool of loans expected to voluntarily repay principal in advance of scheduled, contractual payment terms based on available market data for similar loan types and prepayment statuses.

•Constant Default Rate (“CDR”) — The percentage per annum of a pool of loans expected to experience delinquency of greater than 90 days based on available market data for similar loan types and delinquency statuses.

•Servicing Rates — Servicing rates used by the Company are based on available market data for similar loan types and delinquency statuses.

•Discount Rate — Expected future cash flows are discounted at a rate derived from market data for similar financial instruments or related collateral.

Fair Value Option — The fair value option election per ASC 825, Financial Instruments (“ASC 825”), provides the Company with an irrevocable option to elect fair value as an alternative measurement for selected financial instruments upon initial recognition of an asset or liability, which the Company is then required to carry at fair value and reflect changes thereon in earnings. The Company elected the fair value option for marketable securities, including retained security interests, publicly-traded face-amount certificate liabilities related to the interest-bearing stablecoin (“YLDS”), digital financial assets acquired and corresponding financial liabilities assumed in connection with secured borrowing transactions, and loans as management believes incorporating current market conditions in the carrying value of these financial instruments provides better information regarding the Company’s economic exposure to these assets.

Valuation Process — On a quarterly basis, with assistance from an independent valuation firm, management estimates the fair value of the Company’s Level 3 assets and liabilities. The Company’s determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are management’s best estimates after considering a variety of internal and external factors. When an independent valuation firm expresses an opinion on the fair value of an asset or liability in the form of a range, management selects a value within the range provided by the independent valuation firm to assess the reasonableness of management’s estimated fair value for that asset or liability. At

December 31, 2025, the Company’s valuation process for Level 3 measurements, as described below, was conducted internally or by an independent valuation firm and reviewed by management:

•Marketable Securities — Residual Interest Securities — Management generally classifies the Company’s investments in the residual interests of securitizations collateralized by loans as Level 3 assets in the fair value hierarchy given such assets lack sufficient observable market activity to classify as Level 2. The Company also holds marketable securities in certain securitizations with recent similar transactions in active markets to derive the fair value of those securities as Level 2 assets.

•Loans — Management generally considers the Company’s loans as Level 3 assets in the fair value hierarchy as such assets are illiquid investments that are specific to the loan product, for which there is limited market activity. On a quarterly basis, management engages an independent valuation firm to estimate the fair value of each loan categorized as a Level 3 asset.

•Loan Servicing Asset — Management generally considers the Company’s servicing assets as Level 3 assets in the fair value hierarchy given such assets are illiquid contracts that are specific to the loan pool serviced. Servicing fees earned, and costs incurred, are derived from various loan types and are adjusted for the loans the Company services.

•Other Valuation Matters — For Level 3 assets acquired, and liabilities assumed, during the calendar month immediately preceding a quarter end that were conducted in an orderly transaction with an unrelated party, management generally believes that the transaction price provides the most observable indication of fair value given the illiquid nature of these assets or liabilities unless management is aware of any circumstances that may cause a material change in the fair value through the remainder of the reporting period. For instance, significant changes in a counterparty’s intent or ability to make payments on a financial asset may cause material changes in the fair value of that financial asset.

See Note 12 for additional information regarding the valuation of the Company’s assets and liabilities.

Transfers and Servicing

In situations where the Company is the transferor of financial assets to an entity that it does not consolidate, the Company assesses whether the transfer of the underlying assets would qualify for sale accounting or should be accounted for as secured borrowing.

A special purpose entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity, or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company generally securitizes loans if possible.

The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company may retain or acquire subordinated interests in the related assets. In such circumstances, the Company determines whether it has surrendered control over the transferred financial assets, considering its continuing involvement in the transferred financial asset through arrangements or agreements made contemporaneously with, or in contemplation of, the transfer.

If the Company surrenders control of the financial assets, including legal isolation of the financial asset and ability of the transferee to pledge or exchange the transferred assets without constraint, the Company accounts for the transfer as a sale and (a) recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, (b) derecognizes financial assets it has sold and liabilities extinguished, (c) recognizes a gain (loss) for the fair value of

servicing assets (liabilities), if any, obtained as “Gain on servicing asset, net” in the Consolidated Statements of Operations, and (d) for loans sold, recognizes a realized gain or loss for the difference between the cash proceeds from the sale of loans and the carrying value of the loans sold as “Gain on sale of loans, net” in the Consolidated Statements of Operations.

If the Company has not transferred the entire original financial asset to an entity that is not consolidated and/or when the transferor has continuing involvement with the transferred financial asset that precludes treating the transfer as a sale, the Company retains the financial assets with a related secured borrowing liability for the collateral pledged and does not recognize any gain or loss.

Leases

The Company recognizes right-of-use assets (“ROU”) and lease liabilities for operating leases at the commencement date of the lease based on the present value of remaining fixed and determinable lease payments over the lease term. The Company calculates the present value of future payments by using an estimated incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis and over a similar term, and recognizes lease expense for operating leases on a straight-line basis over the lease term. ROU assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company uses the incremental borrowing rate on the commencement date in determining the present value of the lease payments.

Derivatives

Treasury Note Futures Contracts

The Company enters into long and short treasury note futures contracts to manage its interest rate risk and, from time to time, enhance investment returns. The Company’s derivatives are recorded as either assets or liabilities in the Consolidated Balance Sheets and measured at fair value. The Company’s derivative financial instrument contracts are not designated as accounting hedges under GAAP; accordingly, all changes in fair value are recognized in earnings and are reported as adjustments to net income within operating cash flows in the Consolidated Financial Statements. Any results from settlement of non-designated hedging derivatives are included as realized gains or losses from futures in cash flows from investing activities. The Company estimates the fair value of its derivative instruments as described in Note 12 of these Consolidated Financial Statements.

The Company recorded aggregate net realized and unrealized gains (losses) for derivative assets and liabilities within “Gain on sale of loans, net” in the Consolidated Statements of Operations of $(6.2) million and $0.3 million for the years ended December 31, 2025 and 2024, respectively. The Company did not have any outstanding futures contracts during the year ended December 31, 2023. Any results from the settlement of the Company derivative financial instruments are included as “Realized losses on futures” as an investing cash flow within the Consolidated Statements of Cash Flows.

The Company records derivative assets and liabilities within “Other current liabilities” and “Other current assets” in the Consolidated Balance Sheets. As of December 31, 2025 and December 31, 2024, we recorded the following balances, respectively:


	Notional		December 31, 2025		December 31, 2024
Other current asset:
Treasury note futures	$	159,800	$	442	$	329
Other current liability:
Treasury note futures	$	—	—		—
Net			$	442	$	329

Digital Asset Collateral

Digital asset collateral received in exchange for personal loans is evaluated in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 815, Derivatives and Hedging (“ASC 815”) to assess whether such arrangements represent hybrid instruments containing embedded derivative features. The Company’s obligation to return such noncash collateral is therefore accounted for as a hybrid derivative instrument, that is not designated as a hedging instrument, and consists of (i) a liability host contract representing the Company’s obligation to return the crypto assets to the counterparty and (ii) an embedded derivative feature indexed to changes in the fair value of

the underlying crypto asset. The debt host contract and fair value of the embedded derivative are recorded in “Other current liabilities” on the Consolidated Balance Sheets. Changes in the fair value of the collateral asset are offset by changes in the fair value of the embedded derivative and are included within “Other (expense) income, net” and do not have a material effect on the Consolidated Statements of Operations.

The Company has elected the fair value option for its fiat-based loan arrangements, including digital asset-backed personal loans, in accordance with ASC 825. As a result of this election, the identified liability host contract is measured at fair value. In accordance with ASC 815-10, an embedded derivative is not required to be bifurcated from its host contract if the hybrid instrument is measured at fair value because the effects of changes in the fair value of the underlying crypto asset are already reflected in the overall fair value remeasurement of the obligation.

Personal loans are generally originated at loan-to-value (“LTV”) ratios ranging from approximately 50% to 75%. If LTV ratios increase beyond established thresholds, including as a result of declines in crypto asset prices, borrowers may be required to pledge additional collateral or the loans may be subject to liquidation in accordance with contractual terms. The collateral is in the Company’s control and the Company has the ability to rehypothecate, stake, lend or otherwise use for liquidity, trading or economic participation purposes; however, the Company does not have a practice of using the collateral for these purposes. The primary risks of the host contracts relate to credit exposure secured by the collateral, and changes in the value of the collateral affect only the performance of the lending arrangements through loan-to-value thresholds, margin requirements, and liquidation provisions.

Income Taxes

Income taxes are accounted for using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates and laws applicable to future years in which those temporary differences are expected to be realized or recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as an income tax expense (benefit) in the period that includes the enactment date.

The Company records a valuation allowance to reduce deferred tax assets to the amount the Company believes is more-likely-than-not to be realized based on all positive and negative evidence, including consideration of historical and projected taxable income, the expected timing of the reversals of existing temporary differences, and tax planning strategies. If the Company determines all, or part of the net deferred tax assets are not realizable in the future, the Company will record an adjustment to the valuation allowance and a corresponding charge to earnings in the period such determination is made.

The Company recognizes the effect of income tax positions in the consolidated financial statements only if those positions are more-likely-than-not to be sustained upon audit. Recognized income tax positions are measured at the largest amount of tax benefit that is more than 50% likely to be realized upon settlement. Changes in recognition or measurement are recorded in the period in which the change in judgment occurs. The Company records interest and penalties, if any, on income tax uncertainties are classified within income tax expense in the income statement.

The Company determines on a regular basis the amount of undistributed earnings that will be indefinitely reinvested in non-US operations. This assessment is based on the cash flow projections and operational needs of our foreign subsidiaries. The Company intends to permanently reinvest all foreign earnings.

See Note 13 for additional information regarding the Company’s income taxes.

Balance Sheet Measurement

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid short-term investments with maturities less than 90 days when purchased to be cash equivalents, which are primarily money market funds, short dated treasury securities, overnight repurchase agreements and payment stablecoins for the Company. Substantially all amounts on deposit with federally insured financial

institutions exceed insured limits. Restricted cash represents cash held on behalf of third parties, primarily principal and interest collected on behalf of loan investors as part of the Company’s servicing operations and held in restricted accounts.

The Company considers payment stablecoins cash equivalents as they are readily convertible to known amounts of cash, allowing for near-instant, one-to-one redemption of the payment stablecoins for U.S. dollars. Furthermore, the underlying reserves backing payment stablecoins, comprising cash in segregated accounts titled for benefit of payment stablecoin holders and a government money market fund that holds cash, short-duration U.S. Treasuries, and overnight U.S. Treasury repurchase agreements, exhibit the risk and liquidity characteristics of cash equivalents as defined in ASC 230, Statement of Cash Flows.

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


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,159,597	$	287,256
Payment stablecoins	38,544		2,414
Restricted cash	68,637		57,777
Total cash, cash equivalents and restricted cash	$	1,266,778	$	347,447

Accounts receivable, net

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


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	30,627	$	2,159
Interest receivable	4,440		3,214
Subservicer receivable(A)	6,914		5,313
Other accounts receivable	10,355		10,312
Less: Allowance for credit losses	(320)		—
Accounts receivable, net	$	52,016	$	20,998

(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 recognizes an allowance for trade accounts receivable based on expected credit losses. The allowance for credit losses is measured based upon the lifetime expected credit loss which is based on the number of days that billings are past due, customer payment behavior, and other customer-specific information.

Investments

Marketable Securities

Upon securitization of loans that the Company originates or purchases in transactions that qualify as sales, the Company is required to retain a certain portion of the securitization trusts into which the loans are sold in the form of debt securities and/ or beneficial or other interests to satisfy risk retention regulations. In each case, the Company elected the fair value option, where applicable, for the securities and other interests acquired at the time of sale, and it carries those securities and other interests at their fair values. Realized and unrealized changes in fair value are recorded as components of “Gain on sale of loans, net” in the Consolidated Statements of Operations resulting in a total increase (decrease) of $3.9 million, $1.1 million and $(2.9) million for the years ended December 31, 2025, 2024, and 2023, respectively.

Digital Assets Held as Collateral

The Company holds digital assets held as collateral against personal loans that the Company originates. Recognized customer assets and liabilities comprise customer custodial funds and corresponding customer custodial liabilities that

represent the Company’s obligation to return these assets to customers. The digital asset collateral is recognized if the Company obtains control of the collateral. Certain other digital asset collateral is not within the Company’s control, and is therefore not recognized on the Company’s Consolidated Balance Sheets. 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, the Company chooses not to do so without the customer’s consent.

Digital Assets Held

The Company holds and transacts in various digital assets which are homogeneous in their form and represent tokenized, blockchain-enabled technology with utility on distributed ledger networks. The Company’s digital assets are presented within “Digital assets” and “Digital assets, non-current” on the Consolidated Balance Sheets. Primarily, digital assets held by the Company represent contractual rights to receive cash or other financial assets and therefore fit the US GAAP definition of a financial instrument. Such financial instruments are classified as assets or liabilities and are accounted for in accordance with ASC 825 when the fair value option is elected, as well as other relevant US GAAP topics. Certain digital assets qualify for classification as crypto-assets under ASC 350-60, Crypto Assets (“ASC 350-60”), and are recorded and subsequently remeasured at fair value, with gains and losses recorded in earnings. Generally, realized gains and losses on disposition of digital assets held are recognized on a first-in-first-out basis which are influenced by the volume and mix of digital assets received and used, in addition to the timing of asset turnover. Cash flows from digital assets held are generally recorded as supplemental non-cash investing or financing activities in the Consolidated Statements of Cash Flows.

The Company participates in native staking activities when depositing certain crypto-assets directly into blockchain-native staking protocols. In these arrangements, the Company retains control of the deposited crypto-assets and may withdraw them at its discretion in accordance with protocol rules. Therefore, such assets are not derecognized and continue to be reported in “Digital assets” at fair value on the Company’s Consolidated Balance Sheets. Staking rewards earned from native staking activities are generated through participation in network validation and are recognized as “Other (expense) income, net” in the Consolidated Statements of Operations when earned and available. Staking rewards are not material for the years ended December 31, 2025 and 2024.

The Company deploys certain digital financial assets in the form of payment stablecoins into programmatic lending protocols that operate with native functionality. By supplying digital financial assets to lending pools, the Company participates as a liquidity provider and earns interest income based on overall utilization and prevailing protocol interest rates; as such, the Company retains unilateral rights to withdraw supplied assets at its discretion and subject to protocol withdrawal conditions. Therefore, the supplied assets remain reported within “Cash and cash equivalents” in the Consolidated Balance Sheets consistent with applicable accounting policy. Interest income earned in connection with participation in the protocol is recognized in “Other (expense) income, net” in the Consolidated Statements of Operations when earned.

The Company participates in decentralized liquidity protocols by supplying digital financial assets to liquidity pools in exchange for receipt tokens. These transactions are accounted for as secured borrowings under ASC 860, Transfers and Servicing, as the Company maintains effective control over the transferred assets. Digital financial assets in the form of payment stablecoins pledged as collateral remain classified within “Cash and cash equivalents”. The Company recognizes a financial digital financial asset for the receipt tokens received, classified within “Digital assets”, and a corresponding financial liability to redeem such tokens, classified within “Other current liabilities”. The Company has elected the fair value option under ASC 825 for both the receipt token assets and the related redemption liabilities. These instruments are initially measured at transaction price and subsequently remeasured to fair value at each reporting date. Unrealized gains and losses from remeasurement, including transaction-based fees earned by the pool, are recorded as adjustments to the carrying amounts of the asset and liability. In accordance with the economic substance of these arrangements, cumulative gains and losses are recognized in earnings upon redemption and final settlement of the liquidity position.

See Notes 3 and 12 for additional information regarding the Company’s investments and related valuation, respectively.

Servicing Rights

Servicing rights represent the contractual right to service the loan that the Company either originates and sells or purchases and sells. Upon loan sale, the Company recognizes a servicing asset at fair value, with realized and unrealized changes in fair value recorded as components of “Gain on servicing asset, net” in the Consolidated Statements of Operations. Realized gains (losses) on servicing rights represent the excess (deficient) expected benefits of servicing that are greater (less) than

market compensation for servicing obligations, based on the estimated fair value of servicing rights retained. Servicing rights are aggregated into pools as applicable, and each pool of servicing rights is accounted for in the aggregate as a servicing asset and reported as Loan servicing asset, at fair value in the Consolidated Balance Sheets.

After the sale of loans that the Company services, the Company recognizes the monthly contractual servicing fees it earns, gross of subservicing fees paid to a third party subservicer, based upon the unpaid principal balance (“UPB”) of the underlying loans as revenue, presented as “Servicing fees” in the Consolidated Statements of Operations.

See Notes 4 and 12 for additional information regarding the Company’s servicing rights and valuation, respectively.

Loans

The Company’s loan portfolio primarily consists of originated or purchased HELOC loans classified as held for sale when management intends to sell the loans. Additionally, the Company originates personal loans collateralized by digital assets. Upon origination or purchase, the Company elects the fair value option for all loans, except for those made to related parties, and carries those loans at their fair value. Realized and unrealized changes in fair value are recorded as components of “Gain on sale of loans, net” in the Consolidated Statements of Operations, resulting in a net gain (loss) of $3.7 million, $16.5 million and $(3.3) million for the years ended December 31, 2025, 2024 and 2023, respectively. Interest receivable of $4.4 million and $3.2 million as of December 31, 2025 and 2024, respectively, is recorded as a component of “Accounts receivable, net” in the Consolidated Balance Sheets.

The Company recognizes loan discounts, if any, on the loans it originates as “Origination fees” in the Consolidated Statements of Operations at time of origination.

See Notes 5 and 12 for additional information regarding the Company’s loans and related valuation, respectively, and see Note 10 for information regarding the Company’s commitments and obligations related to loans the Company holds and sells.

Debt

The Company primarily finances its operations using (a) warehouse credit facilities secured by the loans it originates or acquires (“Funding Debt”), (b) repurchase agreements for the securities it retains upon securitization of those loans, excluding residual interests therein (“Retained Interest Facility”), and (c) a promissory note under a senior secured financing facility whereby the Company pledges certain eligible loan servicing rights, net of expected costs (“MSR Note”).

Each of these borrowing arrangements are treated as collateralized financing transactions and carried at their contractual amounts, excluding accrued interest, as specified in the respective agreements. The carrying amount of the Company’s secured financing agreements and warehouse credit facilities approximates fair value as they are either short-term and/or mark-to-market facilities. The Company pledges certain securities, loans, or other assets as collateral under secured financing agreements and warehouse credit facilities with financial institutions, the terms and conditions of which are governed by each respective lender agreement. Such collateralized financing arrangements generally provide the counterparty the right to rehypothecate the underlying collateral, and the Company discloses in the notes to the financial statements the extent to which such collateral has been pledged. The related collateral and corresponding repurchase liabilities are presented on a gross basis in the financial statements whereby the repurchase liabilities equal the carrying value of the collateral, and any associated interest expense is recognized on a basis consistent with the Company’s other financing arrangements. If the collateral is rehypothecated, the counterparty is obligated to return substantially similar assets upon settlement of the repurchase agreement. The amounts available to be borrowed under repurchase agreements and warehouse credit facilities are dependent upon the fair value of the securities, or unpaid principal balance of loans pledged as collateral, which can fluctuate with changes in interest rates, type of security, and liquidity conditions within the banking, mortgage finance, and real estate industries. The Company manages credit, market, and liquidity risks related to these agreements by sourcing funding from a diverse group of counterparties, providing a range of assets as collateral, and actively monitoring and maintaining margin requirements.

The Company capitalizes and amortizes deferred debt facility costs incurred when entering financing agreements on a straight-line basis over the expected term of term facilities or weighted-average life of the expected principal repayments for revolving credit facilities. The Company recognizes amortization of deferred debt facility costs, as well as deferred amounts written off and contractual interest and fees owed as incurred, as interest expense in its Consolidated Statements of Operations, which does not materially differ from the effective interest method applied to such facilities.

Interest payable on debt of $1.4 million and $2.1 million as of December 31, 2025 and 2024, respectively, is recorded as a component of “Accounts payable and accrued liabilities” in the Consolidated Balance Sheets.

The Company also consolidates the Figure Certificate Company (“FCC”) that issues face-amount certificates that trade on blockchain as an interest-bearing stablecoin (“YLDS”), which the Company carries at fair value and expenses financing costs as incurred.

See Note 6 for additional information regarding the Company’s debt.

Other Assets and Liabilities

At December 31, 2025 and 2024, (a) Other current assets primarily included prepaid expenses, distressed asset claims, and exchange market loans receivable, and (b) Other non-current assets primarily included right-of-use lease assets, internally developed software, and other investments. At December 31, 2025 and 2024, Other current liabilities primarily included digital asset collateral repayment obligations, loan indemnification reserve, and other payables.

During the year ended December 31, 2024, the Company expensed $5.0 million of costs it capitalized as other assets in anticipation of raising capital once the Company determined that it was unlikely such costs would provide future benefit.

See Notes 3 and 12 for further information on the digital asset collateral repayment obligation.

Income Recognition

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.

Within Note 2, see “Loans” for a discussion of revenues recognized as “Origination fees” and “Gain on sale of loans, net”, and see “Servicing” for a discussion of revenue recognized as “Servicing fees” and “Gain on servicing asset, net”, respectively, in the Consolidated Statements of Operations.

Ecosystem and Technology Fees

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


	Years Ended December 31,
	2025		2024		2023
Ecosystem and technology fees:
Technology offering fees(A)	$	50,646	$	20,188	$	10,215
Ecosystem fees(B)	56,817		122		—
	107,463		20,310		10,215
Program fees(C)	13,345		8,004		413
Total ecosystem and technology fees	$	120,808	$	28,314	$	10,628

(A) Technology offering fees include fees that are accounted under ASC 606 as well as $20.6 million for the year ended December 31, 2025 that are in the scope of ASC 310. All technology fees recorded for the years ended December 31, 2024 and 2023 were within the scope of ASC 606.

(B) Ecosystem fees include fees that are accounted for under ASC 606 as well as $26.9 million for the year ended December 31, 2025 that are in the scope of ASC 310. All ecosystem fees recorded for the years ended December 31, 2024 and 2023 were within the scope of ASC 606.

The Company recognizes ecosystem and technology fees in accordance with FASB ASC 606, Revenue from Contracts with Customers or ASC 310, Receivables. When the Company is contractually required to purchase a loan on which it earns ecosystem or technology fees, it recognizes the revenue in accordance with ASC 310 upon purchase, or origination if the loan seller originates a loan using the Company’s platform, as the Company elects the fair value option for those loans. When the Company does not purchase the loan, it recognizes the revenue in accordance with ASC 606 upon invoicing as the Company elected the practical expedient to recognize revenue in the amount to which the Company has the right to invoice.

At the Company’s discretion and subject to its right of first refusal, the Company may purchase loans originated using its Technology Offering and account for such purchases in accordance with ASC 860, Transfers and Servicing, classified as Loans held for sale, at fair value in the Consolidated Balance Sheets as the Company intends to resell these loans to third-party loan investors while retaining servicing rights.

Ecosystem Fees

The Company provides certain loan originators access to its custom-built marketplace platform to facilitate the origination, buying, and selling of standardized assets originated through its loan origination system in exchange for fees to use its technology for origination. The provision of continuous stand-ready access to this platform is the Company’s only performance obligation. Accordingly, the performance obligation is satisfied when each loan is originated and the Company has the right to invoice the loan originator upon origination. Loan originators can access the platform until their status is terminated via written notice by either the loan originator or the Company.

The Company elected to use the as-invoiced practical expedient to recognize revenue associated with this subscription as the invoiced amount directly corresponds to the value to the loan originator of the Company’s performance obligation completed to date since the platform no longer provides any further utility to the loan originator after loan origination.

Ecosystem fees are one-time fees applied on a loan-by-loan basis, and invoiced monthly based on the monthly funded volume the loan originator originated in the previous complete calendar month. The fees are based on a sliding scale that decreases as higher volume tiers are reached, with some loan originators subject to a minimum fee threshold applicable to higher volume tiers. The Company assesses the tiered volume on a month-to-month basis and volume applied to tiers reached in any given month does not apply to future periods.

Technology Fees

The Company earns volume-based technology and processing fees, based on the principal balance of each loan originated from our originator partners, excluding wholesale brokers, using the Technology Offering, access to which represents the Company’s sole performance obligation that is satisfied upon each loan transaction, as well as a fee associated with the execution of loan sales. The Technology Offering enables partners, who are retail and wholesale lenders, to originate loans branded under each partner’s name, through access to a suite of services such as loan application, submission and verification, risk underwriting, and electronic loan offer and documentation delivery for borrower execution.

The Company bills a fixed percentage for each loan originated and generally bills associated fees on a monthly basis with customary payment terms. As such, the Company’s contracts with customers do not include a significant financing component.

Program Fees

The Company earns a fee for arranging and facilitating the transfer of financials assets through the securitization of HELOCs, for which the Company accounts under ASC 860. This fee is based on the outstanding principal balance of the transferred HELOC and is fully earned and paid on the securitization closing date.

Interest Income

The Company earns interest income primarily from the following sources:

•Loans — The Company accrues interest income on loans it holds based on the UPB outstanding at contractual interest rates, reported as “Interest income” in the Consolidated Statements of Operations. Loans are placed on nonaccrual status when they become 90 days past due (30 days past due for collateralized personal loans) or when management doubts full recovery of interest and principal. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. When a loan is placed on nonaccrual status, the accrued and unpaid interest is reversed as a reduction of interest income and accrued interest receivable. Interest income is subsequently recognized only to the extent cash payments are received or when the loan has been placed back in accrual status. Loans are restored to accrual status when the loan becomes current and management expects repayment of the remaining contractual principal and interest. The Company also recognizes cash received on non-accrual loans as interest income after all contractual principal is repaid or expects collection of the remaining UPB.

•Marketable Securities — The Company recognizes interest income on debt securities where the Company expects to collect all contractual cash flows, and the debt security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment based on the stated coupon rate and the outstanding principal amount of the debt security. The Company recognizes interest income on beneficial interests based on the investment’s accretable yield, which represents the difference between the expected undiscounted cash flows and the carrying value of the investment. The Company recognizes the accretable yield as interest income on a prospective level yield basis over the life of the expected cash flows. Changes in the amount or timing of actual or expected cash flows may change the accretable yield, and the Company adjusts interest income recognized in future periods using a recalculated level yield applied to the then-current carrying value. Increases (decreases) in the amount of cash flows or acceleration (deceleration) of cash flows, in isolation, generally increase (decrease) the interest income recognized in future periods.

•Cash and Cash Equivalents — The Company accrues interest income for cash held at depository institutions and investments in short-term instruments, such as money-market funds and U.S. Treasury Bills, and through repurchase agreements that are collateralized by U.S. Treasury Bills.

Other Revenue

Other revenue primarily consists of gains (losses) on the Company’s investments in certain entities and fees earned on marketing services provided for partners during the years ended December 31, 2025, 2024 and 2023. See Note 3 for additional information regarding the Company’s equity method investments.

Expense Recognition

Due to the nature of its business model, the Company does not present cost of revenue as a separate line item on the Consolidated Statements of Operations. Costs attributable to ASC 606 revenue generation are limited to those directly incurred as a result of revenue transactions accounted for in accordance with ASC 606 and are included within “Operations and processing”. Other costs, such as cloud hosting fees, amortization of capitalized software, and compensation are not considered cost of revenue as they are not incurred solely as a result of ASC 606 revenue-generating activity and would be incurred regardless of such transactions.

Operating Costs

The Company presents stock-based compensation, software costs, and other operational expenses within the following functional groups based on the headcount allocable to each group and the specific operation of each group:

•General and Administrative — Corporate activities not allocable to the other groups

•Technology and product development — Development and maintenance of the Technology Offering

•Operations and processing — Loan underwriting, origination, and servicing

•Sales and marketing — Advertising, marketing, and sales

Stock-Based Compensation

The Company issues stock options and RSUs to employees and non-employees, including directors and consultants. Stock options are initially measured at fair value at the date of grant using a Black-Scholes option-pricing model, and RSUs are measured at the fair market value of the Company’s common stock at the grant date.

For RSUs that include a market condition, the grant-date fair value is estimated using a Monte Carlo simulation model, which incorporates assumptions regarding the expected volatility of the Company’s common stock and other market-related factors. Compensation expense for such awards is recognized over the requisite service period, regardless of whether the market condition is ultimately satisfied.

Stock-based compensation expense for options and RSUs is recognized based on the respective grant-date fair values. For awards that include a performance-based vesting requirement, the Company recognizes expense when it is probable that the performance-based condition is satisfied and the award has satisfied other vesting conditions, if any. The Company recognizes compensation expense over the requisite service period, generally on a straight-line basis for awards that vest solely based on continued service, or immediately if there is no service period.

The Company elects to account for forfeitures as they occur.

See Note 7 for additional information regarding the Company’s stock-based compensation.

Software Costs

The Company incurs costs associated with the development, maintenance, purchase, and licensing of software. The Company expenses costs to maintain software, preliminary stage costs incurred before development commences, and other costs required by GAAP, presented as operating costs, aggregated by most closely associated functional group, in the Consolidated Statements of Operations. The Company capitalizes remaining costs as permitted by GAAP, including costs associated with substantively new software functionality for internal use and technologically feasible software for external use that the Company evaluates for impairment at least quarterly. Once internally-developed software is substantively complete and ready for intended use or upon release of software for external use, the Company amortizes capitalized costs over the estimated useful lives on a straight-line basis within “Technology and product development” expense in the Consolidated Statements of Operations as follows:


	Estimated Useful Life (Years)	December 31, 2025		December 31, 2024
Internally developed software	3	$	101,873	$	80,664
Accumulated amortization(A)		(73,704)		(57,503)
Net		$	28,169	$	23,161

(A) The Company amortized $16.3 million, $17.1 million, and $19.4 million of capitalized internally-developed software costs during the years ended December 31, 2025, 2024 and 2023, respectively.

During the year ended December 31, 2024, the Company impaired and wrote-off $6.3 million of software it developed that it intended to use to offer equity management services, but that the Company did not ultimately offer, as well as $2.3 million of software it purchased to administer its exchange platform, but that the Company no longer planned to use as intended since the seller subsequently provided enhanced technology services that made the impaired software obsolete. Accordingly, the Company recognized an aggregate impairment of $8.6 million in “Other (expense) income, net” in the Consolidated Statements of Operations in connection with this software during the year ended December 31, 2024, respectively. The Company had no related impairments as of the year ended December 31, 2025.

Other Operational Costs

In addition to stock-based compensation and software costs, the Company primarily incurs costs related to salaries and bonuses of its employees that it accrues on a quarterly basis, or annually for bonuses based on annual service requirements, as well as costs it expenses as incurred, including advertising and promotion; loan underwriting, origination, and servicing; legal, audit, and other professional services; rent; and other general and administrative costs. Sales and marketing costs, including marketing services, direct mail, and digital advertising campaigns, are expensed as incurred. Sales and marketing costs for the years ended December 31, 2025, 2024 and 2023 were $76.1 million, $55.7 million, and $52.8 million, respectively, which included $63.9 million, $50.1 million and $46.5 million of advertising expense, respectively.

Other (expense) income, net

For the years ended December 31, 2025 and 2024, “Other (expense) income, net” included changes in the fair value of digital assets, realized gains and losses incurred on the sale of digital assets held for sale, gains on legal settlement, and impairment of internally developed software.

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 year ended December 31, 2025.

Recently Adopted Accounting Standards

Credit Losses

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides all entities a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company early adopted ASU 2025-05 as of October 1, 2025 on a prospective basis; adoption did not have a material impact on the Company’s Consolidated Financial Statements or related disclosures.

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. ASU 2023-09 is effective for public business entities’ annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. 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.

BUSINESS AND ORGANIZATION	12 Months Ended
BUSINESS AND ORGANIZATION	Dec. 31, 2025
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, with new product offerings including providing interest-bearing stablecoin deposits. Reorganization Prior to a change in corporate structure on March 18, 2024, the consolidated financial statements were under the former parent company, Figure Technologies, Inc. ("FT"). On March 18, 2024, FT, FT Intermediate, Inc. (“FTI”), and Figure Markets Holdings, Inc. (“FMH”) and other entities under common control consummated a reorganization (the “Reorganization”) whereby FT contributed assets and liabilities to FTI and subsequently, FT consummated a reverse merger with a subsidiary of FTI. Each outstanding share of common stock of FT converted into one share of common stock of FTI, whereby FTI (a) contributed assets and liabilities applicable to the FMH business and (b) 100% of the equity interest to FT's successor. FT then ratably distributed 74.1% of FMHs' common stock to third-party shareholders and 25.9% to related parties in exchange for their FTI common stock. As a result of the Reorganization, there were two affiliated corporations under common control. Each of the following two corporations was owned either directly or indirectly by its controlling shareholder, Michael Cagney (“Controlling Party”): •FTI was formed on March 18, 2024 as a Delaware corporation and primarily operates through its wholly-owned subsidiary, Figure Lending Corp. (“Lending”). Lending offers Figure Connect which generates ecosystem and technology fees, and originates, sells, and securitizes home equity line of credit (“HELOC”) loans that it services. •FMH was formed on January 25, 2024 as a Delaware corporation. FMH utilized blockchain technology to develop an exchange for digital assets and credit, with new product offerings including providing interest-bearing stablecoin deposits. In May 2025, both FTI and FMH redomiciled from the State of Delaware to the State of Nevada. Recombination On August 29, 2025 (“Recombination Date”), FTI and FMH recombined the businesses through a series of transactions (the “Recombination”) and FMH became a wholly-owned subsidiary of FTI. Approximately five outstanding shares of FMH common or preferred stock, options, or warrants converted into one share of common or preferred stock, options, or warrants of FTI (“Conversion Rate”). Upon the consummation of the Recombination, FTI changed its name to Figure Technology Solutions, Inc. (“FTS”). The Recombination was a reorganization of entities under common control as FTI and FMH were owned, either directly or indirectly, by the Controlling Party before and after the Recombination. As a result, the Recombination is accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Recombination carried over at their historical amounts. Therefore, the accompanying Consolidated Financial Statements have been retrospectively recast to reflect the results as if FTI and FMH were a single consolidated entity as of the earliest period presented. Initial Public Offering (“IPO”) On September 12, 2025, the Company completed its IPO of 36,225,000 shares of its Class A common stock, including 7,993,395 shares sold by selling stockholders and 4,725,000 sold by the Company pursuant to the exercise of the underwriters’ over-allotment option which was exercised in full, at a public offering price of $25.00 per share. The IPO resulted in net proceeds to the Company of $663.4 million after deducting the underwriting discounts and commissions and before deducting offering costs of $8.8 million, which were charged to additional paid-in capital as a reduction of the net proceeds received from the IPO. In connection with the IPO, all shares of outstanding convertible preferred stock, including 2,010,410 shares of Series E preferred stock issued upon the exercise of outstanding warrants, automatically converted to 113,910,905 shares of Class A common stock, and a total of 39,393,047 shares of our Class A common stock held by the Controlling Party and his permitted transferees were converted into an equivalent number of shares of Class B common stock, of which 1,500,000 shares were subsequently converted back to Class A and sold in connection with the IPO. In connection with the IPO, the Company filed its Second Amended and Restated Certificate of Incorporation (the “Charter”), which authorizes a total of 1,000,000,000 shares of Class A common stock, par value $0.0001 (“Class A Common Stock”), 200,000,000 shares of Class B common stock, par value, $0.0001 (“Class B Common Stock”), 500,000,000 shares of Blockchain common stock, par value, $0.0001 (“Blockchain Common Stock”), and 100,000,000 shares of preferred stock, par value $0.0001 (“Preferred Stock”).

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2025
Other Commitments [Line Items]
Loans originated or purchased, borrowers permitted to draw amounts after original origination date, period	4 years
Commitment to lend	$ 105,100	$ 29,100
Commitment to lend, settled within a week	16,900	3,000
Gains (losses) on loans repurchase obligations	(2,400)	(8,200)	$ (10,100)
Contributed capital	2,477	3,314	0
Lease rent expense	2,700	$ 2,800	$ 2,900
ROU assets	$ 5,200
Operating lease, right-of-use asset, statement of financial position flag	Other non-current assets
Lease liabilities	$ 5,681
Weighted average remaining lease term	4 years 2 months 12 days	1 year 2 months 12 days
Weighted average discount rate, percent	1.00%	2.00%
Lease payments	$ 2,700	$ 3,000
Joint Venture
Other Commitments [Line Items]
Noncontrolling owner, interest percentage				5.00%
Joint Venture
Other Commitments [Line Items]
Contractual obligation				$ 10,500
Contributed capital	2,500
Obligation to Repurchase Receivables Sold
Other Commitments [Line Items]
Unpaid principal balance	1,800,000
Contractual obligation	17,700
Loss contingency accrual	$ (6,200)

Debt - Narrative (Details) $ in Thousands	1 Months Ended					12 Months Ended
Debt - Narrative (Details) $ in Thousands	Aug. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 31, 2025 USD ($)	Apr. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Oct. 01, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jul. 31, 2025 USD ($)	Jan. 31, 2025 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 28, 2024 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 2,105,300
Warehouse Facility 4 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						2.15%
Warehouse Facility 4 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						5.50%
Warehouse Facility 10
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						2.35%
Warehouse Facility 11 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						1.75%
Warehouse Facility 11 \| 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%	35.00%
FCC Certificates \| Nonrelated Party
Debt Instrument [Line Items]
Debt oustanding						$ 76,100
FCC Certificates \| Related Party
Debt Instrument [Line Items]
Debt oustanding						2,100
Democratized Price YLDS \| Nonrelated Party
Debt Instrument [Line Items]
Debt oustanding						24,400
Democratized Price YLDS \| Related Party
Debt Instrument [Line Items]
Debt oustanding						164,100
Revolving Credit Facility \| Warehouse Facility 2
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 150,000		$ 250,000		$ 250,000
Debt instrument, basis spread on variable rate			2.25%
Revolving Credit Facility \| Warehouse Facility 2 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					3.00%
Revolving Credit Facility \| Warehouse Facility 2 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					4.00%
Revolving Credit Facility \| Warehouse Facility 3 \| Minimum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity																	$ 100,000
Revolving Credit Facility \| Warehouse Facility 3 \| Maximum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity															$ 200,000
Revolving Credit Facility \| Warehouse Facility 4
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity											$ 335,300					$ 237,500
Revolving Credit Facility \| Warehouse Facility 4 \| Common Class A
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity																200,000
Revolving Credit Facility \| Warehouse Facility 4 \| Common Class B
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity																$ 37,500
Revolving Credit Facility \| REIT Warehouse
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000											$ 150,000
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 10
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 11
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 \| MSR Note
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity													$ 40,000	$ 30,000
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 11
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000

EQUITY - Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Warrants
Outstanding, beginning balance (in shares)	1,462,119	0
Granted (in shares)	1,005,200	1,462,119
Exercised (in shares)	(2,283,986)	0
Forfeited and cancelled (in shares)	0	0
Outstanding, ending balance (in shares)	183,333	1,462,119
Number of Warrants, Exercisable (in shares)	183,333
Weighted Average Exercise Price
Outstanding, Weighted-Average Exercise Price, beginning balance (in dollars per share)	$ 3.23	$ 0
Granted, Weighted-Average Exercise Price (in dollars per share)	3.23	3.23
Exercised, Weighted-Average Exercise Price (in dollars per share)	3.23	0
Forfeited and cancelled, Weighted-Average Exercise Price (in dollars per share)	0	0
Outstanding, Weighted-Average Exercise Price, ending balance (in dollars per share)	3.23	$ 3.23
Exercisable (in dollars per share)	$ 3.23
Fair Value on Grant Date
Outstanding, Beginning Balance, Fair Value on Grant Date	$ 10,215	$ 0
Granted, Fair Value on Grant Date	8,827	10,215
Exercised, Fair Value on Grant Date	17,626	0
Forfeited and cancelled, Fair Value on Grant Date	0	0
Outstanding, Ending Balance, Fair Value on Grant Date	1,416	$ 10,215
Exercisable, Fair Value on Grant Date	1,416
Exercisable warrants, weighted-average grant date fair value	1,400
Class of warrant or right, outstanding, intrinsic value	$ 6,900
Class of warrant or right, exercisable, weighted average exercise period	3 years 2 months 12 days
Warrant
Fair Value on Grant Date
Outstanding warrants, weighted-average grant date fair value	$ 1,400
Class of warrant or right, outstanding, weighted average exercise period	3 years 2 months 12 days

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets:
Digital assets	$ (35,942)	$ (19,207)
Marketable securities	273,151	163,489
Loans held for sale, at fair value	404,337	395,922	$ 255,516
Loan servicing asset, at fair value	$ 113,064	88,497	55,860
DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	Treasury note futures (F)
Adjustment
Assets:
Digital assets		2,400
Carrying Value
Assets:
Digital assets	$ (35,942)	(19,207)	$ 0
Level 3
Assets:
Loans held for sale, at fair value	404,337	369,983
Fair Value, Recurring \| Carrying Value
Assets:
Cash and cash equivalents	1,198,141	289,670
Restricted cash	68,637	57,777
Digital assets	(88,511)	(83,622)
Distressed asset claims	3,068	7,589
Marketable securities	273,151	163,489
Loans held for sale, at fair value	404,337	395,922
Loan servicing asset, at fair value	113,064	88,497
Treasury note futures	442
Total assets	2,149,351	1,086,566
Liabilities:
Digital asset collateral repayment obligation	52,569	64,447
Certificate repayment obligation	266,654
Total liabilities	319,223	64,447
Fair Value, Recurring \| Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	1,198,141	289,670
Restricted cash	68,637	57,777
Digital assets	(88,511)	(83,622)
Distressed asset claims	3,068	7,589
Marketable securities	273,151	163,489
Loans held for sale, at fair value	404,337	395,922
Loan servicing asset, at fair value	113,064	88,497
Treasury note futures	442
Total assets	2,149,351	1,086,566
Liabilities:
Digital asset collateral repayment obligation	52,569	64,447
Certificate repayment obligation	266,654
Total liabilities	319,223	64,447
Fair Value, Recurring \| Level 1 \| Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	955,200	289,670
Restricted cash	68,637	57,777
Digital assets	(88,511)	(83,622)
Distressed asset claims	0	0
Marketable securities	0	0
Loans held for sale, at fair value	0	0
Loan servicing asset, at fair value	0	0
Treasury note futures	442
Total assets	1,112,790	431,069
Liabilities:
Digital asset collateral repayment obligation	52,569	64,447
Certificate repayment obligation	0
Total liabilities	52,569	64,447
Fair Value, Recurring \| Level 2 \| Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	242,941	0
Restricted cash	0	0
Digital assets	0	0
Distressed asset claims	0	0
Marketable securities	232,985	128,983
Loans held for sale, at fair value	0	0
Loan servicing asset, at fair value	0	0
Treasury note futures	0
Total assets	475,926	128,983
Liabilities:
Digital asset collateral repayment obligation	0	0
Certificate repayment obligation	266,654
Total liabilities	266,654	0
Fair Value, Recurring \| Level 3 \| Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Digital assets	0	0
Distressed asset claims	3,068	7,589
Marketable securities	40,166	34,506
Loans held for sale, at fair value	404,337	395,922
Loan servicing asset, at fair value	113,064	88,497
Treasury note futures	0
Total assets	560,635	526,514
Liabilities:
Digital asset collateral repayment obligation	0	0
Certificate repayment obligation	0
Total liabilities	$ 0	$ 0

EQUITY - Noncontrolling Interests in Consolidated Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Net Income (Loss)	$ 134,281	$ 19,915	$ (52,443)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	$ 423	$ 2,701	$ (4,508)
Figure REIT
Noncontrolling Interest [Line Items]
Noncontrolling Interest as a Percent of Total	45.00%	44.60%	44.60%
Figure REIT \| Figure REIT
Noncontrolling Interest [Line Items]
Net Income (Loss)	$ 1,302	$ 5,509	$ (9,989)
Figure REIT \| Subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	$ 584	$ 2,458	(4,455)
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)	$ (5,729)	$ 8,627
Offshore Solana Fund \| Subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	(161)	243
Third Party Investors in Real Estate Investment Trust Subsidiary
Noncontrolling Interest [Line Items]
Net Income (Loss)	(4,427)	14,136	(9,989)
Third Party Investors in Real Estate Investment Trust Subsidiary \| Subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	$ 423	$ 2,701	$ (4,455)

INVESTMENTS - Marketable Securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount		$ 272,809	$ 153,313
Carrying Value		$ 273,151	$ 163,489
Number of non rated securities \| security		15	6
Investment grade debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount		$ 202,358	$ 121,278
Net Fair Value Adjustment	$ (102)	1,500
Carrying Value		203,858	121,176
Below investment grade debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount		29,648	7,897
Net Fair Value Adjustment	(90)	(521)
Carrying Value		29,127	7,807
Residual interest securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount		40,803	24,138
Net Fair Value Adjustment	10,368	(637)
Carrying Value		40,166	$ 34,506
Marketable securities:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Fair Value Adjustment	$ 10,176	$ 342
Number of non rated securities \| security		20	11
Non-Rated Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount		$ 20,900	$ 15,100
Interest-Only Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Face Amount		19,900	9,100
Debt securities collateralized under repurchase agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value		$ 231,800	$ 129,000

EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

EQUITY

NOTE 7 – EQUITY

On September 12, 2025, the Company completed its IPO, in which 36,225,000 shares of the Company’s Class A common stock were issued and sold, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $25.00 per share.

The Charter authorizes a total of 1,000,000,000 shares of Class A common stock, par value $0.0001, 200,000,000 shares of Class B common stock, par value, $0.0001, 500,000,000 shares of Blockchain common stock, par value, $0.0001, and 100,000,000 shares of preferred stock, par value $0.0001. In connection with the IPO, all shares of outstanding convertible preferred stock automatically converted into a total of 113,910,905 shares of Class A common stock. Additionally, a total of 39,393,047 shares of Class A common stock held by the Controlling Party and his permitted transferees were converted into an equivalent number of shares of Class B common stock; 1,500,000 shares of Class B common stock were subsequently converted back to Class A common stock and sold as part of the IPO. The holders of Class A 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. For periods prior to the IPO, references to ‘common stock’ refer to the single class of common stock outstanding prior to the IPO.

The following table summarizes the Company’s equity instruments at December 31, 2025 and 2024:


	December 31, 2025
	Authorized Shares	Issued and Outstanding Shares	Potential Common Shares(A)
			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

	December 31, 2024
	Authorized Shares	Issued and Outstanding Shares	Potential Common Shares(A)
			Warrants	Options	RSUs(B)
Common Stock, $0.00001 par value per share	240,820,153	69,300,284	—	32,030,416	5,874,850
Convertible Preferred Stock, $0.00001 par value per share	115,983,447	111,900,495	1,381,486	—	—
Total	356,803,600	181,200,779	1,381,486	32,030,416	5,874,850

(A) Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan.

(B) RSUs at December 31, 2024 have been corrected, which resulted in a decrease of 39,098,606 potential common shares disclosed as of December 31, 2024.

In connection with the IPO, all outstanding shares of convertible preferred stock were converted into shares of Class A common stock on a one-to-one basis as of the date of the IPO. As such, there are no shares of preferred stock issued and outstanding as of December 31, 2025.

The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:


	December 31, 2024			Per Share
	Number of Shares Outstanding	Liquidation Preference		Liquidation Price		Dividend Rate		Conversion Price
Series Seed	16,100,540	$	16,947	$	1.05	$	0.08	$	1.05
Series A	32,860,461	41,759		1.27		0.10		1.27
Series B	29,448,787	73,519		2.50		0.20		2.50
Series C	11,238,629	85,000		7.56		0.61		7.56
Series C-1	504,081	3,050		6.05		0.48		6.05
Series C-2	1,983,287	15,000		7.56		0.61		7.56
Series D	12,439,325	219,999		17.69		1.41		17.69
Series E	7,325,385	73,292		10.01		0.80		10.01
Total	111,900,495	$	528,566

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. All of the warrants have been earned as of December 31, 2025 and upon consummation of the IPO became convertible into Class A common stock. As of December 31, 2025, 2,283,986 warrants have been exercised at an exercise price of $3.23 per share. The remaining 183,333 shares under the warrant agreement may be exercised at an exercise price of $3.23 per Class A common stock within a five-year period after issuance.

During the years ended December 31, 2025 and 2024, the Company recognized equity-based expense within “Technology and product development” in the Consolidated Statements of Operations of $9.5 million and $6.6 million, respectively, related to the warrants.

The warrants were valued at the grant date using the Black-Scholes option pricing model with the following assumptions:


	Year ended December 31, 2025
	Low		High		Weighted Average
Expected Term (years)	1.3		6.0		2.7
Volatility	39.9	%	46.2	%	41.9	%
Interest Rate	4.0	%	4.3	%	4.1	%
Dividend Yield	n.a.		n.a.		n.a.

The following table summarizes the warrants activity during the years ended December 31, 2025 and 2024:


	Number of Warrants	Weighted Average Exercise Price		Fair Value on Grant Date
Outstanding at December 31, 2023	—	$	—	$	—
Granted	1,462,119	3.23		10,215
Exercised	—	—		—
Forfeited and cancelled	—	—		—
Outstanding at December 31, 2024	1,462,119	$	3.23	$	10,215
Granted	1,005,200	3.23		8,827
Exercised	(2,283,986)	3.23		17,626
Forfeited and cancelled	—	—		—
Outstanding at December 31, 2025(A)	183,333	$	3.23	$	1,416
Exercisable at December 31, 2025(B)	183,333	$	3.23	$	1,416

(A) At December 31, 2025, the weighted-average grant date fair values for outstanding warrants and exercisable warrants were $1.4 million, and the intrinsic value for outstanding warrants and exercisable warrants was $6.9 million.

(B) Outstanding and exercisable warrants have a weighted average exercise period of 3.2 years at December 31, 2025.

Equity-Based Compensation

The Company has granted equity-based compensation in the form of options and RSUs to 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.

Prior to the IPO, RSUs granted under the plans vested based upon the satisfaction of both a service condition and a liquidity-event related performance condition. Both the service condition and liquidity-event related performance condition needed to be met for the expense to be recognized. For these RSUs outstanding at the time of the IPO, the liquidity-event related performance condition was met upon the completion of the IPO, and the Company began recognizing stock based compensation related to these awards.

The Company expects to grant RSUs to employees and members of the board which would 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. As of December 31, 2025, the Company has granted RSUs with a market condition that will vest only if the Company’s 10-day average closing stock price at the end of each defined performance period equals or exceeds specified thresholds, in addition to the continuous service requirement through the service period of the award. The market-based RSUs were granted with an average grant date fair value of $21.87 and the target number of market-based RSUs granted was 2,133,961. Any shares for which the market-based component is not achieved with respect to the performance dates of the awards shall remain outstanding and be eligible to be earned based on the applicable 10-day average closing stock price for a subsequent period performance date (such that, for example, if the applicable 10-day average stock price is not achieved in connection with the first performance date, but the applicable 10-day average stock price for the second performance date is achieved in connection with the second performance date, one-half of the shares subject to the award would vest on the second performance date).

The fair value of the market-condition RSU was estimated on the grant date using a Monte Carlo simulation that considered expected volatility, risk-free interest rate, dividend yield, expected term, and the effect of the market target. As the market condition is incorporated into the fair value, the Company recognizes the full compensation cost (based on that grant-date fair value) over the grantee’s requisite service period, even if the market conditions are ultimately not achieved.

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 following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Consolidated Statements of Operations:


	Years Ended December 31,
	2025		2024		2023
General and administrative	$	59,113	$	35,423	$	8,296
Technology and product development(A)	12,036		9,363		3,994
Operations and processing	455		388		356
Sales and marketing	817		136		804
Total equity-based compensation expense	$	72,421	$	45,310	$	13,450

(A) Technology and product development includes $9.5 million, $6.6 million, and zero equity-based expense for warrants for the years ended December 31, 2025, 2024, and 2023, respectively.

Equity Incentive Plans

2018 Equity Incentive Plan

In 2018, the Company adopted the 2018 Equity Incentive Plan (“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). At December 31, 2025, 2024 and 2023 the Company had granted awards equivalent to 56,462,313, 54,133,329 and 32,645,381 shares of common stock, respectively, 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.

In 2024, the Company modified awards under the 2018 Plan and extended the post-termination exercise period of vested options held by certain current and former employees, resulting in $0.7 million and $6.8 million of incremental equity-based compensation expense recognized during the years ended December 31, 2025 and 2024, respectively.

The following table reflects the activities of stock options granted under the 2018 Plan for the years ended December 31, 2025, 2024 and 2023:


	Number of Options	Weighted-Average
		Exercise Price(A)		Remaining Life (Years)(B)	Grant Date Fair Value(C)
Outstanding at December 31, 2022	19,623,139	$	3.79	8.2	$	2.05
Granted	3,593,104	5.47		n.a.	3.26
Exercised	(582,905)	1.94		n.a.	1.00
Forfeited and cancelled	(2,801,990)	4.93		n.a.	2.70
Outstanding at December 31, 2023	19,831,348	$	4.07	7.7	$	2.14
Granted	15,613,098	4.71		n.a.	4.41
Exercised	(1,153,803)	2.75		n.a.	1.49
Forfeited and cancelled	(4,642,073)	4.11		n.a.	2.65
Outstanding at December 31, 2024	29,648,570	$	4.45	6.1	$	3.28
Granted	1,726,700	7.76		n.a.	4.43
Exercised	(1,791,680)	2.69		n.a.	1.15
Forfeited and cancelled	(1,467,371)	4.67		n.a.	2.30
Outstanding at December 31, 2025	28,116,219	$	4.75	4.82	$	3.54

At December 31, 2025
Options Exercisable	22,540,335	$	4.57	4.57	$	3.64

(A) The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the issuing entity’s common shares, which was $36.09 per common share of FTS as of December 31, 2025.

(B) Options expire on the 10th anniversary of the original grant.

(C) For the year ended December 31, 2025, the Company used risk-free rates, estimated common stock volatility, expected term, and dividend yield as inputs and the fair value of the Company’s common stock as a key input to estimate the grant date fair value using the Black-Scholes method. The Company does not assume dividend payments, as it does not pay dividends, and estimates common stock volatilities using the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term. The Company estimates the grant-date fair value of awards using the contractual term of award, if any, including discounts for applicable post-vesting restrictions such as remaining in the service to the business except as otherwise amended estimated using Black-Scholes method.

The fair value of each option grant is estimated as of the grant date using the Black-Scholes option pricing model. The fair values of options granted during the years presented were determined using the following weighted average assumptions as of the grant date:


	Years Ended December 31,
	2025									2024									2023
	Low			High			Weighted Average			Low			High			Weighted Average			Low			High			Weighted Average
Expected Term	4.9			6.1			5.8			1.3			6.9			4.3			1.7			6.7			5.8
Volatility	57.3		%	59.4		%	57.5		%	41.9		%	59.2		%	53.0		%	45.5		%	64.3		%	54.2		%
Interest Rate	3.7		%	4.5		%	4.2		%	3.8		%	4.4		%	4.2		%	0.3		%	4.3		%	2.0		%
Dividend Yield	n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.
Fair Value	$	1.75		$	7.21		$	4.43		$	2.83		$	3.65		$	3.35		$	0.17		$	3.81		$	1.88

The following table reflects the activities of RSUs granted under the 2018 Plan for the years ended December 31, 2025 and 2024; there was no activity in the year ended December 31, 2023.


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	—	$	—
Granted	5,874,850	4.82
Vested	—	—
Forfeited and cancelled	—	—
Unvested at December 31, 2024	5,874,850	4.82
Granted	602,284	10.48
Vested	(2,251,468)	6.07
Forfeited and cancelled	(30,000)	9.98
Unvested at December 31, 2025	4,195,666	$	4.92

2024 Equity Incentive Plan

As part of the Reorganization, FMH adopted the 2024 Equity Incentive Plan (“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 based on the Conversion Rate. As of December 31, 2025 and 2024 the Company had granted option awards equivalent to 3,172,306 and 2,866,300 shares of common stock, respectively, gross of forfeited and cancelled awards under the 2024 Plan. There have been 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.

The following table reflects the activities of stock options granted under the 2024 Plan for the years ended December 31, 2025 and 2024; there was no activity in the year ended December 31, 2023.


	Number of Options	Weighted-Average
		Exercise Price(A)		Remaining Life (Years)(B)		Grant Date Fair Value(C)
Outstanding at December 31, 2023	—	$	—	$	—	$	—
Granted	2,866,300	3.23		n.a.		1.54
Exercised	(216,223)	3.23		n.a.		1.49
Forfeited and cancelled	(268,231)	3.23		n.a.		1.59
Outstanding at December 31, 2024	2,381,846	3.23		9.6		1.54
Granted	306,006	5.13		n.a.		1.63
Exercised	(180,184)	3.23		n.a.		1.84
Forfeited and cancelled	(322,180)	3.93		n.a.		1.72
Outstanding at December 31, 2025	2,185,488	$	3.39	5.6		$	1.50

At December 31, 2025
Options Exercisable	1,176,697	$	3.31	5.3		$	1.21

(A) The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the issuing entity’s common shares, which was $37.45 per common share.

(B) Options expire on the 10th anniversary of the original grant.

The grant date assumptions of the stock options are as follows:


	Year ended December 31, 2025									Year ended December 31, 2024
	Low			High			Weighted Average			Low			High			Weighted Average
Expected Term	0.2			6.1			5.8			4.9			6.1			5.7
Volatility	33.0		%	58.5		%	58.3		%	44.9		%	45.9		%	45.3		%
Interest Rate	4.0		%	4.5		%	4.1		%	3.7		%	4.3		%	4.2		%
Dividend Yield	n.a.			n.a.			n.a.			n.a.			n.a.			n.a.
Fair Value	$	0.18		$	1.87		$	1.63		$	1.44		$	1.59		$	1.54

2025 Incentive Award Plan

As part of the IPO, the Company adopted the 2025 Incentive Award Plan (“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, and restricted stock, RSUs, stock payments, and other incentive awards and cash awards. As of December 31, 2025, the Company had granted awards equivalent to 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.

The following table reflects the activities of stock options granted under the 2025 Plan for the year ended December 31, 2025; there was no activity in the years ended December 31, 2024 and 2023.


	Number of Options	Weighted-Average
		Exercise Price(A)		Remaining Life (Years)(B)	Grant Date Fair Value(C)




Outstanding at December 31, 2024	—	$	—	—	$	—
Granted	3,200,942	25.00		n.a.	14.26
Exercised	—	—		n.a.	—
Forfeited and cancelled	—	—		n.a.	—
Outstanding at December 31, 2025	3,200,942	$	25.00	6.0	$	14.26

At December 31, 2025
Options Exercisable	200,058	$	25.00	6.0	$	14.26

(B) Options expire on the 10th anniversary of the original grant.

The grant date assumptions of the stock options granted under the 2025 Plan are as follows:


	Year ended December 31, 2025
	Low			High			Weighted Average
Expected Term	6.0			6.0			6.0
Volatility	57.3		%	57.3		%	57.3		%
Interest Rate	3.7		%	3.7		%	3.7		%
Dividend Yield	n.a.			n.a.			n.a.
Fair Value	$	14.26		$	14.26		$	14.26

The following table reflects the activities of RSU awards granted under the 2025 Plan for the year ended December 31, 2025; there was no activity in the years ended December 31, 2024 and 2023.


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	—	$	—
Granted	6,352,695	26.95
Vested	(438,752)	31.70
Forfeited and cancelled	—	—
Unvested at December 31, 2025	5,913,943	$	27.09

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 December 31, 2025, 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 December 31, 2025, 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)	3.5	9,585,559	3,007,454	12,593,013	$	63,081	$	101,264
Multiple(A)(B)	1.1	—	6,512,752	6,512,752	—		49,550
Total		9,585,559	9,520,206	19,105,765	$	63,081	$	150,814

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

(B) Awards include a service period vesting condition, as noted above, as well as market based and liquidity-based vesting conditions. The liquidity event for awards which have that feature has been satisfied in connection with the IPO as of December 31, 2025.

Noncontrolling Interests in Consolidated Subsidiaries

The following amounts relate to equity interests held by the third-party investors in a real estate investment trust subsidiary, Figure REIT, Inc. (“Figure REIT”) and the Figure Markets Offshore Opportunity Investment Fund L.P. (“Offshore Solana Fund”) both of which the Company consolidates, but does not wholly-own.

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


	Years Ended December 31,
	2025						2024						2023
	Net Income (Loss)		Non-controlling Interest as a % of Total(A)		Non-controlling Interest in Income of Consolidated Subsidiaries(B)		Net Income (Loss)		Non-controlling Interest as a % of Total(A)		Non-controlling Interest in Income of Consolidated Subsidiaries(B)		Net Income (Loss)		Non-controlling Interest as a % of Total(A)		Non-controlling Interest in Loss of Consolidated Subsidiaries(B)
Figure REIT	$	1,302	45.0	%	$	584	$	5,509	44.6	%	$	2,458	$	(9,989)	44.6	%	$	(4,455)
Offshore Solana Fund	(5,729)		2.8		(161)		8,627		2.8		243		n.a.		n.a.		n.a.
Total	$	(4,427)			$	423	$	14,136			$	2,701	$	(9,989)			$	(4,455)

(A) Represents the weighted average percentage of total noncontrolling shareholders’ net income (loss) in consolidated subsidiaries throughout the period, which may not agree to the percentages as calculated based on the ending balances presented above.

(B) Balances may not cross-foot due to rounding for presentation purposes in the Noncontrolling Interest as a Percent of Total shown.

The noncontrolling interests in the equity of consolidated subsidiaries are computed as follows:


	December 31, 2025						December 31, 2024
	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	$	18,261	44.6	%	$	7,769
Offshore Solana Fund	6,602		2.8		186		17,807		2.8		508
Total	$	24,819			$	8,364	$	36,068			$	8,277

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-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 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Change in Accounting Principle

Accounting for payment stablecoins

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

Consolidation

Variable Interest Entities

See Note 3 for additional information regarding the Company’s measurement alternative and equity method investees.

Noncontrolling Interests in Consolidated Subsidiaries

Segments

The change in segment reporting did not have an impact on the Company’s consolidated financial position, results of operations, cash flows, or stockholders’ equity.

Risks and Uncertainties

Changes in federal, state, or international tax laws or tax rulings could adversely affect the Company’s effective tax rate and its operating results.

Use of Estimates

Fair Value


Level						Measurement
1						Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
2						Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the asset or liability.
3						Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

Level

Assets and Liabilities

Measurement

Cash, cash equivalents and restricted cash

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Digital assets and digital asset collateral held

Estimates of fair value are measured using observable, quoted digital asset prices within the Company’s principal market at the time of measurement as Level 1 inputs.

Treasury Note Futures

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Cash equivalents

Estimates of fair value are based on quoted prices of similar assets.

Marketable securities

Estimates of fair value are measured based upon observable market data of similar instruments.

Certificate repayment obligation

Estimates of fair value are measured based upon observable market data of similar instruments.

Marketable Securities —Residual Interest Securities

Loans

Loan servicing assets

Significant Inputs — For the assets and liabilities measurements above, the Company uses the following significant inputs:

•Servicing Rates — Servicing rates used by the Company are based on available market data for similar loan types and delinquency statuses.

•Discount Rate — Expected future cash flows are discounted at a rate derived from market data for similar financial instruments or related collateral.

December 31, 2025, the Company’s valuation process for Level 3 measurements, as described below, was conducted internally or by an independent valuation firm and reviewed by management:

Transfers and Servicing

Leases

Derivatives

Treasury Note Futures Contracts

Digital Asset Collateral

Income Taxes

See Note 13 for additional information regarding the Company’s income taxes.

Cash and Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Accounts receivable, net

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


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	30,627	$	2,159
Interest receivable	4,440		3,214
Subservicer receivable(A)	6,914		5,313
Other accounts receivable	10,355		10,312
Less: Allowance for credit losses	(320)		—
Accounts receivable, net	$	52,016	$	20,998

(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.

Investments

Marketable Securities

Digital Assets Held as Collateral

Digital Assets Held

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.

Ecosystem and Technology Fees

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


	Years Ended December 31,
	2025		2024		2023
Ecosystem and technology fees:
Technology offering fees(A)	$	50,646	$	20,188	$	10,215
Ecosystem fees(B)	56,817		122		—
	107,463		20,310		10,215
Program fees(C)	13,345		8,004		413
Total ecosystem and technology fees	$	120,808	$	28,314	$	10,628

Ecosystem Fees

Technology Fees

Program Fees

Interest Income

The Company earns interest income primarily from the following sources:

Other Revenue

Stock-Based Compensation

Software Costs

Recently Issued Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Credit Losses

Recently Issued Accounting Standards Not Yet Adopted

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s debt components:


	December 31, 2025								December 31, 2024
	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)	$	—	August 2020	July 2025	—	%	$	—	$	28,286
Warehouse Facility 2(C)	2,904		November 2022	May 2026	6.8		4,686		61,007
Warehouse Facility 3(D)	—		October 2023	October 2025	—		—		26,227
Warehouse Facility 4(E)	7,039		February 2023	January 2026	7.1		8,330		68,568
Warehouse Facility 5(F)	—		October 2023	n.a.	—		—		21,697
REIT Warehouse(G)	750		October 2024	December 2026	9.1		560		99,204
Warehouse Facility 6(H)	—		May 2024	May 2026	—		—		—
Warehouse Facility 7(I)	—		February 2023	August 2025	—		—		—
Warehouse Facility 8(J)	—		March 2022	n.a.	—		—		—
Warehouse Facility 9(K)	—		March 2024	March 2025	—		—		861
Warehouse Facility 10(L)	1,700		April 2025	April 2026	7.4		2,190		—
Warehouse Facility 11(M)	6,063		July 2025	June 2027	6.3		5,886		—
Digital Asset Loan Facility(N)	3,097		April 2025	October 2026	15.0		3,073		—
	21,553								305,850

MSR financing:
Lender 1(O)	40,000		June 2024	June 2026	16.9		63,767		40,000

Financed retained interests:
Retained Interest Facility(P)	231,633		April 2023	Various(Q)	6.4		231,788		129,005

Total debt carried at cost, gross	293,186								474,855

Unamortized deferred financing costs(R)	(2,603)								(1,679)
Total debt carried at cost, net	290,583								473,176

Debt at fair value:
FCC(S)	76,110								—
Democratized Prime YLDS(T)	24,409								—
	100,519								—

Debt at fair value to related parties:
FCC - related parties(S)	2,050								—
Democratized Prime YLDS - related parties(T)	164,085								—
	166,135								—

Total debt carried at fair value	266,654								—

Total debt	$	557,237							$	473,176

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

(B) Warehouse Facility 1 was closed in July 2025.

(C) Warehouse Facility 2 bears interest at Secured Financing Overnight Rate (“SOFR”) plus a spread of 2.25% at December 31, 2025.

(D) Warehouse Facility 3 was paid down in September 2025 and subsequently reached maturity. The interest accrued on the loans was payable to the lender during the period the loans are held, and the Company paid a variable exit fee, which was determined on a quarterly basis as follows: (i) the first $50.0 million of principal balance repurchased is subject to a 0.5% exit fee, and (ii) amounts in excess of $50.0 million are subject to an exit fee that are between 0.125% to 1.50% of the price at which the Company securitizes repurchased loans (or otherwise agreed between the Company and the lender for repurchased loans not securitized).

(E) Warehouse Facility 4 bears variable interest at SOFR plus a spread between 2.15% and 5.50% at December 31, 2025. A portion of the facility is also subject to a 0.5% non-use fee. The facility was amended in January 2026 to extend the maturity date; see Note 14 for additional information.

(F) Warehouse Facility 5 is an advance facility in which the lender earns carry on collateral in the facility.

(G) Real Estate Investment Trust ("REIT") Warehouse bears interest at 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 facility also carries a 0.15% exit fee on repurchased, non-securitized loans which in aggregate cannot exceed $0.5 million in a given calendar year.

(H) Warehouse Facility 6 bears interest at SOFR, plus a spread of 3.5% at December 31, 2025. The facility also carries a 0.5% exit fee on all loans repurchased from the facility.

(I) Warehouse Facility 7 was closed in August 2025.

(J) Warehouse Facility 8 was closed in December 2024.

(K) Warehouse Facility 9 was closed in March 2025.

(L) Warehouse Facility 10 bears interest at SOFR, plus a spread of 2.35%.

(M) Warehouse Facility 11 bears interest at SOFR, subject to a 2.0% floor, plus a spread of 1.75%.

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

(O) 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.

(P) 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.

(Q) The maturities of financed retained interests align with the terms of the underlying securities. The financed retained interest have maturity dates through November 2055.

(R) During the year ended December 31, 2025 and 2024, the Company amortized $1.0 million, and $1.0 million of deferred financing costs, respectively.

(S) 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.

(T) Interest is accrued at an hourly rate that is agreed upon through a Dutch auction process; during the year ended December 31, 2025, the average interest rate was 8.7%. YLDS can be redeemed by the holder at face amount, plus accrued interest minus any applicable expenses or fees on demand.

The following table represents borrowing capacity of committed debt facilities that have not matured at December 31, 2025:


	December 31, 2025
	Borrowing Capacity		Balance Outstanding		Available Financing
Funding Debt:

Warehouse Facility 2	$	150,000	$	2,904	$	147,096

Warehouse Facility 4	335,300		7,039		328,261
REIT Warehouse	200,000		750		199,250
Warehouse Facility 6	250,000		—		250,000



Warehouse Facility 10	300,000		1,700		298,300
Warehouse Facility 11	300,000		6,063		293,937
Digital Asset Loan Facility	30,000		3,097		26,903

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

Financed retained interests:
Retained Interest Facility	500,000		231,633		268,367
	$	2,105,300	$	293,186	$	1,812,114

Schedule of Maturities of Long-Term Debt

Maturities

Contractual maturities of recourse and nonrecourse debt obligations at December 31, 2025, are as follows:


Years Ending December 31,	Recourse		Nonrecourse		Total
2026	$	49,943	$	5,547	$	55,490
2027	6,063		—		6,063
2028	—		—		—
2029	—		—		—
2030	—		—		—
Thereafter	—		231,633		231,633
	$	56,006	$	237,180	$	293,186

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,159,597	$ 287,256
Payment stablecoins	38,544	2,414
Restricted cash	68,637	57,777
Total cash, cash equivalents and restricted cash	$ 1,266,778	$ 347,447	$ 175,780	$ 160,967

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

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


	Years Ended December 31,
	2025		2024
Contributions	$	150	$	3,783
Distributions	$	1,774	$	799

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications from Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Reclassification [Line Items]
Cash and cash equivalents	$ 1,198,141	$ 289,670
Digital assets	35,942	19,207
Total Assets	$ 2,317,523	1,159,578
As Reported
Reclassification [Line Items]
Cash and cash equivalents		287,256
Digital assets		77,862
Total Assets		1,159,578
Adjustment
Reclassification [Line Items]
Cash and cash equivalents		2,414
Digital assets		(2,414)
Total Assets		0
Recast
Reclassification [Line Items]
Cash and cash equivalents		289,670
Digital assets		75,448
Total Assets		$ 1,159,578

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax Domestic and Foreign

Components of “Income (loss) before income taxes” in the Consolidated Statements of Operations is attributable to the following for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025		2024		2023
U.S.	$	115,593	$	22,092	$	(52,341)
Foreign	(1,918)		—		—
Income (loss) before income taxes	$	113,675	$	22,092	$	(52,341)

Schedule of Components of Income Tax Provision

The following table details the Company’s income tax (benefit) provision for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025		2024		2023
Current:
Federal	$	1,115	$	943	$	—
State	4,316		1,234		102
Foreign	—		—		—
Total current	$	5,431	$	2,177	$	102

Deferred:
Federal	$	(14,538)	$	—	$	—
State	(11,499)		—		—
Foreign	—		—		—
Total deferred	(26,037)		—		—
Total (benefit) provision for income taxes	$	(20,606)	$	2,177	$	102

Schedule of Effective Income Tax Rate Reconciliation

The following table is a reconciliation of the income taxes expected at the statutory federal income tax rate and the income tax (benefit) provision for the years ended December 31, 2025, 2024 and 2023:


	December 31,
	2025		2024		2023
Tax at federal statutory rate	21.0	%	21.0	%	21.0	%
State tax, net of federal benefit	(4.1)		5.8		0.4
Permanent items	0.7		(5.3)		—
Nondeductible officers’ compensation	2.0		—		—
Change in valuation allowance	(29.5)		(6.9)		(0.2)
Stock-based compensation	(4.6)		16.6		(2.2)
Tax credits	(5.0)		(43.0)		(4.1)
Return to provision	0.2		18.0		(15.1)
Rate change / state impact	(0.2)		(10.8)		—
Change in unrecognized tax benefits	2.4		12.9		—
Other	(1.0)		1.6		—
Total	(18.1)	%	9.9	%	(0.2)	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows:


	December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	51,541	$	59,423
Tax credits	5,588		2,897
Loan sale indemnification reserve	1,571		1,520
Stock-based compensation	14,013		10,404
Intangible assets	5,557		5,334
Research and development capitalization	4,472		14,726
Lease liabilities	1,007		695

Other	3,617		823
Total deferred tax assets	$	87,366	$	95,822

Deferred tax liabilities:
Servicing asset and other fair value adjustments	$	(28,718)	$	(22,982)
Unrealized gains (losses)(A)	(2,486)		(2,621)
ROU assets	(1,320)		(611)


Mark to market	(4,161)		—
Total deferred tax liabilities	$	(36,685)	$	(26,214)

Valuation allowance	(24,644)		(69,608)
Net deferred tax assets	$	26,037	$	—

(A) Primarily relates to unrealized gains from digital assets held for sale.

Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows:


	December 31,
	2025		2024		2023
Unrecognized tax benefits at beginning of year	$	3,045	$	104	$	104
Increases related to current year tax positions	1,245		716		—
Increases related to prior year tax positions	2,269		2,225		—
Decreases related to prior year tax positions	(462)		—		—
Settlements with tax authorities	—		—		—
Expiration of the statute of limitations	—		—		—
Unrecognized tax benefits at end of year	$	6,097	$	3,045	$	104

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table summarizes information about the assets and liabilities that are measured at fair value on a recurring basis at December 31, 2025 and 2024:


	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(G)	266,654		—		266,654		—		266,654

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


	December 31, 2024
	Carrying Value		Fair value
			Level 1		Level 2		Level 3(A)		Total
Assets:
Cash and cash equivalents(H)	$	289,670	$	289,670	$	—	$	—	$	289,670
Restricted cash	57,777		57,777		—		—		57,777
Digital assets(B)(H)	83,622		83,622		—		—		83,622
Distressed asset claims(C)	7,589		—		—		7,589		7,589
Marketable securities, at fair value(D)	163,489		—		128,983		34,506		163,489
Loans held for sale, at fair value (E)	395,922		—		—		395,922		395,922
Loan servicing assets, at fair value (E)	88,497		—		—		88,497		88,497

Total assets	$	1,086,566	$	431,069	$	128,983	$	526,514	$	1,086,566

Liabilities:
Digital asset collateral repayment obligation(G)	$	64,447	$	64,447	$	—	$	—	$	64,447


Total liabilities	$	64,447	$	64,447	$	—	$	—	$	64,447

(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 Consolidated Balance Sheets and represents digital assets held for sale at fair value, and excludes digital assets held at cost that are considered intangible assets.

(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 values 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 Consolidated Balance Sheets.

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

(H) During the current period, we reclassified payment stablecoins from “Digital assets” to “Cash and cash equivalents”. Prior period amounts have been recast to conform to the current period presentation. This reclassification resulted in an increase to “Cash and cash equivalents” and a corresponding decrease to “Digital assets” of $2.4 million as of December 31, 2024. For further information, see Note 2, Change in Accounting Principle, to the Consolidated Financial Statements.

The following table summarizes information about the liabilities that are not measured at fair value on a recurring basis at December 31, 2025 and 2024:


	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

	December 31, 2024
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
Liabilities:
Financed retained interests(A)	$	128,101	$	—	$	127,327	$	—	$	127,327
Total liabilities	$	128,101	$	—	$	127,327	$	—	$	127,327

(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.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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:


	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 - n.a 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(I)	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%


	December 31, 2024
	Fair Value		Discount Rate(A) (%)	CPR(B) (%)	CDR(C) (%)	Servicing Rate(D) (%)	Loss Severity (E) (%)
Marketable securities:
Residual interest securities	$	34,506	14.5% - 24.0% 19.7%	15.2% - 20.1% 17.7%	1.5% - 1.7% 1.6%	n.a	n.a

Servicing assets:
HELOC loans	$	86,465	13.0% - 13.0% 13.0%	1.0% - 33.0% 14.4%	—% - 4.4% 0.7%	0.2%	n.a
Mortgage loans	2,032		10.0% - 11.0% 10.8%	3.9% - 8.2% 5.7%	—% - 1.0% 0.2%	—%	n.a
Total / Weighted average(F)	$	88,497	12.9%	14.2%	0.7%	0.2%

Loans held for sale:
HELOC loans(G)	$	366,154	6.4% - 10.1% 7.6%	1.3% - 32.4% 13.6%	1.5% - 1.7% 1.6%	n.a	16.6% - 44.2% 32.4%

Other(I)	3,829		5.1% - 8.7% 6.9%	17.9% - 99.7% 25.6%	0.4% - 10.2% 7.7%	n.a	88.0% - 92.0% 90.0%
Total / Weighted average(F)	$	369,983	7.6%	13.7%	1.7%

(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) 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 and 2024 were not material.

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 December 31, 2025. 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	$	1,408	7.7	%	$	659	3.6	%	$	(653)	(3.6)	%	$	(1,275)	(7.0)	%
Servicing assets:
HELOC loans	6,793		6.3		3,289		3.0		(3,105)		(2.9)		(6,025)		(5.6)
Mortgage loans	(187)		(10.1)		(90)		(4.8)		82		4.4		158		8.5
Loans held for sale:
HELOC loans	16,724		3.7		12,418		2.7		(15,234)		(3.3)		(30,126)		(6.6)
Personal loans	15		1.1		7		0.5		(7)		(0.5)		(14)		(1.0)

	-20%				-10%				+10%				+20%
	$		%		$		%		$		%		$		%
CPR:
Marketable securities:
Residual interest securities	$	2,970	16.4	%	$	1,407	7.8	%	$	(1,269)	(7.0)	%	$	(2,814)	(15.6)	%
Servicing assets:
HELOC loans	6,815		6.3		3,299		3.1		(3,094)		(2.9)		(6,004)		(5.6)
Mortgage loans	(98)		(5.3)		(48)		(2.6)		46		2.5		90		4.9
Loans held for sale:
HELOC loans	1,068		0.2		570		0.1		(813)		(0.2)		(1,636)		(0.4)
Personal loans	—		—		—		—		—		—		—		—

CDR:
Marketable securities:
Residual interest securities	723		4.0		347		1.9		(388)		(2.2)		(743)		(4.1)
Servicing assets:
HELOC loans	—		—		—		—		—		—		—		—
Loans held for sale:
HELOC loans	1,655		0.4		816		0.2		(930)		(0.2)		(1,820)		(0.4)
Personal loans	—		—		—		—		—		—		—		—

Servicing rate:
Servicing Assets
HELOC loans	9,022		8.3		4,511		4.2		(4,511)		(4.2)		(9,022)		(8.3)

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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 years ended December 31, 2025 and 2024:


Balance at December 31, 2023	$	11,952
Purchases(A)	24,440
Sales	(872)
Principal payments	(2,184)
Change in fair value(B)	1,170
Balance at December 31, 2024	$	34,506
Purchases(A)	15,968
Sales	—
Principal payments	(11,582)
Change in fair value(B)	1,274
Balance at December 31, 2025	$	40,166

(A) Includes premiums paid on the purchased notes.

(B) Included in “Gain on sale of loans, net” in the Consolidated Statements of Operations.

Summarized Information About Assets and Liabilities Measured At Fair Value


Level						Measurement
1						Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
2						Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the asset or liability.
3						Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

The following summarizes the Company’s assets and liabilities within the fair value hierarchy at December 31, 2025 and 2024:

Level

Assets and Liabilities

Measurement

Cash, cash equivalents and restricted cash

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Digital assets and digital asset collateral held

Estimates of fair value are measured using observable, quoted digital asset prices within the Company’s principal market at the time of measurement as Level 1 inputs.

Treasury Note Futures

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Cash equivalents

Estimates of fair value are based on quoted prices of similar assets.

Marketable securities

Estimates of fair value are measured based upon observable market data of similar instruments.

Certificate repayment obligation

Estimates of fair value are measured based upon observable market data of similar instruments.

Marketable Securities —Residual Interest Securities

Loans

Loan servicing assets

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

EQUITY - Restricted Stock (Details) - RSUs - $ / shares	12 Months Ended
EQUITY - Restricted Stock (Details) - RSUs - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Number of RSUs
Unvested ending balance (in shares)	9,520,206
2018 Plan
Number of RSUs
Unvested beginning balance (in shares)	5,874,850	0
Granted (in shares)	602,284	5,874,850
Vested (in shares)	(2,251,468)	0
Forfeited (in shares)	(30,000)	0
Unvested ending balance (in shares)	4,195,666	5,874,850
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value, beginning balance (in dollars per share)	$ 4.82	$ 0
Granted (in dollars per share)	10.48	4.82
Vested (in dollars per share)	6.07	0
Forfeited (in dollars per share)	9.98	0
Unvested, weighted average grant date fair value, ending balance (in dollars per share)	$ 4.92	$ 4.82
2024 Plan
Number of RSUs
Granted (in shares)	0
2025 Plan
Number of RSUs
Unvested beginning balance (in shares)	0
Granted (in shares)	6,352,695
Vested (in shares)	(438,752)
Forfeited (in shares)	0
Unvested ending balance (in shares)	5,913,943	0
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	26.95
Vested (in dollars per share)	31.70
Forfeited (in dollars per share)	0
Unvested, weighted average grant date fair value, ending balance (in dollars per share)	$ 27.09	$ 0

INVESTMENTS

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and 2024:


	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

	December 31, 2024
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	121,278	$	(102)	$	121,176
Below investment grade debt securities(D)	7,897		(90)		7,807
Residual interest securities(E)	24,138		10,368		34,506
Total marketable securities, at fair value	$	153,313	$	10,176	$	163,489

(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 $231.8 million and $129.0 million of debt securities collateralized under repurchase agreements at December 31, 2025 and 2024, 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 20 and 11 non-rated securities with aggregate outstanding face amounts of $20.9 million and $15.1 million at December 31, 2025 and 2024, respectively, and 15 and 6 interest-only securities based upon aggregate outstanding principal amounts of $19.9 million and $9.1 million at December 31, 2025 and 2024, 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 Consolidated Balance Sheets. The Company originates loans collateralized by digital assets and recorded a corresponding $52.6 million and $64.4 million liability at December 31, 2025 and 2024, respectively, representing the fair value digital assets owed to the borrower in the event of loan repayment that is included in “Other current liabilities” in the 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 December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
	Units	Fair Value		Units	Fair Value
Digital assets held as collateral:
Bitcoin (BTC)	527	46,119		531	$	49,593
Ethereum (ETH)	2,173	6,450		4,457	14,846
Total digital assets held as collateral		$	52,569		$	64,439

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 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 December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Digital assets held at fair value(A):
Solana (SOL)(B)	87,707	$	10,731	$	10,918	95,139	$	10,110	$	18,020
United States Dollar Tether (USDT)	958,734	959		959		1,002,506	1,003		1,003
Kamino Liquidity Pools	Various	23,485		23,510		n.a.	—		—
Other digital assets(C)	Various	475		555		Various	184		184
Total digital assets held at fair value		$	35,650	$	35,942		$	11,297	$	19,207

(A) The Company reclassified payment stablecoins from “Digital assets” to “Cash and cash equivalents”, which resulted in a $2.4 million decrease to the previously reported total digital assets held cost basis and fair value as of December 31, 2024. See Note 2, Change in Accounting Principle, for further details.

(B) Includes 53,071 Solana (“SOL”) 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.

(C) 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 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 December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
	Units	Cost Basis		Carrying Value		Units	Cost Basis		Carrying Value
Digital assets held at cost:
HASH(A)	19,873,741,886	$	11,691	$	11,691	15,002,914,730	$	1,506	$	1,506
Total digital assets held at cost		$	11,691	$	11,691		$	1,506	$	1,506

(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 years ended December 31, 2025 and 2024:


	Held as Collateral		Held at Fair Value(A)		Held at Cost
Balance at December 31, 2023	$	—	$	—	$	5,865
Purchases(B)	—		11,558		—
Sales(C)	—		(3,279)		—
Collateral received(D)(E)	57,503		—		—
Collateral returned(D)(E)	(6,121)		—		—
Gains(F)	—		2,471		—
Contribution from Related Party	—		—		1,500
Distributions from Fund I(G)	—		547		—
Impairment of digital assets	—		—		(5,859)
Change in fair value(E)(H)	13,057		7,910		—
Balance at December 31, 2024	64,439		19,207		1,506
Purchases(B)	—		26,943		3,864
Sales(C)	—		(8,922)		(3,979)
Collateral received(D)	63,724		—		—
Collateral returned(D)	(71,500)		—		—
Gains(F)	—		5,872		113

Distributions from Fund I(G)	—		2,042		—

Provenance Blockchain Foundation term note settlement(I)	—		—		10,187
Change in fair value(H)	(4,094)		(9,200)		—
Balance at December 31, 2025	$	52,569	$	35,942	$	11,691

(A) Period activity for the year ended December 31, 2024 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $(15.2) million change to Purchases activity and a $12.8 million change to Sales activity for the year ended December 31, 2024. See Note 2, Change in Accounting Principle, for further details. There was no impact to the balance at December 31, 2023.

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

(C) Includes transactions related to the settlement and transfer of digital assets held for sale 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) Change in fair value for digital assets held as collateral has been corrected to disclose the change in fair value for the year ended December 31, 2024 of $13.1 million. The correction resulted in a net decrease to collateral received and collateral returned for the year ended December 31, 2024 by the same amount.

(F) 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) income, net” in the 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.

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

(H) 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 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) income, net” on the Consolidated Statements of Operations.

(I) See Note 11 for information on the Provenance Blockchain Foundation term note settlement.

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 Consolidated Balance Sheets, with the Company’s share of net income of equity-method investees recorded as “Other revenue” in the Consolidated Statements of Operations. The following table presents the carrying value of these investments at December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Equity method investees:
Domestic Solana Fund(A)	$	2,104	$	5,748
Reflow(B)	800		920
Fig SIX(C)	2,477		—
	5,381		6,668
Measurement alternative investments:
JAM FINTOP(D)	1,419		1,542
Total equity investments	$	6,800	$	8,210

(A) Represents a 4.8% equity interest in Domestic Solana Fund at December 31, 2025 and 2024.

(B) Represents a 17.3% interest in Reflow Services LLC (“Reflow”), an SEC-registered investment adviser, at December 31, 2025 and 2024.

(C) Represents a 5.0% equity interest in Fig SIX Mortgage, LLC (“Fig SIX”), a company domiciled in the United States of America, at December 31, 2025.

(D) Represents a 1.0% equity interest in JAM FINTOP Blockchain LP (“JAM FINTOP”), an investment company domiciled in the United States of America, at December 31, 2025 and 2024.

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


	Equity Method Investees		Measurement Alternative Investments		Total
Balance at December 31, 2023	$	477	$	1,542	$	2,019
Share of investee earnings	3,698		—		3,698
Dividends received	(854)		—		(854)
Additional contributions	3,347		—		3,347
Measurement alternative adjustments	n.a.		—		—


Balance at December 31, 2024	$	6,668	$	1,542	$	8,210
Share of investee earnings	(1,246)		—		(1,246)
Dividends received	(2,643)		—		(2,643)
Additional contributions	2,602		—		2,602
Measurement alternative adjustments	n.a.		(123)		(123)


Balance at December 31, 2025	$	5,381	$	1,419	$	6,800

NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

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:


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to FTS	$	133,858	$	17,214	$	(47,935)
Less: Undistributed earnings attributable to convertible preferred stockholders	(71,832)		(17,214)		—
Net income (loss) attributable to common stockholders, basic and diluted	$	62,026	$	—	$	(47,935)

Denominator:
Basic weighted average common shares attributable to FTS	114,435,259		65,020,119		51,305,065
Add: effect of dilutive securities related to share-based payment awards (A)	27,366,743		7,617,338		—
Diluted weighted average common shares attributable to FTS	141,802,002		72,637,457		51,305,065

Net income (loss) per common share attributable to FTS, basic	$0.54		$0.00		$(0.93)
Net income (loss) per common share attributable to FTS, diluted	$0.44		$0.00		$(0.93)

(A) The dilutive impact of share-based payment awards and warrants for the years ended December 31, 2025, 2024, and 2023 comprised of 22,621,883, 7,132,282, and zero shares related to stock options, 959,984, 485,056, and zero shares related to warrants, and 3,784,876, zero, and zero shares related to unvested RSUs, respectively. For the year ended December 31, 2024, 598,104 shares related to unvested RSUs were excluded from the dilutive impact as the issuance of those shares was contingent upon the satisfaction of a liquidity condition which was not satisfied as of the end of that period. As the fiscal year ended December 31, 2023 was in a net loss position, 3,609,301 potentially dilutive shares from share-based payment awards were considered, but would have been anti-dilutive and have been excluded from the computation of diluted earnings per share for that period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications from Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Proceeds from loan sales, net of repurchases	$ 6,617,808	$ 4,666,503	$ 3,255,155
Net cash provided by (used in) operating activities	62,568	(127,012)	(33,352)
Investing activities:
Purchases of digital assets	(5,734)	(11,558)	(817)
Proceeds from sales of digital assets	11,347	3,279	0
Principal payments on marketable securities	63,907	15,347	3,882
Net cash used in investing activities	(61,275)	(37,445)	(17,623)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$ (54,874)	(116,335)	(42,061)
As Reported
Operating activities:
Proceeds from loan sales, net of repurchases		4,782,838	3,297,216
Purchases of marketable securities		(141,557)	(42,061)
Proceeds from sale of marketable securities		872	602
Principal payments on marketable securities		15,347	3,882
Net cash provided by (used in) operating activities		(136,015)	(28,868)
Investing activities:
Purchases of digital assets		(26,785)
Proceeds from sales of digital assets		16,092
Purchases of marketable securities		0	0
Proceeds from sale of marketable securities		0	0
Principal payments on marketable securities		0	0
Net cash used in investing activities		(30,856)	(22,107)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions		0	0
Adjustment
Operating activities:
Proceeds from loan sales, net of repurchases		(116,335)	(42,061)
Purchases of marketable securities		141,557	42,061
Proceeds from sale of marketable securities		(872)	(602)
Principal payments on marketable securities		(15,347)	(3,882)
Net cash provided by (used in) operating activities		9,003	(4,484)
Investing activities:
Purchases of digital assets		15,227
Proceeds from sales of digital assets		(12,813)
Purchases of marketable securities		(25,222)	0
Proceeds from sale of marketable securities		872	602
Principal payments on marketable securities		15,347	3,882
Net cash used in investing activities		(9,003)	4,484
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions		(116,335)	(42,061)
As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases		4,666,503	3,255,155
Purchases of marketable securities		0	0
Proceeds from sale of marketable securities		0	0
Principal payments on marketable securities		0	0
Net cash provided by (used in) operating activities		(127,012)	(33,352)
Investing activities:
Purchases of digital assets		(11,558)
Proceeds from sales of digital assets		3,279
Purchases of marketable securities		(25,222)	0
Proceeds from sale of marketable securities		872	602
Principal payments on marketable securities		15,347	3,882
Net cash used in investing activities		(39,859)	(17,623)
Non-cash investing and financing activities:
Marketable securities retained in securitization transactions		$ (116,335)	$ (42,061)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Estimated Useful Life (Years)	3 years
Internally developed software	$ 101,873	$ 80,664
Accumulated amortization	(73,704)	(57,503)
Net	28,169	23,161
Amortization of internally developed software	$ 16,254	$ 17,113	$ 19,384

LOANS (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Loans Held for Sale and Other Receivables

The following table summarizes loans held by the Company at December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
	UPB		Carrying Value(A)		UPB		Carrying Value(A)
Loans held for sale:
HELOC loans(B)	$	312,401	$	320,566	$	359,155	$	366,154
Personal loans(C)	79,350		79,113		24,975		24,975
Other(D)	4,724		4,658		4,977		4,793
Total loans held for sale	$	396,475	$	404,337	$	389,107	$	395,922

(A) The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets.

(B) The total carrying value of HELOC loans includes $21.7 million and $313.4 million of collateralized HELOCs under repurchase agreements at December 31, 2025 and 2024, 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.

(D) Primarily contains legacy mortgages and other unsecured loans.

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 December 31, 2025 and 2024.


	December 31, 2025						December 31, 2024
Payment Delinquency	UPB		Carrying Value(A)		Carrying Value(A) Over (Under) UPB		UPB		Carrying Value(A)		Carrying Value(A) Over (Under) UPB
Loans held for sale:
Current	$	374,842	$	383,602	$	8,760	$	373,876	$	383,551	$	9,675
30 to 59 days	2,308		2,229		(79)		3,535		3,170		(365)
60 to 89 days	4,193		4,030		(163)		2,440		2,125		(315)
90 days or more	14,387		13,717		(670)		8,548		6,411		(2,137)
Forbearance	745		759		14		708		665		(43)
Total loans held for sale	$	396,475	$	404,337	$	7,862	$	389,107	$	395,922	$	6,815

(A) The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets.

Schedule of Loans Held for Sale

The following table summarizes the Company’s loan activity for the years ended December 31, 2025 and 2024:


	Loans Held for Sale		Loans Held for Investment
Balance at December 31, 2023	$	255,516	$	61,337

Transfers from Held for Investment to Held for Sale	58,835		(58,835)
Purchases	1,972,209		2,492
Originations	3,164,966		—
Sales, net of repurchases	(4,659,777)		—
Principal payments	(411,268)		(11,642)
Change in fair value(A)	4,778		6,648

Loans not yet repurchased	10,663		—
Balance at December 31, 2024	$	395,922	$	—

Purchases	3,269,400		—
Originations	3,706,733		—
Sales, net of repurchases	(6,515,155)		—
Principal payments	(460,323)		—
Change in fair value(A)	3,808		—

Loans not yet repurchased	3,952		—
Balance at December 31, 2025	$	404,337	$	—

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

Debt - Borrowing Capacity of Committed Debt Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Nov. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Borrowing Capacity	$ 2,105,300
Balance Outstanding	293,186		$ 474,855
Available Financing	1,812,114
Funding Debt:
Debt Instrument [Line Items]
Balance Outstanding	21,553		305,850
Warehouse Facility 2 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	150,000
Balance Outstanding	2,904		61,007
Available Financing	147,096
Warehouse Facility 4 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	335,300
Balance Outstanding	7,039		68,568
Available Financing	328,261
REIT Warehouse \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	200,000
Balance Outstanding	750		99,204
Available Financing	199,250
Warehouse Facility 6 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	250,000
Balance Outstanding	0		0
Available Financing	250,000
Warehouse Facility 10 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity		$ 300,000
Balance Outstanding	1,700		0
Available Financing	298,300
Warehouse Facility 11 \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	300,000
Balance Outstanding	6,063		0
Available Financing	293,937
Digital Asset Loan Facility \| Funding Debt:
Debt Instrument [Line Items]
Borrowing Capacity	30,000
Balance Outstanding	3,097		0
Available Financing	26,903
Lender 1 \| MSR Note
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	231,633		$ 129,005
Available Financing	$ 268,367

EQUITY - Company’s Equity Instruments Additional (Details) - $ / shares	Dec. 31, 2025	Sep. 12, 2025	Dec. 31, 2024
Common Class A
Class of Stock [Line Items]
Common stock, par value per share (in USD per share)	$ 0.0001	$ 0.0001
Common Class B
Class of Stock [Line Items]
Common stock, par value per share (in USD per share)	$ 0.0001	$ 0.0001
Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in USD per share)			$ 0.00001
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)			$ 0.00001

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity program is informed by recognized frameworks, including SOC2 Type II and ISO 27001 which we use to help identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the IT Security Risk Committee (the “Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, where it deems appropriate, regarding cybersecurity incidents it considers to be significant. The Committee reports to the Audit Committee of the Board of Directors regarding its activities, including those related to cybersecurity. Audit Committee members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts on a quarterly basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the IT Security Risk Committee (the “Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Committee, where it deems appropriate, regarding cybersecurity incidents it considers to be significant. The Committee reports to the Audit Committee of the Board of Directors regarding its activities, including those related to cybersecurity. Audit Committee members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts on a quarterly basis.
Cybersecurity Risk Role of Management [Text Block]	Our management team, led by the CISO, is primarily responsible for assessing and managing our material risks from cybersecurity threats. The CISO, who is operating in the Chief Technology Officer (“CTO”) capacity, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our CISO’s experience includes information security, risk management, and technology operations, and take steps to stay informed about emerging cybersecurity risks and evolving threat landscapes. Our CISO takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, led by the CISO, is primarily responsible for assessing and managing our material risks from cybersecurity threats. The CISO, who is operating in the Chief Technology Officer (“CTO”) capacity, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO’s experience includes information security, risk management, and technology operations, and take steps to stay informed about emerging cybersecurity risks and evolving threat landscapes.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Committee reports to the Audit Committee of the Board of Directors regarding its activities, including those related to cybersecurity. Audit Committee members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Asset, Holding [Line Items]
Digital asset, at cost	$ 35,650	$ 11,297
Impairment of digital assets	0	5,859	$ 572
HASH
Crypto Asset, Holding [Line Items]
Digital asset, at cost	11,700	1,500
Impairment of digital assets	$ 0	$ 5,900	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)		3 Months Ended	12 Months Ended
	Aug. 29, 2025 segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Operating segments \| segment	2
Derivative, gain (loss) net			$ (6,200,000)	$ 300,000
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain on sale of loans, net	Gain on sale of loans, net
% of Total			100.00%	100.00%
Gain on sale of loans, net			$ 180,024,000	$ 140,353,000	$ 50,343,000
Interest receivable			4,440,000	3,214,000
Interest payable			1,400,000	2,100,000
Deferred offering costs				5,000,000.0
Impairment of internally developed software costs			0	8,591,000	0
Sales and marketing			76,094,000	55,657,000	52,761,000
Advertising expense			$ 63,900,000	50,100,000	46,500,000
Customer One \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total			28.80%
Customer Two \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total			18.60%
Customer Three \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total			16.80%
Customer Four \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of Total			14.80%
Software Development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of internally developed software costs				6,300,000
Software Purchased
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impairment of internally developed software costs				2,300,000
Collateralized Loan Obligations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Changes in fair value			$ 3,700,000	16,500,000	(3,300,000)
Interest receivable			4,400,000	3,200,000
Marketable securities:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain on sale of loans, net			3,900,000	$ 1,100,000	$ (2,900,000)
Changes in fair value		$ 10,176,000	$ 342,000
Other \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio			50.00%
Other \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan-to-value ratio			75.00%

EQUITY - Company’s Equity Instruments (Narrative) (Details)	Sep. 12, 2025 vote $ / shares shares	Dec. 31, 2025 $ / shares
Common Class A
Capital Unit [Line Items]
Common stock, par value per share (in USD per share)	$ 0.0001	$ 0.0001
Number of votes for each share of common stock held \| vote	1
Convertible preferred stock, shares issued \| shares	113,910,905
Common Class A \| IPO
Capital Unit [Line Items]
Number of shares issued \| shares	36,225,000
Sale of stock, price per share (in dollars per share)	$ 25.00
Common Class B
Capital Unit [Line Items]
Common stock, par value per share (in USD per share)	$ 0.0001	0.0001
Conversion of stock, shares converted (in shares) \| shares	1,500,000
Number of votes for each share of common stock held \| vote	10
Common Class B \| Controlling Party
Capital Unit [Line Items]
Convertible preferred stock, shares issued \| shares	39,393,047
Blockchain Common Stock
Capital Unit [Line Items]
Common stock, par value per share (in USD per share)	$ 0.0001	0.0001
Preferred Stock
Capital Unit [Line Items]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001

INVESTMENTS - Schedule of Activities Involving the Company’s Digital Assets Held as Collateral and Held For Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Asset [Roll Forward]
Balance at Beginning Balance	$ 19,207,000
Contribution from Related Party	0	$ 1,500,000	$ 0
Impairment of digital assets	0	5,859,000	572,000
Balance at End of Period	35,942,000	19,207,000
Crypto asset, purchase increase (decrease)		(15,200,000)
Crypto asset, sales increase (decrease)		12,800,000
Reported Value Measurement
Crypto Asset [Roll Forward]
Balance at Beginning Balance	19,207,000	0
Purchases	26,943,000	11,558,000
Sales	(8,922,000)	(3,279,000)
Collateral received	0	0
Collateral returned	0	0
Gains	5,872,000	2,471,000
Contribution from Related Party		0
Distributions from Fund I	2,042,000	547,000
Impairment of digital assets	0
Provenance Foundation term note settlement	0
Change in fair value(H)	(9,200,000)	7,910,000
Balance at End of Period	35,942,000	19,207,000	0
Portion at Other than Fair Value Measurement
Crypto Asset [Roll Forward]
Balance at Beginning Balance	1,506,000	5,865,000
Purchases	3,864,000	0
Sales	(3,979,000)	0
Collateral received	0	0
Collateral returned	0	0
Gains	113,000	0
Contribution from Related Party		1,500,000
Distributions from Fund I	0	0
Impairment of digital assets		(5,859,000)
Provenance Foundation term note settlement	10,187,000
Change in fair value(H)	0	0
Balance at End of Period	11,691,000	1,506,000	5,865,000
Held As Collateral
Crypto Asset [Roll Forward]
Balance at Beginning Balance	64,439,000	0
Purchases	0	0
Sales	0	0
Collateral received	63,724,000	57,503,000
Collateral returned	(71,500,000)	(6,121,000)
Gains	0	0
Contribution from Related Party		0
Distributions from Fund I	0	0
Impairment of digital assets		0
Provenance Foundation term note settlement	0
Change in fair value(H)	(4,094,000)	13,057,000
Balance at End of Period	$ 52,569,000	$ 64,439,000	$ 0

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and 2024, 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, during a 4-year period after the original origination date. At December 31, 2025 and 2024, borrowers were able to borrow up to $105.1 million and $29.1 million on undrawn HELOC loans that the Company has committed to fund. Additionally, the Company has $16.9 million and $3.0 million in unfunded loan commitments at December 31, 2025 and 2024, 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 $(2.4) million, $(8.2) million and $(10.1) million for the years ended December 31, 2025, 2024 and 2023, respectively, within “Other expense” in the Consolidated Statements of Operations.

At December 31, 2025, the Company has contingent commitments to repurchase loans with an aggregate UPB of up to $1.8 billion for which the Company recorded repurchase obligations totaling $17.7 million within “Payables to third-party loan owners” in the Consolidated Balance Sheets. The Company recorded a reserve of $6.2 million within “Other current liabilities” in the Consolidated Balance Sheets, based on the Company’s estimate of expected future losses at December 31, 2025.

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 December 31, 2025.

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 capital of $2.5 million to the joint venture during the year ended December 31, 2025.

Leases — The Company has non-cancellable leases on office spaces expiring through 2031 that it does not sublease. Rent expense totaled $2.7 million, $2.8 million and $2.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company has leases that include renewal options, leasehold improvement incentives, and escalation clauses. At December 31, 2025, 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 ROU assets of $5.2 million are presented in “Other non-current assets”, and lease liabilities of $5.7 million are presented in “Other current liabilities” and “Lease liability, non-current”, in the Consolidated Balance Sheets at December 31, 2025.

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


Years Ending December 31,	December 31, 2025
2026	$	2,022
2027	1,519
2028	1,337
2029	1,017
2030	988
Thereafter	83
Total undiscounted lease payments	$	6,966
Less: Imputed Interest	(1,285)
Operating Lease Liabilities	$	5,681

At December 31, 2025 and 2024, the weighted average remaining lease term for operating leases was 4.2 years and 1.2 years, respectively, and the weighted average discount rate was 1.0% and 2.0%, respectively. The Company paid $2.7 million and $3.0 million in cash included in the measurement of lease liabilities for the years ended December 31, 2025 and 2024, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Trade accounts receivable	$ 30,627	$ 2,159
Interest receivable	4,440	3,214
Subservicer receivable	6,914	5,313
Other accounts receivable	10,355	10,312
Less: Allowance for credit losses	(320)	0
Accounts receivable, net	$ 52,016	$ 20,998

LOANS - Schedule of Loans Held for Sale and Other Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loans Held for Sale
Beginning balance	$ 395,922	$ 255,516
Transfers from Held for Investment to Held for Sale		58,835
Purchases	3,269,400	1,972,209
Originations	3,706,733	3,164,966
Sales, net of repurchases	(6,515,155)	(4,659,777)
Principal payments	(460,323)	(411,268)
Change in fair value	3,808	4,778
Loans not yet repurchased	3,952	10,663
Ending balance	404,337	395,922
Loans Held for Investment
Beginning balance	0	0
Transfers from Held for Investment to Held for Sale		(58,835)
Purchases	0	2,492
Originations	0	0
Sales, net of repurchases	0	0
Principal payments	0	(11,642)
Change in fair value	0	6,648
Loans not yet repurchased	0	0
Ending balance	$ 0	$ 61,337

SERVICING - Schedules of Rollforward of the Company Servicing Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Servicing of Financial Assets [Roll Forward]
Servicing asset , beginning balance	$ 88,497	$ 55,860
Additions	$ 60,713	$ 50,557
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	$ (28,207)	$ (19,623)
Change in valuation inputs and assumptions	(7,939)	1,703
Total impact of change to fair value	24,567	32,637
Servicing asset, ending balance	$ 113,064	$ 88,497

- 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
-SubTopic 10
-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
-Topic 860
-SubTopic 50
-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
-SubTopic 50
-Name Accounting Standards Codification
-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
-SubTopic 50
-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

LOANS - Narrative (Details) - USD ($)	12 Months Ended
LOANS - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-dale, nonaccrual	$ 2,400,000	$ 1,200,000
Loans held for sale, fair value, nonaccrual status	1,600,000	800,000
Loans held for investment	$ 0	$ 0
Concentration risk, percentage	100.00%	100.00%
Amount outstanding on loans purchased	$ 4,200,000,000	$ 4,100,000,000
Amount outstanding on loans securitized	748,500,000	456,200,000
Top Five Originators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount outstanding on loans originated	$ 2,400,000,000	$ 1,400,000,000
Financing Receivable Benchmark \| Loan Originations Risk \| Top Five Originators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	77.80%	71.80%
Financing Receivable Benchmark \| Customer Concentration Risk \| Top Five Loan Purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	46.80%	64.30%
Revenue Benchmark \| Loan Originations Risk \| Top Five Originators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	9.00%	11.50%
Revenue Benchmark \| Customer Concentration Risk \| Top Five Loan Purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	21.40%	19.70%

INVESTMENTS - Schedule of Changes in the Company’s Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity method investees:
Share of investee earnings	$ (1,246)	$ 3,466	$ (8,189)
Total
Share of investee earnings	(1,246)	3,466	(8,189)
Equity Method Investees
Equity method investees:
Beginning balance	6,668	477
Share of investee earnings	(1,246)	3,698
Dividends received	(2,643)	(854)
Additional contributions	2,602	3,347
Ending balance	5,381	6,668	477
Total
Share of investee earnings	(1,246)	3,698
Dividends received	(2,643)	(854)
Additional contributions	2,602	3,347
Measurement Alternative Investments
Equity method investees:
Share of investee earnings	0
Measurement Alternative Investments
Beginning balance	1,542	1,542
Measurement alternative adjustments	(123)	0
Ending balance	1,419	1,542	1,542
Total
Share of investee earnings	0
Measurement alternative adjustments	(123)	0
Equity Investments
Equity method investees:
Share of investee earnings	(1,246)	3,698
Dividends received	(2,643)	(854)
Additional contributions	2,602	3,347
Measurement Alternative Investments
Measurement alternative adjustments	(123)	0
Total
Beginning balance	8,210	2,019
Share of investee earnings	(1,246)	3,698
Dividends received	(2,643)	(854)
Additional contributions	2,602	3,347
Measurement alternative adjustments	(123)	0
Ending balance	$ 6,800	$ 8,210	$ 2,019

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

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.

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


	December 31, 2025				December 31, 2024
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
Offshore Solana Fund	$	44,760	$	—	$	17,811	$	4
Figure REIT	20,789		1,847		121,817		103,556
Figure Certificate Company	329,921		329,219		1,015		494
Total	$	395,470	$	331,066	$	140,643	$	104,054

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 December 31, 2025, 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 Consolidated Balance Sheets and reflects changes thereon in the Consolidated Statements of Operations.

Figure REIT

The Company holds all voting rights in Figure REIT, and it directs the activities that most significantly impact the economic performance of Figure REIT through an advisor. However, third parties own 45.0% of the non-voting equity in Figure REIT at December 31, 2025. While the Company has economic exposure through its direct and indirect interest in Figure REIT, there is no recourse to the Company for Figure REIT’s liabilities.

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

Figure Certificate Company

FCC is a face-amount certificate company registered with the SEC. FCC was incorporated in April 2023 as a wholly-owned subsidiary of FT until the Reorganization in 2024. Subsequent to the Reorganization, FCC is a wholly-owned subsidiary of FMH. 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 December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
UPB of securitization collateral	$	4,595,629		$	2,785,341
Face amount of debt held by third parties	$	4,805,192		$	2,586,297
Maximum exposure(A)	$	347,793		$	201,512
Weighted average delinquency(B)	0.8		%	0.4		%

(A) Primarily represents the aggregate fair value of the Company’s investments in marketable securities and the servicing assets associated with underlying collateral of the securitizations. In certain cases, the Company is 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.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 10, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement relating to its 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2025 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.
Central Index Key	0002064124
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Amendment Flag	false
Entity Public Float			$ 0
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		177,425,569
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		1,031,710

INCOME TAXES - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 3,045	$ 104	$ 104
Increases related to current year tax positions	1,245	716	0
Increases related to prior year tax positions	2,269	2,225	0
Decreases related to prior year tax positions	(462)	0	0
Settlements with tax authorities	0	0	0
Expiration of the statute of limitations	0	0	0
Unrecognized tax benefits at end of year	6,097	3,045	104
Increases related to current year tax positions	1,245	716	0
Increases related to prior year tax positions	2,269	2,225	0
Decreases related to prior year tax positions	(462)	0	0
Settlements with tax authorities	0	0	0
Expiration of the statute of limitations	$ 0	$ 0	$ 0

INVESTMENTS - Schedule of Digital Assets Held as Collateral, Held at Fair Value and by Third-party Custodians (Details) $ in Thousands	Dec. 31, 2025 USD ($) unit loan	Dec. 31, 2024 USD ($) unit loan
Crypto Asset, Holding [Line Items]
Liability for loan originations collateralized by digital assets	$ 52,600	$ 64,400
Crypto Assets Held As Colateral [Abstract]
Units \| unit
Fair Value	$ 52,569	$ 64,439
Digital Assets Held For Sale [Abstract]
Cost Basis	35,650	11,297
Digital assets	35,942	$ 19,207
Units subject to lock-up period \| loan		53,071
Held At Cost
Digital Assets Held For Sale [Abstract]
Cost Basis	11,691	$ 1,506
Carrying Value	$ 11,691	1,506
Adjustment
Digital Assets Held For Sale [Abstract]
Digital assets		$ (2,414)
Bitcoin (BTC)
Crypto Assets Held As Colateral [Abstract]
Units \| unit	527	531
Fair Value	$ 46,119	$ 49,593
Ethereum (ETH)
Crypto Assets Held As Colateral [Abstract]
Units \| unit	2,173	4,457
Fair Value	$ 6,450	$ 14,846
Solana (SOL)
Digital Assets Held For Sale [Abstract]
Units \| loan	87,707	95,139
Cost Basis	$ 10,731	$ 10,110
Digital assets	$ 10,918	$ 18,020
Units subject to lock-up period \| loan	53,071
United States Dollar Tether (USDT)
Digital Assets Held For Sale [Abstract]
Units \| loan	958,734	1,002,506
Cost Basis	$ 959	$ 1,003
Digital assets	959	1,003
Kamino Liquidity Pools
Digital Assets Held For Sale [Abstract]
Cost Basis	23,485	0
Digital assets	23,510	0
Other digital assets
Digital Assets Held For Sale [Abstract]
Cost Basis	475	184
Digital assets	555	184
HASH
Digital Assets Held For Sale [Abstract]
Cost Basis	$ 11,700	$ 1,500
HASH \| Held At Cost
Digital Assets Held For Sale [Abstract]
Units \| loan	19,873,741,886	15,002,914,730
Cost Basis	$ 11,691	$ 1,506
Carrying Value	$ 11,691	$ 1,506

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

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 December 31, 2025 and 2024:


	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(G)	266,654		—		266,654		—		266,654

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


	December 31, 2024
	Carrying Value		Fair value
			Level 1		Level 2		Level 3(A)		Total
Assets:
Cash and cash equivalents(H)	$	289,670	$	289,670	$	—	$	—	$	289,670
Restricted cash	57,777		57,777		—		—		57,777
Digital assets(B)(H)	83,622		83,622		—		—		83,622
Distressed asset claims(C)	7,589		—		—		7,589		7,589
Marketable securities, at fair value(D)	163,489		—		128,983		34,506		163,489
Loans held for sale, at fair value (E)	395,922		—		—		395,922		395,922
Loan servicing assets, at fair value (E)	88,497		—		—		88,497		88,497

Total assets	$	1,086,566	$	431,069	$	128,983	$	526,514	$	1,086,566

Liabilities:
Digital asset collateral repayment obligation(G)	$	64,447	$	64,447	$	—	$	—	$	64,447


Total liabilities	$	64,447	$	64,447	$	—	$	—	$	64,447

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

(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 values 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 Consolidated Balance Sheets.

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

Significant Valuation Inputs


	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 - n.a 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(I)	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%


	December 31, 2024
	Fair Value		Discount Rate(A) (%)	CPR(B) (%)	CDR(C) (%)	Servicing Rate(D) (%)	Loss Severity (E) (%)
Marketable securities:
Residual interest securities	$	34,506	14.5% - 24.0% 19.7%	15.2% - 20.1% 17.7%	1.5% - 1.7% 1.6%	n.a	n.a

Servicing assets:
HELOC loans	$	86,465	13.0% - 13.0% 13.0%	1.0% - 33.0% 14.4%	—% - 4.4% 0.7%	0.2%	n.a
Mortgage loans	2,032		10.0% - 11.0% 10.8%	3.9% - 8.2% 5.7%	—% - 1.0% 0.2%	—%	n.a
Total / Weighted average(F)	$	88,497	12.9%	14.2%	0.7%	0.2%

Loans held for sale:
HELOC loans(G)	$	366,154	6.4% - 10.1% 7.6%	1.3% - 32.4% 13.6%	1.5% - 1.7% 1.6%	n.a	16.6% - 44.2% 32.4%

Other(I)	3,829		5.1% - 8.7% 6.9%	17.9% - 99.7% 25.6%	0.4% - 10.2% 7.7%	n.a	88.0% - 92.0% 90.0%
Total / Weighted average(F)	$	369,983	7.6%	13.7%	1.7%

(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.

(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.

Significant Valuation Input Sensitivity


	-2%				-1%				+1%				+2%
	$		%		$		%		$		%		$		%
Discount rate:
Marketable securities:
Residual interest securities	$	1,408	7.7	%	$	659	3.6	%	$	(653)	(3.6)	%	$	(1,275)	(7.0)	%
Servicing assets:
HELOC loans	6,793		6.3		3,289		3.0		(3,105)		(2.9)		(6,025)		(5.6)
Mortgage loans	(187)		(10.1)		(90)		(4.8)		82		4.4		158		8.5
Loans held for sale:
HELOC loans	16,724		3.7		12,418		2.7		(15,234)		(3.3)		(30,126)		(6.6)
Personal loans	15		1.1		7		0.5		(7)		(0.5)		(14)		(1.0)

	-20%				-10%				+10%				+20%
	$		%		$		%		$		%		$		%
CPR:
Marketable securities:
Residual interest securities	$	2,970	16.4	%	$	1,407	7.8	%	$	(1,269)	(7.0)	%	$	(2,814)	(15.6)	%
Servicing assets:
HELOC loans	6,815		6.3		3,299		3.1		(3,094)		(2.9)		(6,004)		(5.6)
Mortgage loans	(98)		(5.3)		(48)		(2.6)		46		2.5		90		4.9
Loans held for sale:
HELOC loans	1,068		0.2		570		0.1		(813)		(0.2)		(1,636)		(0.4)
Personal loans	—		—		—		—		—		—		—		—

CDR:
Marketable securities:
Residual interest securities	723		4.0		347		1.9		(388)		(2.2)		(743)		(4.1)
Servicing assets:
HELOC loans	—		—		—		—		—		—		—		—
Loans held for sale:
HELOC loans	1,655		0.4		816		0.2		(930)		(0.2)		(1,820)		(0.4)
Personal loans	—		—		—		—		—		—		—		—

Servicing rate:
Servicing Assets
HELOC loans	9,022		8.3		4,511		4.2		(4,511)		(4.2)		(9,022)		(8.3)

Marketable Securities


Balance at December 31, 2023	$	11,952
Purchases(A)	24,440
Sales	(872)
Principal payments	(2,184)
Change in fair value(B)	1,170
Balance at December 31, 2024	$	34,506
Purchases(A)	15,968
Sales	—
Principal payments	(11,582)
Change in fair value(B)	1,274
Balance at December 31, 2025	$	40,166

(A) Includes premiums paid on the purchased notes.

(B) Included in “Gain on sale of loans, net” in the Consolidated Statements of Operations.

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 December 31, 2025 and 2024:


	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

	December 31, 2024
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
Liabilities:
Financed retained interests(A)	$	128,101	$	—	$	127,327	$	—	$	127,327
Total liabilities	$	128,101	$	—	$	127,327	$	—	$	127,327

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.

Assets Measured at Fair Value on a Non-recurring Basis

Digital Assets

The Company held HASH at cost, net of impairment, totaling $11.7 million and $1.5 million at December 31, 2025 and 2024, respectively, as intangible assets presented within “Digital assets” in the Consolidated Balance Sheets. In connection with a valuation that management performed with the assistance of a third-party specialist during the Reorganization, the Company determined an impairment indicator existed for the HASH it held. Therefore, the Company recognized an impairment charge of $5.9 million, equal to the difference between the fair value and cost basis of HASH, in “Other (expense) income, net” in the Consolidated Statements of Operations during the year ended December 31, 2024. There were no impairment charges during the year ended December 31, 2025 or 2023

- 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

VARIABLE INTEREST ENTITIES - Narrative (Details)	1 Months Ended
VARIABLE INTEREST ENTITIES - Narrative (Details)	Jul. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Offshore Solana Fund
Variable Interest Entity [Line Items]
Noncontrolling owner, interest percentage		2.80%	2.80%
Figure REIT
Variable Interest Entity [Line Items]
Noncontrolling owner, interest percentage		45.00%	44.60%
Variable Interest Entity, Primary Beneficiary \| Offshore Solana Fund
Variable Interest Entity [Line Items]
Ownership interest, percentage sold	2.80%
Ownership percentage, parent		97.20%
Third Party Owners \| Figure REIT
Variable Interest Entity [Line Items]
Noncontrolling owner, interest percentage		45.00%

- 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

INVESTMENTS - Schedule of Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Total equity investments	$ 6,800	$ 8,210
Domestic Solana Fund
Schedule of Equity Method Investments [Line Items]
Equity method investees:	$ 2,104	$ 5,748
Equity method investment, ownership interest, percentage	4.80%	4.80%
Reflow
Schedule of Equity Method Investments [Line Items]
Equity method investees:	$ 800	$ 920
Equity method investment, ownership interest, percentage	17.30%	17.30%
Fig SIX
Schedule of Equity Method Investments [Line Items]
Equity method investees:	$ 2,477	$ 0
Equity method investment, ownership interest, percentage	5.00%
JAM FINTOP
Schedule of Equity Method Investments [Line Items]
Measurement alternative investments:	$ 1,419	$ 1,542
Measurement alternative, ownership percentage	1.00%	1.00%
Total Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Equity method investees:	$ 5,381	$ 6,668

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Net	$ 442	$ 329
Other current asset: \| Treasury note futures
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	159,800
Derivative asset	442	329
Other current liability: \| Treasury note futures
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	0
Derivative liability	$ 0	$ 0

- 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

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or 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 liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Components of Ecosystem and Technology Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 506,865	$ 340,885	$ 209,549
Ecosystem and Technology Fees
Disaggregation of Revenue [Line Items]
Total net revenue	107,463	20,310	10,215
Technology Offering Fees
Disaggregation of Revenue [Line Items]
Total net revenue	50,646	20,188	10,215
Other fee income	20,600
Ecosystem Fees
Disaggregation of Revenue [Line Items]
Total net revenue	56,817	122	0
Other fee income	26,900
Program Fees
Disaggregation of Revenue [Line Items]
Total net revenue	13,345	8,004	413
Ecosystem and Technology Fees Including Program Fees
Disaggregation of Revenue [Line Items]
Total net revenue	$ 120,808	$ 28,314	$ 10,628

- 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

FAIR VALUE MEASUREMENTS - Summary of Activity In Marketable Securities (Details) - Residual interest securities - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 10,368	$ (637)
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 34,506	34,506	$ 11,952
Purchases		15,968	24,440
Sales		0	(872)
Principal payments		(11,582)	(2,184)
Change in fair value		1,274	1,170
Ending Balance		$ 40,166	$ 34,506

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Components of “Income (loss) before income taxes” in the Consolidated Statements of Operations is attributable to the following for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025		2024		2023
U.S.	$	115,593	$	22,092	$	(52,341)
Foreign	(1,918)		—		—
Income (loss) before income taxes	$	113,675	$	22,092	$	(52,341)

The (benefit) provision for income taxes is presented within the “Income tax (benefit) provision” line item in the Consolidated Statements of Operations. The following table details the Company’s income tax (benefit) provision for the years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025		2024		2023
Current:
Federal	$	1,115	$	943	$	—
State	4,316		1,234		102
Foreign	—		—		—
Total current	$	5,431	$	2,177	$	102

Deferred:
Federal	$	(14,538)	$	—	$	—
State	(11,499)		—		—
Foreign	—		—		—
Total deferred	(26,037)		—		—
Total (benefit) provision for income taxes	$	(20,606)	$	2,177	$	102

The Company’s income tax (benefit) provision for the years ended December 31, 2025, 2024 and 2023 is $(20.6) million, $2.2 million, and $0.1 million, respectively. The income tax benefit in the current year is due to a partial release of the Company’s valuation allowance following the Recombination in the third quarter of 2025 and significant profits in the Company’s lending business.

Tax Rate Reconciliation


	December 31,
	2025		2024		2023
Tax at federal statutory rate	21.0	%	21.0	%	21.0	%
State tax, net of federal benefit	(4.1)		5.8		0.4
Permanent items	0.7		(5.3)		—
Nondeductible officers’ compensation	2.0		—		—
Change in valuation allowance	(29.5)		(6.9)		(0.2)
Stock-based compensation	(4.6)		16.6		(2.2)
Tax credits	(5.0)		(43.0)		(4.1)
Return to provision	0.2		18.0		(15.1)
Rate change / state impact	(0.2)		(10.8)		—
Change in unrecognized tax benefits	2.4		12.9		—
Other	(1.0)		1.6		—
Total	(18.1)	%	9.9	%	(0.2)	%

The components of the Company’s deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows:


	December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	51,541	$	59,423
Tax credits	5,588		2,897
Loan sale indemnification reserve	1,571		1,520
Stock-based compensation	14,013		10,404
Intangible assets	5,557		5,334
Research and development capitalization	4,472		14,726
Lease liabilities	1,007		695

Other	3,617		823
Total deferred tax assets	$	87,366	$	95,822

Deferred tax liabilities:
Servicing asset and other fair value adjustments	$	(28,718)	$	(22,982)
Unrealized gains (losses)(A)	(2,486)		(2,621)
ROU assets	(1,320)		(611)


Mark to market	(4,161)		—
Total deferred tax liabilities	$	(36,685)	$	(26,214)

Valuation allowance	(24,644)		(69,608)
Net deferred tax assets	$	26,037	$	—

(A) Primarily relates to unrealized gains from digital assets held for sale.

In assessing the realizability of deferred tax assets, Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on available objective evidence and the Recombination during 2025, Management believes it is more-likely-than-not that a significant portion of our deferred tax assets would be realizable as of the balance sheet date. Accordingly, the Company has released a significant portion of its valuation allowance in the current year. The valuation allowance decreased by $45.0 million and $1.5 million at December 31, 2025 and 2024, respectively, compared to the prior year. At December 31, 2025 and 2024, the valuation allowance was $24.6 million and $69.6 million, respectively.

As of December 31, 2025 the Company has net operating losses for U.S. federal, state and foreign tax purposes of approximately $34.0 million, $21.8 million, and $0.3 million, respectively. Federal tax losses will carryforward indefinitely. For state purposes, such losses would begin to expire in 2029.

As of December 31, 2025 the Company has federal and state research tax credit carryforwards of $11.4 million and $0.2 million, respectively. The federal credits have a 20-year carryforward period and will begin to expire in 2038 and the state credits may be carried forward indefinitely.

The Company’s ability to utilize the net operating loss in the future may be subject to substantial restrictions in the event of past or future ownership changes as defined in Section 382 of the Internal Revenue Code and similar state tax laws.

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.

At December 31, 2025, 2024 and 2023 the unrecognized tax benefits recorded were approximately $6.1 million, $3.0 million and $0.1 million respectively, that if recognized, would benefit the Company’s effective tax rate. The unrecognized tax benefits are netted against the respective deferred tax assets. The Company does not anticipate a significant change in the unrecognized tax benefits within the next 12 months.

A reconciliation of the beginning and ending amounts of unrecognized tax benefit is as follows:


	December 31,
	2025		2024		2023
Unrecognized tax benefits at beginning of year	$	3,045	$	104	$	104
Increases related to current year tax positions	1,245		716		—
Increases related to prior year tax positions	2,269		2,225		—
Decreases related to prior year tax positions	(462)		—		—
Settlements with tax authorities	—		—		—
Expiration of the statute of limitations	—		—		—
Unrecognized tax benefits at end of year	$	6,097	$	3,045	$	104

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
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Equity Instruments

The following table summarizes the Company’s equity instruments at December 31, 2025 and 2024:


	December 31, 2025
	Authorized Shares	Issued and Outstanding Shares	Potential Common Shares(A)
			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

	December 31, 2024
	Authorized Shares	Issued and Outstanding Shares	Potential Common Shares(A)
			Warrants	Options	RSUs(B)
Common Stock, $0.00001 par value per share	240,820,153	69,300,284	—	32,030,416	5,874,850
Convertible Preferred Stock, $0.00001 par value per share	115,983,447	111,900,495	1,381,486	—	—
Total	356,803,600	181,200,779	1,381,486	32,030,416	5,874,850

(A) Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan.

(B) RSUs at December 31, 2024 have been corrected, which resulted in a decrease of 39,098,606 potential common shares disclosed as of December 31, 2024.

The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:


	December 31, 2024			Per Share
	Number of Shares Outstanding	Liquidation Preference		Liquidation Price		Dividend Rate		Conversion Price
Series Seed	16,100,540	$	16,947	$	1.05	$	0.08	$	1.05
Series A	32,860,461	41,759		1.27		0.10		1.27
Series B	29,448,787	73,519		2.50		0.20		2.50
Series C	11,238,629	85,000		7.56		0.61		7.56
Series C-1	504,081	3,050		6.05		0.48		6.05
Series C-2	1,983,287	15,000		7.56		0.61		7.56
Series D	12,439,325	219,999		17.69		1.41		17.69
Series E	7,325,385	73,292		10.01		0.80		10.01
Total	111,900,495	$	528,566

Schedule of Information Regarding Series of Convertible Preferred Stock

The following table summarizes the Company’s equity instruments at December 31, 2025 and 2024:


	December 31, 2025
	Authorized Shares	Issued and Outstanding Shares	Potential Common Shares(A)
			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

	December 31, 2024
	Authorized Shares	Issued and Outstanding Shares	Potential Common Shares(A)
			Warrants	Options	RSUs(B)
Common Stock, $0.00001 par value per share	240,820,153	69,300,284	—	32,030,416	5,874,850
Convertible Preferred Stock, $0.00001 par value per share	115,983,447	111,900,495	1,381,486	—	—
Total	356,803,600	181,200,779	1,381,486	32,030,416	5,874,850

(A) Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan.

(B) RSUs at December 31, 2024 have been corrected, which resulted in a decrease of 39,098,606 potential common shares disclosed as of December 31, 2024.

The following table includes information regarding each series of convertible preferred stock as of December 31, 2024:


	December 31, 2024			Per Share
	Number of Shares Outstanding	Liquidation Preference		Liquidation Price		Dividend Rate		Conversion Price
Series Seed	16,100,540	$	16,947	$	1.05	$	0.08	$	1.05
Series A	32,860,461	41,759		1.27		0.10		1.27
Series B	29,448,787	73,519		2.50		0.20		2.50
Series C	11,238,629	85,000		7.56		0.61		7.56
Series C-1	504,081	3,050		6.05		0.48		6.05
Series C-2	1,983,287	15,000		7.56		0.61		7.56
Series D	12,439,325	219,999		17.69		1.41		17.69
Series E	7,325,385	73,292		10.01		0.80		10.01
Total	111,900,495	$	528,566

Schedule of Stock-Based Compensation Expense

The following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Consolidated Statements of Operations:


	Years Ended December 31,
	2025		2024		2023
General and administrative	$	59,113	$	35,423	$	8,296
Technology and product development(A)	12,036		9,363		3,994
Operations and processing	455		388		356
Sales and marketing	817		136		804
Total equity-based compensation expense	$	72,421	$	45,310	$	13,450

(A) Technology and product development includes $9.5 million, $6.6 million, and zero equity-based expense for warrants for the years ended December 31, 2025, 2024, and 2023, respectively.

Schedule of Warrants or Rights

The warrants were valued at the grant date using the Black-Scholes option pricing model with the following assumptions:


	Year ended December 31, 2025
	Low		High		Weighted Average
Expected Term (years)	1.3		6.0		2.7
Volatility	39.9	%	46.2	%	41.9	%
Interest Rate	4.0	%	4.3	%	4.1	%
Dividend Yield	n.a.		n.a.		n.a.

The following table summarizes the warrants activity during the years ended December 31, 2025 and 2024:


	Number of Warrants	Weighted Average Exercise Price		Fair Value on Grant Date
Outstanding at December 31, 2023	—	$	—	$	—
Granted	1,462,119	3.23		10,215
Exercised	—	—		—
Forfeited and cancelled	—	—		—
Outstanding at December 31, 2024	1,462,119	$	3.23	$	10,215
Granted	1,005,200	3.23		8,827
Exercised	(2,283,986)	3.23		17,626
Forfeited and cancelled	—	—		—
Outstanding at December 31, 2025(A)	183,333	$	3.23	$	1,416
Exercisable at December 31, 2025(B)	183,333	$	3.23	$	1,416

(B) Outstanding and exercisable warrants have a weighted average exercise period of 3.2 years at December 31, 2025.

Schedule of Share-Based Payment Award Stock Options Valuation Assumptions


	Years Ended December 31,
	2025									2024									2023
	Low			High			Weighted Average			Low			High			Weighted Average			Low			High			Weighted Average
Expected Term	4.9			6.1			5.8			1.3			6.9			4.3			1.7			6.7			5.8
Volatility	57.3		%	59.4		%	57.5		%	41.9		%	59.2		%	53.0		%	45.5		%	64.3		%	54.2		%
Interest Rate	3.7		%	4.5		%	4.2		%	3.8		%	4.4		%	4.2		%	0.3		%	4.3		%	2.0		%
Dividend Yield	n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.			n.a.
Fair Value	$	1.75		$	7.21		$	4.43		$	2.83		$	3.65		$	3.35		$	0.17		$	3.81		$	1.88

The grant date assumptions of the stock options are as follows:


	Year ended December 31, 2025									Year ended December 31, 2024
	Low			High			Weighted Average			Low			High			Weighted Average
Expected Term	0.2			6.1			5.8			4.9			6.1			5.7
Volatility	33.0		%	58.5		%	58.3		%	44.9		%	45.9		%	45.3		%
Interest Rate	4.0		%	4.5		%	4.1		%	3.7		%	4.3		%	4.2		%
Dividend Yield	n.a.			n.a.			n.a.			n.a.			n.a.			n.a.
Fair Value	$	0.18		$	1.87		$	1.63		$	1.44		$	1.59		$	1.54

The grant date assumptions of the stock options granted under the 2025 Plan are as follows:


	Year ended December 31, 2025
	Low			High			Weighted Average
Expected Term	6.0			6.0			6.0
Volatility	57.3		%	57.3		%	57.3		%
Interest Rate	3.7		%	3.7		%	3.7		%
Dividend Yield	n.a.			n.a.			n.a.
Fair Value	$	14.26		$	14.26		$	14.26

Schedule of Share-Based Payment Arrangement Option Activity

The following table reflects the activities of stock options granted under the 2018 Plan for the years ended December 31, 2025, 2024 and 2023:


	Number of Options	Weighted-Average
		Exercise Price(A)		Remaining Life (Years)(B)	Grant Date Fair Value(C)
Outstanding at December 31, 2022	19,623,139	$	3.79	8.2	$	2.05
Granted	3,593,104	5.47		n.a.	3.26
Exercised	(582,905)	1.94		n.a.	1.00
Forfeited and cancelled	(2,801,990)	4.93		n.a.	2.70
Outstanding at December 31, 2023	19,831,348	$	4.07	7.7	$	2.14
Granted	15,613,098	4.71		n.a.	4.41
Exercised	(1,153,803)	2.75		n.a.	1.49
Forfeited and cancelled	(4,642,073)	4.11		n.a.	2.65
Outstanding at December 31, 2024	29,648,570	$	4.45	6.1	$	3.28
Granted	1,726,700	7.76		n.a.	4.43
Exercised	(1,791,680)	2.69		n.a.	1.15
Forfeited and cancelled	(1,467,371)	4.67		n.a.	2.30
Outstanding at December 31, 2025	28,116,219	$	4.75	4.82	$	3.54

At December 31, 2025
Options Exercisable	22,540,335	$	4.57	4.57	$	3.64

(B) Options expire on the 10th anniversary of the original grant.

The following table reflects the activities of stock options granted under the 2024 Plan for the years ended December 31, 2025 and 2024; there was no activity in the year ended December 31, 2023.


	Number of Options	Weighted-Average
		Exercise Price(A)		Remaining Life (Years)(B)		Grant Date Fair Value(C)
Outstanding at December 31, 2023	—	$	—	$	—	$	—
Granted	2,866,300	3.23		n.a.		1.54
Exercised	(216,223)	3.23		n.a.		1.49
Forfeited and cancelled	(268,231)	3.23		n.a.		1.59
Outstanding at December 31, 2024	2,381,846	3.23		9.6		1.54
Granted	306,006	5.13		n.a.		1.63
Exercised	(180,184)	3.23		n.a.		1.84
Forfeited and cancelled	(322,180)	3.93		n.a.		1.72
Outstanding at December 31, 2025	2,185,488	$	3.39	5.6		$	1.50

At December 31, 2025
Options Exercisable	1,176,697	$	3.31	5.3		$	1.21

(B) Options expire on the 10th anniversary of the original grant.

The following table reflects the activities of stock options granted under the 2025 Plan for the year ended December 31, 2025; there was no activity in the years ended December 31, 2024 and 2023.


	Number of Options	Weighted-Average
		Exercise Price(A)		Remaining Life (Years)(B)	Grant Date Fair Value(C)




Outstanding at December 31, 2024	—	$	—	—	$	—
Granted	3,200,942	25.00		n.a.	14.26
Exercised	—	—		n.a.	—
Forfeited and cancelled	—	—		n.a.	—
Outstanding at December 31, 2025	3,200,942	$	25.00	6.0	$	14.26

At December 31, 2025
Options Exercisable	200,058	$	25.00	6.0	$	14.26

(B) Options expire on the 10th anniversary of the original grant.

Schedule of Nonvested Restricted Stock Units Activity

The following table reflects the activities of RSUs granted under the 2018 Plan for the years ended December 31, 2025 and 2024; there was no activity in the year ended December 31, 2023.


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2023	—	$	—
Granted	5,874,850	4.82
Vested	—	—
Forfeited and cancelled	—	—
Unvested at December 31, 2024	5,874,850	4.82
Granted	602,284	10.48
Vested	(2,251,468)	6.07
Forfeited and cancelled	(30,000)	9.98
Unvested at December 31, 2025	4,195,666	$	4.92

The following table reflects the activities of RSU awards granted under the 2025 Plan for the year ended December 31, 2025; there was no activity in the years ended December 31, 2024 and 2023.


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	—	$	—
Granted	6,352,695	26.95
Vested	(438,752)	31.70
Forfeited and cancelled	—	—
Unvested at December 31, 2025	5,913,943	$	27.09

Schedule of Unrecognized Compensation Expense

At December 31, 2025, the Company has not yet recognized compensation expense for the following awards:


Vesting Condition	Weighted Average Recognition Period (Years)	Shares		Unrecognized Compensation Expense
		Options	RSUs	Total	Options		RSUs
Time-based(A)	3.5	9,585,559	3,007,454	12,593,013	$	63,081	$	101,264
Multiple(A)(B)	1.1	—	6,512,752	6,512,752	—		49,550
Total		9,585,559	9,520,206	19,105,765	$	63,081	$	150,814

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

Schedule of Noncontrolling Interests

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


	Years Ended December 31,
	2025						2024						2023
	Net Income (Loss)		Non-controlling Interest as a % of Total(A)		Non-controlling Interest in Income of Consolidated Subsidiaries(B)		Net Income (Loss)		Non-controlling Interest as a % of Total(A)		Non-controlling Interest in Income of Consolidated Subsidiaries(B)		Net Income (Loss)		Non-controlling Interest as a % of Total(A)		Non-controlling Interest in Loss of Consolidated Subsidiaries(B)
Figure REIT	$	1,302	45.0	%	$	584	$	5,509	44.6	%	$	2,458	$	(9,989)	44.6	%	$	(4,455)
Offshore Solana Fund	(5,729)		2.8		(161)		8,627		2.8		243		n.a.		n.a.		n.a.
Total	$	(4,427)			$	423	$	14,136			$	2,701	$	(9,989)			$	(4,455)

(B) Balances may not cross-foot due to rounding for presentation purposes in the Noncontrolling Interest as a Percent of Total shown.

The noncontrolling interests in the equity of consolidated subsidiaries are computed as follows:


	December 31, 2025						December 31, 2024
	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	$	18,261	44.6	%	$	7,769
Offshore Solana Fund	6,602		2.8		186		17,807		2.8		508
Total	$	24,819			$	8,364	$	36,068			$	8,277

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

INCOME TAXES - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 1,115	$ 943	$ 0
State	4,316	1,234	102
Foreign	0	0	0
Total current	5,431	2,177	102
Deferred:
Federal	(14,538)	0	0
State	(11,499)	0	0
Foreign	0	0	0
Total deferred	(26,037)	0	0
Total (benefit) provision for income taxes	$ (20,606)	$ 2,177	$ 102

LOANS

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

LOANS

The following table summarizes loans held by the Company at December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
	UPB		Carrying Value(A)		UPB		Carrying Value(A)
Loans held for sale:
HELOC loans(B)	$	312,401	$	320,566	$	359,155	$	366,154
Personal loans(C)	79,350		79,113		24,975		24,975
Other(D)	4,724		4,658		4,977		4,793
Total loans held for sale	$	396,475	$	404,337	$	389,107	$	395,922

(A) The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets.

(D) Primarily contains legacy mortgages and other unsecured loans.

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 $2.4 million and $1.2 million and fair value of $1.6 million and $0.8 million on non-accrual status at December 31, 2025 and 2024, respectively.

The Company did not hold any loans as held for investment at December 31, 2025 or 2024.

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 December 31, 2025 and 2024.


	December 31, 2025						December 31, 2024
Payment Delinquency	UPB		Carrying Value(A)		Carrying Value(A) Over (Under) UPB		UPB		Carrying Value(A)		Carrying Value(A) Over (Under) UPB
Loans held for sale:
Current	$	374,842	$	383,602	$	8,760	$	373,876	$	383,551	$	9,675
30 to 59 days	2,308		2,229		(79)		3,535		3,170		(365)
60 to 89 days	4,193		4,030		(163)		2,440		2,125		(315)
90 days or more	14,387		13,717		(670)		8,548		6,411		(2,137)
Forbearance	745		759		14		708		665		(43)
Total loans held for sale	$	396,475	$	404,337	$	7,862	$	389,107	$	395,922	$	6,815

(A) The Company records loans at fair value. See Note 12 for additional information regarding the valuation of these assets.

The following table summarizes the Company’s loan activity for the years ended December 31, 2025 and 2024:


	Loans Held for Sale		Loans Held for Investment
Balance at December 31, 2023	$	255,516	$	61,337

Transfers from Held for Investment to Held for Sale	58,835		(58,835)
Purchases	1,972,209		2,492
Originations	3,164,966		—
Sales, net of repurchases	(4,659,777)		—
Principal payments	(411,268)		(11,642)
Change in fair value(A)	4,778		6,648

Loans not yet repurchased	10,663		—
Balance at December 31, 2024	$	395,922	$	—

Purchases	3,269,400		—
Originations	3,706,733		—
Sales, net of repurchases	(6,515,155)		—
Principal payments	(460,323)		—
Change in fair value(A)	3,808		—

Loans not yet repurchased	3,952		—
Balance at December 31, 2025	$	404,337	$	—

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

The top five loan originators for the years ended December 31, 2025 and 2024 originated $2.4 billion and $1.4 billion unpaid principal balance of loans, or 77.8% and 71.8%, of total unpaid principal balance of loans purchased by the Company, whose “Gain on sale of loans, net” revenue represent 9.0% and 11.5% of total revenue, respectively.

The top five loan purchasers for the years ended December 31, 2025 and 2024 purchased $4.2 billion and $4.1 billion unpaid principal balance of loans, or 46.8% and 64.3%, of total unpaid principal balance of loans sold by the Company, excluding $748.5 million and $456.2 million unpaid principal balance securitized, whose “Gain on sale of loans, net” revenue represent 21.4% and 19.7% of total revenue, respectively.

EQUITY - Company’s Equity Instruments (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Sep. 12, 2025	Dec. 31, 2023
Authorized Shares
Total shares authorized (in shares)	356,803,600	1,800,000,000
Stock Dividends, Shares [Abstract]
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Total shares issued (in shares)	181,200,779	216,378,454
Total shares outstanding (in shares)	181,200,779	216,378,454
Warrants
Warrants (in shares)	1,462,119	183,333		0
Options
Options
Options (in shares)	32,030,416	33,502,649
RSUs
RSUs
RSUs (in shares)	5,874,850	10,109,609
RSUs decrease to potential common share (in shares)	39,098,606
Warrant
Warrants
Warrants (in shares)	1,381,486	183,333
Common Class A
Authorized Shares
Common stock, shares authorized (in shares)	0	1,000,000,000	1,000,000,000
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)	0	178,485,407
Common stock, shares outstanding (in shares)	0	178,485,407
Common Class A \| Options
Options
Options (in shares)		25,741,803
Common Class A \| RSUs
RSUs
RSUs (in shares)		4,974,764
Common Class A \| Warrant
Warrants
Warrants (in shares)		183,333
Common Class B
Authorized Shares
Common stock, shares authorized (in shares)	0	200,000,000	200,000,000
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)	0	37,893,047
Common stock, shares outstanding (in shares)	0	37,893,047
Common Class B \| Options
Options
Options (in shares)		7,760,846
Common Class B \| RSUs
RSUs
RSUs (in shares)		5,134,845
Common Stock
Authorized Shares
Common stock, shares authorized (in shares)	240,820,153	0
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)	69,300,284	0
Common stock, shares outstanding (in shares)	69,300,284	0
Common Stock \| Options
Options
Options (in shares)	32,030,416
Common Stock \| RSUs
RSUs
RSUs (in shares)	5,874,850
Blockchain Common Stock
Authorized Shares
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Stock Dividends, Shares [Abstract]
Common stock, shares issued (in shares)		0
Common stock, shares outstanding (in shares)		0
Preferred Stock
Authorized Shares
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Stock Dividends, Shares [Abstract]
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0
Convertible Preferred Stock
Authorized Shares
Preferred stock, shares authorized (in shares)	115,983,447	0
Stock Dividends, Shares [Abstract]
Preferred stock, shares issued (in shares)	111,900,495	0
Preferred stock, shares outstanding (in shares)	111,900,495	0
Convertible Preferred Stock \| Warrant
Warrants
Warrants (in shares)	1,381,486

VARIABLE INTEREST ENTITIES - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
UPB of securitization collateral	$ 12,930,483	$ 8,096,883
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
UPB of securitization collateral	4,595,629	2,785,341
Face amount of debt held by third parties	4,805,192	2,586,297
Maximum exposure	$ 347,793	$ 201,512
Weighted average delinquency	0.80%	0.40%
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

RELATED PARTY TRANSACTIONS - Narrative (Details)		1 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Aug. 15, 2025 USD ($)	Dec. 31, 2025 USD ($) shares $ / shares	May 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 12, 2023 USD ($)	Jul. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Long-term debt, gross		$ 293,186,000		$ 293,186,000	$ 474,855,000
Accrued liabilities		557,237,000		557,237,000	473,176,000
Operations and processing				65,056,000	44,452,000	$ 38,930,000
Accounts payable and accrued liabilities		29,501,000		29,501,000	37,217,000
Revenue				506,865,000	340,885,000	209,549,000
Accounts receivable, net		$ 52,016,000		52,016,000	20,998,000
General and administrative				$ 131,971,000	$ 104,251,000	58,794,000
Reflow
Related Party Transaction [Line Items]
Equity method investment, ownership interest, percentage		17.30%		17.30%	17.30%
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
Long-term debt, gross					$ 9,400,000
Interest accrued, gross				700,000	800,000
Accounts payable		$ 100,000		100,000
Accrued liabilities		$ 10,100,000		$ 10,100,000
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
Affiliated Entity \| Provenance Service Agreement
Related Party Transaction [Line Items]
Operations and processing				$ 1,000
Accounts payable and accrued liabilities		$ 1,000		1,000
Affiliated Entity \| Software License Arrangement
Related Party Transaction [Line Items]
Royalty fee percentage		0.50%
Software license agreement, term		3 years
Revenue		$ 0
Accounts receivable, net		$ 0		$ 0
Software License Agreement, Automatic Renewal Term		1 year
Equity Method Investees \| Reflow
Related Party Transaction [Line Items]
Equity method investment, ownership interest, percentage		17.30%		17.30%
Distribution from equity method investment				$ 800,000	900,000	500,000
Majority Shareholder
Related Party Transaction [Line Items]
General and administrative				1,100,000	600,000	$ 1,000,000.0
Debt current		$ 400,000		400,000
Related Party
Related Party Transaction [Line Items]
Debt current		$ 166,135,000		$ 166,135,000	$ 0
Related Party \| Employee
Related Party Transaction [Line Items]
Loan			$ 100,000
Receivable interest rate			6.90%
Proceeds from collection of finance receivables	$ 100,000
Proceeds from collection of finance receivables, principal	100,000
Proceeds from collection of finance receivables, interest	$ 0.0

SERVICING - Schedule of Servicing Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) loan	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
UPB of Underlying Loans	$ 12,930,483	$ 8,096,883
Loan Count \| loan	173,270
Carrying value	$ 113,064	88,497	$ 55,860
Collateralized loan servicing rights	63,800	69,500
Servicing assets:
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
UPB of Underlying Loans		$ 8,096,883
Loan Count \| loan		113,707
Carrying value		$ 88,497
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	$ 12,783,215	$ 7,933,975
Loan Count \| loan	173,000	113,413
Carrying value	$ 111,211	$ 86,465
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	$ 147,268	$ 162,908
Loan Count \| loan	270	294
Carrying value	$ 1,853	$ 2,032

- Definition

+ References

+ Details

EQUITY - Series of Convertible Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	0	0
Series Seed
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	16,100,540
Liquidation Preference	$ 16,947,000
Liquidation Price (in dollars per share)	$ 1.05
Dividend Rate (in dollars per share)	0.08
Conversion Price (in dollars per share)	$ 1.05
Series A
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	32,860,461
Liquidation Preference	$ 41,759,000
Liquidation Price (in dollars per share)	$ 1.27
Dividend Rate (in dollars per share)	0.10
Conversion Price (in dollars per share)	$ 1.27
Series B
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	29,448,787
Liquidation Preference	$ 73,519,000
Liquidation Price (in dollars per share)	$ 2.50
Dividend Rate (in dollars per share)	0.20
Conversion Price (in dollars per share)	$ 2.50
Series C
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	11,238,629
Liquidation Preference	$ 85,000,000
Liquidation Price (in dollars per share)	$ 7.56
Dividend Rate (in dollars per share)	0.61
Conversion Price (in dollars per share)	$ 7.56
Series C-1
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	504,081
Liquidation Preference	$ 3,050,000
Liquidation Price (in dollars per share)	$ 6.05
Dividend Rate (in dollars per share)	0.48
Conversion Price (in dollars per share)	$ 6.05
Series C-2
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	1,983,287
Liquidation Preference	$ 15,000,000
Liquidation Price (in dollars per share)	$ 7.56
Dividend Rate (in dollars per share)	0.61
Conversion Price (in dollars per share)	$ 7.56
Series D
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	12,439,325
Liquidation Preference	$ 219,999,000
Liquidation Price (in dollars per share)	$ 17.69
Dividend Rate (in dollars per share)	1.41
Conversion Price (in dollars per share)	$ 17.69
Series E
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	7,325,385
Liquidation Preference	$ 73,292,000
Liquidation Price (in dollars per share)	$ 10.01
Dividend Rate (in dollars per share)	0.80
Conversion Price (in dollars per share)	$ 10.01
Convertible Preferred Stock
Class of Stock [Line Items]
Number of Shares Outstanding (in shares)	111,900,495	0
Liquidation Preference	$ 528,566,000

SERVICING - Schedules of Geographic Concentration of the Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items]
UPB of Underlying Loans	$ 12,930,483	$ 8,096,883
% 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	$ 3,239,619	$ 2,146,371
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	25.10%	26.50%
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	$ 1,553,217	$ 990,404
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	12.00%	12.20%
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	$ 634,623	$ 429,469
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	4.90%	5.30%
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	$ 579,494	$ 407,651
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	4.50%	5.00%
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	$ 490,630	$ 362,370
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	3.80%	4.50%
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	$ 455,704	$ 320,124
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%	4.00%
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	$ 414,065	$ 227,069
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	3.20%	2.80%
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	$ 413,862	$ 239,559
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%	3.00%
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	$ 358,185	$ 261,013
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	2.80%	3.20%
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	$ 338,515	$ 241,844
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%	3.00%
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	$ 4,452,569	$ 2,471,009
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	34.40%	30.50%

SERVICING - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Borrower Payments
Servicing Liabilities at Fair Value [Line Items]
Servicing liability	$ 364.9	$ 198.8
Loan Purchase Commitments
Servicing Liabilities at Fair Value [Line Items]
Servicing liability	$ 17.7	$ 13.8

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	San Francisco, California

LOANS - Schedule of Past Due Aggregate Carrying Value of Loans Held (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Carrying Value	$ 404,337	$ 395,922	$ 255,516
Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	396,475	389,107
Carrying Value	404,337	395,922
Carrying Value Over (Under) UPB	7,862	6,815
Current \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	374,842	373,876
Carrying Value	383,602	383,551
Carrying Value Over (Under) UPB	8,760	9,675
30 to 59 days \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	2,308	3,535
Carrying Value	2,229	3,170
Carrying Value Over (Under) UPB	(79)	(365)
60 to 89 days \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	4,193	2,440
Carrying Value	4,030	2,125
Carrying Value Over (Under) UPB	(163)	(315)
90 days or more \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	14,387	8,548
Carrying Value	13,717	6,411
Carrying Value Over (Under) UPB	(670)	(2,137)
Forbearance \| Loans held for sale:
Financing Receivable, Past Due [Line Items]
UPB	745	708
Carrying Value	759	665
Carrying Value Over (Under) UPB	$ 14	$ (43)

EQUITY - Grant Date Assumptions of Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
2018 Plan
Class of Stock [Line Items]
Fair value (in dollars per share)	$ 4.43	$ 4.41	$ 3.26
2024 Plan
Class of Stock [Line Items]
Fair value (in dollars per share)	1.63	$ 1.54
2025 Plan
Class of Stock [Line Items]
Fair value (in dollars per share)	$ 14.26
Minimum
Class of Stock [Line Items]
Expected Term	4 years 10 months 24 days	1 year 3 months 18 days	1 year 8 months 12 days
Volatility	57.30%	41.90%	45.50%
Interest Rate	3.70%	3.80%	0.30%
Fair value (in dollars per share)	$ 1.75	$ 2.83	$ 0.17
Minimum \| Warrant
Class of Stock [Line Items]
Expected Term	1 year 3 months 18 days
Volatility	39.90%
Interest Rate	4.00%
Minimum \| 2024 Plan
Class of Stock [Line Items]
Expected Term	2 months 12 days	4 years 10 months 24 days
Volatility	33.00%	44.90%
Interest Rate	4.00%	3.70%
Fair value (in dollars per share)	$ 0.18	$ 1.44
Minimum \| 2025 Plan \| Options
Class of Stock [Line Items]
Expected Term	6 years
Volatility	57.30%
Interest Rate	3.70%
Fair value (in dollars per share)	$ 14.26
Maximum
Class of Stock [Line Items]
Expected Term	6 years 1 month 6 days	6 years 10 months 24 days	6 years 8 months 12 days
Volatility	59.40%	59.20%	64.30%
Interest Rate	4.50%	4.40%	4.30%
Fair value (in dollars per share)	$ 7.21	$ 3.65	$ 3.81
Maximum \| Warrant
Class of Stock [Line Items]
Expected Term	6 years
Volatility	46.20%
Interest Rate	4.30%
Maximum \| 2024 Plan
Class of Stock [Line Items]
Expected Term	6 years 1 month 6 days	6 years 1 month 6 days
Volatility	58.50%	45.90%
Interest Rate	4.50%	4.30%
Fair value (in dollars per share)	$ 1.87	$ 1.59
Maximum \| 2025 Plan \| Options
Class of Stock [Line Items]
Expected Term	6 years
Volatility	57.30%
Interest Rate	3.70%
Fair value (in dollars per share)	$ 14.26
Weighted Average
Class of Stock [Line Items]
Expected Term	5 years 9 months 18 days	4 years 3 months 18 days	5 years 9 months 18 days
Volatility	57.50%	53.00%	54.20%
Interest Rate	4.20%	4.20%	2.00%
Fair value (in dollars per share)	$ 4.43	$ 3.35	$ 1.88
Weighted Average \| Warrant
Class of Stock [Line Items]
Expected Term	2 years 8 months 12 days
Volatility	41.90%
Interest Rate	4.10%
Weighted Average \| 2024 Plan
Class of Stock [Line Items]
Expected Term	5 years 9 months 18 days	5 years 8 months 12 days
Volatility	58.30%	45.30%
Interest Rate	4.10%	4.20%
Fair value (in dollars per share)	$ 1.63	$ 1.54
Weighted Average \| 2025 Plan \| Options
Class of Stock [Line Items]
Expected Term	6 years
Volatility	57.30%
Interest Rate	3.70%
Fair value (in dollars per share)	$ 14.26

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Digital asset, fair value	$ 84,867,000	$ 73,942,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Nonrelated Party
Debt, current, fair value	$ 100,519,000	$ 0
Related Party
Debt, current, fair value	$ 166,135,000	$ 0
Convertible Preferred Stock
Preferred stock, shares authorized (in shares)	0	115,983,447
Preferred stock, shares issued (in shares)	0	111,900,495
Preferred stock, shares outstanding (in shares)	0	111,900,495
Preferred stock, par value (in dollars per share)		$ 0.00001
Liquidation preference		$ 528,566,000
Common Stock
Common stock, shares authorized (in shares)	0	240,820,153
Common stock, par value per share (in USD per share)		$ 0.00001
Common stock, shares issued (in shares)	0	69,300,284
Common stock, shares outstanding (in shares)	0	69,300,284
Preferred Stock
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Preferred stock, par value (in dollars per share)	$ 0.0001
Common Class A
Common stock, shares authorized (in shares)	1,000,000,000	0
Common stock, par value per share (in USD per share)	$ 0.0001
Common stock, shares issued (in shares)	178,485,407	0
Common stock, shares outstanding (in shares)	178,485,407	0
Common Class B
Common stock, shares authorized (in shares)	200,000,000	0
Common stock, par value per share (in USD per share)	$ 0.0001
Common stock, shares issued (in shares)	37,893,047	0
Common stock, shares outstanding (in shares)	37,893,047	0
Blockchain Common Stock
Common stock, shares authorized (in shares)	500,000,000
Common stock, par value per share (in USD per share)	$ 0.0001
Common stock, shares issued (in shares)	0
Common stock, shares outstanding (in shares)	0

NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

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 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 both Class A 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:


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to FTS	$	133,858	$	17,214	$	(47,935)
Less: Undistributed earnings attributable to convertible preferred stockholders	(71,832)		(17,214)		—
Net income (loss) attributable to common stockholders, basic and diluted	$	62,026	$	—	$	(47,935)

Denominator:
Basic weighted average common shares attributable to FTS	114,435,259		65,020,119		51,305,065
Add: effect of dilutive securities related to share-based payment awards (A)	27,366,743		7,617,338		—
Diluted weighted average common shares attributable to FTS	141,802,002		72,637,457		51,305,065

Net income (loss) per common share attributable to FTS, basic	$0.54		$0.00		$(0.93)
Net income (loss) per common share attributable to FTS, diluted	$0.44		$0.00		$(0.93)

EQUITY - Equity Incentive Plans, Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 12, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	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	54,133,329	32,645,381
Incremental equity-based compensation expense from plan modification		$ 0.7	$ 6.8
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	2,866,300
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
Number of shares issued gross of forfeiture (in shares)		1,017,792	8,535,845
Percentage of outstanding stock maximum	5.00%
2025 Plan \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		6,352,695

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) attributable to FTS	$ 133,858	$ 17,214	$ (47,935)
Less: Undistributed earnings attributable to convertible preferred stockholders	(71,832)	(17,214)	0
Less: Undistributed earnings attributable to convertible preferred stockholders	(71,832)	(17,214)	0
Net income (loss) attributable to common stockholders, basic and diluted	62,026	0	(47,935)
Net income (loss) attributable to common stockholders, basic and diluted	$ 62,026	$ 0	$ (47,935)
Denominator:
Basic weighted average common shares attributable to FTS (in shares)	114,435,259	65,020,119	51,305,065
Add: effect of dilutive securities related to share-based payment awards (A) (in shares)	27,366,743	7,617,338	0
Diluted weighted average common shares attributable to FTS (in shares)	141,802,002	72,637,457	51,305,065
Net income per common share attributable to FTS, basic (USD per share)	$ 0.54	$ 0	$ (0.93)
Net income per common share attributable to FTS, diluted (USD per share)	$ 0.44	$ 0	$ (0.93)
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	22,621,883	7,132,282	0
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	959,984	485,056	0
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		598,104
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	3,784,876	0	0
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			3,609,301

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

The following table summarizes the Company’s debt components:


	December 31, 2025								December 31, 2024
	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)	$	—	August 2020	July 2025	—	%	$	—	$	28,286
Warehouse Facility 2(C)	2,904		November 2022	May 2026	6.8		4,686		61,007
Warehouse Facility 3(D)	—		October 2023	October 2025	—		—		26,227
Warehouse Facility 4(E)	7,039		February 2023	January 2026	7.1		8,330		68,568
Warehouse Facility 5(F)	—		October 2023	n.a.	—		—		21,697
REIT Warehouse(G)	750		October 2024	December 2026	9.1		560		99,204
Warehouse Facility 6(H)	—		May 2024	May 2026	—		—		—
Warehouse Facility 7(I)	—		February 2023	August 2025	—		—		—
Warehouse Facility 8(J)	—		March 2022	n.a.	—		—		—
Warehouse Facility 9(K)	—		March 2024	March 2025	—		—		861
Warehouse Facility 10(L)	1,700		April 2025	April 2026	7.4		2,190		—
Warehouse Facility 11(M)	6,063		July 2025	June 2027	6.3		5,886		—
Digital Asset Loan Facility(N)	3,097		April 2025	October 2026	15.0		3,073		—
	21,553								305,850

MSR financing:
Lender 1(O)	40,000		June 2024	June 2026	16.9		63,767		40,000

Financed retained interests:
Retained Interest Facility(P)	231,633		April 2023	Various(Q)	6.4		231,788		129,005

Total debt carried at cost, gross	293,186								474,855

Unamortized deferred financing costs(R)	(2,603)								(1,679)
Total debt carried at cost, net	290,583								473,176

Debt at fair value:
FCC(S)	76,110								—
Democratized Prime YLDS(T)	24,409								—
	100,519								—

Debt at fair value to related parties:
FCC - related parties(S)	2,050								—
Democratized Prime YLDS - related parties(T)	164,085								—
	166,135								—

Total debt carried at fair value	266,654								—

Total debt	$	557,237							$	473,176

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

(B) Warehouse Facility 1 was closed in July 2025.

(C) Warehouse Facility 2 bears interest at Secured Financing Overnight Rate (“SOFR”) plus a spread of 2.25% at December 31, 2025.

(F) Warehouse Facility 5 is an advance facility in which the lender earns carry on collateral in the facility.

(H) Warehouse Facility 6 bears interest at SOFR, plus a spread of 3.5% at December 31, 2025. The facility also carries a 0.5% exit fee on all loans repurchased from the facility.

(I) Warehouse Facility 7 was closed in August 2025.

(J) Warehouse Facility 8 was closed in December 2024.

(K) Warehouse Facility 9 was closed in March 2025.

(L) Warehouse Facility 10 bears interest at SOFR, plus a spread of 2.35%.

(M) Warehouse Facility 11 bears interest at SOFR, subject to a 2.0% floor, plus a spread of 1.75%.

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

(O) 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.

(Q) The maturities of financed retained interests align with the terms of the underlying securities. The financed retained interest have maturity dates through November 2055.

(R) During the year ended December 31, 2025 and 2024, the Company amortized $1.0 million, and $1.0 million of deferred financing costs, respectively.

Maturities

Contractual maturities of recourse and nonrecourse debt obligations at December 31, 2025, are as follows:


Years Ending December 31,	Recourse		Nonrecourse		Total
2026	$	49,943	$	5,547	$	55,490
2027	6,063		—		6,063
2028	—		—		—
2029	—		—		—
2030	—		—		—
Thereafter	—		231,633		231,633
	$	56,006	$	237,180	$	293,186

Borrowing Capacity

The following table represents borrowing capacity of committed debt facilities that have not matured at December 31, 2025:


	December 31, 2025
	Borrowing Capacity		Balance Outstanding		Available Financing
Funding Debt:

Warehouse Facility 2	$	150,000	$	2,904	$	147,096

Warehouse Facility 4	335,300		7,039		328,261
REIT Warehouse	200,000		750		199,250
Warehouse Facility 6	250,000		—		250,000



Warehouse Facility 10	300,000		1,700		298,300
Warehouse Facility 11	300,000		6,063		293,937
Digital Asset Loan Facility	30,000		3,097		26,903

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

Financed retained interests:
Retained Interest Facility	500,000		231,633		268,367
	$	2,105,300	$	293,186	$	1,812,114

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 December 31, 2025.

Facilities

The following summarizes the debt facilities that the Company entered into or amended during the years ended December 31, 2025 and 2024:

Warehouse Facility 2

In December 2024, the Company amended Warehouse Facility 2 to reduce the borrowing limit to $250.0 million and to lower the interest rate from SOFR plus a spread of 4% to SOFR plus a spread of 3%.

In May 2025, the Company and its lender amended Warehouse Facility 2 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 3

In February 2024, the Company amended Warehouse Facility 3 to temporarily increase the borrowing limit from $100.0 million to $200.0 million for the period February 1, 2024 through April 30, 2024.

Warehouse Facility 4

In March 2024, the Company amended Warehouse Facility 4 to establish a second class of buyer under the facility. Borrowings to Class A and Class B Buyers were limited to $200.0 million and $37.5 million, respectively, with an aggregate borrowing limit of $237.5 million. In January 2025, the Company further amended Warehouse Facility 4 to increase the aggregate borrowing limit to $335.3 million and extend the maturity date to January 2026.

REIT Warehouse

In October 2024, the Company entered into a secured warehouse credit facility with a borrowing limit of $150.0 million.

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%.

Warehouse Facility 10

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 11

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 11 to permanently increase the facility limit to $200.0 million. In December 2025, the Company amended Warehouse Facility 11 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.

MSR Note

In June 2024, the Company entered into a loan and security agreement with Lender 1 under which the Company borrowed the MSR Note that had an initial borrowing limit of $30.0 million. In September 2024, the Company and Lender 1 amended the MSR Note to increase the borrowing limit to $40.0 million.

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 December 31, 2025, FCC had $76.1 million and $2.1 million outstanding face-amount certificates to third parties and related parties, respectively, redeemable upon redemption of YLDS. 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 December 31, 2025, FCC had $24.4 million and $164.1 million outstanding face-amount certificates to third parties and related parties, respectively, redeemable upon redemption of YLDS. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

INCOME TAXES - Income (Loss) before Income Tax Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 115,593	$ 22,092	$ (52,341)
Foreign	(1,918)	0	0
Income (loss) before income taxes	$ 113,675	$ 22,092	$ (52,341)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Cagney [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 12, 2025, Michael Cagney, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to the net number of shares of Class A common stock underlying 666,863 shares of restricted stock units (such total number of shares is not determinable), subject to a limit price of $25.00, until December 17, 2026.
Name	Michael Cagney
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 12, 2025
Arrangement Duration	370 days
Aggregate Available	666,863	666,863
Michael Tannenbaum [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 3, 2025, Michael Tannenbaum, our Chief Executive Officer and a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to (i) 60,315 shares of the Company’s Class A common stock, subject to limit prices ranging from $25.00 to $37.50, plus (ii) the net number of shares of Class A common stock underlying 639,685 shares of restricted stock units (such total number of shares is not determinable), subject to a limit price of $25.00, and in each case, until August 27, 2026.
Name	Michael Tannenbaum
Title	Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 3, 2025
Arrangement Duration	267 days
Macrina Kgil [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 10, 2025, Macrina Kgil, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 48,000 shares of the Company’s Class A common stock, subject to limit prices ranging from $25.00 to $30.00, until September 24, 2026.
Name	Macrina Kgil
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 10, 2025
Arrangement Duration	288 days
Aggregate Available	48,000	48,000
Todd Stevens [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 10, 2025, Todd Stevens, our Chief Capital Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to (i) 153,765 shares of the Company’s Class A common stock, subject to a limit price of $30.00, plus (ii) 50% of the net number of shares of Class A common stock underlying 153,124 shares of restricted stock units (such total number of shares is not determinable), in each case, until December 22, 2026.
Name	Todd Stevens
Title	Chief Capital Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 10, 2025
Arrangement Duration	377 days
Michael Tannenbaum, Class A Common Stock [Member] \| Michael Tannenbaum [Member]
Trading Arrangements, by Individual
Aggregate Available	60,315	60,315
Michael Tannenbaum, Restricted Stock Units [Member] \| Michael Tannenbaum [Member]
Trading Arrangements, by Individual
Aggregate Available	639,685	639,685
Todd Stevens, Class A Common Stock [Member] \| Todd Stevens [Member]
Trading Arrangements, by Individual
Aggregate Available	153,765	153,765
Todd Stevens, Restricted Stock Units [Member] \| Todd Stevens [Member]
Trading Arrangements, by Individual
Aggregate Available	153,124	153,124

Debt - Contractual Maturities of Recourse and Nonrecourse Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Held-to-Maturity Securities [Line Items]
2026	$ 55,490
2027	6,063
2028	0
2029	0
2030	0
Thereafter	231,633
Total	293,186	$ 474,855
Recourse Debt
Schedule of Held-to-Maturity Securities [Line Items]
2026	49,943
2027	6,063
2028	0
2029	0
2030	0
Thereafter	0
Total	56,006
Nonrecourse Debt
Schedule of Held-to-Maturity Securities [Line Items]
2026	5,547
2027	0
2028	0
2029	0
2030	0
Thereafter	231,633
Total	$ 237,180

BUSINESS AND ORGANIZATION (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Sep. 12, 2025 USD ($) $ / shares shares	Aug. 29, 2025	Mar. 18, 2024 corporation shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Class of Stock [Line Items]
Number of outstanding shares converted Into common stock of acquiree (in shares)			1
Number of affiliated corporations under common control \| corporation			2
Number of corporations owned directly or indirectly \| corporation			2
Conversion rate		0.2
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions \| $				$ 663,443	$ 0	$ 0
Issuance costs of preferred stock \| $				8,761	0	0
Stock-based compensation expense \| $				$ 72,421	$ 45,310	$ 13,450
Common Class A
Class of Stock [Line Items]
Convertible preferred stock, shares issued	113,910,905
Common stock, shares authorized (in shares)	1,000,000,000			1,000,000,000	0
Common stock, par value per share (in USD per share) \| $ / shares	$ 0.0001			$ 0.0001
Common Class A \| IPO
Class of Stock [Line Items]
Number of shares issued (in shares)	36,225,000
Offering price per share (in dollars per share) \| $ / shares	$ 25.00
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions \| $	$ 663,400
Issuance costs of preferred stock \| $	$ 8,800
Common Class A \| IPO-Shareholders
Class of Stock [Line Items]
Number of shares issued (in shares)	7,993,395
Common Class A \| IPO-Over Allotment Option
Class of Stock [Line Items]
Number of shares issued (in shares)	4,725,000
Series E
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)	2,010,410
Common Class B
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)	1,500,000
Common stock, shares authorized (in shares)	200,000,000			200,000,000	0
Common stock, par value per share (in USD per share) \| $ / shares	$ 0.0001			$ 0.0001
Common Class B \| Controlling Party
Class of Stock [Line Items]
Convertible preferred stock, shares issued	39,393,047
Blockchain Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000			500,000,000
Common stock, par value per share (in USD per share) \| $ / shares	$ 0.0001			$ 0.0001
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	100,000,000			100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001			$ 0.0001
Figure Technologies, Inc.
Class of Stock [Line Items]
Merger, ownership interest acquired percentage			100.00%
Figure Technologies, Inc. \| Third-Party Shareholders
Class of Stock [Line Items]
Noncontrolling owner, interest percentage			74.10%
Figure Technologies, Inc. \| Related Parties Holders Of FTI Stock
Class of Stock [Line Items]
Noncontrolling owner, interest percentage			25.90%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

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,	December 31, 2025
2026	$	2,022
2027	1,519
2028	1,337
2029	1,017
2030	988
Thereafter	83
Total undiscounted lease payments	$	6,966
Less: Imputed Interest	(1,285)
Operating Lease Liabilities	$	5,681

EQUITY - Unrecognized Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total, Shares	19,105,765
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, Shares	9,585,559
Options, Unrecognized Compensation Expense \| $	$ 63,081
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs, Shares	9,520,206
RSUs, Unrecognized Compensation Expense \| $	$ 150,814
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 6 months
Total, Shares	12,593,013
Share-Based Payment Arrangement, Tranche One \| Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, Shares	9,585,559
Options, Unrecognized Compensation Expense \| $	$ 63,081
Share-Based Payment Arrangement, Tranche One \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs, Shares	3,007,454
RSUs, Unrecognized Compensation Expense \| $	$ 101,264
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	6,512,752
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	6,512,752
RSUs, Unrecognized Compensation Expense \| $	$ 49,550

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value		$ 293,186	$ 474,855
Unamortized deferred financing costs		(2,603)	(1,679)
Total debt carried at cost, net		290,583	473,176
Total debt carried at fair value		266,654	0
Total debt		$ 557,237	473,176
Debt repurchase exit fee, percentage		0.50%
Amortization of deferred financing costs		$ 1,020	1,035	$ 330
Nonrelated Party
Debt Instrument [Line Items]
Debt, current, fair value		100,519	0
Related Party
Debt Instrument [Line Items]
Debt, current, fair value		166,135	0
Funding Debt:
Debt Instrument [Line Items]
Carrying Value		21,553	305,850
Warehouse Facility 1 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	28,286
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
Warehouse Facility 2 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 2,904	61,007
Weighted Average Funding Cost		6.80%
Collateral Carrying Value		$ 4,686
Debt instrument, basis spread on variable rate		2.25%
Warehouse Facility 3 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	26,227
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
Quarterly variable exit fee based on first principal balance repurchased amount		50,000
Quarterly variable exit fee based on principal balance repurchased in excess of amount		$ 50,000
Warehouse Facility 3 \| Funding Debt: \| Minimum
Debt Instrument [Line Items]
Debt repurchase exit fee, percentage		0.125%
Warehouse Facility 3 \| Funding Debt: \| Maximum
Debt Instrument [Line Items]
Debt repurchase exit fee, percentage		1.50%
Warehouse Facility 4
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.50%
Warehouse Facility 4 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.15%
Warehouse Facility 4 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		5.50%
Warehouse Facility 4 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 7,039	68,568
Weighted Average Funding Cost		7.10%
Collateral Carrying Value		$ 8,330
Warehouse Facility 5 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	21,697
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
REIT Warehouse
Debt Instrument [Line Items]
Debt repurchase exit fee, percentage		0.15%
Debt instrument exit fee, repurchased, non-securitized loan amount, maximum		$ 500
REIT Warehouse \| Minimum
Debt Instrument [Line Items]
Debt Instrument, interest rate basis, average purchased mortgage loans during pricing period, amount		$ 100,000
Debt instrument, interest rate during period		3.00%
REIT Warehouse \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate during period		3.50%
Debt instrument, interest rate basis, average purchased mortgage loans during pricing period, maximum amount		$ 100,000
REIT Warehouse \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 750	99,204
Weighted Average Funding Cost		9.10%
Collateral Carrying Value		$ 560
Warehouse Facility 6
Debt Instrument [Line Items]
Debt repurchase exit fee, percentage		0.50%
Debt instrument, basis spread on variable rate		3.50%
Warehouse Facility 6 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	0
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
Warehouse Facility 7 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	0
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
Warehouse Facility 8 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	0
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
Warehouse Facility 9 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 0	861
Weighted Average Funding Cost		0.00%
Collateral Carrying Value		$ 0
Warehouse Facility 10
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.35%
Warehouse Facility 10 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 1,700	0
Weighted Average Funding Cost		7.40%
Collateral Carrying Value		$ 2,190
Warehouse Facility 11 \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Warehouse Facility 11 \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Warehouse Facility 11 \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 6,063	0
Weighted Average Funding Cost		6.30%
Collateral Carrying Value		$ 5,886
Digital Asset Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	13.50%
Debt instrument, interest rate, stated percentage		13.50%
Digital Asset Loan Facility \| Funding Debt:
Debt Instrument [Line Items]
Carrying Value		$ 3,097	0
Weighted Average Funding Cost		15.00%
Collateral Carrying Value		$ 3,073
Lender 1 \| MSR financing:
Debt Instrument [Line Items]
Carrying Value		$ 40,000	40,000
Weighted Average Funding Cost		16.90%
Collateral Carrying Value		$ 63,767
Debt instrument, interest rate, stated percentage		16.50%
Retained Interest Facility \| Financed retained interests:
Debt Instrument [Line Items]
Carrying Value		$ 231,633	$ 129,005
Weighted Average Funding Cost		6.40%
Collateral Carrying Value		$ 231,788
Retained Interest Facility \| Financed retained interests: \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Retained Interest Facility \| Financed retained interests: \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.55%
FCC Certificates
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		35.00%	35.00%
Debt maturity period		20 years
FCC Certificates \| Nonrelated Party
Debt Instrument [Line Items]
Debt, current, fair value		$ 76,110	$ 0
FCC Certificates \| Related Party
Debt Instrument [Line Items]
Debt, current, fair value		2,050	0
Democratized Price YLDS \| Nonrelated Party
Debt Instrument [Line Items]
Debt, current, fair value		24,409	0
Democratized Price YLDS \| Related Party
Debt Instrument [Line Items]
Debt, current, fair value		$ 164,085	$ 0
Debt average interest rate		8.70%

VARIABLE INTEREST ENTITIES - Assets and Liabilities Of VIEs Consolidation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Total Assets	$ 2,317,523	$ 1,159,578
Total Liabilities	1,080,325	796,203
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total Assets	395,470	140,643
Total Liabilities	331,066	104,054
Variable Interest Entity, Primary Beneficiary \| Offshore Solana Fund
Variable Interest Entity [Line Items]
Total Assets	44,760	17,811
Total Liabilities	0	4
Variable Interest Entity, Primary Beneficiary \| Figure REIT
Variable Interest Entity [Line Items]
Total Assets	20,789	121,817
Total Liabilities	1,847	103,556
Variable Interest Entity, Primary Beneficiary \| Figure Certificate Company
Variable Interest Entity [Line Items]
Total Assets	329,921	1,015
Total Liabilities	$ 329,219	$ 494

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ 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

SERVICING

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

SERVICING

The following table summarizes the Company’s servicing assets at December 31, 2025 and 2024:


	December 31, 2025
	UPB of Underlying Loans		Loan Count	Carrying Value(A)
HELOC loans	$	12,783,215	173	$	111,211
Mortgage loans	147,268		270	1,853
Total servicing assets	$	12,930,483	173,270	$	113,064

	December 31, 2024
	UPB of Underlying Loans		Loan Count	Carrying Value(A)
HELOC loans	$	7,933,975	113,413	$	86,465
Mortgage loans	162,908		294	2,032
Total servicing assets	$	8,096,883	113,707	$	88,497

(A) The Company records loan servicing assets at fair value. The total carrying value includes $63.8 million and $69.5 million of collateralized loan servicing rights at December 31, 2025 and 2024, respectively. See Notes 6 and 12 for additional information regarding the MSR financing arrangement and valuation of the Company’s servicing rights, respectively.

The following table presents a rollforward of the Company’s servicing assets for the years ended December 31, 2025 and 2024:


Balance at December 31, 2023	$	55,860
Change in fair value due to:
Additions(A)	50,557
Realization of cash flows(B)	(19,623)
Change in valuation inputs and assumptions	1,703
Total impact of change to fair value	32,637
Balance at December 31, 2024	$	88,497
Change in fair value due to:
Additions(A)	60,713
Realization of cash flows(B)	(28,207)
Change in valuation inputs and assumptions	(7,939)
Total impact of change to fair value	24,567
Balance at December 31, 2025	$	113,064

(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 December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
State	Amount Outstanding(A)		% of Total		Amount Outstanding(A)		% of Total
California	$	3,239,619	25.1	%	$	2,146,371	26.5	%
Florida	1,553,217		12.0		990,404		12.2
Arizona	634,623		4.9		429,469		5.3
Georgia	579,494		4.5		407,651		5.0
Washington	490,630		3.8		362,370		4.5
New Jersey	455,704		3.5		320,124		4.0
Ohio	414,065		3.2		227,069		2.8
Virginia	413,862		3.2		239,559		3.0
North Carolina	358,185		2.8		261,013		3.2
Colorado	338,515		2.6		241,844		3.0
Other (B)	4,452,569		34.4		2,471,009		30.5
Total	$	12,930,483	100.0	%	$	8,096,883	100.0	%

(A) Represents the principal balance of the 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 $364.9 million and $198.8 million at December 31, 2025 and 2024, respectively, due to third-party loan buyers recorded as “Payables to third-party loan owners” in the 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 December 31, 2025 and 2024, the total obligation to repurchase loans associated with contractual arrangements was $17.7 million and $13.8 million, respectively, recorded in “Payables to third-party loan owners” in the 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
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss)	$ 134,281,000	$ 19,915,000	$ (52,443,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain on servicing asset, net	(24,567,000)	(32,637,000)	(22,083,000)
Gain on sale of loans, net	(173,732,000)	(140,353,000)	(50,343,000)
Loss (gain) on sale of digital assets	3,215,000	(10,381,000)	(4,689,000)
Income (loss) from fund and equity method investments	1,246,000	(3,466,000)	8,189,000
Amortization of deferred financing costs	1,020,000	1,035,000	330,000
Amortization of internally developed software	16,254,000	17,113,000	19,384,000
Impairment of internally developed software costs	0	8,591,000	0
Impairment of digital assets	0	5,859,000	572,000
Other asset impairment charge	0	4,970,000	0
Services exchanged for issuance of warrants	9,499,000	6,584,000	0
Noncash dissolution of subsidiary	0	0	402,000
Stock-based compensation expense	62,364,000	38,726,000	13,450,000
Losses on repurchased loans	2,425,000	8,218,000	10,148,000
Deferred income taxes, net	(26,037,000)	0	0
Net change in operating assets and liabilities:
Proceeds from loan sales, net of repurchases	6,617,808,000	4,666,503,000	3,255,155,000
Originations of loans held for sale	(3,620,890,000)	(3,164,966,000)	(1,981,195,000)
Purchases of loans held for sale	(3,269,400,000)	(1,974,701,000)	(1,541,757,000)
Principal payments on loans held for sale	429,151,000	422,910,000	315,274,000
Accounts receivable, net	(33,042,000)	(3,697,000)	(7,102,000)
Other assets	(28,097,000)	(11,382,000)	7,741,000
Accounts payable and other liabilities	(38,930,000)	14,147,000	(4,385,000)
Net cash provided by (used in) operating activities	62,568,000	(127,012,000)	(33,352,000)
Investing activities:
Capitalization of internally developed software costs	(20,649,000)	(16,628,000)	(17,262,000)
Investment contributions	(2,477,000)	(3,314,000)	0
Purchases of digital assets	(5,734,000)	(11,558,000)	(817,000)
Proceeds from sales of digital assets	11,347,000	3,279,000	0
Note receivable issued to related parties	0	(2,030,000)	(4,028,000)
Payment on note receivable from related parties	0	809,000	0
Realized losses on futures	(6,292,000)	0	0
Purchases of marketable securities	(102,174,000)	(25,222,000)	0
Proceeds from sale of marketable securities	0	872,000	602,000
Principal payments on marketable securities	63,907,000	15,347,000	3,882,000
Other investing activities	797,000	1,000,000	0
Net cash used in investing activities	(61,275,000)	(37,445,000)	(17,623,000)
Financing activities:
Payments of deferred financing costs	(1,319,000)	(2,083,000)	(616,000)
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	663,443,000	0	0
Proceeds from servicing activity on behalf of third-party loan owners	167,202,000	81,881,000	52,974,000
Fees paid in connection with the initial public offering	(8,761,000)	0	0
Net Proceeds from issuance of preferred stock	0	71,775,000	0
Distributions to shareholders	0	(2,765,000)	0
Common stock repurchase and retirement	0	(1,001,000)	0
Proceeds from exercises of stock options	12,759,000	3,037,000	1,143,000
Other financing activities	(160,000)	248,000	(345,000)
Net cash provided by financing activities	918,038,000	336,124,000	65,788,000
Net increase in cash, cash equivalents, and restricted cash	919,331,000	171,667,000	14,813,000
Cash, cash equivalents, and restricted cash, beginning of period	347,447,000	175,780,000	160,967,000
Cash, cash equivalents, and restricted cash, end of period	1,266,778,000	347,447,000	175,780,000
Supplemental cash flow disclosure:
Cash paid during the period for interest	49,892,000	55,107,000	44,833,000
Cash paid during the period for income taxes	10,403,000	48,000	30,000
Non-cash investing and financing activities:
Non-cash principal payments on debt	(14,513,000)	0	0
Non-cash principal payments on debt, related parties	(286,000)	0	0
Receipt of liquidity pool tokens	(25,073,000)	0	0
Sale of liquidity pool tokens	1,554,000	0	0
Related party debt issued at receipt of liquidity pool tokens	14,280,000	0	0
Loan to related party settlement	10,187,000	0	0
Right of use assets obtained in exchange for operating lease liabilities	2,765,000	0	0
Unrealized losses on futures	113,000	0	0
Distributions from Onshore Solana Fund	2,042,000	547,000	0
Stock-based compensation included in capitalized internally developed software	558,000	530,000	0
Marketable securities retained in securitization transactions	(54,874,000)	(116,335,000)	(42,061,000)
Transfers from held for investment to held for sale	0	58,835,000	53,241,000
Other non-cash investing and financing activities	0	25,000	399,000
Contribution from related party	0	1,500,000	0
Other capital contributions	0	2,958,000	0
Other capital charges	0	4,970,000	0
Transfers from held for sale to held for investment	0	0	22,279,000
Nonrelated Party
Financing activities:
Proceeds from debt	5,886,495,000	4,623,817,000	2,781,230,000
Principal payments on debt	(5,953,760,000)	(4,438,785,000)	(2,768,598,000)
Related Party
Financing activities:
Proceeds from debt	152,139,000	0	10,000,000
Principal payments on debt	$ 0	$ 0	$ (10,000,000)

FAIR VALUE MEASUREMENTS - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	$ 231,633	$ 128,101
Total liabilities	231,633	128,101
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	273,151	127,327
Total liabilities	273,151	127,327
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	233,684	127,327
Total liabilities	233,684	127,327
Level 3 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financed Retained Interests	39,467	0
Total liabilities	$ 39,467	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Class A	Common Class B	Total Figure Technology Solutions, Inc. Stockholders’ Equity	Preferred Stock Convertible Preferred Stock	Common Stock	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interests in Consolidated Subsidiaries
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2022						104,575,110
Common stock, Beginning balance (in shares) at Dec. 31, 2022							51,035,303	0	0
Beginning balance at Dec. 31, 2022	$ 260,219				$ 250,719	$ 1	$ 1	$ 0	$ 0	$ 540,540	$ (289,823)	$ 9,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and warrants (in shares)							582,905
Exercise of stock options and warrants	1,143				1,143					1,143
Stock compensation expense	13,450				13,450					13,450
Dilution	54				(307)						(307)	361
Net income (loss)	(52,443)				(47,935)						(47,935)	(4,508)
Preferred Stock, Ending balance (in shares) at Dec. 31, 2023						104,575,110
Common stock, Ending balance (in shares) at Dec. 31, 2023							51,618,208	0	0
Ending balance at Dec. 31, 2023	222,423				217,070	$ 1	$ 1	$ 0	$ 0	555,133	(338,065)	5,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of preferred stock warrants	9,542				9,542					9,542
Common stock repurchase and retirement (in shares)							(186,054)
Common stock repurchase and retirement	(1,001)				(1,001)					(1,001)
Exercise of stock options and warrants (in shares)							1,370,026
Exercise of stock options and warrants	3,037				3,037					3,037
Stock compensation expense	38,726				38,726					38,726
Issuance and exchange of equity (in shares)							16,498,104
Issuance and exchange of equity	1				1		$ 1
Issuance of Series E preferred stock, net of issuance costs (in shares)						7,325,385
Issuance of Series E preferred stock, net of issuance costs	71,774				71,774	$ 1				71,773
Noncontrolling interest investment in subsidiary	290											290
Dividends & redemptions of subsidiaries	(1,332)				(1,265)					(1,265)		(67)
Net income (loss)	$ 19,915				17,214						17,214	2,701
Preferred Stock, Ending balance (in shares) at Dec. 31, 2024	0	111,900,495				111,900,495
Common stock, Ending balance (in shares) at Dec. 31, 2024			0	0			69,300,284	0	0
Ending balance at Dec. 31, 2024	$ 363,375				355,098	$ 2	$ 2	$ 0	$ 0	675,945	(320,851)	8,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of preferred stock warrants	9,499				9,499					9,499
Exercise of stock options and warrants (in shares)						2,010,410	1,006,731	1,238,709
Exercise of stock options and warrants	12,759				12,759	$ 1		$ 2		12,756
Stock compensation expense	62,922				62,922					62,922
Noncontrolling interest investment in subsidiary	100											100
Dividends & redemptions of subsidiaries	(436)											(436)
Settlement of restricted stock units (in shares)								2,690,220
Issuance and conversion of common stock in connection with initial public offering, net of offering costs and commissions (in shares)							(70,307,015)	98,538,620
Issuance and conversion of common stock in connection with initial public offering, net of offering costs and commissions	654,690				654,690		$ (2)	$ 10		654,682
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)						(113,910,905)		113,910,905
Conversion of convertible preferred stock to common stock in connection with initial public offering	8				8	$ 3		$ 11
Conversion of Class A Common Stock to Class B Common Stock (in shares)								(37,893,047)	37,893,047
Conversion of Class A Common Stock to Class B Common Stock	0							$ (4)	$ 4			0
Net income (loss)	$ 134,281				133,858						133,858	423
Preferred Stock, Ending balance (in shares) at Dec. 31, 2025	0	0				0
Common stock, Ending balance (in shares) at Dec. 31, 2025			178,485,407	37,893,047			0	178,485,407	37,893,047
Ending balance at Dec. 31, 2025	$ 1,237,198				$ 1,228,834	$ 0	$ 0	$ 19	$ 4	$ 1,415,804	$ (186,993)	$ 8,364

EQUITY - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 72,421	$ 45,310	$ 13,450
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	59,113	35,423	8,296
Technology and product development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	12,036	9,363	3,994
Technology and product development \| Warrant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	9,500	6,600	0
Operations and processing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	455	388	356
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 817	$ 136	$ 804

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets, Current [Abstract]
Cash and cash equivalents	$ 1,198,141	$ 289,670
Restricted cash	68,637	57,777
Loans held for sale, at fair value	404,337	395,922
Digital assets ($84,867 and $73,942 at fair value)	96,558	75,448
Accounts receivable, net	52,016	20,998
Other current assets	41,518	14,875
Total current assets	1,861,207	854,690
Loan servicing asset, at fair value	113,064	88,497
Marketable securities, at fair value	273,151	163,489
Digital assets, non-current	3,644	9,704
Loan to related parties	0	9,372
Deferred income taxes, net	26,037	0
Other non-current assets	40,420	33,826
Total assets	2,317,523	1,159,578
Current liabilities:
Accounts payable and accrued liabilities	29,501	37,217
Payables to third-party loan owners	383,772	212,619
Other current liabilities	105,642	70,401
Total current liabilities	846,009	625,531
Debt, non-current	230,143	167,882
Lease liability, non-current	4,173	2,790
Total liabilities	1,080,325	796,203
Stockholders' equity:
Additional paid-in capital	1,415,804	675,945
Accumulated deficit	(186,993)	(320,851)
Total Figure Technology Solutions, Inc. stockholders' equity	1,228,834	355,098
Noncontrolling interests in consolidated subsidiaries	8,364	8,277
Total stockholders' equity	1,237,198	363,375
Total liabilities and stockholders' equity	2,317,523	1,159,578
Nonrelated Party
Current liabilities:
Debt, current ($100,519 and $— at fair value)	160,959	305,294
Related Party
Current liabilities:
Debt, current ($100,519 and $— at fair value)	166,135	0
Convertible Preferred Stock
Stockholders' equity:
Preferred stock	0	2
Common Stock
Stockholders' equity:
Common stock	0	2
Common Class A
Stockholders' equity:
Common stock	19	0
Common Class B
Stockholders' equity:
Common stock	4	0
Blockchain Common Stock
Stockholders' equity:
Common stock	0	0
Preferred Stock
Stockholders' equity:
Preferred stock	$ 0	$ 0

SERVICING (Tables)

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

Schedule of Servicing Assets

The following table summarizes the Company’s servicing assets at December 31, 2025 and 2024:


	December 31, 2025
	UPB of Underlying Loans		Loan Count	Carrying Value(A)
HELOC loans	$	12,783,215	173	$	111,211
Mortgage loans	147,268		270	1,853
Total servicing assets	$	12,930,483	173,270	$	113,064

	December 31, 2024
	UPB of Underlying Loans		Loan Count	Carrying Value(A)
HELOC loans	$	7,933,975	113,413	$	86,465
Mortgage loans	162,908		294	2,032
Total servicing assets	$	8,096,883	113,707	$	88,497

The following table presents a rollforward of the Company’s servicing assets for the years ended December 31, 2025 and 2024:


Balance at December 31, 2023	$	55,860
Change in fair value due to:
Additions(A)	50,557
Realization of cash flows(B)	(19,623)
Change in valuation inputs and assumptions	1,703
Total impact of change to fair value	32,637
Balance at December 31, 2024	$	88,497
Change in fair value due to:
Additions(A)	60,713
Realization of cash flows(B)	(28,207)
Change in valuation inputs and assumptions	(7,939)
Total impact of change to fair value	24,567
Balance at December 31, 2025	$	113,064

(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 December 31, 2025 and 2024:


	December 31, 2025				December 31, 2024
State	Amount Outstanding(A)		% of Total		Amount Outstanding(A)		% of Total
California	$	3,239,619	25.1	%	$	2,146,371	26.5	%
Florida	1,553,217		12.0		990,404		12.2
Arizona	634,623		4.9		429,469		5.3
Georgia	579,494		4.5		407,651		5.0
Washington	490,630		3.8		362,370		4.5
New Jersey	455,704		3.5		320,124		4.0
Ohio	414,065		3.2		227,069		2.8
Virginia	413,862		3.2		239,559		3.0
North Carolina	358,185		2.8		261,013		3.2
Colorado	338,515		2.6		241,844		3.0
Other (B)	4,452,569		34.4		2,471,009		30.5
Total	$	12,930,483	100.0	%	$	8,096,883	100.0	%

(A) Represents the principal balance of the 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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

The following table presents the impact to the Consolidated Balance Sheets as a result of this change to the prior period:


	December 31, 2024
	As Reported		Adjustment		Recast
Cash and cash equivalents	$	287,256	$	2,414	$	289,670
Digital assets	77,862		(2,414)		75,448
Total assets	$	1,159,578	$	—	$	1,159,578


	Year Ended December 31, 2024
	As Reported		Adjustment		Recast
Investing activities:
Purchases of digital assets	$	(26,785)	$	15,227	$	(11,558)
Proceeds from sales of digital assets	16,092		(12,813)		3,279


	Year Ended December 31, 2024						Year Ended December 31, 2023
	As Reported		Adjustment		As Corrected		As Reported		Adjustment		As Corrected
Operating activities:
Proceeds from loan sales, net of repurchases	$	4,782,838	$	(116,335)	$	4,666,503	$	3,297,216	$	(42,061)	$	3,255,155
Purchases of marketable securities	(141,557)		141,557		—		(42,061)		42,061		—
Proceeds from sale of marketable securities	872		(872)		—		602		(602)		—
Principal payments on marketable securities	15,347		(15,347)		—		3,882		(3,882)		—
Net cash provided by (used in) operating activities	(136,015)		9,003		(127,012)		(28,868)		(4,484)		(33,352)
Investing activities:
Purchases of marketable securities	—		(25,222)		(25,222)		—		—		—
Proceeds from sale of marketable securities	—		872		872		—		602		602
Principal payments on marketable securities	—		15,347		15,347		—		3,882		3,882
Net cash used in investing activities(A)	(30,856)		(9,003)		(39,859)		(22,107)		4,484		(17,623)

Non-cash investing and financing activities:
Marketable securities retained in securitization transactions	$	—	$	(116,335)	$	(116,335)	$	—	$	(42,061)	$	(42,061)

Schedule of Fair Value Hierarchy Measurement Inputs For Assets and Liabilities


Level						Measurement
1						Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
2						Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the asset or liability.
3						Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

The following summarizes the Company’s assets and liabilities within the fair value hierarchy at December 31, 2025 and 2024:

Level

Assets and Liabilities

Measurement

Cash, cash equivalents and restricted cash

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Digital assets and digital asset collateral held

Estimates of fair value are measured using observable, quoted digital asset prices within the Company’s principal market at the time of measurement as Level 1 inputs.

Treasury Note Futures

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs.

Cash equivalents

Estimates of fair value are based on quoted prices of similar assets.

Marketable securities

Estimates of fair value are measured based upon observable market data of similar instruments.

Certificate repayment obligation

Estimates of fair value are measured based upon observable market data of similar instruments.

Marketable Securities —Residual Interest Securities

Loans

Loan servicing assets

Schedule of Derivative Assets and Liabilities


	Notional		December 31, 2025		December 31, 2024
Other current asset:
Treasury note futures	$	159,800	$	442	$	329
Other current liability:
Treasury note futures	$	—	—		—
Net			$	442	$	329

Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash


	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,159,597	$	287,256
Payment stablecoins	38,544		2,414
Restricted cash	68,637		57,777
Total cash, cash equivalents and restricted cash	$	1,266,778	$	347,447

Schedule of Accounts, Notes, Loans and Financing Receivable

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


	December 31, 2025		December 31, 2024
Trade accounts receivable	$	30,627	$	2,159
Interest receivable	4,440		3,214
Subservicer receivable(A)	6,914		5,313
Other accounts receivable	10,355		10,312
Less: Allowance for credit losses	(320)		—
Accounts receivable, net	$	52,016	$	20,998

(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 Consolidated Statements of Operations:


	Years Ended December 31,
	2025		2024		2023
Ecosystem and technology fees:
Technology offering fees(A)	$	50,646	$	20,188	$	10,215
Ecosystem fees(B)	56,817		122		—
	107,463		20,310		10,215
Program fees(C)	13,345		8,004		413
Total ecosystem and technology fees	$	120,808	$	28,314	$	10,628

Schedule of Amortization of Capitalized Costs over the Estimated Useful Lives

Once internally-developed software is substantively complete and ready for intended use or upon release of software for external use, the Company amortizes capitalized costs over the estimated useful lives on a straight-line basis within “Technology and product development” expense in the Consolidated Statements of Operations as follows:


	Estimated Useful Life (Years)	December 31, 2025		December 31, 2024
Internally developed software	3	$	101,873	$	80,664
Accumulated amortization(A)		(73,704)		(57,503)
Net		$	28,169	$	23,161

(A) The Company amortized $16.3 million, $17.1 million, and $19.4 million of capitalized internally-developed software costs during the years ended December 31, 2025, 2024 and 2023, respectively.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Provenance Blockchain Foundation

Term Note

In July 2022, FT entered into an interest bearing term note with the Provenance Blockchain Foundation (“Provenance”), pursuant to which FT 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 held by FMH and was eligible to be settled in cash or an equivalent value of HASH at maturity. At December 31, 2024 the outstanding principal of the loan, including interest paid in-kind, was recorded at $9.4 million, as “Loan to related parties” in the Consolidated Balance Sheets. Interest accrued on the note was $0.7 million and $0.8 million for the years ended December 31, 2025 and 2024, respectively, recorded as “Interest income” in the Consolidated Statements of Operations.

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, the Company recorded a payable to related party of $0.1 million, representing 31,707,317 HASH tokens to be returned to Provenance.

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 $1 thousand incurred under the services agreement for the year ended December 31, 2025, respectively, recorded as expense in “Operations and processing” on the Consolidated Statements of Operations. At December 31, 2025 the Company owed $1 thousand to Provenance recorded in “Accounts payable and accrued liabilities” in the 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 year ended December 31, 2025, the Company recognized no revenue related to this Agreement, and there were no outstanding receivables due from Hastra as of December 31, 2025.

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

Employee DSCR Loan

In May 2025, the Company issued a debt-service coverage ratio (“DSCR”) loan to an employee. The principal amount of the loan was $0.1 million, with interest rate of 6.90% per annum, and maturity in June 2055. On August 15, 2025, the employee repaid the loan in full in an amount equal to $0.1 million, including principal of approximately $0.1 million and total accrued unpaid interest of approximately $0.0 million.

Transactions with Equity-Method Investees

Reflow

The Company holds a 17.3% interest in Reflow contributed to the Company by the Controlling Party. The Company received distributed profits of $0.8 million, $0.9 million and $0.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, recorded in “Other revenue” in the 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 Consolidated Balance Sheets as follows:


	Years Ended December 31,
	2025		2024
Contributions	$	150	$	3,783
Distributions	$	1,774	$	799

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

Transactions with the Controlling Party

The Company incurred $1.1 million, $0.6 million and $1.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, in costs to arrange travel for the Controlling Party and other affiliates, recorded as “General and administrative” expense in the Consolidated Statements of Operations.

As of December 31, 2025, the Controlling Party holds $0.4 million of YLDS issued by FCC, recorded as “Debt, current” on the 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-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
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-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))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: 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)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: 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)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-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 (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule Of Marketable Securities

The following table summarizes the Company’s marketable securities at December 31, 2025 and 2024:


	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

	December 31, 2024
	Outstanding Face Amount(A)		Net Fair Value Adjustment		Carrying Value(B)
Marketable securities, at fair value:
Investment grade debt securities(C)	$	121,278	$	(102)	$	121,176
Below investment grade debt securities(D)	7,897		(90)		7,807
Residual interest securities(E)	24,138		10,368		34,506
Total marketable securities, at fair value	$	153,313	$	10,176	$	163,489

(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 December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
	Units	Fair Value		Units	Fair Value
Digital assets held as collateral:
Bitcoin (BTC)	527	46,119		531	$	49,593
Ethereum (ETH)	2,173	6,450		4,457	14,846
Total digital assets held as collateral		$	52,569		$	64,439

The following table summarizes digital assets held at fair value by the Company, and by third-party custodians on behalf of the Company, at December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
	Units	Cost Basis		Fair Value		Units	Cost Basis		Fair Value
Digital assets held at fair value(A):
Solana (SOL)(B)	87,707	$	10,731	$	10,918	95,139	$	10,110	$	18,020
United States Dollar Tether (USDT)	958,734	959		959		1,002,506	1,003		1,003
Kamino Liquidity Pools	Various	23,485		23,510		n.a.	—		—
Other digital assets(C)	Various	475		555		Various	184		184
Total digital assets held at fair value		$	35,650	$	35,942		$	11,297	$	19,207

(C) 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


	December 31, 2025					December 31, 2024
	Units	Cost Basis		Carrying Value		Units	Cost Basis		Carrying Value
Digital assets held at cost:
HASH(A)	19,873,741,886	$	11,691	$	11,691	15,002,914,730	$	1,506	$	1,506
Total digital assets held at cost		$	11,691	$	11,691		$	1,506	$	1,506

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 years ended December 31, 2025 and 2024:


	Held as Collateral		Held at Fair Value(A)		Held at Cost
Balance at December 31, 2023	$	—	$	—	$	5,865
Purchases(B)	—		11,558		—
Sales(C)	—		(3,279)		—
Collateral received(D)(E)	57,503		—		—
Collateral returned(D)(E)	(6,121)		—		—
Gains(F)	—		2,471		—
Contribution from Related Party	—		—		1,500
Distributions from Fund I(G)	—		547		—
Impairment of digital assets	—		—		(5,859)
Change in fair value(E)(H)	13,057		7,910		—
Balance at December 31, 2024	64,439		19,207		1,506
Purchases(B)	—		26,943		3,864
Sales(C)	—		(8,922)		(3,979)
Collateral received(D)	63,724		—		—
Collateral returned(D)	(71,500)		—		—
Gains(F)	—		5,872		113

Distributions from Fund I(G)	—		2,042		—

Provenance Blockchain Foundation term note settlement(I)	—		—		10,187
Change in fair value(H)	(4,094)		(9,200)		—
Balance at December 31, 2025	$	52,569	$	35,942	$	11,691

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

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

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

(I) See Note 11 for information on the Provenance Blockchain Foundation term note settlement.

Schedule of Investment

The following table presents the carrying value of these investments at December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Equity method investees:
Domestic Solana Fund(A)	$	2,104	$	5,748
Reflow(B)	800		920
Fig SIX(C)	2,477		—
	5,381		6,668
Measurement alternative investments:
JAM FINTOP(D)	1,419		1,542
Total equity investments	$	6,800	$	8,210

(A) Represents a 4.8% equity interest in Domestic Solana Fund at December 31, 2025 and 2024.

(B) Represents a 17.3% interest in Reflow Services LLC (“Reflow”), an SEC-registered investment adviser, at December 31, 2025 and 2024.

(C) Represents a 5.0% equity interest in Fig SIX Mortgage, LLC (“Fig SIX”), a company domiciled in the United States of America, at December 31, 2025.

(D) Represents a 1.0% equity interest in JAM FINTOP Blockchain LP (“JAM FINTOP”), an investment company domiciled in the United States of America, at December 31, 2025 and 2024.

Schedule of Changes In the Company’s Equity Investments

equity investments:


	Equity Method Investees		Measurement Alternative Investments		Total
Balance at December 31, 2023	$	477	$	1,542	$	2,019
Share of investee earnings	3,698		—		3,698
Dividends received	(854)		—		(854)
Additional contributions	3,347		—		3,347
Measurement alternative adjustments	n.a.		—		—


Balance at December 31, 2024	$	6,668	$	1,542	$	8,210
Share of investee earnings	(1,246)		—		(1,246)
Dividends received	(2,643)		—		(2,643)
Additional contributions	2,602		—		2,602
Measurement alternative adjustments	n.a.		(123)		(123)


Balance at December 31, 2025	$	5,381	$	1,419	$	6,800

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Income tax (benefit) provision	$ (20,606)	$ 2,177	$ 102
Change in deferred tax assets valuation allowance	45,000	1,500
Deferred tax assets, net of valuation allowance	24,600	69,600
Unrecognized tax benefits	6,097	$ 3,045	$ 104	$ 104
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	34,000
Tax credit carryforward	11,400
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	300
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	21,800
Tax credit carryforward	$ 200

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenue:
Ecosystem and technology fees	$ 120,808	$ 28,314	$ 10,628
Servicing fees	31,540	25,245	18,620
Interest income	74,810	48,207	48,155
Origination fees	72,536	64,867	58,546
Gain on sale of loans, net	180,024	140,353	50,343
Gain on servicing asset, net	24,567	32,637	22,083
Other revenue	2,580	1,262	1,174
Total net revenue	506,865	340,885	209,549
Expenses:
General and administrative	131,971	104,251	58,794
Technology and product development	64,922	62,657	49,154
Operations and processing	65,056	44,452	38,930
Sales and marketing	76,094	55,657	52,761
Interest expense	48,870	56,415	49,200
Other expense	2,425	8,218	10,148
Total expenses	389,338	331,650	258,987
Operating income (loss)	117,527	9,235	(49,438)
Other (expense) income, net	(3,852)	12,857	(2,903)
Income (loss) before income taxes	113,675	22,092	(52,341)
Income tax (benefit) provision	(20,606)	2,177	102
Net income (loss)	134,281	19,915	(52,443)
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries	423	2,701	(4,508)
Net income (loss) attributable to Figure Technology Solutions, Inc.	$ 133,858	$ 17,214	$ (47,935)
Net income (loss) per share of Class A and Class B common stock
Basic (USD per share)	$ 0.54	$ 0	$ (0.93)
Diluted (USD per share)	$ 0.44	$ 0	$ (0.93)
Weighted-average Class A and Class B common shares outstanding
Basic (in shares)	114,435,259	65,020,119	51,305,065
Diluted (in shares)	141,802,002	72,637,457	51,305,065

EQUITY - Noncontrolling Interests in Equity of Consolidated Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Total Consolidated Equity	$ 1,237,198	$ 363,375	$ 222,423	$ 260,219
Non-controlling Interest in Equity of Consolidated Subsidiaries	8,364	8,277
Third Party Investors in Real Estate Investment Trust Subsidiary
Noncontrolling Interest [Line Items]
Total Consolidated Equity	24,819	36,068
Third Party Investors in Real Estate Investment Trust Subsidiary \| Subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling Interest in Equity of Consolidated Subsidiaries	8,364	8,277
Figure REIT
Noncontrolling Interest [Line Items]
Total Consolidated Equity	$ 18,217	$ 18,261
Noncontrolling owner, interest percentage	45.00%	44.60%
Figure REIT \| Subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling Interest in Equity of Consolidated Subsidiaries	$ 8,178	$ 7,769
Offshore Solana Fund
Noncontrolling Interest [Line Items]
Total Consolidated Equity	$ 6,602	$ 17,807
Noncontrolling owner, interest percentage	2.80%	2.80%
Offshore Solana Fund \| Subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling Interest in Equity of Consolidated Subsidiaries	$ 186	$ 508

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 42: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 47: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 51: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 54: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 55: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 2,022
2027	1,519
2028	1,337
2029	1,017
2030	988
Thereafter	83
Total undiscounted lease payments	6,966
Less: Imputed Interest	(1,285)
Operating Lease Liabilities	$ 5,681

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities


	December 31, 2025				December 31, 2024
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
Offshore Solana Fund	$	44,760	$	—	$	17,811	$	4
Figure REIT	20,789		1,847		121,817		103,556
Figure Certificate Company	329,921		329,219		1,015		494
Total	$	395,470	$	331,066	$	140,643	$	104,054

The following table summarizes the aggregate risk characteristics of the unconsolidated VIEs and the Company’s maximum exposure to loss at December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
UPB of securitization collateral	$	4,595,629		$	2,785,341
Face amount of debt held by third parties	$	4,805,192		$	2,586,297
Maximum exposure(A)	$	347,793		$	201,512
Weighted average delinquency(B)	0.8		%	0.4		%

(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

EQUITY - Equity-Based Compensation, Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) day $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 72,421	$ 45,310	$ 13,450
Number of trading days (in days) \| day	10
Market-Based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 21.87
Granted (in shares) \| shares	2,133,961
Market-Based RSUs \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	25.00%
Market-Based RSUs \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	25.00%
Market-Based RSUs \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	25.00%
Market-Based RSUs \| Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting percentage	25.00%

LOANS - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value	$ 404,337	$ 395,922	$ 255,516
Loans collateralized under repurchase agreements	21,700	313,400
Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	396,475	389,107
Carrying Value	404,337	395,922
HELOC loans \| Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	312,401	359,155
Carrying Value	320,566	366,154
Personal loans \| Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	79,350	24,975
Carrying Value	79,113	24,975
Other \| Loans held for sale:
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	4,724	4,977
Carrying Value	$ 4,658	$ 4,793

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: 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 6: 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 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: 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

+ Details

EQUITY - Warrants, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2024
Capital Unit [Line Items]
Equity-based compensation expense	$ 9.5
Class A Common Stock
Capital Unit [Line Items]
Number of shares unissued (in shares)	183,333
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
Class A Common Stock
Capital Unit [Line Items]
Warrants exercise price (in dollars per share)	$ 3.23
Exercisable period		5 years

RELATED PARTY TRANSACTIONS - Schedule of related party contributions, gross of distributions (Details) - Equity Method Investees - Domestic Solana Fund - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Contributions	$ 150	$ 3,783
Distributions	$ 1,774	$ 799

- 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
-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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: 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)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: 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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

SUBSEQUENT EVENTS (Details) - USD ($)		1 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Feb. 25, 2026	Feb. 28, 2026	Jan. 31, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Borrowing capacity				$ 2,105,300,000
Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from sale of Blockchain Stock		$ 0
Subsequent Event \| Share Repurchase
Line of Credit Facility [Line Items]
Cash used to repurchase shares		$ 10,000,000.0
Shares issued, price (in dollar per share)		$ 32.00
Shares repurchased (in shares)		312,500
Subsequent Event \| Blockchain Common Stock \| Share Repurchase
Line of Credit Facility [Line Items]
Share repurchase program authorized amount	$ 200,000,000
Share repurchase program, period	12 months
Subsequent Event \| Public Offering \| Blockchain Common Stock
Line of Credit Facility [Line Items]
Number of shares issued (in shares)		4,375,000
Warehouse Facility 4 \| Subsequent Event
Line of Credit Facility [Line Items]
Borrowing capacity			$ 50,000,000.0

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses	$ 51,541	$ 59,423
Tax credits	5,588	2,897
Loan sale indemnification reserve	1,571	1,520
Stock-based compensation	14,013	10,404
Intangible assets	5,557	5,334
Research and development capitalization	4,472	14,726
Lease liabilities	1,007	695
Other	3,617	823
Total deferred tax assets	87,366	95,822
Deferred tax liabilities:
Servicing asset	(28,718)	(22,982)
Unrealized gains (losses)	(2,486)	(2,621)
ROU assets	(1,320)	(611)
Mark to market	(4,161)	0
Total deferred tax liabilities	(36,685)	(26,214)
Valuation allowance	(24,644)	(69,608)
Net deferred tax assets (liabilities)	$ 26,037	$ 0

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The following events occurred subsequent to December 31, 2025 through March 13, 2026, the date at which the Company’s Consolidated Financial Statements were available to be issued. Debt Facilities In January 2026, the Company and its lender amended Warehouse Facility 4 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. Secondary Public Offering of Blockchain Common Stock 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 $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 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 outstanding. Share Repurchase Program On February 25, 2026, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $200 million of its Class A and Blockchain common stock over the next 12 months subject to market conditions, contractual restrictions and other factors. Repurchases under the 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 may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This 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.

FAIR VALUE MEASUREMENTS - Significant Valuation Input Sensitivity (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (273,151)	$ (163,489)
Loans held for sale, at fair value	404,337	395,922	$ 255,516
Residual interest securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	(40,166)	(34,506)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	113,064	88,497
Loans held for sale, at fair value	$ 404,337	$ 369,983
Level 3 \| Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.130	0.129
Loans held for sale, measurement input	0.065	0.076
Level 3 \| CPR
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.132	0.142
Loans held for sale, measurement input	0.180	0.137
Level 3 \| CDR
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.007	0.007
Loans held for sale, measurement input	0.019	0.017
Level 3 \| Servicing Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.003	0.002
Level 3 \| Residual interest securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (40,166)	$ (34,506)
Level 3 \| Residual interest securities \| Discount rate \| -2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (1,408)
Marketable securities, measurement input	0.077
Level 3 \| Residual interest securities \| Discount rate \| -1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (659)
Marketable securities, measurement input	0.036
Level 3 \| Residual interest securities \| Discount rate \| +1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (653)
Marketable securities, measurement input	(0.036)
Level 3 \| Residual interest securities \| Discount rate \| +2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (1,275)
Marketable securities, measurement input	(0.070)
Level 3 \| Residual interest securities \| CPR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (2,970)
Marketable securities, measurement input	0.164
Level 3 \| Residual interest securities \| CPR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (1,407)
Marketable securities, measurement input	0.078
Level 3 \| Residual interest securities \| CPR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (1,269)
Marketable securities, measurement input	(0.070)
Level 3 \| Residual interest securities \| CPR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (2,814)
Marketable securities, measurement input	(0.156)
Level 3 \| Residual interest securities \| CDR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (723)
Marketable securities, measurement input	0.040
Level 3 \| Residual interest securities \| CDR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (347)
Marketable securities, measurement input	0.019
Level 3 \| Residual interest securities \| CDR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (388)
Marketable securities, measurement input	(0.022)
Level 3 \| Residual interest securities \| CDR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	$ (743)
Marketable securities, measurement input	(0.041)
Level 3 \| HELOC loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 111,211	86,465
Loans held for sale, at fair value	320,566	$ 366,154
Level 3 \| HELOC loans \| Discount rate \| -2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 6,793
Servicing assets, measurement input	0.063
Loans held for sale, at fair value	$ 16,724
Loans held for sale, measurement input	0.037
Level 3 \| HELOC loans \| Discount rate \| -1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 3,289
Servicing assets, measurement input	0.030
Loans held for sale, at fair value	$ 12,418
Loans held for sale, measurement input	0.027
Level 3 \| HELOC loans \| Discount rate \| +1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 3,105
Servicing assets, measurement input	(0.029)
Loans held for sale, at fair value	$ 15,234
Loans held for sale, measurement input	(0.033)
Level 3 \| HELOC loans \| Discount rate \| +2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 6,025
Servicing assets, measurement input	(0.056)
Loans held for sale, at fair value	$ 30,126
Loans held for sale, measurement input	(0.066)
Level 3 \| HELOC loans \| CPR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 6,815
Servicing assets, measurement input	0.063
Loans held for sale, at fair value	$ 1,068
Loans held for sale, measurement input	0.002
Level 3 \| HELOC loans \| CPR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 3,299
Servicing assets, measurement input	0.031
Loans held for sale, at fair value	$ 570
Loans held for sale, measurement input	0.001
Level 3 \| HELOC loans \| CPR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 3,094
Servicing assets, measurement input	(0.029)
Loans held for sale, at fair value	$ 813
Loans held for sale, measurement input	(0.002)
Level 3 \| HELOC loans \| CPR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 6,004
Servicing assets, measurement input	(0.056)
Loans held for sale, at fair value	$ 1,636
Loans held for sale, measurement input	(0.004)
Level 3 \| HELOC loans \| CDR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 0
Servicing assets, measurement input	0
Loans held for sale, at fair value	$ 1,655
Loans held for sale, measurement input	0.004
Level 3 \| HELOC loans \| CDR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 0
Servicing assets, measurement input	0
Loans held for sale, at fair value	$ 816
Loans held for sale, measurement input	0.002
Level 3 \| HELOC loans \| CDR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 0
Servicing assets, measurement input	0
Loans held for sale, at fair value	$ 930
Loans held for sale, measurement input	(0.002)
Level 3 \| HELOC loans \| CDR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 0
Servicing assets, measurement input	0
Loans held for sale, at fair value	$ 1,820
Loans held for sale, measurement input	(0.004)
Level 3 \| HELOC loans \| Servicing Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.003	0.002
Level 3 \| HELOC loans \| Servicing Rate \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 9,022
Servicing assets, measurement input	0.083
Level 3 \| HELOC loans \| Servicing Rate \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 4,511
Servicing assets, measurement input	0.042
Level 3 \| HELOC loans \| Servicing Rate \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 4,511
Servicing assets, measurement input	(0.042)
Level 3 \| HELOC loans \| Servicing Rate \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 9,022
Servicing assets, measurement input	(0.083)
Level 3 \| Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset	$ 1,853	$ 2,032
Level 3 \| Mortgage loans \| Discount rate \| -2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ (187)
Servicing assets, measurement input	(0.101)
Level 3 \| Mortgage loans \| Discount rate \| -1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ (90)
Servicing assets, measurement input	(0.048)
Level 3 \| Mortgage loans \| Discount rate \| +1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ 82
Servicing assets, measurement input	0.044
Level 3 \| Mortgage loans \| Discount rate \| +2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ 158
Servicing assets, measurement input	0.085
Level 3 \| Mortgage loans \| CPR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ (98)
Servicing assets, measurement input	(0.053)
Level 3 \| Mortgage loans \| CPR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ (48)
Servicing assets, measurement input	(0.026)
Level 3 \| Mortgage loans \| CPR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ 46
Servicing assets, measurement input	0.025
Level 3 \| Mortgage loans \| CPR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, net	$ 90
Servicing assets, measurement input	0.049
Level 3 \| Mortgage loans \| Servicing Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets, measurement input	0.003	0
Level 3 \| Personal loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 79,113
Level 3 \| Personal loans \| Discount rate \| -2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 15
Loans held for sale, measurement input	0.011
Level 3 \| Personal loans \| Discount rate \| -1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 7
Loans held for sale, measurement input	0.005
Level 3 \| Personal loans \| Discount rate \| +1%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 7
Loans held for sale, measurement input	(0.005)
Level 3 \| Personal loans \| Discount rate \| +2%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 14
Loans held for sale, measurement input	(0.010)
Level 3 \| Personal loans \| CPR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CPR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CPR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CPR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CDR \| -20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CDR \| -10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CDR \| +10%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0
Level 3 \| Personal loans \| CDR \| +20%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 0
Loans held for sale, measurement input	0