FIGR on Nasdaq

Figure Technology Solutions, Inc.

Figure Technology Solutions, Inc. is an American loan brokers company based in Carson City, listed on Nasdaq (FIGR).2

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Last updated Oct 21, 2026.

Overview

$506.9MRevenue, fiscal 20253
$133.9MNet income, fiscal 20253

Compare with Better Home & Finance Holding Co, FinVolution Group or Awareness Group, Inc., or pick any stock.

  • TickerFIGR on Nasdaq2
  • IndustryLoan Brokers2
  • HeadquartersCarson City, United States2
  • Incorporated inDE4
  • Business address100 West Liberty St., Suite 600, Reno, Nv 100184
  • Filer category, Emerging growth company4
  • Legal formCorporation2
  • LEI529900N4VMAE3O27FV772
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CORPORATION SERVICE COMPANY, 112 NORTH CURRY STREET, 89703 Carson City, United States2
  • Registered withBusiness Center (Secretary of State), E48533662025-42

Figure is building the future of capital markets using blockchain-based technology.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.2%Operating margin3
26.4%Net margin3
48.7%Revenue growth, 20253
10.9%Return on equity3
0.19×Debt to equity3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Ecosystem and Technology Fees Including Program Fees brought in 35% of the revenue Figure Technology Solutions, Inc. broke down this way in fiscal 2025.

  1. Ecosystem and Technology Fees Including Program Fees$120.8M335%up 327% from 2024
  2. Ecosystem and Technology Fees$107.5M331%up 429% from 2024
  3. Ecosystem Fees$56.8M316%up 46471% from 2024
  4. Technology Offering Fees$50.6M315%up 151% from 2024
  5. Program Fees$13.3M34%up 67% from 2024
Products and services by year
Products and services202320242025
Ecosystem and Technology Fees Including Program Fees$10.6M$28.3M$120.8M
Ecosystem and Technology Fees$10.2M$20.3M$107.5M
Ecosystem Fees$0$122.0K$56.8M
Technology Offering Fees$10.2M$20.2M$50.6M
Program Fees$413.0K$8.0M$13.3M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development13¢$64.9M
  • Other costs57¢$287.5M
  • Income tax4¢$20.6M
  • Profit26¢$133.9M

Out of $506.9M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$62.6M

Out of $62.6M of cash from operations.3

Financial statements

Revenue3$506.9M in 2025+142% since 2023
0$200.0M$400.0M$600.0M2023: $209.5M$209.5M20232024: $340.9M$340.9M2024+63%2025: $506.9M$506.9M2025+49%
Operating income3$117.5M in 2025
-$50.0M0$50.0M$100.0M$150.0M2023: -$49.4M-$49.4M20232024: $9.2M$9.2M20242025: $117.5M$117.5M2025+1173%
Net income3$133.9M in 2025
-$50.0M0$50.0M$100.0M$150.0M2023: -$47.9M-$47.9M20232024: $17.2M$17.2M20242025: $133.9M$133.9M2025+678%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Ecosystem and technology fees$120.8M$28.3M$10.6M
Servicing fees$31.5M$25.2M$18.6M
Interest income$74.8M$48.2M$48.2M
Origination fees$72.5M$64.9M$58.5M
Gain on sale of loans, net$180.0M$140.4M$50.3M
Gain on servicing asset, net$24.6M$32.6M$22.1M
Other revenue$2.6M$1.3M$1.2M
Total net revenue$506.9M$340.9M$209.5M
General and administrative$132.0M$104.3M$58.8M
Technology and product development$64.9M$62.7M$49.2M
Operations and processing$65.1M$44.5M$38.9M
Sales and marketing$76.1M$55.7M$52.8M
Interest expense$48.9M$56.4M$49.2M
Other expense$2.4M$8.2M$10.1M
Total expenses$389.3M$331.6M$259.0M
Operating income (loss)$117.5M$9.2M-$49.4M
Other (expense) income, net-$3.9M$12.9M-$2.9M
Income (loss) before income taxes$113.7M$22.1M-$52.3M
Income tax (benefit) provision-$20.6M$2.2M$102.0K
Net income (loss)$134.3M$19.9M-$52.4M
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries$423.0K$2.7M-$4.5M
Net income (loss) attributable to Figure Technology Solutions, Inc.$133.9M$17.2M-$47.9M
Basic (USD per share)$0.54$0.00-$0.93
Diluted (USD per share)$0.44$0.00-$0.93
Basic (in shares)114.4M shares65.0M shares51.3M shares
Diluted (in shares)141.8M shares72.6M shares51.3M shares

Compare Figure Technology Solutions, Inc. with another company

Corporate structure

Figure Technology Solutions, Inc. sits at the top of its group. 82 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Figure Technology Solutions, Inc.

  • FMR LLC Filed SCHEDULE 13G/A on Figure Technology Solutions, Inc., latest Aug 6, 2026 (2 filings since May 6, 2026)
  • Gemini GP Ltd Filed SCHEDULE 13G on Figure Technology Solutions, Inc., latest Mar 17, 2026
  • DCM Opportunity Fund III, L.P. Filed SCHEDULE 13G on Figure Technology Solutions, Inc., latest Nov 18, 2025
  • Ribbit Capital IV, L.P. Filed SCHEDULE 13G on Figure Technology Solutions, Inc., latest Nov 14, 2025
  • NEWTON (PTC) Ltd Filed SCHEDULE 13G on Figure Technology Solutions, Inc., latest Nov 12, 2025
  • Michael Scott Cagney Filed SCHEDULE 13G on Figure Technology Solutions, Inc., latest Nov 7, 2025
  • Figure Technology Solutions, Inc. Carson City, Nevada, United States
    • DART Collateral Manager LLC Subsidiary · Delaware, United States
    • DART Trademark LLC Subsidiary · Delaware, United States
    • Demo Prime 1 Trust Subsidiary · Delaware, United States
    • Demo Prime 2 Trust Subsidiary · Delaware, United States
    • Demo Prime 3 Trust Subsidiary · Delaware, United States
    • Demo Prime Auto Loan Trust Subsidiary · Delaware, United States
    • Demo Prime CBL Trust Subsidiary · Delaware, United States
    • Demo Prime DSCR Trust Subsidiary · Delaware, United States
    • Fam GP Sub 1, LLC Subsidiary · Delaware, United States
    • Fam GP Sub 2, LLC Subsidiary · Delaware, United States
    • Fig Six Depositor Trust Subsidiary · Delaware, United States
    • Fig Six Finance 1 LLC Subsidiary · Delaware, United States
    • Fig Six Finance 1 Trust Subsidiary · Delaware, United States
    • Fig Six Mortgage LLC Subsidiary · Delaware, United States
    • Fig Six Mortgage Sponsor LLC Subsidiary · Delaware, United States
    • Fig Six Offshore Holdco, LLC Subsidiary · Delaware, United States
    • Fig Six Purchaser Trust Subsidiary · Delaware, United States
    • Fig Six Realty Investment LLC Subsidiary · Delaware, United States
    • Fig SSP Member LLC Subsidiary · Delaware, United States
    • FIGRE Trust 2023-HE1 Subsidiary · Delaware, United States
    • FIGRE Trust 2023-HE1a2 Subsidiary · Delaware, United States
    • FIGRE Trust 2023-HE2 Subsidiary · Delaware, United States
    • FIGRE Trust 2023-HE3 Subsidiary · Delaware, United States
    • FIGRE Trust 2024-HE1 Subsidiary · Delaware, United States
    • FIGRE Trust 2024-HE2 Subsidiary · Delaware, United States
    • and 56 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Figure Technology Solutions, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$101.9M3 Dec 31, 2025$80.7M3 Dec 31, 2024+26.3%
Operating-lease assets (leased space)$5.2M3 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.2B3 Dec 31, 2025$289.7M3 Dec 31, 2024+313.6%

Properties, in its own words

We lease approximately 60,000 square feet of office space in 8 locations in the United States. Our legal headquarters are in leased office space in Reno, Nevada. Our Reno facilities consist of approximately 12,471 square feet leased through 1/31/2027. We maintain additional office locations in various U.S. cities, which support corporate functions, product development, operations, sales, and other business activities. We lease all our facilities and do not own any real property.

All facilities are in good condition. We believe that our existing facilities and offices are adequate to meet our requirements for the foreseeable future. See Part II, Item 8, Note 10 for more information.

Item 2 of the 10-K filed Mar 16, 2026.6

Leadership

Who has led Figure Technology Solutions, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (10)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • DART Collateral Manager LLC Delaware5
  • DART Trademark LLC Delaware5
  • Demo Prime 1 Trust Delaware5
  • Demo Prime 2 Trust Delaware5
  • Demo Prime 3 Trust Delaware5
  • Demo Prime Auto Loan Trust Delaware5
  • Demo Prime CBL Trust Delaware5
  • Demo Prime DSCR Trust Delaware5
  • FIGRE Trust 2023-HE1 Delaware5
  • FIGRE Trust 2023-HE1a2 Delaware5
  • FIGRE Trust 2023-HE2 Delaware5
  • FIGRE Trust 2023-HE3 Delaware5
  • FIGRE Trust 2024-HE1 Delaware5
  • FIGRE Trust 2024-HE2 Delaware5
  • FIGRE Trust 2024-HE3 Delaware5
  • FIGRE Trust 2024-HE4 Delaware5
  • FIGRE Trust 2024-HE5 Delaware5
  • FIGRE Trust 2024-HE6 Delaware5
  • FIGRE Trust 2024-SL1 Delaware5
  • FIGRE Trust 2025-FL1 Delaware5
  • FIGRE Trust 2025-FL2 Delaware5
  • FIGRE Trust 2025-HE1 Delaware5
  • FIGRE Trust 2025-HE2 Delaware5
  • FIGRE Trust 2025-HE3 Delaware5
All 82 listed subsidiaries
  • FIGRE Trust 2025-HE4 Delaware5
  • FIGRE Trust 2025-HE5 Delaware5
  • FIGRE Trust 2025-HE6 Delaware5
  • FIGRE Trust 2025-HE7 Delaware5
  • FIGRE Trust 2025-HE8 Delaware5
  • FIGRE Trust 2025-PF1 Delaware5
  • FIGRE Trust 2025-PF2 Delaware5
  • FIGRE Trust 2026-HE1 Delaware5
  • Fam GP Sub 1, LLC Delaware5
  • Fam GP Sub 2, LLC Delaware5
  • Fig SSP Member LLC Delaware5
  • Fig Six Depositor Trust Delaware5
  • Fig Six Finance 1 LLC Delaware5
  • Fig Six Finance 1 Trust Delaware5
  • Fig Six Mortgage LLC Delaware5
  • Fig Six Mortgage Sponsor LLC Delaware5
  • Fig Six Offshore Holdco, LLC Delaware5
  • Fig Six Purchaser Trust Delaware5
  • Fig Six Realty Investment LLC Delaware5
  • Figure Asset Funding LLC Delaware5
  • Figure Asset Management LLC Delaware5
  • Figure Certificate Company Delaware5
  • Figure Demo Prime 1, LLC Delaware5
  • Figure Equity Solutions, Inc. Delaware5
  • Figure Financial, Inc. Delaware5
  • Figure HELOC Master Depositor Trust Delaware5
  • Figure Investment Advisors, LLC Delaware5
  • Figure Lending Borrower I, LLC Delaware5
  • Figure Lending Borrower II LLC Delaware5
  • Figure Lending Borrower II Trust Delaware5
  • Figure Lending Corp. Delaware5
  • Figure Lending LLC Delaware5
  • Figure Line of Credit Trust 2020-1 Delaware5
  • Figure Loan Trust 2023 Delaware5
  • Figure Market Margin LLC Delaware5
  • Figure Markets (BVI) GP Limited British Virgin Islands5
  • Figure Markets Cayman GP Limited Cayman Islands5
  • Figure Markets Cayman Islands Ltd Cayman Islands5
  • Figure Markets Credit Cayman Islands, Ltd Cayman Islands5
  • Figure Markets Credit LLC Delaware5
  • Figure Markets Holdings, Inc. Delaware5
  • Figure Markets Ireland Limited Ireland5
  • Figure Markets Opportunity Investment LP British Virgin Islands5
  • Figure Markets Real World Asset Fund, LP Cayman Islands5
  • Figure Markets Trading, LLC Delaware5
  • Figure Markets, Inc. Delaware5
  • Figure PL I, LLC Delaware5
  • Figure Payments Corporation Nevada5
  • Figure Payments of California, Inc. California5
  • Figure REIT TRS LLC Delaware5
  • Figure REIT Trust I Delaware5
  • Figure REIT Trust II Delaware5
  • Figure REIT, Inc. Maryland5
  • Figure REPO Warehouse I, LLC Delaware5
  • Figure Securities, Inc. Delaware5
  • Figure TCB Borrower LLC Delaware5
  • Figure Technologies, LLC Delaware5
  • SOL Opportunity Fund LP Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FT Intermediate, Inc.May 9, 2025 to Sep 2, 20254

Timeline

  1. Oct 7, 20268-K Results of operations21
  2. Sep 1, 20268-K Completed an acquisition or sale22
  3. Aug 13, 20268-K Results of operations23
  4. Jul 14, 20268-K Entered a material agreement; New debt or obligation24
  5. Jul 10, 20268-K Other events25
  6. Jul 7, 20268-K Results of operations26
  7. Jul 6, 20268-K Other events27
  8. Jun 10, 20268-K Shareholder vote28
  9. Jun 10, 20268-K Entered a material agreement29
  10. May 12, 20268-K Results of operations30
  11. Apr 3, 20268-K Results of operations31
  12. Feb 26, 20268-K Results of operations32
  13. Sep 10, 2025New chief executive Michael Benjamin Tannenbaum becomes CEO10
  14. Apr 28, 2025Founded Figure Technology Solutions, Inc. is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.34 a share, on Nov 13, 2025.33

When it reported results

  1. Oct 7, 2026Reported quarterly or annual results21
  2. Aug 13, 2026Reported quarterly or annual results23
  3. Jul 7, 2026Reported quarterly or annual results26
  4. May 12, 2026Reported quarterly or annual results30
  5. Apr 3, 2026Reported quarterly or annual results31
  6. Feb 26, 2026Reported quarterly or annual results32
  7. Feb 13, 2026Reported quarterly or annual results34
  8. Jan 13, 2026Reported quarterly or annual results35

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

188 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 19 major events, 83 insider forms, 7 large holders, 75 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Oct 14, 20264 EDGAR
  3. Oct 7, 20268-K EDGAR
  4. Oct 2, 2026S-3ASR EDGAR
  5. Sep 15, 20264 EDGAR
  6. Sep 14, 20264 EDGAR
  7. Sep 14, 20264 EDGAR
  8. Sep 9, 2026144 EDGAR
  9. Sep 9, 2026144 EDGAR
  10. Sep 4, 20264 EDGAR
  11. Sep 1, 20268-K EDGAR
  12. Aug 26, 20263 EDGAR
  13. Aug 26, 20264 EDGAR
  14. Aug 18, 2026144 EDGAR
  15. Aug 18, 20264 EDGAR
  16. Aug 14, 2026144 EDGAR
  17. Aug 14, 202610-Q EDGAR
  18. Aug 14, 20264 EDGAR
  19. Aug 13, 20268-K EDGAR
  20. Aug 13, 20264 EDGAR

The 188 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 1 buys and 42 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 24, 2026Kgil MinchungChief Financial OfficerSale8,000$38.69$309.5KForm 4
Aug 14, 2026Stevens David ToddChief Capital OfficerSale47,650$31.39$1.5MForm 4
Aug 12, 2026Kgil MinchungChief Financial OfficerSale4,000$30.03$120.1KForm 4
Jul 24, 2026Kgil MinchungChief Financial OfficerSale4,000$28.13$112.5KForm 4
Jun 30, 2026Kgil MinchungChief Financial OfficerSale4,000$30.03$120.1KForm 4
Jun 24, 2026Kgil MinchungChief Financial OfficerSale4,000$27.64$110.6KForm 4
Jun 15, 2026Kgil MinchungChief Financial OfficerSale9,117$30.06$274.1KForm 4
May 26, 2026Kgil MinchungChief Financial OfficerSale8,000$35.70$285.6KForm 4
May 20, 2026Tannenbaum Michael BenjaminChief Executive OfficerSale2,031$36.03$73.2KForm 4
May 19, 2026Tannenbaum Michael BenjaminChief Executive OfficerSale14,871$37.27$554.2KForm 4
May 14, 2026Stevens David ToddChief Capital OfficerSale47,064$42.35$2.0MForm 4
May 13, 2026Ou JuneDirectorSale35,190$38.20$1.3MForm 4
May 13, 2026Cagney Michael ScottDirectorSale35,190$38.20$1.3MForm 4
Apr 29, 2026Tannenbaum Michael BenjaminChief Executive OfficerSale56,825$31.98$1.8MForm 4
Apr 28, 2026Tannenbaum Michael BenjaminChief Executive OfficerSale127,369$33.35$4.2MForm 4
Apr 24, 2026Kgil MinchungChief Financial OfficerSale8,000$32.25$258.0KForm 4
Apr 15, 2026Ou JuneDirectorSale67,840$35.19$2.4MForm 4
Apr 15, 2026Cagney Michael ScottDirectorSale67,840$35.19$2.4MForm 4
Mar 24, 2026Kgil MinchungChief Financial OfficerSale8,000$33.49$267.9KForm 4
Mar 19, 2026Stevens David ToddChief Capital OfficerSale49,708$32.02$1.6MForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael TannenbaumChief Executive Officer and Director38$424.7K$9.9M42
2025Macrina KgilChief Financial Officer50$450.0K$1.7M42
2025Todd StevensChief Capital Officer52$350.0K$607.8K42
2024Michael TannenbaumChief Executive Officer and Director38$252.1K$35.5M42
2024Macrina KgilChief Financial Officer50$27.5K$5.2M42
2024Todd StevensChief Capital Officer52$309.4K$5.2M42

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Ribbit Management Company, LLC11,253,191$345.6M16.8%No change
Jpmorgan Chase & Co11,265,630$305.1M0.0%+5,758,993
Fmr LLC9,686,887$297.5M0.0%−3,120,650
BlackRock, Inc.5,025,758$154.3M0.0%+3,357,134
Fred Alger Management, LLC5,006,052$153.7M0.5%+1,167,201
Morgan Creek Capital Management, LLC4,442,317$136.4M91.9%+566,099
Vanguard Portfolio Management LLC4,295,763$131.9M0.0%+3,004,205
BIT Capital GmbH3,832,200$117.7M4.0%+1,332,075
Vanguard Capital Management LLC3,785,625$116.3M0.0%+2,269,273
Morgan Stanley3,747,081$115.1M0.0%+1,012,158
Citadel Advisors LLC3,568,388$109.6M0.1%+2,070,787
Orland Properties Ltd2,500,000$76.8M38.0%−1,457,647
Alliancebernstein L.P.2,129,033$72.3M0.0%+468,441
North Peak Capital Management, LLC2,307,148$70.9M7.9%New
J Digital 6 LLC2,227,014$68.4M40.4%−862,337
Slate Path Capital LP2,002,100$61.5M0.9%No change
Point72 Asset Management, L.P.1,657,857$50.9M0.1%+708,451
Tidal Investments LLC1,646,743$50.6M0.1%+1,037,104
Infinitum Asset Management, LLC1,600,000$49.1M5.0%+350,000
Schonfeld Strategic Advisors LLC1,581,789$48.6M0.3%+320,725
Van Eck Associates Corp1,578,275$48.5M0.0%+402,032
Pantera Capital Partners LP1,542,871$47.4M46.5%No change
State Street Corp1,515,771$46.5M0.0%+1,037,513
Gilder Gagnon Howe & Co LLC1,504,431$46.2M0.5%−426,220
Geode Capital Management, LLC1,376,284$42.3M0.0%+552,006

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Figure Technology Solutions, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFigure Technology Solutions, Inc.1
  • CIK0002064124
  • Employer ID (EIN)99-25564086
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inNevada6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6163 Loan Brokers1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address100 West Liberty St., Suite 600, Reno, NV 100181
  • Phone(917) 789-80491
  • Shares outstanding177,425,569 Common Class A shares; 37,893,047 Common Class B shares; 1,031,710 Blockchain Common Stock shares as of Mar 10, 20266
  • Public float$0 as of Jun 30, 20253
  • AuditorKPMG LLP, San Francisco, California PCAOB ID 185; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceMay 9, 20251
  • Filings188 in all: 4 (69), 144 (21), 8-K (17), 3 (12), CORRESP (11), S-1/A (9), UPLOAD (8), SCHEDULE 13G (6)1
    All 30 form types

    10-Q (3), FWP (3), 424B4 (2), 8-K/A (2), DRS (2), DRS/A (2), DRSLTR (2), EFFECT (2), S-1 (2), S-8 (2), SEC STAFF LETTER (2), 10-K (1), 3/A (1), 4/A (1), 8-A12B (1), 8-A12G (1), CERT (1), DEF 14A (1), DEFA14A (1), S-1MEF (1), S-3ASR (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 7, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, par value $0.0001 per shareFIGRThe Nasdaq Global Select Market

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Figure Technology Solutions, Inc. names in Item 1A of its 10-K filed Mar 16, 2026: 72 risks under these headings, as written.6

  • Business, Financial, and Operational Risks
  • We have a history of losses, we may not be able to maintain profitability in the future, and there is no assurance that our revenue and business model will be successful.
  • If we fail to effectively manage our growth, our business, financial condition, and results of operations could be adversely affected.
  • Our revenue growth rate and financial performance in prior years may not be indicative of future performance.
  • Our limited operating history makes it difficult to evaluate our current business and prospects and may increase the risk of your investment.
  • Substantially all of our revenue is derived from our HELOC product, and we are thus particularly susceptible to fluctuations in the HELOC market. Our current product offerings may also not be sufficiently broad to attract and retain partners.
  • Our success and ability to develop our lending business depend on retaining and expanding our reach through both our Figure-branded and Partner-branded strategies. If we or our partners fail to add new customers, our business, financial condition, and results of operations could be adversely affected.
  • Our business depends, in part, on the success of our Partner-branded strategies and our network of partners being able to deliver our products, and our ability to grow our business depends on our ability to continue our relationships with our network of partners.
  • We have significant partner concentration, with a limited number of partners accounting for a substantial portion of our loan originations.
  • Our growth depends, in part, on the success of our strategic relationships to attract potential customers for our HELOC products on other products, and our ability to grow our business depends on our ability to continue these relationships.
  • If we do not compete effectively in our target markets, our business, financial condition, and results of operations could be adversely affected.
  • We expect to introduce and develop new products and services, and if these products or services are not successful or we are unable to manage the related risks, our business, financial condition, and results of operations could be adversely affected.
The other 61 risks
  • If we cannot keep pace with rapid digital asset industry changes to provide new and innovative products and services, the use of our products and services, and consequently our net revenue, could decline, which could adversely impact our business, financial condition, and results of operations.
  • Negative publicity and unfavorable media coverage could adversely affect our business, financial condition, and results of operations.
  • We rely on our management team and will require additional key personnel to grow our business, and the loss of key management members or key employees, or an inability to hire key personnel, could adversely affect our business, financial condition, and results of operations.
  • The use of blockchain technology in the primary and secondary loan markets is still in relatively early stages of growth, and if these markets do not continue to accept our blockchain-supported platform, or if these markets accept our platform more slowly than we expect, or if the markets for our platform fail to grow as large as we expect, our business, financial condition, and results of operations could be adversely affected.
  • The future development and growth of the digital asset market is subject to a variety of factors that are difficult to predict and evaluate. If the digital asset market does not grow as we expect, our business, financial condition, and results of operations could be adversely affected.
  • We may need additional capital, and we cannot be certain that additional financing will be available on favorable terms, or at all.
  • To the extent that we seek to grow through future acquisitions or other strategic investments or alliances, we may not be able to do so effectively.
  • Loan Specific Risks
  • If loans originated by us or through our platform and purchased by us do not perform, or significantly underperform, we may incur financial losses on the loans we hold on our balance sheet, which could adversely affect our business, financial condition, and results of operations, as well as result in the loss of confidence of our funding sources.
  • Increases in borrower default rates on loans could make us and our loans less attractive to loan purchasers, lenders under warehouse credit facilities and investors in securitizations, which may adversely affect our access to financing and our business, financial condition, and results of operations.
  • If a court or regulator determines that our HELOCs cannot be characterized as a fixed-rate extension of “open-end credit” under the TILA or state law, we would be subject to the more prescriptive closed-end mortgage laws and rules, as well as laws and rules applicable to variable-rate HELOCs, which would have a material adverse effect on our business, financial condition, and results of operations.
  • Borrowers may prepay a loan at any time without penalty, which could reduce our servicing fees and deter our partners and loan purchasers from investing in our loans.
  • The management and security of digital assets collateral presents risk of potential loss of the collateral and attendant legal and reputational consequences.
  • Declines in the value of the collateral for our digital assets-secured loans can lead to margin calls, affecting borrowers’ ability to manage their loans, exposes us to the financial, legal, and reputational risks associated with potential system failures, data inaccuracies, and cybersecurity threats, and potentially leading to financial losses for us.
  • Reliance on technology for digital assets-secured loans exposes us to the financial, legal, and reputational risks associated with potential system failures, data inaccuracies, and cybersecurity threats.
  • Our loan underwriting processes rely on automation and on data from third-party vendors, and, if that data is inaccurate or if the technology supporting that automation fails or is deployed incorrectly, our business may suffer losses due to poor loan performance or loss of customers or loan purchasers on the secondary market.
  • If we do not make accurate credit and pricing decisions or effectively forecast our loss rates, our business, financial condition, and results of operations could be adversely affected.
  • We rely upon the accuracy and completeness of information about borrowers, and any misrepresented information or fraud could adversely affect our financial condition and reputation.
  • While we take precautions to prevent borrower identity fraud, our borrowers have been, and may again be, subject to identity fraud, which may adversely affect the performance of the loans facilitated through our platform.
  • Our underwriting may not accurately predict the likelihood of default for all loans, which could result in substantial losses that adversely affect our business, financial condition, and results of operations.
  • The unique features of our LOS, including reliance on online notaries, automated valuation models (“AVMs”), and lien data may expose us to a greater risk of loss, which could harm our partners and investor relationships and our business, financial condition, and results of operations.
  • We primarily utilize a gain-on-sale origination model and, consequently, our business is affected by the cost and availability of funding in the capital markets.
  • We rely on our warehouse credit facilities to fund loans, including HELOCs, and otherwise operate our business. If one or more of such facilities is terminated or otherwise becomes unavailable for us to use, we may be unable to find replacement financing at commercially favorable terms, or at all, which could adversely affect our business.
  • Our securitizations, whole loan sales, and warehouse credit facilities expose us to certain risks, and we can provide no assurance that we will be able to access the securitization markets, continue our whole loan sales, renew our existing warehouse credit facilities, or obtain new warehouse credit facilities in the future. This may result in a reduction in our HELOC funding capital or require us to seek more costly financing for our platform.
  • In connection with our loan funding programs, we make representations and warranties concerning the loans sold, and if such representations and warranties are not accurate when made, we could be required to repurchase the applicable loans or indemnify the purchaser.
  • Risks Related to Digital Assets
  • A particular digital asset, product or service’s status as a “security” in any relevant jurisdiction is subject to a high degree of uncertainty and if we are unable to properly characterize a digital asset or product offering, or if the regulatory framework with respect to digital assets changes, we may be subject to regulatory scrutiny, inquiries, investigations, fines, and other penalties, which may adversely affect our business, operating results, and financial condition.
  • Due to unfamiliarity and some negative publicity associated with digital asset platforms, confidence or interest in digital asset platforms may decline.
  • Depositing and withdrawing digital assets into and from Figure Exchange involve risks, which could result in loss of customer assets, customer disputes and other liabilities, and adversely impact our business, financial condition, and results of operations.
  • Our failure to safeguard and manage our and our customers’ fiat currencies and digital assets could adversely impact our business, financial condition, and results of operations.
  • A temporary or permanent blockchain “fork” to any supported digital asset could adversely affect our business.
  • From time to time, we may encounter technical issues in connection with the integration of supported digital assets and changes and upgrades to their underlying networks, which could adversely affect our business.
  • If miners or validators of any supported digital asset demand high transaction fees, our business, financial condition, and results of operations may be adversely affected.
  • Future developments regarding the treatment of digital assets for U.S. and non-U.S. tax purposes could adversely impact our business, financial condition, and results of operations.
  • Our tax information and withholding reporting obligations with respect to digital asset transactions are subject to change.
  • The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard setting bodies on certain topics. If financial accounting standards undergo significant changes, our results of operations could fluctuate.
  • Our strategy and focus on delivering high-quality, compliant, easy-to-use, and secure digital assets-related financial services may not maximize short-term or medium-term financial results.
  • Banking relationships in the digital asset space have been difficult to obtain and maintain in the recent regulatory climate. Loss of a critical banking or insurance relationship could adversely impact our business, financial condition, and results of operations.
  • We currently support, and expect to continue to support, certain smart contract-based digital assets. If the underlying smart contracts for these digital assets do not operate as expected, or if the fundamental premise of smart contract acceptance or function shifts, our business, financial condition, and results of operations could be adversely affected.
  • We rely on external financial and tax advisors to provide us with accurate advice, which may be wrong or inaccurate. We may not be able to onboard external financial or tax advisors with the right skill sets and experience in the blockchain technology and digital assets industry and may not be able to maintain the services of external auditors.
  • The redemption risk, pricing risk, and regulatory risk associated with stablecoins may adversely affect our business, financial condition, and results of operations.
  • A significant amount of the trading volume on Figure Exchange is derived from a relatively small number of customers, and the loss of these customers, or a reduction in their trading volume, could have an adverse effect on our business, financial condition, and results of operations.
  • Revenue from Figure Exchange is concentrated in a limited number of areas, particularly transactions in Bitcoin, Ether, and HASH. If revenue from these areas declines and is not replaced by new trading in other digital assets or demand for other products and services, our business, financial condition, and results of operations could be adversely affected.
  • Risks Related to Third Parties
  • We sell a significant percentage of our loans to a concentrated number of loan purchasers on the secondary market, and the loss of one or more significant purchasers could adversely affect our business, financial condition, and results of operations.
  • Our counterparties may terminate our servicing rights pursuant to servicing agreements under which we conduct servicing activities.
  • Failure of vendors to perform their contractual agreements embedded in our products and services and our failure to effectively oversee vendor operations could adversely affect our business, financial condition, and results of operations.
  • Risks Related to Market and Interest Rates
  • Our business is significantly impacted by interest rates. Changes in prevailing interest rates or U.S. monetary policies that affect interest rates could adversely affect our business, financial condition, and results of operations.
  • Our business, financial condition, and results of operations could be adversely affected by the financial markets, digital asset markets, fiscal, monetary, and regulatory policies, and economic conditions generally.
  • Our results of operations have and will fluctuate, including due to the highly volatile nature of digital assets.
  • Our loan financing and selling strategy exposes us to interest rate volatility risk.
  • Information Technology and Data Risks
  • Technology disruptions or failures in, and cyberattacks or other breaches or incidents relating to, our operational, security or fraud-detection systems or infrastructure, or those of third parties with whom we do business, could disrupt our business, cause legal or reputational harm, and adversely affect our business, financial condition, and results of operations.
  • The collection, processing, use, storage, sharing, disclosure, and transmission of personal information could give rise to liabilities as a result of federal, state and international laws and regulations, as well as our failure to adhere to the privacy and data security practices that we articulate to our customers.
  • Any significant system interruption or delays could result in a potential loss of customers and adversely affect us and our ability to provide services, which could adversely affect our business, financial condition, and results of operations.
  • If our technology suffers from errors or attacks, our business operations could be negatively affected, which may have an adverse effect on our business, financial condition, and results of operations.
  • Our use of blockchain technology, artificial intelligence, machine learning and other similar tools could adversely affect our products and services, harm our reputation, or cause us to incur liability resulting from harm to individuals or violation of laws and regulations or contracts to which we are a party.
  • Risks Related to Our Intellectual Property
  • Our business, financial condition, and results of operations could be adversely affected if we fail to adequately maintain, protect and enforce our intellectual property and proprietary rights or face allegations that our product offerings or conduct infringes on the intellectual property rights of third parties.
  • One or more of our competitors, or other third parties, may obtain patents or other protections covering technology competitive with or critical to the operation of our products, services, and technology.
  • Our software contains third-party open source software components, which could subject our proprietary software to general release, restrict our ability to sell our products and subject us to possible litigation, claims or proceedings.
  • Regulatory, Tax and Other Legal Risks
  • We are subject to or facilitate compliance with a variety of federal, state, and local laws, including those related to lending and mortgages, money transmission, consumer protection and loan financings.
  • Our marketing practices involving relationships with third parties may expose us to risks of alleged RESPA violations.
  • Our acceptance of various payment methods exposes us to evolving rules, regulations, and compliance requirements. Non-compliance may adversely affect our business, financial condition and results of operations.
  • Our failure to comply with financial services regulatory obligations could damage our reputation, result in regulatory action against us, and adversely affect our business.
  • If we were deemed to be an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to continue our businesses as contemplated and could have a material adverse effect on our businesses.

Legal proceedings

From time to time, we are, and from time to time in the future may be, subject to legal proceedings and claims arising in the ordinary course of our business. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition, or results of operations.

The opening of Item 3, Legal Proceedings.6

Sources

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