[Form 4] Figure Technology Solutions, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Figure Technology Solutions, Inc. (FIGR) reporting person Adam Boyden, a director, disclosed transactions tied to the issuer's initial public offering. Preferred shares automatically converted into Class A common stock on 09/12/2025, producing 6,499,459 newly acquired Class A shares reported as acquired. The filing also reports a sale of 468,860 Class A shares on 09/12/2025 at $25.00 per share. After these transactions the reporting person is shown as beneficially owning 7,120,018 Class A shares (indirectly) and holds no derivative securities exercisable into additional shares. Disclosures indicate holdings are held through several venture partnership entities for which the reporting person is a managing member.

Positive

• Preferred shares converted into Class A stock as described, clarifying capital structure post-IPO
• Reporting person retains substantial indirect ownership (7,120,018 Class A shares), indicating continued alignment with pre-IPO investors

Negative

• Sale of 468,860 shares at $25.00 represents an insider disposition that increases available public float
• Significant holdings are indirect via affiliated entities, with the reporting person disclaiming beneficial ownership except for pecuniary interest

Insights

Corporate Governance Expert

TL;DR: Director-level conversions increased reported indirect holdings while a modest-sale occurred the same day; ownership remains concentrated via venture entities.

The filing documents automatic conversion of preferred stock into 6.5 million Class A shares at IPO close, reflecting capitalization changes rather than new economic investment by the reporting person. The director retains indirect control through RPM/BGW vehicle structures that hold 7.12 million Class A shares in aggregate. A sale of 468,860 shares at $25 reduces stake held by those vehicles but does not eliminate substantial indirect ownership. For governance, concentrated ownership through affiliated funds suggests continued alignment with pre-IPO investors but warrants monitoring of future director sales for signaling.

Securities Analyst

TL;DR: Material share conversion expanded public float; a concurrent disclosed sale at $25 reduced part of the stake but significant indirect holdings remain.

The conversion of Series A-D preferred into 6,499,459 Class A shares increases publicly reportable common shares tied to pre-IPO holders, which can affect free float and supply dynamics. The reported sale of 468,860 shares at $25 is a defined, single-day disposition and represents a measurable liquidity event from affiliated vehicles. No derivative securities remain exercisable post-conversion per the filing. Investors should note the transactions are executed via limited partnerships and GP entities, with the reporting person disclaiming direct beneficial ownership except for pecuniary interest as disclosed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Boyden Adam Gilbert

(Last) (First) (Middle)

C/O FIGURE TECHNOLOGY SOLUTIONS, INC.

100 WEST LIBERTY STREET, SUITE 600

(Street)

RENO NV 89501

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Figure Technology Solutions, Inc. [ FIGR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/12/2025		C		6,499,459	A	(1)	7,120,018	I	See footnote(2)(3)
Class A Common Stock	09/12/2025		S		468,860	D	$25	6,651,158	I	See footnotes(2)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Preferred Stock	(1)	09/12/2025		C			1,573,861	(1)	(1)	Class A Common Stock	1,573,861	(1)	0	I	See footnote(2)(5)
Series B Preferred Stock	(1)	09/12/2025		C			2,002,803	(1)	(1)	Class A Common Stock	2,002,803	(1)	0	I	See footnote(2)(5)
Series C Preferred Stock	(1)	09/12/2025		C			661,095	(1)	(1)	Class A Common Stock	661,095	(1)	0	I	See footnote(2)(5)
Series D Preferred Stock	(1)	09/12/2025		C			2,261,700	(1)	(1)	Class A Common Stock	2,261,700	(1)	0	I	See footnote(2)(5)

Explanation of Responses:

1. Immediately prior to the closing of the Issuer's initial public offering, each share of preferred stock of the Issuer automatically converted into one share of Class A Common Stock.

2. The sole general partner for RPM Ventures III, L.P. ("RPM III") and RPM Ventures III-A, L.P. ("RPM III-A") is RPM Ventures III GP L.L.C. ("RPM III GP"). The sole general partner for BGW Ventures III, L.P. ("BGW III") is BGW Ventures III GP, L.L.C. ("BGW III GP"). The sole general partner for RPM Ventures IV, L.P. ("RPM IV") and RPM Ventures IV-A, L.P. ("RPM IV-A") is RPM Ventures IV GP L.L.C. ("RPM IV GP"). The managing members of each of RPM III GP, BGW III GP, and RPM IV GP are Adam Boyden, Anthony Grover, and Marc Weiser (the "Managing Members"). The Managing Members share voting and dispositive power with respect to the shares held directly by each of RPM III (for itself and nominee for RPM III-A), BGW III, and RPM IV (for itself and nominee for RPM IV-A). The Reporting Person disclaims beneficial ownership with respect to such shares except to the extent of his pecuniary interest therein.

3. This transaction line consists of (i) 4,688,597 shares of Class A Common Stock held by RPM III (for itself and as nominee for RPM III-A), (ii) 1,440,363 shares of Class A Common Stock held by BGW III and (iii) 991,058 shares of Class A Common Stock held by RPM IV (for itself and as nominee for RPM IV-A).

4. Following all the transactions reported on this Form 4, consists of (i) 4,219,737 shares of Class A Common Stock held by RPM III (for itself and as nominee for RPM III-A), (ii) 1,440,363 shares of Class A Common Stock held by BGW III and (iii) 991,058 shares of Class A Common Stock held by RPM IV (for itself and as nominee for RPM IV-A).

5. Consisted of (i) 1,573,861 Series A Preferred Stock, 2,002,803 Series B Preferred Stock, 661,095 Series C Preferred Stock and 42,195 Series D Preferred Stock held by RPM III (for itself and as nominee for RPM III-A), (ii) 1,314,825 Series D Preferred Stock held by BGW III and (iii) 904,680 Series D Preferred Stock held by RPM IV (for itself and as nominee for RPM IV-A).

Remarks:

	/s/ Ronald Chillemi, Attorney-in-Fact	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What transactions did Adam Boyden report on FIGR Form 4?

The filing reports automatic conversion of preferred stock into 6,499,459 Class A shares and a sale of 468,860 Class A shares on 09/12/2025 at $25.00 per share.

How many Class A shares does the reporting person beneficially own after these transactions?

The filing shows indirect beneficial ownership of 7,120,018 Class A shares following the reported transactions.

Were any derivative securities left exercisable after the conversion?

No derivative securities are reported as exercisable into additional shares following the conversion; derivatives reported prior to conversion show 0 beneficially owned post-transaction.

Through what entities are the shares held?

Shares are held indirectly through affiliated partnership vehicles including RPM Ventures III, RPM Ventures IV and BGW Ventures III, with general partner entities managed by the reporting person and others.

What was the effective date of the transactions?

The transactions are dated 09/12/2025, and the Form 4 is signed on 09/16/2025 by an attorney-in-fact.