Figure Technology Solutions Inc-A 2025年度报告

FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________Commission file number 001-42829 FIGURE TECHNOLOGY SOLUTIONS, INC. (Exact name of registrant as specified in its charter)_________________________ Nevada99-2556408(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 100 West Liberty Street, Suite 600Reno, NV89501(Address of Principal Executive Offices)(Zip Code) Registrant’s telephone number, including area code: (917) 789-8049 Securities registered pursuant to Section 12(b) of the Act: Class A Common Stock, par value $0.0001 pershare Securities registered pursuant to Section 12(g) of the Act: Series A Blockchain Common Stock, par value $0.0001 per share Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As of March10, 2026, registrant had outstanding 177,425,569 shares of Class A common stock, net of treasury shares, 37,893,047shares of Class B common stock and 1,031,710 shares of Blockchain common stock. 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 SECwithin 120 days after the end of the fiscal year ended December31, 2025 are incorporated herein by reference in Part III of thisAnnual Report on Form 10-K. Table of Contents Part I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Part II Item 5.Market for Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of EquitySecurities99Item 6.[Reserved]100Item 7.Management’s Discussion and Analysis Of Financial Condition And Results Of Operations100Item 7A.Quantitative and Qualitative Disclosures About Market Risk121Item 8.Financial Statements and Supplementary Data123Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure181Item 9A.Controls and Procedures181Item 9B.Other Information182Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections182 Part III Item 10.Directors, Executive Officers, and Corporate GovernanceItem 11.Executive CompensationItem 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13.Certain Relationships and Related Transactions, and Director IndependenceItem 14.Pri