# EDGAR Filing Document

**Accession Number:** 0002064124
**File Stem:** 0000000000-25-009160
**Filing Date:** 2025-8
**Character Count:** 16312
**Document Hash:** 8d87eac051a3164b6d791bfe45adaa92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009160.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000000000-25-009160

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250826

**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

```

                                                            August 26, 2025

Michael Tannenbaum
Chief Executive Officer
FT Intermediate, Inc.
5 Bryant Park, 34th Floor
New York, NY 10018

       Re: FT Intermediate, 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 15,
2025 letter.

Registration Statement on Form S-1
A Letter From Our Founder, page ii

1.     We note the reference to the GENIUS Act and related regulations here and
on page
       99. Please revise page 99 and where appropriate to update for enactment
and discuss
       the extent to which your YLDS stablecoin or other assets, such as nuYLDS
or other
       digital assets on Figure Exchange or other parts of your ecosystem,
could be deemed
       to be subject to the legislation. Additionally, we note the reference to
five parties
       intermediating debit cards and your marketplace limiting the parties to
just the buyer
       and seller such that "[a]ll the rent-seeking goes away." With a view to
clarifying
       disclosure, advise us whether the various roles you play and the
ecosystem fees you
       charge bring in a necessary third party beyond the buyer and seller, for
example
       your transfer agent's role collecting and maintaining personally
identifiable
 August 26, 2025
Page 2

       information or your responsibility in mirroring the "order book on
Figure Exchange,"
       as stated on page 190.
Our Solutions, page 4

2.     We note your response to prior comment 5. Please advise us of the
following:
           What are "vaults" and a "vault marketplace"? It is unclear if these
are the same
           types of vaults as are referenced on page 184 as "secure electronic
vaults";
           How do (or will, if this is a prospective offering) vaults and a
vault marketplace
           interact within and/or apart from Figure Exchange and the other
parts of your
           business?;
           Would nuYLDS or the vaults or vault marketplace present offerings
that compete
           with Figure Exchange or other parts of your business?; and
           Are there risks associated with such strategic partnerships that
should be
           addressed in your prospectus.
       Please revise or advise.
Figure Connect, page 7

3.     We note your response to prior comment 4 and your disclosure that the
Guarantor
       Vehicle has yet to purchase HELOCs via Figure Connect but has instead
purchased
       $25 million of residual equity from your securitization completed in May
2025.
       Noting also your response that you use the term "Guarantor" because the
Guarantor
       Vehicle assumes the first loss or residual position in its
securitizations by holding the
       equity portion of those securitizations on its balance sheet, please
advise us, with a
       view to clarifying disclosure, of the following:
           If the Guarantor Vehicle is obligated to and will continue to
purchase an equity
          portion of each securitization and describe any related underlying
agreements
          governing this obligation. If applicable, describe instances wherein
the Guarantor
          Vehicle is not obligated to purchase an equity portion of
securitizations;
           How "first loss" is defined and what quantitative and/or qualitative
factors are
          used to determine the residual position;
           What risks you are exposed to in the JV taking the first loss or
residual position in
          securitizations;
           Any limitations to the JV's assumption of first loss in the
securitizations (dollar
          amount, percentage, etc.); and
           If the assumption by the Guarantor Vehicle of the first loss or
residual position in
          securitizations extends to third party investors.

       Additionally, please disclose whether, once the Guarantor Vehicle begins
purchasing
       HELOCs via Figure Connect, the Guarantor Vehicle will be obligated to
purchase
       HELOCs, any related underlying agreements governing this obligation, and
any
       limitations wherein the Guarantor Vehicle will not purchase HELOCs. In
this regard,
       we note your disclosure on page 8 that the Guarantor Vehicle is
specifically mandated
       to purchase and securitize assets sold via Figure Connect.
 August 26, 2025
Page 3
4.    Additionally, as you continue to use the term "Guarantor," please revise
to clarify
      whether and to what extent there is an indirect guarantee, as suggested
by the
      statement that the vehicle "does not directly provide a guarantee or
backing of the
      loans."
Figure Exchange, page 9

5.    We note your response to prior comment 6 and revised disclosure on page
188 stating
      that Democratized Prime "connects asset owners looking to borrow against
those
      assets with liquidity providers seeking to earn yield by lending to those
assets." It is
      still unclear who the users and other parties are and how users choose
the most
      appropriate and efficient pool for their unique use case. Please revise
to provide a
      graphic or other explanatory disclosure that identifies the parties to a
typical
      transaction, the typical asset involved, and the typical interest rate.
In this regard, we
      note your website includes the statement that "[i]nvestors access
overcollateralized,
      short-duration claims tied to real assets, starting with mortgage
warehouse lines,
      through a structure designed for daily settlement and clear reporting."
As non-
      exclusive examples of disclosures that may be appropriate for
clarification based on
      information from your website, it is unclear how assets are pooled, how
many lenders
      and borrowers may be involved in a single transaction, how warehouse
lines play a
      role, and whether and how you or your agreements with users ensure that
any LTV
      exceeding 90% gets "automatically liquidate[d]" to repay loans. Please
revise
      accordingly.
Tokenization and Trading, page 12

6.    We note your response to prior comments 2 and 16 and revised disclosure,
including
      on pages 2, 12, 184 and 195. It is unclear why you state that Provenance
is the sole
      system of record when you also state on page 2 that the blockchain is a
validation
      mechanism to "support the traditional, off-chain processes [you] use for
tracking and
      monitoring loan transactions." As other examples of off-chain records and
activities
      that appear to set up a hybrid system of record, we note the following:
          References on page 12 and elsewhere to real-world asset
representations
          documented through traditional legal documents that record real-world
assets
          pursuant to state laws;
          Statements throughout that personally identifiable information of the
borrower is
          not recorded on a public blockchain; and
          The statement on page 184 that "data and the documents collected in
the
          origination process are digitally stored in a secure electronic vault
outside of the
          Provenance Blockchain."
      Please revise Our Solutions on page 4 and other descriptions of the
blockchain as your
      "sole system of record" to further clarify the apparently hybrid nature
of the
      documentation, reconciliation and other processes associated with your
systems.
      Additionally, we also note your statement on page 12 and elsewhere that
you
      contractually require all owners of tokenized real-world assets to
reflect all asset
      transactions on the Provenance Blockchain and to pass the same obligation
along to
      any subsequent owner, as well as the statement on page 184 that loan
owners use the
      Portfolio Manager to transfer loans by transferring the tokens and
"access rights to the
 August 26, 2025
Page 4

      loan file in the secure electronic vault." With a view to clarifying
disclosure in Risk
      Factors, advise us of the risks and/or limitations associated with
downstream
      purchasers. For example, could they intentionally or unintentionally not
comply with
      the obligation?
7.    Please clarify if the owners of tokenized real-world assets with which
you
      have contractual agreements also own the real-world assets. To the extent
the owners
      are not the same, clarify if there are any agreements in place that
require changes to or
      transactions concerning real-world assets to also be reflected on the
blockchain.
      Further describe here how the design of your systems makes it impractical
to transfer
      ownership without the use of blockchain-based systems.
8.    We note your statement in response to prior comment 2 that the current
principal
      business is the tokenization of loans and not the tokenization of
securities. However,
      we note the statement on page 17 discussing your tokenization of digital
assets and
      belief that the market opportunity for tokenized securities is as large
as the existing
      securities market. To the extent you have definite plans to tokenize
securities as a
      material part of your business, please revise and advise us with respect
to the
      tokenization of securities as requested in prior comment 2. For example,
summarize
      important limitations or risks associated with transacting in or holding
tokenized
      securities, including whether all relevant parties would be made aware of
or allowed
      to participate in potential creation and transfer of tokenized
securities.
9.    Please refer to prior comment 16 and the request for clarification of
reconciliation
      processes. To the extent material to an understanding of key aspects of
your
      blockchain and related business, including technological competitiveness
and/or the
      risks described on pages 43-46, please clarify the statement on page 184
that the "hash
      can detect any subsequent changes to the data and documents, allowing for
      verification of authenticity." It is unclear how hash is used in the
reconciliation or
      verification process, how it can detect changes, and what types of
changes are
      detected. It is also unclear who is involved in this process. For
example, when hash
      detects a change, it is unclear who verifies and authenticates it and how
these steps are
      viewed by the lender, borrower, purchaser, and so forth. Additionally, it
appears that
      reconciliation is only possible where the servicer or sub-servicer has
agreements with
      you and has connected their software to the Provenance Blockchain. Please
revise to
      provide clarification, including a summary, if true, of how your
agreements with third
      parties obligate them to use your Portfolio Manager and the Provenance
Blockchain.
      If third parties are able to use LOS for underwriting and/or originating
while opting
      out of some or all of the blockchain-related features, please revise to
clarify.

Homogeneous underwriting, page 14

10.   We note your response to prior comment 8. Please revise your disclosure
to discuss,
      as you discuss in your correspondence, that you collect FICO scores as
part of the
      digital assets-backed loans origination process but do not use FICO
scores in the
      digital assets-backed loan underwriting, and disclose the required
minimum draw
      down amounts at origination.
 August 26, 2025
Page 5

Organizational History, page 20

11.    We note your response to prior comment 1. Please revise the graphic on
page 21 and
       accompanying discussion to connect your key operations, such as HELOC
       originations and LOS, with the corresponding entities in the
organizational structure.
       In this regard, it is unclear why FCC is not identified.
Key Operating Metrics, page 141

12.    We note your response to prior comment 12 and your revised disclosure on
pages 149
       and 158 clarifying that technology fees are only earned on a subset of
Partners
       included in the Partner Branded Volume reported on page 141. Please
revise your
       revenue recognition disclosure on pages F-19 and F-72 in a similar
manner, to clearly
       differentiate between the loan originators that are charged a technology
fee and those
       that are not charged a fee.
Blockchain Common Stock, page 238

13.    Please expand your disclosure to discuss the type and general character
of blockchain
       common stock. It is unclear why these are designated "blockchain." Do
you plan for
       this series to be issued as a digital asset or otherwise differently
than the other series?
Note 3 - Investments, page F-26

14.    We note your response to prior comment 19 and your revised disclosure on
pages 155,
       161, 173 and 174. Please address the following:
           Your response appears to indicate that the non-GAAP adjustments for
"Change in
          Fair Value of Digital Assets and Related Investments" on pages 173
and 174
          include changes in fair value of the digital assets you hold directly
and changes in
          fair value of your investment in the Domestic Solana Fund, which
primarily holds
          Solana tokens. Enhance your disclosure on pages 173 and 174 to more
fully
          describe and define this adjustment, so that the filing disclosures
are clear and
          quantify the components included in this amount.
           Revise your disclosures where appropriate to ensure that an investor
is able to
          reconcile the "Change in Fair Value of Digital Assets Held and
Related
          Investments" amounts as disclosed on pages 173-174 to the related
amounts in
          your footnotes, such as the tabular summaries of activities involving
digital assets
          held by you and your ratable investment in the Domestic Solana Fund
on pages F-
          26, F-27, F-78 and F-79.
 August 26, 2025
Page 6

       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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