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

Rhea-AI Filing Summary

Figure Technology Solutions, Inc. (FIGR) Form 4 shows multiple related DCM reporting persons reporting transactions dated 09/12/2025 and signed 09/16/2025. Immediately prior to the issuer's IPO, each share of preferred stock automatically converted into one share of Class A Common Stock. The filing reports two non-derivative acquisitions of Class A Common Stock: 15,022,618 shares (resulting in 16,456,952 shares beneficially owned) and 183,763 shares (resulting in 201,309 shares beneficially owned). The filing also reports conversion of multiple series of preferred stock into Class A Common Stock totaling 15,206,381 underlying shares held indirectly by Figure Investments, LLC and DCM Opportunity Fund III, L.P.

Positive

• Automatic conversion of preferred shares into Class A Common Stock is explicitly disclosed, clarifying post-IPO capital structure.
• Detailed share counts are provided: 15,022,618 and 183,763 Class A shares acquired on 09/12/2025, with resulting beneficial ownership figures.
• Breakdown of converted preferred series into Class A equivalents is itemized (Series Seed, A, B, C, D) with underlying share amounts.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Related DCM entities converted preferred stock to Class A shares at IPO, consolidating substantial indirect ownership.

The filing documents a routine post-IPO conversion where each preferred share automatically became one Class A common share. Multiple DCM-related entities report indirect beneficial ownership through Figure Investments, LLC and DCM Opportunity Fund III, L.P. The transactions are recorded as acquisitions on 09/12/2025 and signed on 09/16/2025 by an attorney-in-fact. This is a governance disclosure of ownership structure and does not state any sales or open-market trades.

Securities Analyst

TL;DR: Large block conversions increased Class A share holdings reported by DCM entities but no cash transactions or option exercises are reported.

The Form 4 lists non-derivative acquisitions and the conversion of Series Seed, A, B, C and D preferred shares into Class A common stock with explicit share counts for each converted series and resulting beneficial ownership figures. All ownership is reported as indirect (I) through specified entities. The filing provides clear counts and legal relationships but contains no price-per-share cash purchases or sales to assess valuation impact.

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

OMB APPROVAL

OMB Number:			3235-0287
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X

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^*

DCM International VIII, Ltd.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(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)

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

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)

	Form filed by One Reporting Person
X	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		15,022,618	A	(1)	16,456,952	I	By Figure Investments, LLC(2)
Class A Common Stock	09/12/2025		C		183,763	A	(1)	201,309	I	By DCM Opportunity Fund III, L.P.(3)

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 Seed Preferred Stock	(1)	09/12/2025		C			9,500,375	(1)	(1)	Class A Common Stock	9,500,375	(1)	0	I	By Figure Investments, LLC(2)
Series A Preferred Stock	(1)	09/12/2025		C			2,303,584	(1)	(1)	Class A Common Stock	2,303,584	(1)	0	I	By Figure Investments, LLC(2)
Series B Preferred Stock	(1)	09/12/2025		C			2,557,564	(1)	(1)	Class A Common Stock	2,557,564	(1)	0	I	By Figure Investments, LLC(2)
Series C Preferred Stock	(1)	09/12/2025		C			661,095	(1)	(1)	Class A Common Stock	661,095	(1)	0	I	By Figure Investments, LLC(2)
Series D Preferred Stock	(1)	09/12/2025		C			183,763	(1)	(1)	Class A Common Stock	183,763	(1)	0	I	By DCM Opportunity Fund III, L.P.(3)

1. Name and Address of Reporting Person^*

DCM International VIII, Ltd.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM Investment Management VIII, L.P.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM VIII, L.P.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM Ventures China Fund (DCM VIII), L.P.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM Affiliates Fund VIII, L.P.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM Opportunity Fund International III, Ltd.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM Opportunity Fund Investment Management III, L.P.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DCM Opportunity Fund III, L.P.

(Last) (First) (Middle)

2420 SAND HILL ROAD, SUITE 200

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

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. Figure Investments, LLC is owned by DCM VIII, L.P., DCM Ventures China Fund (DCM VIII), L.P. and DCM Affiliates Fund VIII, L.P. (collectively "DCM VIII") and is managed by its officers, which are appointed by DCM VIII, the general partner of which is DCM Investment Management VIII, L.P., the general partner of which is DCM International VIII, Ltd.

3. The general partner of DCM Opportunity Fund III, L.P. is DCM Opportunity Fund Investment Management III, L.P., the general partner of which is DCM Opportunity Fund International VIII, Ltd.

Remarks:

Matthew C. Bonner signs as attorney-in-fact for the Reporting Persons pursuant to a Power of Attorney that is included on filings made by DCM with the Securities and Exchange Commission.

	DCM International VIII, Ltd., By: /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM Investment Management VIII, L.P., By: DCM International VIII, Ltd., its GP, /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM VIII, L.P., By: DCM Investment Management VIII, L.P., its GP, DCM International VIII, Ltd., its GP, /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM Ventures China Fund (DCM VIII), L.P., By: DCM Investment Management VIII, L.P., its GP, DCM International VIII, Ltd., its GP, /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM Affiliates Fund VIII, L.P., By: DCM Investment Management VIII, L.P., its GP, DCM International VIII, Ltd., its GP, /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM Opportunity Fund International VIII, Ltd., By: /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM Opportunity Fund Investment Management III, L.P., By: DCM Opportunity Fund International VIII, Ltd., its GP, /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	DCM Opportunity Fund III, L.P., By: DCM Opportunity Fund Investment Management III, L.P., its GP, DCM Opportunity Fund International VIII, Ltd., its GP, /s/ Matthew C. Bonner, Attorney-in-Fact	09/16/2025
	Figure Investments, LLC, By: /s/ Matthew C. Bonner, President	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 does the FIGR Form 4 report?

The Form 4 reports non-derivative acquisitions on 09/12/2025 of 15,022,618 and 183,763 Class A common shares resulting from automatic conversion of preferred stock.

Who holds the shares reported on the FIGR Form 4?

Reported beneficial owners are DCM-related entities indirectly through Figure Investments, LLC and DCM Opportunity Fund III, L.P. as disclosed in the filing.

Did the Form 4 report any cash purchases or sales for FIGR?

No. The filing records automatic conversions and acquisitions resulting from conversion; it does not report any price-per-share cash purchases or open-market sales.

When were the Form 4 transactions signed and filed?

The reporting persons signed the Form 4 on 09/16/2025, reporting transactions dated 09/12/2025.

Which preferred series were converted into Class A shares in the FIGR filing?

The filing lists conversions of Series Seed, Series A, Series B, Series C, and Series D preferred stock into Class A Common Stock with specified underlying share counts.