# EDGAR Filing Document

**Accession Number:** 0002064124
**File Stem:** 0000000000-25-006032
**Filing Date:** 2025-6
**Character Count:** 35102
**Document Hash:** 0625fee04465811e51364046221b69bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006032.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000000000-25-006032

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250606

**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

```

                                                            June 6, 2025

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

       Re: FT Intermediate, Inc.
           Draft Registration Statement on Form S-1
           Submitted May 9, 2025
           CIK No. 0002064124
Dear Michael Tannenbaum:

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

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. 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 the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments.

Draft Registration Statement on Form S-1
About this Prospectus, page ii

1.     Please revise here and where appropriate to clarify the intended timing
of the
       Recombination, or if it has already occurred, provide the date when you
completed the
       Recombination.
Summary
Overview, page 1

2.     We note the statement in the second paragraph that you have grown
quickly and
       profitably, with net income of $20 million and Adjusted EBITDA of $102
million.
       Please balance with disclosure of your accumulated deficit and losses.
3.     Please revise your organizational chart on page 16 to provide
quantification of the
 June 6, 2025
Page 2

       ownership interests, including identification and quantification of
ownership interests
       of persons or entities that control each depicted entity.
4.     We note your references on pages 6, 12 and elsewhere to tokenized
real-world assets.
       You also describe your plan to add them to your ATS and state that once
these assets
       flow through Figure Connect and the corresponding securitization
markets, they are
       expected to be traded on Figure Exchange. Please revise to specify what
you mean by
       real-world assets and explain the process of tokenizing them. Expand
your disclosure
       to describe the anticipated timeline and milestones for adding these
assets, and clarify
       how you intend to monetize these activities. We also note your
disclosure that you are
       granting Figure Exchange customers access to private company equity
offered for
       secondary trading and bankruptcy claims created on-chain. Please further
explain this
       service, how you grant customers access to this service, the material
terms related to
       this service, and any distinct revenue derived from this service. State,
if true, that you
       have not generated more than de minimis revenues from these real-world
tokenization
       and bankruptcy-related activities. If amounts are more than de minimis,
please
       provide approximate quantification.
5.     Please revise the Summary and where appropriate to clarify which of your
products
       and servicers currently generate significant revenues. For example,
please revise Our
       Solutions on page 3 to disclose the approximate percentages of your
revenues
       attributed to each of the systems and activities, including LOS, Figure
Connect and
       DART. In this regard, please disclose, if true, that a substantial
majority of your
       revenues relate to originating and selling HELOC loans that still rely
on traditional
       systems of record. Additionally, clarify in approximate, quantified
terms the extent to
       which your activities, such as loan origination, do not rely solely on
blockchain
       technology.
6.     It appears that some products or services may not be fully operational
or generating
       significant revenues. For example, we note the statement on page 8 that
your goal is
       for YLDS to become the de-facto currency of Figure Exchange. You also
refer to your
       growing stream of ecosystem and technology fees. Please clarify the
extent to which
       products and services are not yet fully operational or generating
revenues, and include
       as applicable a discussion of the anticipated timelines and impediments
to achieving
       the stated goals.
7.     Please revise to clarify your key products and services and minimize the
use of what
       appear to be defined terms and industry jargon. As non-exclusive
examples, we note
       references on page 129 and elsewhere to your "active partners," but it
is unclear how
       you differentiate between an active partner and other partners. Where
       you discuss real-world and digitally native assets, clarify what these
assets are and
       how they differ. Where you refer to "standardized assets" and
"homogenous loan
       origination," please clarify what you mean.
8.     As other examples of unclear business descriptions, we note the
reference on page 156
       to Disintermediated Lending and Borrowing, which involves "self-custody
       technology" and users able to "directly lend assets to borrowers within
the ecosystem,
       effectively allowing for the monetization of assets without the need for
exchange
       intermediation." Are these peer to peer retail loans? How are the
relevant agreements
       structured and how does FT Intermediate generate revenues and incur
expenses
 June 6, 2025
Page 3

       through these exchanges? As another example, please provide a step by
step
       summary of how the Figure Connect marketplace "disintermediates the loan
delivery
       process after origination." Similarly please revise to summarize how MPC
wallets
       work. In this regard, we note statements in the media suggesting that
the multi-party
       feature enables a bankruptcy remote relationship. Please revise to
clarify and use cross
       references as appropriate to the more detailed information you provide
in the Business
       section.
9.     We also note the Democratized Prime product on page 154. Please revise
to clarify
       the parties involved and mechanics for this product offering. For
example, we note the
       Figure Markets website talks about users making an offer to "lend an
asset into a
       lending pool." Please clarify what a lending pool is and clarify the
material terms and
       conditions applicable to the various parties as well as how the company
generates
       revenue and incurs expenses with this product. Indicate, if true, that
this product has
       not yet generated significant revenues.
10.    Please further describe here or elsewhere as appropriate your
relationship with your
       partners, including the types of arrangements that govern these
relationships.
       Additionally, please clarify your reference to loan originations
throughout the
       registration statement to indicate whether you are referring only to
loans you
       originated or also to loans acquired from "wholesale brokers," loans
originated by
       your partners, or otherwise. For example, you state on page 1 that 71%
of your loan
       originations for the quarter ended March 31, 2025 utilized the DART
platform. If this
       percentage includes loans originated by partners, disclose the
percentage of loans
       originated by your partners.
11.    We note your disclosure on page 2 that approximately $1 billion in HELOC
volume
       was transacted on Figure Connect from June 2024 to March 2025. We also
note your
       disclosure on page 185 that Figure REIT purchases loans from FL LLC
through
       Figure Connect. Please quantify the loan volume Figure REIT purchased
from FL
       LLC on Figure Connect during the period from June 2024 to March 2025. If
material
       to your business, please file the Right of First Refusal to Purchase
Loans Originated
       or Acquired by FL LLC as an exhibit.
12.    You state on page 6 that your pricing structure and unit economics are
designed to
       further incentive customers to transact on Figure Connect, as revenue
received has
       historically exceeded costs incurred by a margin of at least 2%. Please
describe your
       pricing structure and unit economics, and how these elements incentive
your
       customers to transact on Figure Connect.
13.    We note the statement on page 3 that paying any type of yield "would
require a
       stablecoin to be registered as a security." Please revise to qualify
this statement given
       that YLDS is a security and therefore subject to certain applicable
regulatory
       restrictions/requirements to which stablecoins are not subject. For
example, we note
       that YLDS is not permissionless like stablecoins.
Our Solutions, page 3

14.    Please briefly describe your "Figure-branded strategy" in this section
so readers can
       place your discussion and reference to this strategy into context.
 June 6, 2025
Page 4

15.    We note the reference on page 5 to Figure-branded loans. Please revise
to clarify the
       difference between Figure-branded loans and the other 72% of your total
loan
       originations.
Proprietary Loan Origination System, page 5

16.    Please revise your disclosure on pages 5 and 152 to define    loss
rates.
17.    We note your disclosure that your top 10 partners contributed 52% of
your origination
       volume. Consider including a risk factor discussing risks associated
with any material
       concentrations. Please revise to describe the business conducted by the
top 10 (e.g., by
       industry, size, whether banks or non-bank finance companies, any
geographic
       concentration, etc.).
18.    We note your reference to your joint venture with Sixth Street Partners
and your goals
       for the guarantor vehicle. Please disclose if the guarantor vehicle is
currently
       deployed. If it is not, please disclose the status of this joint venture
and clarify when
       you expect to deploy the guarantor vehicle, if known. Please provide
similar
       disclosure regarding your Figure Certified program.
19.    Please refer to your disclosure in the second bullet point on page 7
that many assets
       available for trading on Figure Exchange are expected to be available
for trading only
       on Figure Exchange. Please revise your disclosure to identify which
assets you are
       referring to and explain why you expect the assets to be exclusively
traded on Figure
       Exchange.
YLDS, page 7

20.    We note from your website that YLDS can be traded for Bitcoin directly
on Figure
       Markets. Please summarize here and in your business section the
mechanics of how
       holders of YLDS can use them. For example, identify the parties and
entities
       involved, describe the payment flows, clarify the impact on your
processes for
       regulatory compliance, such as account reconciliation, and indicate in
quantified terms
       the extent to which your monetization of these activities has not
contributed materially
       to your revenues and expenses.
21.    Please advise us of how the Figure Certificate Company face amount
securities are
       designated "YLDS." It is unclear if this designation is registered with
a third
       party, changeable at will or otherwise limited. It appears YLDS could be
confused
       with a security that is listed on a national securities exchange or OTC
market. Please
       revise to clarify.
22.    We note your disclosure here and throughout that your loan origination
system and
       Figure Connect marketplace is expandable to broader consumer loan
assets. Please
       more clearly describe what features make these products expandable, when
you plan
       to expand to broader consumer loan assets and which consumer loan assets
you plan
       to expand to, if known, and material barriers to such expansion.
23.    We note references here and throughout to your assumed take rate based
on your
       targeted pricing. Please describe how you determined the take rate and
any material
       underlying assumptions.
 June 6, 2025
Page 5

Our Growth Strategy, page 10

24.    We note the statement that you envision the development of a forward
market linked
       to underlying asset production, "similar to the operation of TBA
securities in the
       Fannie Mae and Freddie Mac loan trading market." To provide context and
balance
       this statement, please revise to explain material structural and
regulatory impediments
       to creating a TBA market.
Voting Rights, page 19

25.    We note the dual class capitalization and 10 votes per share for Class B
shares. Please
       revise to further clarify the features and impact of the Class B shares.
For example,
       identify any circumstances for mandatory conversion and any sunset
provisions that
       limit the lifespan of the high-vote shares; 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; disclose any
circumstances or events
       in which the conversion of high-vote is mandatory or optional, and any
resulting
       impact on low-vote shareholders, including dilution.
Our growth depends, in part, on the success of our strategic relationships to
attract potential
customers, page 30

26.    We note your disclosure that in some cases, you may offer consumers
incentives to
       obtain HELOCs from you, such as gift cards. Please describe the terms of
the gift
       cards and other incentives. For example, disclose whether they solely
have cash value
       or are otherwise redeemable for, among other things, interests in you or
your
       affiliates. We also note your risk factor on page 88 regarding your
marketing
       practices. If material, please describe how the offered incentives are
treated under
       RESPA.
A significant amount of the trading volume on Figure Exchange is derived from a
relatively
small number of customers, page 64

27.    Please disclose the number of customers accounting for the significant
amount of
       trading volume on Figure Exchange, and quantify the amount of trading
volume
       contributed by these customers. Consider revising Business section to
describe these
       relationships and any key terms or agreements governing these
relationships.
We hold state licenses that result in substantial costs, page 93

28.    Please disclose whether you have obtained the material licenses and
permits for
       operations you describe. In this regard, we note your disclosure that
you may not
       currently have, and may not be able to obtain or maintain all required
licenses and
       permits.
Business Overview, page 129

29.    We note your disclosures that your process reduces the time from
application to
       funding of a home equity loan by about 30 days and reduces the average
production
       cost by approximately $10,500 per loan, compared to industry averages.
Please
       enhance your disclosure, here or elsewhere as appropriate, to identify
and, if possible,
 June 6, 2025
Page 6

       quantify the key features and/or processes associated with your loan
origination
       system that have resulted in these reductions. For example, consider
including a
       comparative presentation of your HELOC application to funding process
and typical
       industry average process, showing what key improvements and efficiencies
result in
       time reduction.
30.    Please revise your filing to disclose whether you paid any fees to use
the Provenance
       blockchain. If so, quantify the fees paid for each period presented,
specify to whom
       the fees were paid, and identify where these costs are reflected in the
financial
       statements.
Management's Discussion and Analysis of Financial Condition and Results of
Operations,
page 129

31.    Please revise to include a discussion of financial condition and changes
in financial
       condition as required by Item 303(b) of Regulation S-K.
32.    Please revise your disclosure, where appropriate, to include the typical
contractual
       term (i.e., maturities) and typical contractual payment terms and
conditions for your
       HELOC product and any other significant loan products. In addition,
please disclose
       the weighted average term and weighted average APR for these products.
Key Operating Metrics, page 130

33.    Please revise your disclosure of key operating metrics to separately
quantify loan
       origination system volume for both the Figure-branded and
Partner-branded channels.
       In addition, please revise your disclosure, here or in your discussion
of results of
       operations, to quantify the fees (e.g., ecosystem and technology fees,
origination fees,
       etc.) recognized for each channel. To the extent that changes or trends
in your
       channels or loan products results in a material impact on your loan
origination volume
       and/or financial results, please provide appropriate discussion and
analysis explaining
       why such changes occurred.
Continued Expansion of our Ecosystem and Product Offerings, page 131

34.    We note your disclosure that your current roster of partners includes
many of the
       largest mortgage originators across the country. Please identify these
partners
       and provide a summary of the material terms of your agreements with your
partners,
       such as duration of the agreement and whether your partners have an
obligation to
       issue a certain amount of loans via your platform.
Gain on Servicing Asset, page 134

35.    We note the reference to "personal loans, mortgage loans and Figure Pay
credit loans"
       To provide context, please quantify the approximate percentage of your
loans falling
       under these categories as compared to your HELOC loans. Please also
briefly describe
       the "Figure Pay credit loans."
Net Revenue
Ecosystem and technology fees, page 136

36.    Please enhance your disclosure to describe the services that you began
offering in the
 June 6, 2025
Page 7

       fourth fiscal quarter of 2023 that resulted in the additional program
fee during the
       fiscal year ended December 31, 2024.
37.    Your revenue recognition policy on page F-19 states that you earn
volume-based
       technology and processing fees based on the principal balance of each
loan originated.
       Your disclosure on page 136, however, states that $10.1 million of the
year-over-year
       increase in ecosystem and technology fees reflects fees earned from the
purchase of
       certain HELOC loans, along with an increase in the platform fee rate.
Please revise
       your disclosures to clarify whether, and if so, how, you earn fees from
the purchase of
       HELOC loans.
38.    Please revise your disclosure here, or in your key operating metrics on
page 130, to
       include the average platform fee rate for both your Figure-branded and
Partner-
       branded products for each period presented and to explain any
significant differences
       between these rates.
Gain on sale of loans, net, page 137

39.    We note that Gain on sale of loans, net represented 41% of your net
revenues for the
       year ended December 31, 2024. We also note your disclosures (e.g., pages
133, F-16,
       F-17, etc.) that Gain on sale of loans, net is comprised of numerous
items, including
       gains from sale of loans to third-party buyers; adjustments for changes
in fair value;
       realized and unrealized gains / losses for derivative assets and
liabilities, which appear
       to be treasury note futures; and realized and unrealized changes in fair
value of
       marketable securities. Please revise your disclosures, for each period
presented, to:
           provide, in tabular format, a disaggregation of each component of
Gain on sale of
           loan, net; and
           separately disclose fair value adjustments recognized on loans
originated
           and loans purchased from third-party partners for each period
presented.
Gain on servicing asset, net, page 137

40.    We note that Gain on servicing asset, net appears to reflect the level
of servicing
       assets retained, paydowns, and changes in fair value of existing
servicing assets. To
       provide additional context for your discussion of period-over-period
changes, please
       enhance your disclosures to provide, in tabular format, a breakout of
the components
       that make up this line item for each period presented. In addition, to
the extent that
       there are changes in valuation inputs and assumptions, expand your
narrative to
       explain what changed and why.
Operating Expenses
General and administrative, page 137

41.    We note that General and administrative (   G&A   ) expenses constituted
31% of your
       Total expenses in 2024. We also note your disclosure on page 134 that
G&A has
       multiple components, including payroll, stock-based compensation, legal
and
       compliance, and other items. To help readers better understand G&A's
composition
       and to give context for your discussion of period over period changes on
page 137,
       please enhance your disclosures by quantifying, in tabular format, the
material
       components of this line item for each period presented.
 June 6, 2025
Page 8

Servicing fees, page 137

42.    Please revise your disclosure to include the weighted average servicing
fee rate for
       each period presented.
Technology and product development, page 137

43.    We note that Technology and product development was about 19% of Total
expenses
       in 2024, and that it includes numerous items, such as certain payroll,
stock-based
       compensation, and systems and tools expenses. To allow readers to better
understand
       the composition of this line item and to give context for your
discussion of period
       over period changes, please enhance your disclosures by quantifying, in
tabular
       format, the material components of this line item for each period
presented.
Other income (expense), page 138

44.    Please revise your disclosure to include a tabular presentation
disaggregating the
       material components of other income (expense), accompanied by an
enhanced
       discussion of the reasons for any material changes in these components.
Proprietary Loan Origination System, page 139

45.    Please enhance your disclosure to describe and quantify any key
differences in the
       types of fees, fee rates and various expenses associated with the
Partner-branded
       strategy compared to the Figure-branded strategy.
Warehouse Credit Facilities, page 139

46.    We note your disclosure that you have, in the past, not complied with
certain
       warehouse credit facility covenants and that these were subsequently
waived by the
       applicable warehouse lender. Please revise your disclosure to provide a
discussion of
       the financial covenants you did not comply with, the periods of time
that this
       occurred, how often you have received waivers during the periods
presented, and the
       consequences, if any, that you experienced as a result of
non-compliance.
47.    Please provide further clarification of the terms and status of your
warehouse
       facilities. For example,
           Update the disclosure for the warehouse credit facilities that have
matured or are
           maturing in 2025;
           From page F-34, it appears there are 9 warehouse credit facilities.
Please revise to
           reconcile; and
           We note your disclosure that you maintain warehouse credit
facilities through
           your operating subsidiary. Please revise to identify which operating
subsidiary
           maintains your warehouse credit facilities.
Business, page 148

48.    We note your risk factor disclosure on page 65 that you sell a
significant percentage
       of your loans to a concentrated number of loan purchasers. We also note
the reference
       to "partners and loan purchasers in our loan funding program" on page 34
and
       elsewhere. Please revise this section, where appropriate, to discuss
your relationships
 June 6, 2025
Page 9

       with and the role of these partners and loan purchasers, including any
material terms
       or agreements governing these relationships. Provide quantified
disclosure of the
       concentration and identify the partners and loan purchasers if material.
Similarly,
       please revise to further clarify the role played by your wholesale
brokers in
       originations, and include if material qualitative and quantitative
disclosure regarding
       the concentration of wholesale brokers.
49.    We note your disclosure that your loan origination system leverages
automated
       valuation models, digital title and lien matching, and digital income
verification via
       data aggregators. Please describe each of these leveraged elements and
how they
       contribute to your loan origination business, and how they may differ to
the legacy
       lending infrastructure you reference. In this regard, we note your risk
factor disclosure
       on page 47 regarding your reliance on online notaries and that the use
of out-of-state
       remote online notaries is a new concept that has not been tested in
court. Where
       appropriate, provide a detailed explanation of how your products address
state lien
       registry and records requirements. Explain to us and revise to provide a
detailed
       description of how your system addresses state requirements without
using MERS and
       other standard systems.
50.    We note your reference in the Risk Factor on page 57 to heightened
complexity of
       your operations, including fiat and blockchain reconciliations and the
maintenance of
       your internal ledger and related accounting procedures. Please further
describe how
       you perform your fiat and blockchain reconciliations with your internal
ledger,
       including, for example, how often you perform these reconciliations.

       More broadly, please revise to clarify which of your products rely on
(1) a traditional,
       off-chain system or record, such as a record of ownership maintained by
a transfer
       agent, (2) a traditional, off-chain system or record, such as a record
of ownership
       maintained by a transfer agent combined with a blockchain or other
digital systems
       that must be reconciled to the official or off-chain record or system
and (3) a
       blockchain or other digital system without the use of any official or
off-chain system
       or record, such as a record of ownership maintained by a transfer agent.
As a non-
       exclusive example, you refer to your "on-chain DART monitoring service"
on page 6
       and elsewhere, but it is unclear to what extent you maintain a separate
record for loans
       and liens or if in some jurisdictions you are required to maintain
off-chain records or
       technologies in connection with the on-chain aspects of DART. It is also
unclear if
       DART is not used in some jurisdictions or otherwise partially used as a
result of the
       analyses and surveys of "state and federal statutory law, case law,
regulations, and
       regulatory guidance to determine that DART, in conjunction with our
technology,
       constitutes a valid and effective lien," as referenced in the Risk
Factor on page 100. In
       this regard, please clarify what you mean by "technology" where you
state that DART
       is used "in conjunction with our technology."
51.    We note social media posts describing how investors "can now lend
shoulder to
       shoulder with institutions and major hedge funds on-chain" and that
there is a targeted
       "~8% APY by lending into a pool of real world cash flowing assets
originated by
       figure." Posts also talk about offering customers the ability to "turn
someone else's
       home equity into [their] yield." Please advise us of these products and
reconcile to
 June 6, 2025
Page 10

       your disclosures. In this regard, it is unclear which institutions and
major hedge funds
       are involved and how this business model or product is provided to
investors. We also
       note statements by one of your co-founders that you expect to have $1
billion a month
       of loans coming on-chain this summer. Please provide a basis for the
targeted APY
       and for the forecasted monthly volume of on-chain loans. What key
assumptions are
       involved?
Executive Compensation, page 175

52.    We note that your Chief Financial Officer commenced employment with you
on
       December 2, 2024. Please clarify if another individual served as your
Chief Financial
       Officer prior to this time. If so, please identify the individual and
provide
       compensation information for the period presented.
Certain Relationships and Related Party Transactions, page 184

53.    We note your disclosure on page 141 that you lent $4.0 million to a
related party in
       the year ended December 31, 2023. Please disclose this transaction and
provide the
       information required by Item 404(a) of Regulation S-K.
Provenance Foundation Term Note, page 186

54.    Please further describe the circumstances surrounding the issuance of
the non-interest
       bearing term note with the Provenance Foundation. Describe the terms of
the note
       relating to settlement via contribution of equivalent value of Hash, and
how such
       value will be determined. Please also disclose the outstanding balance
as of the latest
       practicable date and any amount repaid during the periods for which
disclosure is
       provided.
Reflow Services LLC, page 186

55.    Please describe the certain other transactions you engage in with
Reflow, or advise.
Combined Consolidated Statements of Cash Flows, page F-7

56.    Please revise your disclosure, where appropriate, to explain the $4.97
million other
       asset impairment charge, such as what was impaired and why.
Ecosystem and Technology Fees, page F-19

57.    Please revise your revenue recognition disclosure to clearly
differentiate between
       technology offering fees and ecosystem fees.
58.    Please revise your disclosure to (i) clarify what you mean by
"subscription" of the
       Technology Offering and (ii) specifically identify which fees (e.g.,
technology
       offering fees, ecosystem fees and/or program fees) are recognized using
the as-
       invoiced practical expedient.
Software Costs, page F-21

59.    We note your disclosure that during the year ended December 31, 2024,
the Company
       recognized an impairment of $8.6 million in connection with
internally-developed
       software. Please revise your disclosure to better describe the impaired
intangible asset,
 June 6, 2025
Page 11

       the facts and circumstances leading to impairment, the method for
determining
       impairment, and any other information necessary in evaluating the
likelihood of
       potential future impairments. Refer to ASC 350-30-50-3.
Note 11 - Fair Value Measurements, page F-49

60.    We note your disclosure that digital assets held for sale at fair value
excludes digital
       assets held at cost that are considered intangible assets. Please revise
your disclosure
       to identify and quantify the digital assets held at cost that are
considered intangible
       assets and to indicate where these would be reflected on your balance
sheet.
General

61.    Please provide the basis for the below statements. Additionally, we note
multiple
       references to "industry sources." Please disclose the industry sources
upon which you
       are relying.
           "[O]ur solutions produce greater efficiency and liquidity across
asset classes and
           markets."
           "[O]ur operational processes reduce the work effort and error rate
of application
           and provider greater transparency and functionality for
end-customers and
           partners."
           "Through our platform, we have the ability to list tokenized
real-world assets,
           which may be exclusive in the United States to Figure Exchange."
           "We have nearly fully eliminated the impact of human error from our
origination
           processes and the quality of loans originated on our platform[.]"
           "[I]n 2024, we were the leading originator of HELOCs among
non-depository
           lenders[.]"
           "By deploying our modern LOS, we believe we are the first company to
develop
           and offer a consumer-friendly HELOC product that can compete with
unsecured
           personal loan alternative and cash-out mortgage refinance products."

62.    We note your disclosure on page 43 that you entrust the collateral for
digital asset-
       secured loans to Anchorage Digital Bank National Association, a
qualified custodian.
       Where appropriate, please briefly describe the terms governing your
relationship with
       Anchorage Digital Bank National Association, as well as any related
agreements.
       Revise or advise us why you believe this is not a material agreement
under Item
       601(b)(10).

       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
 June 6, 2025
Page 12

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

```

### Attached PDF Documents

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