# EDGAR Filing Document

**Accession Number:** 0002064124
**File Stem:** 0001493152-25-022314
**Filing Date:** 2025-11
**Character Count:** 31699
**Document Hash:** f7cfafddcb3a99c9979e2aae6881aa03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-022314.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001493152-25-022314

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42829
- **FILM NUMBER:** 251478767

**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

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 13, 2025**

**Figure Technology Solutions, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-42829** | **99-2556408** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **100 West Liberty Street, Suite 600**<br> **Reno, Nevada** | **89501** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (917) 789-8049**

**Not Applicable**

(**Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading** **Symbol** | **Name of each exchange on which registered** |
| **Class A Common Stock, par value $0.0001 per share** | **FIGR** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On November 13, 2025, Figure Technology Solutions, Inc. (the "Company") issued a press release announcing financial results for the quarter ended September 30, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated November 13, 2025](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | FIGURE TECHNOLOGY SOLUTIONS, INC. | FIGURE TECHNOLOGY SOLUTIONS, INC. |
| Date: November 13, 2025 | By: | */s/ Michael Tannenbaum* |
|  |  | Michael Tannenbaum |
|  |  | Chief Executive Officer and Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**FIGURE TECHNOLOGY SOLUTIONS REPORTS THIRD QUARTER 2025 RESULTS**

 ****

NEW YORK, November 13, 2025 /Globe/ — Figure Technology Solutions (Nasdaq: FIGR), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets, today announced financial results for the quarter ended September 30, 2025.

"We recently completed our successful initial public offering and are pleased to report a strong first quarter as a public company. The continued success of Figure's marketplace approach to tokenized consumer loan origination drove significant growth in earnings, with Net Income increasing 227% year-over-year while also achieving an Adjusted EBITDA margin of 55%, underscoring the scalability of our blockchain-based model. Alongside margin expansion, we delivered solid performance across our key metrics, consumer loan marketplace volume, Adjusted Net Revenue, and growth across our blockchain ecosystem pillars, positioning Figure to finish 2025 with continued momentum."

- Michael Tannenbaum, CEO

**<u>Q3 2025 Financial Highlights</u>**

● Consumer
 Loan Marketplace volume was $2.5 billion in the quarter, a 70% increase from the prior year. This included Figure Connect volume
 of $1.1 billion, up from $767 million in the second quarter. The Figure Connect platform was launched in June 2024.

● Net
 Revenue increased 55% year-over-year. Adjusted Net Revenue was $156 million, up 42% from third quarter 2024.

● Net
 Income increased 227% year-over-year to $90 million.

● Adjusted
 EBITDA increased 75% year-over-year to $86 million; Adjusted EBITDA margin reached 55%, up 10 percentage points year-over-year.

● The
 company completed its initial public offering of its shares on September 12, 2025, issuing 36 million shares, including 28 million
 primary shares, for net proceeds of $663 million.

**<u>Q3 2025 Financial Highlights</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| $000s unless noted | **Q3** | **Q3** | **9M YTD** | **9M YTD** | **Q3** | **9M YTD** |
| (Unaudited) | **2025** | **2024** | **2025** | **2024** | **YoY %** | **YoY%** |
| **GAAP Results** |  |  |  |  |  |  |
| Net Revenue | 156365 | 101007 | 346952 | 257030 | 55% | 35% |
| Net Income | 89822 | 27427 | 119203 | 14026 | 227% | 750% |
| Earnings per Share - Basic | $0.42 | $0.09 | $0.48 | $0.00 | 367% |  |
| Earnings per Share - Diluted | $0.34 | $0.09 | $0.38 | $0.00 | 278% |  |
| **Non-GAAP Results** |  |  |  |  |  |  |
| Adjusted Net Revenue | 156034 | 110034 | 357172 | 262546 | 42% | 36% |
| Adjusted EBITDA | 86386 | 49437 | 169827 | 85988 | 75% | 98% |
| Adjusted EBITDA Margin | 55.4% | 44.9% | 47.5% | 32.8% | +10.5 p.p. | +14.7 p.p. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selected Metrics**<br>$ Millions unless noted | **Q3** | **Q3** | **9M YTD** | **9M YTD** | **Q3** | **9M YTD** |
| (Unaudited) | **2025** | **2024** | **2025** | **2024** | **YoY %** | **YoY%** |
| Ecosystem Volume | 2538 | 1837 | 6040 | 4344 | 38% | 39% |
| Consumer Loan Marketplace Volume | 2469 | 1450 | 5673 | 3957 | 70% | 43% |
| &nbsp;&nbsp;&nbsp;*Figure Connect Volume* | *1131* |  | *2376* |  |  |  |
| Net Take Rate | 4.4% | 5.3% | 4.1% | 4.4% | -0.9 p.p. | -0.3 p.p. |

---

**<u>Q3 2025 Business Highlights</u>**

● Figure
 Connect volume reached 46% of Consumer Loan Marketplace volume in the quarter.

● First-lien
 volume as a percentage of Consumer Loan Marketplace volume increased 650 bps to 17% compared to the third quarter of 2024.

● Volume
 from new product categories exceeded $80 million in the third quarter, including Crypto Backed Loans, Small/Medium Business Loans,
 Debt Service Coverage Ratio Loans and HELOC for Seniors Interest-Only Mortgage Loans.

● Figure
 ended the quarter with 246 active partners in its ecosystem and added one of the largest loan servicers in the United States.

● Democratized
 Prime now includes three different classes: HELOC, Crypto-Backed Loans, and Exchange Margin. Synergy One, an existing Figure mortgage
 partner, joined the Democratized Prime platform, representing the platform's first institutional client.

● $YLDS
 balance as of November 13, 2025 is approaching $100 million, up from $4 million in the second quarter. Figure recently partnered
 with both Sui Foundation and Solana Foundation to drive further growth.

**<u>Webcast Information</u>**

Figure will host a conference call and webcast at 8:30 a.m. Eastern Time, Friday, November 14, 2025 to discuss its results and outlook. A link to the live discussion and accompanying presentation will be made available on the Company's investor relations website at https://investors.figure.com/. A replay will also be made available following the discussion at the same website.

**<u>Forward-Looking Statements Disclosure</u>**

This press release contains forward-looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including without limitation statements regarding our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, ability to determine reserves, and ability to remain profitable; our ability to maintain, expand, and enter into new relationships with partners and loan purchasers on the secondary market, our ability to broaden our network of partners; and our ability to successfully execute our business and growth strategy; and anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, the price, and market capitalization of digital assets and in the markets in which we operate are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these terms, and similar expressions. Forward-looking statements are predictions based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These statements speak only as of the date of this press release.

Important factors that could cause actual results to differ materially include, among others: our history of losses and the risk that we may not maintain profitability; our reliance on HELOCs and exposure to fluctuations in the HELOC market and housing values; our ability to attract and retain borrowers, partners, and loan purchasers and to drive adoption of Figure-branded and Partner-branded channels including Figure Connect; loan performance and default rates and the effect of credit performance on access to and pricing of warehouse facilities, whole-loan sales, and securitizations; changes in interest rates and U.S. monetary policy that impact originations, funding costs, and investor demand; legal and regulatory risks affecting lending and mortgage-related activities and the evolving framework for digital assets, including potential changes in the characterization or regulation of certain digital assets and related products; dependence on key third-party providers including cloud, custodial, valuation, and data vendors and risks from outages or service disruptions; technology failures, cybersecurity incidents, or other operational disruptions; protection and enforcement of intellectual property; compliance with licensing, consumer protection, privacy, data security, and sanctions/AML laws, and shifting enforcement priorities at the federal and state levels; our ability to remediate previously identified material weaknesses and meet our post-IPO public company reporting and internal control obligations; competition; macroeconomic and geopolitical conditions; our dual-class structure and concentrated voting control and related impacts on corporate governance; equity market volatility affecting our Class A common stock; and the other risks described in "Risk Factors" in our final prospectus dated September 10, 2025 filed pursuant to Rule 424(b)(4), and in our other filings with the SEC.

You should read this press release and the documents we reference in it with the understanding that actual future results may differ materially from our expectations. We qualify all forward-looking statements in this press release by these cautionary statements. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events, changed circumstances, or otherwise.

**<u>About Non-GAAP Financial Measures and Other Performance Metrics</u>**

**Financial Measures**

In order to better help understand our financial performance, we use several key performance metrics that should be viewed independently of GAAP items, as these metrics are not intended to be combined with those items. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

**Adjusted Net Revenue**

Adjusted Net Revenue is a non-GAAP financial measure used by our management to evaluate operating performance. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted Net Revenue provides a useful measure for period-to-period comparisons of our business, as it removes the effect of a non-cash, non-realized adjustment that is included in net revenue. Adjusted Net Revenue is defined as net revenue excluding the change in fair value of MSR associated with changes in our estimates that management has determined are not reflective of our operating performance.

**Adjusted EBITDA**

Adjusted EBITDA is a non-GAAP financial measure used by our management to evaluate operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash items, variable charges, non-recurring items, unrealized gains or losses or other similar non-cash items that are included in net income or expenses associated with the early stages of the business that are expected to ultimately terminate, pursuant to the terms of certain existing contractual arrangements or expected to continue at levels materially below the historical level, or that otherwise do not contribute directly to management's evaluation of its operating results. Adjusted EBITDA is defined as net income excluding interest expense incurred in connection with our debt obligations other than debt associated with our funding of loans held for sale, income taxes, amortization and depreciation expense, stock-based compensation expense, non-cash changes in certain financial instruments, and other items that management has determined are not reflective of our operating performance.

The following table presents a reconciliation of Net Revenue to Adjusted Net Revenue and Net Income to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024:

**Adjusted EBITDA Margin**

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **Total Net Revenue** | $156365 | $101007 | $346952 | $257030 |
| &nbsp;&nbsp;&nbsp;Plus: Valuation Changes in Fair Value of MSRs | (331) | 9027 | 10220 | 5516 |
| **Adjusted Net Revenue** | $**156034** | $**110034** | $**357172** | $**262546** |
| **Net Income (Loss)** | $89822 | $27427 | $119203 | $14026 |
| &nbsp;&nbsp;&nbsp;Plus: Valuation Changes in Fair Value of MSRs | (331) | 9027 | 10220 | 5516 |
| &nbsp;&nbsp;&nbsp;Plus: Change in Fair Value of Digital Assets and Related Investments | (3745) | (1658) | 3546 | (7988) |
| &nbsp;&nbsp;&nbsp;Plus: Impairment of Capitalized Software |  |  |  | 8591 |
| &nbsp;&nbsp;&nbsp;Plus: Impairment of Digital Assets |  | 1 |  | 5851 |
| &nbsp;&nbsp;&nbsp;Plus: Services Exchanged for Issuance of Warrants | 2459 | 2572 | 7863 | 4019 |
| &nbsp;&nbsp;&nbsp;Plus: Registration Costs | 2430 |  | 4277 |  |
| &nbsp;&nbsp;&nbsp;Plus: Restructuring Costs | 689 |  | 3672 | 2497 |
| &nbsp;&nbsp;&nbsp;Plus: Stock-Based Compensation Expense | 17469 | 4533 | 22730 | 34526 |
| &nbsp;&nbsp;&nbsp;Plus: Amortization of Internally Developed Software Costs | 4304 | 3811 | 12381 | 13255 |
| &nbsp;&nbsp;&nbsp;Plus: Non-Funding Interest Expense | 4752 | 2471 | 12811 | 3907 |
| &nbsp;&nbsp;&nbsp;Plus: Income Tax Provision | (31463) | 1253 | (26876) | 1788 |
| **Adjusted EBITDA** | $**86386** | $**49437** | $**169827** | $**85988** |
| **Adjusted EBITDA Margin** | **55.4%** | **44.9%** | **47.5%** | **32.8%** |

---

**<u>About Figure</u>**

Figure Technology Solutions, Inc. (Nasdaq: FIGR) is the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets. More than 240 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $18 billion of loans to date, among other products, making Figure's ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure's on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.

Figure is the market leader in real world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P and Moody's, the first of its kind for blockchain finance. For more information, visit <u>https://figure.com</u> or follow Figure on <u>LinkedIn</u>.

**FIGURE TECHNOLOGY SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1097123 | $287256 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 64590 | 57777 |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 389032 | 395922 |
| &nbsp;&nbsp;&nbsp;Digital assets ($101,408 and $76,362 at fair value) | 102913 | 77862 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 46238 | 20998 |
| &nbsp;&nbsp;&nbsp;Other current assets | 59828 | 14875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1759724 | 854690 |
| Loan servicing asset, at fair value | 100000 | 88497 |
| Marketable securities, at fair value | 239694 | 163489 |
| Digital assets, non-current | 7272 | 9704 |
| Loan to related parties | 9927 | 9372 |
| Other non-current assets | 40172 | 33826 |
| Total assets | $2156789 | $1159578 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $55320 | $37217 |
| &nbsp;&nbsp;&nbsp;Payables to third-party loan owners | 336547 | 212619 |
| &nbsp;&nbsp;&nbsp;Debt, current ($18,962 and $— at fair value) | 268923 | 305294 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 117385 | 70401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 778175 | 625531 |
| Debt, non-current | 197827 | 167882 |
| Lease liability, non-current | 4227 | 2790 |
| Total liabilities | 980229 | 796203 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred stock — no shares authorized, issued and outstanding at September 30, 2025; $0.00001 par value per share: 115,983,447 shares authorized, 111,900,495 issued and outstanding at December 31, 2024, liquidation preference $528,566,000 |  | 2 |
| &nbsp;&nbsp;&nbsp;Common stock — no shares authorized, issued and outstanding at September 30, 2025; $0.00001 par value per share: 240,820,153 shares authorized, 69,300,284 issued and outstanding at December 31, 2024 |  | 2 |
| &nbsp;&nbsp;&nbsp;Preferred stock — $0.0001 par value per share: 100,000,000 shares authorized, no shares issued and outstanding at September 30, 2025; no shares authorized, issued and outstanding at December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock — $0.0001 par value per share: 1,000,000,000 shares authorized, 174,853,649 shares issued and outstanding at September 30, 2025; no shares authorized, issued and outstanding at December 31, 2024 | 17 |  |
| &nbsp;&nbsp;&nbsp;Class B common stock — $0.0001 par value per share: 200,000,000 shares authorized, 37,893,047 shares issued and outstanding at September 30, 2025; no shares authorized, issued and outstanding at December 31, 2024 | 4 |  |
| &nbsp;&nbsp;&nbsp;Blockchain common stock — $0.0001 par value per share: 500,000,000 shares authorized, no shares issued and outstanding at September 30, 2025; no shares authorized, issued and outstanding at December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1369956 | 675945 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (202153) | (320851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Figure Technology Solutions, Inc. stockholders' equity | 1167824 | 355098 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests in consolidated subsidiaries | 8736 | 8277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1176560 | 363375 |
| Total liabilities and stockholder's equity | $2156789 | $1159578 |

---

**FIGURE TECHNOLOGY SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(in thousands, except share and per share data)<br>** 

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**September 30,** | **Three Months Ended**<br>**September 30,** | **Nine Months Ended**<br> **September 30,** | **Nine Months Ended**<br> **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ecosystem and technology fees | $35691 | $7323 | $79445 | $19830 |
| &nbsp;&nbsp;&nbsp;Servicing fees | 7882 | 6483 | 22537 | 18389 |
| &nbsp;&nbsp;&nbsp;Interest income | 17864 | 12772 | 50502 | 32475 |
| &nbsp;&nbsp;&nbsp;Origination fees | 21415 | 18940 | 50142 | 51244 |
| &nbsp;&nbsp;&nbsp;Gain on sale of loans, net | 63561 | 57434 | 131896 | 116069 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on servicing asset, net | 9332 | (2057) | 11502 | 18580 |
| &nbsp;&nbsp;&nbsp;Other revenue | 620 | 112 | 928 | 443 |
| Total net revenue | 156365 | 101007 | 346952 | 257030 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 36366 | 15890 | 71603 | 78428 |
| &nbsp;&nbsp;&nbsp;Technology and product development | 15915 | 16080 | 49349 | 46407 |
| &nbsp;&nbsp;&nbsp;Operations and processing | 18217 | 11333 | 45342 | 33275 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 22144 | 15031 | 54077 | 40979 |
| &nbsp;&nbsp;&nbsp;Interest expense | 12450 | 14761 | 35798 | 41951 |
| &nbsp;&nbsp;&nbsp;Other (income) expense | (1445) | 1775 | 2268 | 5951 |
| Total expenses | 103647 | 74870 | 258437 | 246991 |
| **Operating income** | 52718 | 26137 | 88515 | 10039 |
| **Other income, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 5641 | 2543 | 3812 | 5775 |
| Total other income, net | 5641 | 2543 | 3812 | 5775 |
| **Income before income taxes** | 58359 | 28680 | 92327 | 15814 |
| Income tax provision | (31463) | 1253 | (26876) | 1788 |
| **Net income** | 89822 | 27427 | 119203 | 14026 |
| Net income attributable to noncontrolling interests in consolidated subsidiaries | 246 | 88 | 505 | 2288 |
| **Net income attributable to Figure Technology Solutions, Inc.** | $89576 | $27339 | $118698 | $11738 |
| **Net income per share of Class A and Class B common stock** |  |  |  |  |
| Basic | $0.42 | $0.09 | $0.48 | $0.00 |
| Diluted | $0.34 | $0.09 | $0.38 | $0.00 |
| **Weighted-average Class A and Class B common shares outstanding** |  |  |  |  |
| Basic | 103571820 | 68568542 | 80896185 | 63700455 |
| Diluted | 129922329 | 73585747 | 103106387 | 69854927 |

---

**FIGURE TECHNOLOGY SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended**<br> **September 30,** | **Nine Months Ended**<br> **September 30,** |
|  | **2025** | **2024** |
| **Operating Activities:** |  |  |
| **Net income** | $119203 | $14026 |
| **Adjustments to reconcile net loss to net cash flows used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Gain on servicing asset, net | (11502) | (18580) |
| &nbsp;&nbsp;&nbsp;Gain on sale of loans, net | (126130) | (116069) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sale of digital assets | (2979) | (7065) |
| &nbsp;&nbsp;&nbsp;Income from fund and equity method investments | 475 | 296 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 732 | 712 |
| &nbsp;&nbsp;&nbsp;Amortization of internally developed software | 12381 | 13255 |
| &nbsp;&nbsp;&nbsp;Impairment of internally developed software costs |  | 8591 |
| &nbsp;&nbsp;&nbsp;Impairment of digital assets |  | 5851 |
| &nbsp;&nbsp;&nbsp;Services exchanged for issuance of warrants | 7863 | 4019 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 22730 | 34526 |
| &nbsp;&nbsp;&nbsp;Losses on repurchased loans | 2268 | 5951 |
| Net change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from loan sales, net of repurchases | 4599255 | 3553500 |
| &nbsp;&nbsp;&nbsp;Originations of loans held for sale | (2561856) | (2409864) |
| &nbsp;&nbsp;&nbsp;Purchases of loans held for sale | (2221013) | (1568000) |
| &nbsp;&nbsp;&nbsp;Principal payments on loans held for sale | 324568 | 334777 |
| &nbsp;&nbsp;&nbsp;Purchases of marketable securities | (141878) | (81622) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of marketable securities |  | 872 |
| &nbsp;&nbsp;&nbsp;Principal payments on marketable securities | 62517 | 8342 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (25240) | 3682 |
| &nbsp;&nbsp;&nbsp;Other assets | (54528) | (12994) |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 42431 | 11429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 49297 | (214365) |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Capitalization of internally developed software costs | (16077) | (12498) |
| &nbsp;&nbsp;&nbsp;Investment contributions | (2477) | (3314) |
| &nbsp;&nbsp;&nbsp;Purchases of digital assets | (9938) | (25777) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of digital assets | 12634 | 10842 |
| &nbsp;&nbsp;&nbsp;Loan receivable issued to related parties |  | (2030) |
| &nbsp;&nbsp;&nbsp;Payment on note receivable from related parties |  | 809 |
| &nbsp;&nbsp;&nbsp;Distributions from investments | 797 |  |
| &nbsp;&nbsp;&nbsp;Realized losses on futures | (5766) |  |
| &nbsp;&nbsp;&nbsp;Sale of internally developed software |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (20827) | (30968) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt | 4169636 | 3459213 |
| &nbsp;&nbsp;&nbsp;Principal payments on debt | (4175300) | (3217322) |
| &nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (1494) | (1574) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 663443 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from servicing activity on behalf of third-party loan owners | 123086 | 60390 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of preferred stock |  | 71774 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  | (2765) |
| &nbsp;&nbsp;&nbsp;Proceeds from exercises of stock options | 8737 | 867 |
| &nbsp;&nbsp;&nbsp;Other financing activities | 102 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 788210 | 370841 |
| **Net increase in cash, cash equivalents, and restricted cash** | 816680 | 125508 |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 345033 | 175780 |
| **Cash, cash equivalents, and restricted cash, end of period** | $1161713 | $301288 |
| **Supplemental cash flow disclosures** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $36371 | $41117 |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for income taxes | 8015 | 48 |
| **Supplemental disclosures of non-cash investing and financing activities** |  |  |
| Stock-based compensation included in capitalized internally developed software | 329 | 401 |
| Contribution from related party |  | 1500 |
| Distribution of noncontrolling interest in fund |  | 8 |
| Distributions from Onshore Solana Fund | 1759 |  |
| Transfers from held for sale to held for investment |  | 4959 |
| Other capital contributions |  | 2958 |
| Accrued issuance costs | 3533 | 1025 |
| Unrealized losses on futures | 318 |  |
| Right of use assets obtained in exchange for operating lease liabilities | 3080 |  |

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