DCM Reports 15.2M+ FIGR Class A Shares After IPO Conversion
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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series Seed Preferred Stock | 9,500,375 | $0.00 | -- |
| Conversion | Series A Preferred Stock | 2,303,584 | $0.00 | -- |
| Conversion | Series B Preferred Stock | 2,557,564 | $0.00 | -- |
| Conversion | Series C Preferred Stock | 661,095 | $0.00 | -- |
| Conversion | Series D Preferred Stock | 183,763 | $0.00 | -- |
| Conversion | Class A Common Stock | 15,022,618 | $0.00 | -- |
| Conversion | Class A Common Stock | 183,763 | $0.00 | -- |
Footnotes (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. 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. 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.
