On June 10, 2026, Figure signed a Merger Agreement to acquire Kiavi, Inc., an AI-powered lending platform for residential real estate investors (buy, renovate, resell), for approximately $532.4 million in cash, subject to customary adjustments. The transaction is pending and conditioned on a pre-closing restructuring, the contemporaneous sale of a Kiavi subsidiary to a new joint venture between Figure and a third party, and certain regulatory approvals; Figure may owe a $25 million termination fee under specified conditions. Concurrently, a $600 million, 364-day bridge loan commitment from BofA and Barclays was secured (undrawn at quarter-end); Figure subsequently closed a $600 million private offering of 8.500% Senior Notes due 2031 on July 14, 2026 (net proceeds $586.5 million) and terminated the bridge facility, with proceeds earmarked to fund the Kiavi cash consideration.
Figure REIT, Inc. merged into VS Evergreen Acquisition Co. L.P. on March 27, 2026, deconsolidating Figure REIT from Figure's financials; Figure's ownership transferred into VS Evergreen Financing Fund LP (now an equity-method investment at ~$9.8 million carrying value), and no gain or loss was recognized. The associated REIT Warehouse facility ($200 million capacity, matured December 2026) became inapplicable. Separately, in May 2026, Figure fully disposed of its equity-method stake in Reflow Services, LLC, recognizing a ~$5.9 million gain.
Q2 ecosystem volume grew 157% year-over-year to $4.95 billion, driven by 132% growth in Consumer Loan Marketplace Volume ($4.26 billion) and 261% growth in Figure Connect Volume ($2.77 billion). HELOC servicing portfolio UPB reached $17.3 billion (224,640 loans) at June 30, up 34% from $12.9 billion at year-end. Loans held for sale UPB rose to $580.6 million (7,093 loans) from $396.5 million at year-end, reflecting $2.7 billion in originations and $2.4 billion in purchases netted against $4.5 billion in sales during the half. Net revenue increased 113% to $225.6 million; Adjusted EBITDA was $119.4 million (54.6% margin) versus $52.9 million (47.2%) a year earlier.
In April 2026, Figure executed a new $250 million Warehouse Facility 7 with a chartered bank, a master participation interest purchase and servicing agreement enabling the sale of 100% participation interests in digital-asset-backed loans with the underlying loan pledged as collateral; the facility carries a 2.00% SOFR floor plus a 3.50%–5.75% spread based on loan quality and terminates in April 2027. Also in Q2, Figure entered a pre-funded HELOC securitization with staggered loan delivery that engages a related-party equity-method investee; $0.6 million in program fees was recognized, and Figure is obligated to deliver an additional $300 million UPB of HELOC loans before the prefunding period closes, expected in Q3 2026.
Democratized Prime (YLDS) platform metrics grew substantially: YLDS in circulation reached $556.0 million (from $328.2 million at year-end), matched offers balance grew to $391.8 million (from $206.1 million), borrower demand reached $414.1 million, and available lender supply reached $522.2 million (from $213.1 million). Total debt (including related-party fair-value debt) increased 73% to $963.0 million, primarily reflecting YLDS and Democratized Prime growth. The $40 million MSR Note (16.5% rate) was fully repaid on its scheduled June 2026 maturity. As of June 30, 2026, committed borrowing capacity across warehouse, retained-interest, and bridge facilities totaled $2.39 billion with $1.96 billion available.
(Filed on May 15, 2026)
+97.6%
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$1.5B
In February 2026, Figure launched the On-Chain Public Equity Network (OPEN), a blockchain-based network for issuing, trading, custody, and lending of public equity securities on the Provenance Blockchain, and completed a secondary offering of 4,375,000 shares of Series A Blockchain Common Stock (trading exclusively on Figure's ATS, 24/7). The offering generated no cash proceeds to the company; the company repurchased 312,500 Class A shares at $32.00 (~$10M) held in treasury. The company supports two-way exchangeability between OPEN-issued securities and its listed Class A common stock and expects to extend this capability to future OPEN issuers.
On March 27, 2026, Figure REIT, Inc. merged into VS Evergreen Acquisition Co. L.P., deconsolidating the REIT subsidiary from Figure's financial statements. Figure's ownership interests moved into VS Evergreen Financing Fund LP, where the company holds a 33.3% GP and 55% LP interest (recorded as an equity-method investment of $9.8M). No gain or loss was recognized on the transaction. As a result, the REIT's prior warehouse facility, marketable securities, and noncontrolling interests were removed from consolidated balances.
Q1 2026 operating volume and profitability grew substantially year-over-year: total ecosystem volume reached $3.72B (vs. $1.58B), driven by Figure Connect volume of $1.61B (+237% YoY), consumer loan marketplace volume of $2.90B (+113%), and digital asset marketplace volume of $818M (+285%). Net revenue was $167.0M (+98% YoY) and net income was $45.0M (vs. a $0.6M loss in Q1 2025). Adjusted EBITDA was $82.7M (49.6% margin). The company originated or purchased approximately $2.2B in loans during the quarter and sold $1.9B (net of repurchases). YLDS in circulation grew to $598M from $2.7M a year earlier, and the servicing portfolio reached $14.6B UPB across 191,545 loans.
On February 25, 2026, the Board authorized a $200M share repurchase program for Class A and Blockchain common stock over 12 months; no shares were repurchased under this program during Q1 2026 (the 312,500-share buyback at $32.00 in February was tied to the Blockchain Stock offering and treated separately). Subsequent to quarter-end, in April 2026, the company entered a new $250M Warehouse Facility 7 (one-year initial term) and extended Warehouse Facility 5's maturity to July 2026, and on May 14, 2026, the Board amended the 2025 Incentive Award Plan to eliminate automatic double-trigger vesting in change-of-control scenarios and approved a severance letter agreement for Chief Capital Officer Todd Stevens.
Total debt increased to $867M from $557M at year-end, driven primarily by a $285M increase in fair-value debt at FCC and Democratized Prime (YLDS and face-amount certificates), reflecting growth in the on-chain funding platform. The company reported $1.5B in available funding debt capacity at quarter-end and stated it was in compliance with all debt covenants. Digital assets held as loan collateral decreased to $31.1M from $52.6M, reflecting lower quantities and prices of Bitcoin (387 BTC vs. 527 BTC) and Ethereum (2,265 ETH vs. 2,173 ETH).
(Filed on March 16, 2026)
+90.7%
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$1.2B
Full-year 2025 (annual filing; not Q4-only): Figure facilitated $8.38 billion in consumer loan marketplace volume, up 62% from $5.13 billion in 2024, across 307 active partners; 87% of LOS originations (vs. 2% in 2024) utilized the DART blockchain registry, which held 80,409 loans and 115 participating entities at year-end. Figure Connect, launched June 2024, processed $3.84 billion in third-party HELOC volume in 2025 (vs. $8.1 million in 2024) with 48 marketplace participants. Provenance Blockchain reached approximately $14 billion in real-world assets TVL and roughly 75% share of tokenized private credit, with over $70 billion in cumulative transactions since 2018.
Full-year 2025 (annual filing): Net revenue was $506.9 million (up 48.7%), with ecosystem and technology fees surging 327% to $120.8 million driven by Figure Connect growth and securitization program fees. Net income was $134.3 million and Adjusted EBITDA was $251.2 million (48.8% margin), versus $19.9 million and $101.4 million (29.9%) in 2024. Whole loan sales reached $5.0 billion UPB and securitizations $749 million UPB (23 total securitizations for $7 billion cumulative issuance). Median HELOC funding time was 10 days versus an industry median of approximately 43 days; average production cost per loan was approximately $717 versus the MBA industry average of $11,109.
New product and platform metrics at year-end 2025 (annual filing): YLDS, the interest-bearing stablecoin launched February 2025, reached $328.2 million in circulation (vs. zero a year earlier) and generated $1.1 million in net interest income for the year; it pays SOFR minus 0.35% and is required as settlement currency on the company's ATS. Democratized Prime, the DeFi lending marketplace launched June 2025, held $206.1 million in matched offers, $246.4 million in borrower demand, and $213.1 million in lender supply at December 31, 2025, with a 50-basis-point borrower fee; it had not yet generated material revenue. Figure Exchange processed $710.5 million in digital asset trading volume for the year; no material revenue was generated. The company employed approximately 602 full-time employees and held more than 180 lending/servicing licenses and 48 money transmitter licenses.
Funding infrastructure and credit metrics at year-end 2025 (annual filing): Total committed debt facility capacity was $2.1 billion with $293.2 million outstanding and $1.8 billion available, including Warehouse Facility 11 which was upsized to $300 million in December 2025. Loans held for sale totaled $404.4 million UPB (carrying value $404.3 million), with $210 million (52%) funded through warehouse facilities; 83% of HELOCs on the balance sheet were second- or lower-priority liens. Non-accrual loans were $2.4 million UPB (vs. $1.2 million in 2024), and contingent loan repurchase obligations were $17.7 million against up to $1.8 billion in covered UPB. The servicing portfolio grew to $12.9 billion UPB across 173,270 loans (vs. $8.1 billion / 113,707 loans). Digital asset collateral held was $52.6 million (527 BTC, 2,173 ETH). Cash and equivalents reached $1.2 billion, supported by $663.4 million in net IPO proceeds (completed September 12, 2025) following the August 29, 2025 Recombination of FTI and FMH into Figure Technology Solutions, Inc.
Strategic partnership and post-year-end developments: The Fig SIX Mortgage, LLC joint venture with Sixth Street Partners, formed in February 2025 to purchase and securitize HELOCs originated via Figure Connect, had received $2.5 million in Figure equity (of a $10.5 million commitment) and $47.1 million in Sixth Street equity (of a $200.0 million commitment) as of December 31, 2025, against a combined $210.5 million total commitment; Figure does not consolidate the JV. In February 2026 (subsequent to the fiscal year-end), the company launched On-Chain Public Equity Network (OPEN), a blockchain-based platform for issuing and trading public equity securities on Provenance Blockchain via its ATS, and completed a secondary offering of 4,375,000 Series A Blockchain Common Stock shares (trading 24/7 on the ATS; no cash proceeds to the company; $10 million used to repurchase 312,500 Class A shares into treasury). The board also authorized a $200 million share repurchase program for Class A and Blockchain common stock over 12 months, approved February 25, 2026.
(Filed on November 13, 2025)
+54.8%
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$1.1B
Completed its IPO on September 12, 2025, selling 36,225,000 shares of Class A common stock at $25.00 per share (including full over-allotment exercise), generating $663.4 million in net proceeds; all convertible preferred stock automatically converted to 113.9 million Class A shares, and the Controlling Party's 39.4 million shares converted to Class B (10-to-1 voting).
Recombined FTI and FMH on August 29, 2025, consolidating the two previously separate entities (lending/HELOC business and blockchain/digital-assets business) into a single operating and reportable segment under the renamed Figure Technology Solutions, Inc.; the company now discloses consolidated results as if combined from the earliest period presented.
Facilitated approximately $2.4 billion of home equity lending in Q3 2025 (up 67% year-over-year), with total ecosystem volume of $2.54 billion; 91% of Q3 LOS originations now utilize the DART lien/eNote registry on Provenance Blockchain (vs. 2% for full-year 2024), and the company reported approximately $13 billion in real-world assets value locked and ~75% share of tokenized private credit as of September 30, 2025; 246 active originator partners and 33 Figure Connect marketplace participants were onboarded.
Launched two new product lines during 2025 that have not yet generated material revenue: YLDS (an SEC-registered, interest-bearing, peer-to-peer transferable stablecoin, launched February 2025) and Democratized Prime (a DeFi prime-brokerage marketplace using a weekly BWIC process for HELOC collateral liquidation, launched June 2025 with a 50 bps fee on outstanding balance); Figure Exchange (digital-asset marketplace, launched March 2024) also generated no revenue for the nine months ended September 30, 2025.
Expanded securitization and funding infrastructure: entered a pre-funded HELOC securitization during Q3 2025 with an $89.3 million unfunded commitment outstanding at quarter-end (19 total securitizations, $5.8 billion cumulative issuance as of September 30, 2025); added Warehouse Facility 10 ($300 million, April 2025) and Warehouse Facility 11 ($200 million, June 2025, upsized from $100 million in July 2025), a $30 million Digital Asset Loan Facility (April 2025), and amended the REIT Warehouse to $200 million with maturity extended to December 2026 (August 2025); total committed debt borrowing capacity reached $1.86 billion with $1.40 billion available.
Continued to report material weaknesses in internal control over financial reporting (inadequate accounting/finance resources, insufficient risk-assessment and monitoring, gaps in technical-accounting and loan-asset recording controls, and inadequate review of valuation-specialist deliverables); management stated remediation is in progress through hiring and new policies but no controls had yet been tested for effectiveness as of September 30, 2025.
