S-1/A: Figure Technology Solutions Files S-1/A for Blockchain Stock Offering

Sentiment:

Public Offering Registration Statement Amendment 12 February 2026 5:30 PM

Figure Technology Solutions, Inc. is offering up to 4.23 million shares of its Series A Blockchain Common Stock and Class A Common Stock, following strong financial performance and a recent recombination of its businesses.

Capital raiseThis S-1/A filing is for the registration of up to 4,230,000 shares of Series A Blockchain Common Stock and 4,230,000 shares of Class A Common Stock, indicating a public offering to raise capital.The company completed its initial public offering (IPO) on September 12, 2025, receiving $663.4 million in net proceeds.The company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures, and potentially for acquisitions or strategic investments.The company may explore additional financing sources and means to lower its cost of capital in the future, which could include equity, equity-linked, and debt financing.

Better than expectedNet income for the nine months ended September 30, 2025, was $119 million, a substantial increase from $14 million in the prior year period.Adjusted EBITDA for the nine months ended September 30, 2025, was $170 million, nearly double the $86 million reported in the prior year period.Preliminary unaudited estimated net income for the full year 2025 is projected to be between $131.5 million and $132.5 million, a significant improvement over the $19.9 million net income in 2024 and a net loss of $52.4 million in 2023.Preliminary unaudited estimated Adjusted EBITDA for the full year 2025 is projected to be between $249 million and $252 million, more than double the $101.4 million in 2024 and a significant turnaround from a negative $11.9 million in 2023.

Summary

Figure Technology Solutions, Inc. (FTS) is offering up to 4,230,000 shares of its Series A Blockchain Common Stock and 4,230,000 shares of Class A Common Stock.
The company recently recombined its businesses with Figure Markets Holdings, Inc. (FMH) on August 29, 2025, making FMH a wholly-owned subsidiary of FTS.
FTS completed its initial public offering (IPO) on September 12, 2025, raising $663.4 million in net proceeds.
For the nine months ended September 30, 2025, FTS reported net revenue of $347 million and net income of $119 million, compared to $257 million and $14 million, respectively, for the same period in 2024.
Adjusted EBITDA for the nine months ended September 30, 2025, was $170 million, up from $86 million in the prior year period.
Preliminary unaudited estimated results for the year ended December 31, 2025, project total net revenue between $505 million and $509 million, and net income between $131.5 million and $132.5 million.
The company's proprietary Loan Origination System (LOS) has reduced the median time to fund a home equity loan to 10 days, significantly faster than the industry median of approximately 42 days.
Average production cost per loan was approximately $730 for the year ended December 31, 2024, compared to a mortgage industry average of $11,230.
Figure Connect, a blockchain-based marketplace launched in June 2024, facilitated approximately $2.4 billion in HELOC volume by third parties from launch to September 2025.
The company launched YLDS, an SEC-registered interest-bearing transferable stablecoin, in February 2025, with approximately $21.5 million outstanding as of September 30, 2025.
FTS has 246 active partners as of September 30, 2025, with partner-branded loan originations growing to approximately $5.2 billion for the last twelve months ended September 30, 2025.
The company has accumulated over $60 billion in real-world and digital asset transactions on Provenance Blockchain from late 2018 to October 14, 2025.
A joint venture with Sixth Street Partners, Fig SIX Mortgage LLC, was formed in February 2025, with commitments up to $210.5 million, to purchase HELOC loans and securitize them.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this filing positively due to strong recent financial performance, significant operational efficiencies, and strategic advancements in blockchain-based financial solutions. The company's growth in key metrics and market share in tokenized assets, coupled with a robust regulatory framework, indicates a strong competitive position, despite inherent risks in the evolving digital asset space and a history of losses.

Positives

Strong financial growth with net revenue increasing from $257 million (9M 2024) to $347 million (9M 2025) and net income from $14 million to $119 million over the same periods.
Adjusted EBITDA more than doubled from $86 million (9M 2024) to $170 million (9M 2025), indicating improved operational profitability.
Significant efficiency gains in loan origination, reducing median funding time for HELOCs to 10 days from an industry average of 42 days.
Substantial reduction in average production cost per loan to $730 in 2024, compared to the mortgage industry average of $11,230.
Rapid adoption of DART platform, with 91% of LOS originations utilizing it for the quarter ended September 30, 2025, up from 2% in 2024.
Figure Connect marketplace has facilitated $2.4 billion in HELOC volume since its June 2024 launch, demonstrating growing liquidity and third-party participation.
Successful launch of YLDS, an SEC-registered, interest-bearing stablecoin, offering a unique value proposition in the digital asset market.
Expansion of partner network to 246 active partners as of September 30, 2025, driving significant Partner-branded volume growth.
Low loss rates of less than 1% on originated loans as of September 30, 2025, reflecting disciplined underwriting.
Proactive regulatory compliance, holding over 180 lending and servicing licenses, 48 money transmitter licenses, and operating an SEC-registered ATS, creating a competitive moat.

Negatives

The company has a history of net losses, with an accumulated deficit of $202 million as of September 30, 2025, despite recent profitability.
Substantially all revenue is derived from the HELOC product, making the company susceptible to fluctuations in this market.
Significant partner concentration, with the top 10 partners contributing 56% of origination volume for the nine months ended September 30, 2025.
Reliance on third-party vendors for critical data and systems, exposing the company to risks of data inaccuracy or system failures.
Digital assets-secured personal loans are subject to the volatility of digital asset markets, potentially leading to margin calls and borrower dissatisfaction.
The use of remote online notaries and AVMs, while efficient, may expose the company to greater risk of loss if challenged in court or if valuations are inaccurate.
The company's business is significantly impacted by interest rates, which can affect borrowing costs, loan values, and borrower default rates.
Identified material weaknesses in internal control over financial reporting as of December 31, 2024, which could affect financial reporting accuracy and investor confidence.
The dual-class common stock structure concentrates voting control with Michael Cagney, limiting other stockholders' influence.
An active trading market for the blockchain stock does not yet exist and may not develop, and its price may differ from Class A common stock.
Holders of blockchain stock may experience settlement delays when converting to and selling Class A common stock.
The regulatory landscape for blockchain technology and digital assets is uncertain and evolving, posing risks of increased compliance costs or restrictions on business activities.

Risks

History of losses and uncertainty in maintaining future profitability, with expected increased costs as a public company.
Failure to effectively manage rapid growth could adversely affect business, financial condition, and results of operations.
High susceptibility to fluctuations in the HELOC market due to product concentration, and potential inability to attract and retain partners with current product offerings.
Increased borrower default rates could make the company and its loans less attractive to funding sources, impacting access to financing.
Risk of HELOCs being recharacterized as closed-end credit or variable-rate credit under TILA or state law, leading to increased regulatory burdens and potential unenforceability.
Uncertainty regarding the status of digital assets, products, or services as securities, potentially leading to regulatory scrutiny, fines, or operational changes.
Risks associated with depositing and withdrawing digital assets from Figure Exchange, including loss of customer assets and disputes.
Significant impact of interest rate changes on net interest income, loan values, and borrower repayment ability.
Technology disruptions, failures, cyberattacks, or breaches in operational/security systems could disrupt business and cause reputational/legal harm.
Failure to adequately maintain, protect, and enforce intellectual property rights or allegations of infringement could adversely affect the business.
Non-compliance with federal, state, and local laws related to lending, money transmission, consumer protection, and loan financings could lead to fines, penalties, or license revocation.
Material weaknesses in internal control over financial reporting could impair accurate financial reporting and investor confidence.
Concentration of voting control with Michael Cagney due to dual-class stock structure, limiting other stockholders' influence.
Lack of an active trading market for blockchain stock and potential price disparity with Class A common stock.
Settlement delays for blockchain stock conversion to Class A common stock, exposing holders to market risk.
Regulatory actions potentially affecting the trading price and liquidity of blockchain stock.
Risks associated with distributed ledger technology being an emerging technology with limited testing and usage.
Potential loss of customer assets due to user errors in digital asset wallet management, with no insurance against such losses.
Volatility in digital asset markets impacting results of operations.
Reliance on external financial and tax advisors whose advice may be inaccurate or wrong due to the novelty of the digital asset industry.
Redemption risk, pricing risk, and regulatory risk associated with stablecoins, including YLDS.
Significant trading volume concentration on Figure Exchange from a small number of institutional customers, posing risk if these customers reduce activity.
Revenue concentration from Figure Exchange in Bitcoin, Ether, and HASH, making the company vulnerable to price declines in these assets.
Banking relationships in the digital asset space are difficult to obtain and maintain, and loss of a critical banking or insurance relationship could adversely impact the business.
Risks from smart contract vulnerabilities or flaws in digital assets supported by the company.
Challenges to DART's validity or effectiveness as a lien and eNote registry could materially affect the business.
Reputational risk if Provenance Blockchain is associated with illicit activity, potentially requiring a shift to a new blockchain.
Marketing practices involving third parties may expose the company to risks of alleged RESPA violations.
Compliance with anti-bribery, anti-corruption, and other similar laws, with potential for penalties and adverse consequences for non-compliance.

Future Outlook

Figure Technology Solutions expects continued growth by onboarding new origination partners, increasing penetration with existing partners, and expanding on-chain loan production. The company plans to add incremental products and markets, including DSCR loans, personal loans, and student loans, and expand Figure Connect volume through new loan buyers and the Figure Certified program. YLDS adoption is a key focus, with plans to build an institutional sales team and target retail users. Continuous innovation in the technology stack is expected to drive future growth and efficiency.

Management Comments

Figure is building the future of capital markets using blockchain-based technology, displacing trust with truth in the financial ecosystem.
Our platform significantly reduces complexity and increases speed for market participants across application, underwriting, funding, and capital markets processes.
We believe that we have established a regulatory and licensing apparatus which sets us apart from our competitors and enables us to continue expanding our diverse product offering.
We firmly believe that developing cutting-edge technology is a core competency that allows for future growth.
We firmly believe Mr. Cagney's retention is of paramount concern, with consideration given to his essential role in achieving our long-term strategy and our goal to deliver meaningful value to our stockholders.

Industry Context

StockSavvy.ai notes that Figure Technology Solutions is positioning itself as a vertically integrated capital markets infrastructure platform, aiming to disrupt traditional, fragmented legacy systems in consumer credit and digital asset markets. The company's focus on blockchain technology for efficiency, standardization, and liquidity aligns with broader industry trends towards digital transformation and tokenization of real-world assets, a market projected to reach $16 trillion by 2030. Its rapid loan funding times and significantly lower production costs per loan demonstrate a competitive advantage over traditional mortgage lenders. The introduction of an SEC-registered, interest-bearing stablecoin (YLDS) addresses a scarcity in the stablecoin market, potentially attracting institutional investors seeking yield. The company's extensive regulatory licensing apparatus provides a 'regulatory moat' in a nascent and often uncertain digital asset regulatory environment, differentiating it from less regulated competitors. However, the digital asset market remains highly volatile and competitive, with new entrants and evolving regulatory frameworks posing ongoing challenges.

Comparison to Industry Standards

Median home equity loan funding time: Figure's 10 days (9M ended Sep 30, 2025) vs. industry median of approximately 42 days, demonstrating superior efficiency.
Average production cost per loan: Figure's $730 (year ended Dec 31, 2024) vs. mortgage industry average of $11,230 (Q4 2024, MBA), indicating a significant cost advantage.
Tokenized private credit market share: Figure holds approximately 75% based on outstanding loans originated as of September 30, 2025 (RWA.xyz), indicating a dominant position in this niche.
Real-world assets total value locked: Figure's approximately $13 billion (as of Sep 30, 2025, RWA.xyz) in a market where less than 0.1% of real-world assets are currently on blockchain, highlighting its leadership in tokenization.
Stablecoin yield: YLDS offers a constant interest rate of SOFR minus 0.35% (as of Oct 1, 2025), differentiating it from most stablecoins (95% of $310 billion in circulation as of Sep 30, 2025) that do not pay yield (CoinGecko).
Credit loss rates: Figure's originated loans had loss rates of less than 1% of volume (as of Sep 30, 2025), well below the 6% rating agencies typically assume for securitizations of similar loan products.
Third-party review expenses: Figure's securitizations use a sample-based review (approx. 20% of loans) compared to 100% for a sample of 2025 securitizations, reducing expenses by as much as 80%.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Chief Executive Officer and Director	NA	Michael Tannenbaum	2024-04-01	Appointment to lead the recombined entity.
Chief Financial Officer	NA	Macrina Kgil	2024-12-02	Appointment to lead the recombined entity.
Chief Capital Officer	NA	Todd Stevens	2023-11-13	Appointment to lead the recombined entity.
Director	NA	Adam Boyden	2024-03-01	Appointment in connection with the corporate reorganization.
Director	NA	Michael Cagney	2024-03-01	Co-founder and continued leadership role after corporate reorganization.
Director	NA	David Katsujin Chao	2024-03-01	Appointment in connection with the corporate reorganization.
Director	NA	Lesley Goldwasser	2025-07-01	Appointment to the board of directors.
Director	NA	Sachin Jaitly	2024-03-01	Appointment in connection with the corporate reorganization.
Director	NA	Daniel Morehead	2025-08-01	Appointment to the board of directors.
Director	NA	June Ou	2025-01-01	Co-founder and appointment to the board of directors.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Corporate Structure Reorganization	On August 29, 2025, FTI and FMH recombined their businesses, with FMH becoming a wholly-owned subsidiary of FTS. FTS changed its name to Figure Technology Solutions, Inc. The financial statements were retrospectively recast to reflect this as a single consolidated entity.	2025-08-29	Streamlines operations under a single entity, potentially improving efficiency and strategic alignment. Financials are presented on a combined basis for historical periods.
Dual-Class Stock Structure	The company maintains a dual-class common stock structure (Class A with one vote, Class B with ten votes), concentrating voting control with Michael Cagney.	NA	Limits the ability of other stockholders to influence corporate matters, including director elections and major transactions, and may depress the trading price of Class A common stock and blockchain stock due to exclusion from certain indexes.
Controlled Company Status	The company is a controlled company under NASDAQ rules due to Michael Cagney's majority voting control, allowing it to elect not to comply with certain corporate governance requirements (e.g., majority independent board, independent compensation/nominating committees).	NA	May result in fewer protections for stockholders compared to companies subject to all NASDAQ governance rules, potentially making the stock less attractive to some investors.
Exclusive Forum Provisions	Second amended and restated articles of incorporation and bylaws designate the Eighth Judicial District Court of Clark County, Nevada, as the exclusive forum for most disputes, and federal district courts for Securities Act claims.	NA	Aims to increase consistency in applying Nevada law and federal securities laws but may limit stockholders' ability to choose their preferred judicial forum, potentially discouraging lawsuits against directors and officers.
Anti-Takeover Provisions	Nevada law and company's articles of incorporation/bylaws include provisions (e.g., dual-class structure, board's authority to issue preferred/blockchain common stock, staggered board, restrictions on stockholder actions) that could delay or prevent a change of control.	NA	May discourage hostile takeovers or changes in management, potentially limiting opportunities for stockholders to receive a premium for their shares.
Non-Employee Director Compensation Policy	Adopted a policy for non-employee directors, including annual cash retainers ($75,000 base, plus additional for lead independent director and committee chairs/members) and annual RSU awards ($100,000 grant date fair value).	NA	Aims to attract and retain qualified independent directors by providing competitive compensation.
Founder Retention Award	Granted an equity award to Michael Cagney (Chairman) under the 2025 Plan, consisting of options, service-based RSUs, and performance-based RSUs, totaling 4% of outstanding common stock on an as-converted basis.	NA	Intended to ensure Mr. Cagney's retention for at least four additional years and align his interests with stockholders by linking vesting to service and stock price performance.

Legal Proceedings

The company is, from time to time, involved in various disputes, litigation, arbitration, and regulatory inquiry and investigation matters that arise in the ordinary course of business.
Management believes 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 subject to inquiries by government entities but does not currently believe any will result in a material adverse effect.
The company reviews the need for loss contingency reserves and establishes them when probable and estimable.

Related Party Transactions

**Recombination**: On August 29, 2025, FTI and FMH recombined, with FMH becoming a wholly-owned subsidiary of FTS. This was accounted for as a reorganization of entities under common control (Michael Cagney).
**Provenance Foundation Term Note**: FT (now FTS) had an interest-bearing term note with the Provenance Foundation (where Ms. Ou is Executive Director and Mr. Cagney is a co-founder of the blockchain). The outstanding balance was $9.9 million as of September 30, 2025, and was repaid in full on December 31, 2025. Interest accrued was $0.6 million for 9M 2025.
**Provenance Services Agreement**: FCC (a subsidiary) entered into a services agreement with Provenance Foundation in February 2025, where Provenance pays HASH fees for blockchain operations on behalf of FCC, and FCC reimburses Provenance in cash. No reimbursement was made in 9M 2025.
**Expense Reimbursement Agreement**: The company has an agreement with Provenance Foundation to provide technology, legal, HR, and accounting services for a fee (cost + 5%). Provenance Foundation paid $0.1 million in 9M 2025.
**Reflow Services LLC**: The company holds a 17% interest in Reflow (an SEC-registered investment adviser), contributed by Mr. Cagney. Received $0.9 million in profit distributions in 9M 2025. The company also has a shared services agreement with Reflow, receiving $0.6 million in management fees in 2024 (no payments in 9M 2025).
**Domestic Solana Fund**: The company holds a 4.8% equity interest in Domestic Solana Fund, managed by FIA (a subsidiary). Contributions were $0.1 million and distributions were $1.8 million in 9M 2025.
**Loan Sales by FLC to Figure REIT Inc.**: Figure REIT (where Mr. Cagney is President) purchased $153 million of HELOCs from FLC in 9M 2025, recording a net gain on sales of $7 million. Figure REIT contributed $201 million of loans to FLC securitizations in 9M 2025.
**Loan Sales and Servicing Agreements with Figure Markets Credit LLC**: FL LLC sells and services Crypto-Backed Loans originated by FL LLC for Figure Markets Credit LLC (FMC LLC). $59 million of such loans were originated, sold, and serviced in 9M 2025.
**Loan and Security Agreement with FMC LFV LLC**: FL LLC entered into an agreement with FMC LFV (a subsidiary of FMC LLC) to warehouse Crypto-Backed Loans. The facility had a $25 million limit and matured on March 28, 2025.
**Figure Connect Exclusivity and Fee Letter Agreement**: FLC entered into an agreement with FMC LLC in January 2025 for FMC LLC to use best efforts to transact crypto-backed loans through Figure Connect.
**Travel Arrangements**: Incurred $0.8 million in 9M 2025 for travel for certain executive officers and directors, including Mr. Cagney.
**DSCR Loan to Todd Stevens**: Issued a $0.1 million DSCR loan to Todd Stevens (Chief Capital Officer) in May 2025, repaid in full on August 15, 2025.
**Term Notes Issued By Mr. Cagney**: FL LLC borrowed $10 million from Mr. Cagney on June 7, 2023, repaid on June 8, 2023, with a $25,000 loan fee.
**Stock Option Awards Granted to Mr. Cagney**: Granted options covering 4,559,904 shares of Class B common stock to Mr. Cagney in March 2024.
**Founder Retention Award**: Granted an equity award to Mr. Cagney in connection with the IPO, including options, service-based RSUs, and performance-based RSUs.
**Controlling Party's YLDS Holdings**: Mr. Cagney holds $0.5 million of YLDS issued by FCC as of September 30, 2025, on normal market terms.

Stakeholder Impact

**Shareholders**: The offering of blockchain stock and Class A common stock could dilute existing shareholders. The dual-class structure concentrates voting power with Michael Cagney, limiting influence for other shareholders. Strong financial performance and growth strategy could positively impact share price, but market volatility and risks in digital assets could negatively affect investment value.
**Employees**: Equity incentive plans (2018, 2024, 2025 Plans, ESPP) are designed to attract, retain, motivate, and reward employees. The IPO triggered vesting for some RSUs, providing liquidity. The Founder Retention Award aims to retain key leadership.
**Customers (Borrowers)**: Benefits from faster loan approvals and funding (median 10 days for HELOCs), lower production costs ($730 per loan), and automated processes. Access to new products like digital assets-secured personal loans and yield-bearing stablecoins (YLDS) offers diversified financial solutions. However, digital asset volatility poses risks for collateralized loans.
**Partners (Mortgage Originators, Banks, etc.)**: Benefit from a turnkey LOS, access to Figure Connect's liquid capital market, and tools like Portfolio Manager. The Guarantor Vehicle provides consistent loan buying, enhancing liquidity. The Figure Certified program aims to expand the marketplace for third-party assets.
**Loan Purchasers and Securitization Investors**: Benefit from standardized, homogeneous loan pools, enhanced investor reporting, and access to a liquid marketplace (Figure Connect). Low loss rates (less than 1%) and rated securitizations offer attractive risk-adjusted returns. However, increased borrower default rates could make loans less attractive.
**Regulatory Authorities**: The company's proactive regulatory compliance and extensive licensing apparatus demonstrate adherence to evolving financial services and digital asset regulations. However, the uncertain and evolving regulatory landscape, particularly for digital assets, poses ongoing risks of scrutiny and potential changes to business practices.

Next Steps

Complete the proposed sale of blockchain stock and Class A common stock as soon as practicable after the registration statement becomes effective.
Continue to expand the number of origination partners and increase penetration with existing partners.
Increase on-chain loan production volume.
Add incremental products and markets, including DSCR loans, personal loans, and student loans.
Expand Figure Connect transaction volume by onboarding new loan buyers and replicating initiatives like the joint venture with Sixth Street Partners.
Launch the Figure Certified program in Q4 2025 to validate third-party originated assets for Figure Connect.
Drive YLDS adoption through institutional sales and retail marketing efforts.
Continue to innovate on the technology stack to introduce new products and services.
Remediate identified material weaknesses in internal control over financial reporting.
File the actual audited consolidated financial statements for the year ended December 31, 2025, after the completion of this offering.

Key Dates

Date	Description
2018-07-01	Launch of proprietary Loan Origination System (LOS).
2018-12-31	Figure Technologies, Inc. (FT) adopted the 2018 Equity Incentive Plan.
2022-07-25	FT entered into an interest-bearing term note with the Provenance Foundation for $5 million.
2023-06-07	FL LLC entered into a non-interest bearing term note with Mr. Cagney for $10 million, repaid on June 8, 2023.
2023-06-12	Provenance Foundation Term Note amended and restated, increasing principal to $9 million.
2023-12-31	FLC and FT entered into the Initial Contribution Agreement to effect certain transactions prior to the Separation.
2024-01-25	Figure Markets Holdings, Inc. (FMH) formed as a Delaware corporation.
2024-03-01	FL LLC entered into Purchase and Servicing Agreements with Figure Markets Credit LLC for Crypto-Backed Loans.
2024-03-18	Separation of Figure Lending Corp. (FLC) and FMH businesses; FTS (then FT Intermediate, Inc.) formed as a direct wholly-owned subsidiary of FT. FLC and FT entered into a second contribution agreement.
2024-03-19	Figure Technologies, Inc. converted into Figure Technologies, LLC.
2024-03-20	Option awards granted to Mr. Cagney covering 4,559,904 shares of Class B common stock under the 2018 Plan.
2024-04-01	Launch of DART (Digital Asset Registry Technologies).
2024-04-09	FLC and FT amended the Initial Contribution Agreement.
2024-06-01	Launch of Figure Connect, an electronic marketplace for loans.
2024-06-07	Company entered into MSR Financing Agreement with Lender 1 for $30 million.
2024-07-01	Mr. Tannenbaum joined Figure's board of directors.
2024-07-01	Company sold 2.8% of Offshore Solana Fund limited partnership interests to unrelated third parties.
2024-08-01	Launch of Figure Exchange, a real-time digital asset exchange.
2024-09-13	Figure REIT and FL LLC entered into a Right of First Refusal to Purchase Loans Originated or Acquired by FL LLC.
2024-09-01	Company amended MSR Note to increase borrowing limit to $40 million.
2024-10-01	Company entered into REIT Warehouse secured credit facility with $150 million borrowing limit.
2024-10-27	Mr. Stevens' offer letter to serve as Head of Blockchain Capital Markets.
2024-11-01	Launch of Democratized Prime.
2024-12-02	Ms. Kgil commenced employment as Chief Financial Officer.
2024-12-20	Figure REIT and FL LLC entered into a Second Right of First Refusal to Purchase Loans Originated or Acquired by FL LLC.
2024-12-31	Transition Services Agreement terminated.
2025-01-01	Ms. Ou joined Figure's board of directors.
2025-01-02	FL LLC entered into a Loan and Security Agreement with FMC LFV LLC to warehouse Crypto-Backed Loans. FLC entered into a Figure Connect Exclusivity and Fee Letter Agreement with FMC LLC.
2025-01-29	Company amended Warehouse Facility 4 to increase borrowing limit to $335.3 million and extend maturity to January 2026.
2025-02-01	Launch of YLDS, an interest-bearing transferable stablecoin.
2025-02-01	Company formed a joint venture with Sixth Street Partners, Fig SIX Mortgage LLC.
2025-02-01	FCC entered into a services agreement with Provenance Foundation.
2025-04-03	Company executed a master participation agreement for Digital Asset Loan Facility ($30 million, maturing October 2026).
2025-04-01	Company entered into Warehouse Facility 10 ($300 million borrowing capacity, maturing April 2026).
2025-05-01	Company and lender amended Warehouse Facility 2 to reduce borrowing capacity to $150 million and extend maturity to May 2026.
2025-05-08	Company issued a DSCR loan to Todd Stevens, repaid on August 15, 2025.
2025-06-01	Company entered into Warehouse Facility 11 ($100 million limit, option to upsize to $200 million, maturing June 2027).
2025-07-01	Company amended Warehouse Facility 11 to permanently increase facility limit to $200 million.
2025-07-01	Warehouse Facility 1 closed.
2025-07-18	The GENIUS Act (federal stablecoin legislation) was signed into law.
2025-08-01	European Union's Artificial Intelligence Act came into force.
2025-08-15	Todd Stevens repaid his DSCR loan.
2025-08-29	Recombination of FTI and FMH businesses, with FMH becoming a wholly-owned subsidiary of FTS. FTS changed its name to Figure Technology Solutions, Inc. Company entered into the seventh amended and restated Investors Rights Agreement.
2025-09-10	Effective date of the registration statement for the IPO Prospectus.
2025-09-12	Company closed its initial public offering (IPO) of 36,225,000 shares of Class A common stock.
2025-09-30	End of the nine-month reporting period for financial statements.
2025-10-01	YLDS pays a constant interest rate of SOFR minus 0.35%.
2025-10-14	Accumulated over $60 billion in real-world and digital asset transactions on Provenance Blockchain since late 2018.
2025-11-06	Company filed a registration statement on Form S-8 for reoffer prospectus.
2025-11-12	Board of directors approved amendment to vesting schedule for Chairman Options and Chairman RSUs for Mr. Cagney.
2025-11-18	Employees or other service providers may sell up to 10% of vested shares/derivative instruments due to lock-up agreement terms.
2025-12-31	Provenance Foundation Term Note repaid in full by the Provenance Foundation.
2026-01-01	Ms. Ou's compensation under the Non-Employee Director Compensation Policy began.
2026-01-01	ESPP automatic annual increase in share reserve begins.
2026-01-01	Effective date for new rules related to tax information reporting for digital assets (Final Regulations).
2026-02-11	Last reported sale price of Class A common stock on NASDAQ was $35.41 per share.
2026-02-12	Filing date of this S-1/A registration statement.
2026-02-12	Approximate date of commencement of proposed sale to the public for this offering.
2026-03-10	Beginning date for sales of Class A common stock in the public market, subject to lock-up agreements.
2026-12-15	Effective date for ASU 2024-03 (Disaggregation of Income Statement Expenses) for public business entities.
2026-12-15	Effective date for ASU 2025-05 (Measurement of Credit Losses for Accounts Receivable and Contract Assets).
2026-12-31	Maturity date for REIT Warehouse.
2027-12-15	Effective date for ASU 2025-06 (Targeted Improvements to the Accounting for Internal-Use Software) for all entities.
2028-07-28	Maturity date for Provenance Foundation Term Note.
2030-01-01	Asset tokenization opportunity expected to expand to $16 trillion.
2030-01-01	Stablecoin market could reach $5 trillion.
2031-01-01	Latest expiration date for current office leases.
2035-01-01	End of automatic annual increase period for 2025 Incentive Award Plan and ESPP share reserves.

Recommendation

hold

Figure Technology Solutions demonstrates strong growth and profitability in its recent financial results, driven by innovative blockchain-based solutions and significant operational efficiencies in lending. The company's strategic positioning in the nascent but high-growth digital asset and tokenized real-world asset markets, coupled with a robust regulatory compliance framework, presents substantial long-term potential. However, the extensive list of identified risks, including product concentration, digital asset volatility, regulatory uncertainty, and material weaknesses in internal controls, warrants a cautious approach. While the company's trajectory is positive, these risks suggest that a 'hold' recommendation is appropriate for a seasoned investor, allowing for further observation of risk mitigation efforts and sustained execution in a rapidly evolving market before a more aggressive stance.

Keywords

Blockchain, Fintech, HELOC, Digital Assets, Loan Origination, Capital Markets, Provenance Blockchain, Figure Connect, YLDS, DART, Figure Exchange, SEC Filing, S-1/A, IPO, Financial Technology, Mortgage, Stablecoin, Tokenization, ATS, Regulated

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