# EDGAR Filing Document

**Accession Number:** 0002064124
**File Stem:** 0000000000-25-009660
**Filing Date:** 2025-9
**Character Count:** 8181
**Document Hash:** ae364352e7a997e7d12e9bb0d3ae5606
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009660.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000000000-25-009660

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250905

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Figure Technology Solutions, Inc.
- **CENTRAL INDEX KEY:** 0002064124
- **STANDARD INDUSTRIAL CLASSIFICATION:** LOAN BROKERS [6163]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-07992

**BUSINESS ADDRESS:**
- **STREET 1:** 100 WEST LIBERTY ST.
- **STREET 2:** SUITE 600
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 10018
- **BUSINESS PHONE:** (917) 789-8049

**MAIL ADDRESS:**
- **STREET 1:** 100 WEST LIBERTY ST.
- **STREET 2:** SUITE 600
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FT Intermediate, Inc.
- **DATE OF NAME CHANGE:** 20250408
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001628279-25-000247

## Text-Extract

```

                                                            September 5, 2025

Michael Tannenbaum
Chief Executive Officer
Figure Technology Solutions, Inc.
100 West Liberty Street, Suite 600
Reno, NV 89501

       Re: Figure Technology Solutions, Inc.
           Registration Statement on Form S-1
           Filed August 18, 2025
           File No. 333-289695
Dear Michael Tannenbaum:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our August 26,
2025 letter.

Amendment No. 2 to Form S-1
Cover Page

1.     We note your response to our prior comment 25 in our letter dated June
6, 2025.
       Please revise to disclose the percentage of outstanding shares that
Class B
       shareholders must keep to continue to control the outcome of matters
submitted to
       shareholders for approval.
2.     We note the 12 color pages between the cover page and the Summary. These
pages
       give prominence to the statements, statistics and quotes without the
context provided
       in the Summary and elsewhere. We also note the identified "Lender
Participants."
       Consider revising to move these pages to the Summary or later in the
prospectus to
       provide context, and revise as appropriate to explain on what basis the
particular
       Lender Participants were chosen or are representative of your lenders,
which appear to
 September 5, 2025
Page 2

       be the partners who use your LOS for originating HELOCs. We refer you to
       Securities Act Forms Compliance and Disclosure Interpretation 101.02.
Figure Connect, page 7

3.     We note your response to prior comment 3 and revised disclosure that the
Guarantor
       Vehicle offloads some of the risk, "often retaining most." Please
clarify how the
       Guarantor Vehicle determines which HELOCs to purchase and which
transactions to
       be the sponsor for. In this regard, we note page 192 indicates that the
Guarantor
       Vehicle is not obligated to buy HELOCs under certain circumstances,
including as a
       result of a return on equity target. Please disclose the return on
equity target and
       explain whether these discretionary and threshold features may limit the
amount of
       liquidity the Guarantor Vehicle is expected to provide. Where you
indicate that the
       Guarantor Vehicle plays the role that Figure "previously played," please
revise to
       clarify if you believe your exit from the intermediary role was
accomplished solely
       by setting up the Guarantor Vehicle arrangement or if other factors were
involved.
Democratized Prime, page 9

4.     We note your response to prior comment 5. To the extent necessary to an
       understanding of Democratized Prime, please revise to clarify the
following:
           Where you state that "[c]ollateral terms are established," explain
which
           party/parties or processes determine the collateral terms;
           Given disclosure about loans being homogeneous and pre-defined
standards and
           underwriting criteria, clarify what types of differentiating factors
lenders assess
           when evaluating "[q]uality," as referenced on page 9;
           Clarify approximately how much time borrowers have to add collateral
or reduce
           loan amounts in the event a liquidation has been triggered;
           With respect to LTVs, please quantify in approximate terms what the
LTV
           "threshold" is and what parties or processes determine the
threshold; and
           Explain whether LTV thresholds depend on the type of asset (HELOC,
digital
           asset, etc.) and quantify any such differences in approximate terms.
       Please provide any ranges of values, formulas or other factors, such as
index
       references, that are used for the above and indicate, if true, that
features are subject to
       change.
Dilution, page 140

5.     Please provide us with your calculations, with appropriate explanation,
for arriving at
       the numbers disclosed in the dilution table on page 140. In addition,
please expand
       your disclosure within the Dilution section, such as including a
footnote to the table,
       to show the calculation of historical and pro forma net tangible book
value ("NTBV")
       per share, detailing the individual components of the numerator and
denominator in
       each of these calculations. Ensure that your revised disclosure allows
readers to
       clearly quantify and fully understand: (i) any differences between the
amounts
       presented in your financial statements on page F-2 and amounts used in
the historical
       NTBV calculation, (ii) the impact of the Transactions you give effect to
in arriving at
       the pro forma denominator share amount, and (iii) the offering
adjustments to the
 September 5, 2025
Page 3

       numerator and denominator.
Our Proprietary Loan Origination System, page 188

6.     We note your revised disclosure, response to comment 6 and references on
page 190
       to parties being able to remove HELOCs from the Provenance Blockchain.
To the
       extent material, clarify whether sponsors, purchasers or others have
opted out or have
       been party to disputes about whether to use the Provenance Blockchain.
Exhibit Index, page II-5

7.     We note certain portions of exhibit 10.14 are redacted. Please mark the
exhibit index
       to indicate that portions of the exhibit have been omitted and state the
basis upon
       which you are relying for such redactions. If you intend to redact
information pursuant
       to Item 601(b)(10)(iv) of Regulation S-K, please revise each applicable
exhibit to
       include a prominent statement on the first page of such redacted exhibit
that certain
       identified information has been excluded because it is both not material
and the type
       of information that the registrant treats as private or confidential.
       Please contact Ben Phippen at 202-551-3697 or Cara Lubit at 202-551-5909
if you
have questions regarding comments on the financial statements and related
matters. Please
contact Madeleine Joy Mateo at 202-551-3465 or James Lopez at 202-551-3536 with
any
other questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Finance
cc:   Adam J. Gelardi, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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