# EDGAR Filing Document

**Accession Number:** 0002064124
**File Stem:** 0000000000-25-008634
**Filing Date:** 2025-8
**Character Count:** 17928
**Document Hash:** 075d73153e7f4a556b62300d94fbe34b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008634.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000000000-25-008634

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250815

**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 15, 2025

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

       Re: FT Intermediate, Inc.
           Amendment No. 2 to Draft Registration Statement on Form S-1
           Submitted August 4, 2025
           CIK No. 0002064124
Dear Michael Tannenbaum:

     We have reviewed your amended 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 and non-public draft submission(s) 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. Unless we note otherwise, any references to prior comments are to
comments in
our July 29, 2025 letter.

Amendment No. 2 to Draft Registration Statement on Form S-1
Summary, page i

1.     Please revise the graphic on page 18 to clarify the entities, such as
Figure Certificate
       Company, that conduct operations relating to the products you describe,
including
       YLDS, Figure Connect, Figure Exchange, and so forth.
2.     We note your response to prior comment 2.
           Please expand your disclosure to provide a more detailed explanation
of how the
         company tokenizes securities, including whether and how it holds the
underlying
         securities and whether token holders have all of the rights,
obligations, and
         privileges with respect to the underlying securities.
 August 15, 2025
Page 2

             We note the statement that all parties in the underlying real-word
asset "will
           typically participate in the transfer of ownership unless their
fractional interests
           remain unaffected by the digital conveyance." Please include a more
detailed
           explanation of what this means. Additionally, with respect to your
particular
           business model and tokenization of RWA, please revise Summary and
Business to
           clarify any important limitations of holding the tokenized asset.
For example, if
           all relevant parties are not made aware of or allowed to participate
in potential
           transfers of digital conveyance, please summarize how disagreements
or disputes
           are resolved. As another example, does the holder of an RWA with
certain rights
           and benefits potentially not receive the same rights and benefits
when holding the
           tokenized asset? Are some features of loans, debt or equity not
translated to the
           tokenized asset? Please revise accordingly.
             We note the token enables holders to have fractional interests in
the underlying
           securities. Please revise your disclosure to explain how you handle
securities of
           companies that do not permit fractional shares.
Limited Real-World Success of Blockchain Technology, page 4

3.    We note your response to prior comment 9 and the statement on page 11
that "Figure
      Exchange and Figure Payments Corporation make it possible to buy BTC with
YLDS
      by first swapping USD for YLDS and then using YLDS to buy BTC. This
process
      allows YLDS holders to use YLDS as a form of payment when purchasing
BTC."
      Please describe the specific steps of how this is done (for example, what
third parties
      or platforms are involved? Is there a specific ratio involved and if so
how is that
      determined?).
4.    We note your response to prior comment 12 and the statement that once the
Guarantor
      Vehicle begins purchasing HELOCs via Figure Connect, these purchases will
      increase the amount of liquidity available to your network of partners
selling their
      assets on Figure Connect. With a view to revised disclosure, please
advise us how the
      Guarantor Vehicle is expected to work within Figure Connect and how its
functioning
      within Figure Connect will increase available liquidity other than by
paying for loans.
      Additionally, advise us why you use the term    Guarantor    when the JV
apparently
      does not guaranty payment by the securitization vehicle or any other
element of the
      financings.
5.    We note recent announcements, including with respect to Animoca
Brands/NUVA
      and a statement by a co-founder that Figure, "the largest holder of $HASH
which is
      the governance token - holds 20% of the supply but does not vote and
delegates across
      multiple validators." With a view to clarifying disclosure in the
registration statement,
      please advise us (i) where the Animoca Brands "strategic partnership
[connecting]
      issuers with investors" will fit in among Figure's products; and (ii)
whether Figure's
      ownership percentage and ability or lack of ability to vote and delegate
across
      multiple validators should be addressed in the prospectus. Additionally,
it appears
      NUVA will create "nuYLDS and nuHELOCs" and "a unified, chain-agnostic
vault
      marketplace that offers a curated set of vaults from leading asset
issuers, each with
      distinct yield strategies and risk profiles," which will enable retail
investors and
      others "to access a wide range of investment products permissionlessly
via NUVA."
 August 15, 2025
Page 3

       Please clarify for us in layman's terms how these will work, how they
will fit in with
       Figure and what, if any, material challenges and risks are presented by
this and similar
       strategic partnerships.
Figure Exchange, page 9

6.     We note your response to prior comment 32. We were unable to locate
revised
       disclosure in response to the entirety of the comment, including how
users choose the
       most appropriate and efficient pool for their unique use case and what
you mean by
       this reference, clarification of the steps of the Dutch-style auction
and any reference
       rates used, quantification of average hourly rates as of the most
recently practicable
       date, and what you mean by "assets under management" in the context of
       Democratized Prime. Please revise your disclosure, or advise. In this
regard, please
       revise to describe the lender- and borrower-interfacing product,
including for "retail
       customers who want to lend their capital."
Homogeneous Underwriting, page 14

7.     We note your response to prior comment 14. Noting your disclosure on
page 13 that
       your third-party review expenses are also reduced by as much as 80% as
compared to
       a sample of 2025 securitizations, which had 100% of their loan pool
reviewed versus
       20% for Figure, please expand your disclosure to discuss the
requirements and
       parameters of the third-party reviews. Disclose the factors or
considerations upon
       which these percentages are based.
8.     We note your response to prior comment 25 and the discussion of FICO
scores. Please
       revise here and where appropriate to state, if true, that a significant
percentage of your
       borrowers are subprime. Additionally, with a view to clarifying
disclosure, advise us
       if borrowers are required to draw down a minimum amount at origination.
A significant amount of the trading volume, page 69

9.     We note your response to prior comment 31. Please disclose the material
terms of the
       loan agreements entered into with two of your largest institutional
customers.
We hold state licenses that result in substantial costs, page 99

10.    We note your response to prior comment 18. To the extent material,
please disclose
       the scope of the various licenses for which the company needs to
reapply, or advise.
       For example, please disclose the nature of the activities for which the
licenses
       are required, such as if the licenses are required for your lending and
servicing, money
       transmission, virtual currency, and other related activities.
Key Operating Metrics, page 138

11.    We note your response to prior comment 20 and your disclosure on pages
148 and
       153 that changes in Figure branded revenue are driven by changes in
Figure branded
       volume. We further note disclosure on pages 29 and 138 that Figure
branded volume
       decreased in the three months ended March 31, 2025 compared to the three
months
       ended March 31, 2024, as well as in the year ended December 31, 2024
compared to
       2023. However, disclosures on pages 148 and 153 indicate that Figure
branded
       ecosystem and technology fees and Figure branded gain on sale of loans
both
 August 15, 2025
Page 4

       increased year-over-year for the three months ended March 31, 2025 and
the year
       ended December 31, 2024, despite the decrease in Figure branded volume.
Please
       revise your disclosure to more fully explain the underlying reasons for
the increase in
       these revenue streams despite the decrease in Figure branded volume.
12.    We note your disclosure on pages 146 and 152 discussing additional
technology
       offering fees from the fulfillment of $762.6 million, $590.5 million,
$2.3 billion and
       $1.6 billion in Partner-branded loan originations during the three
months ended March
       31, 2025 and 2024 and the years ended December 31, 2024 and 2023,
respectively.
       We also note your disclosure on pages 29 and 138 that total
Partner-branded
       origination volume was $1.0 billion, $763.4 million, $3.4 billion and
$1.7 billion for
       the three months ended March 31, 2025 and 2024 and the years ended
December 31,
       2024 and 2023, respectively. Please clarify why these Partner-branded
loan
       origination figures differ, and revise your disclosure as necessary.
Figure branded, page 153

13.    We note references to the year ended March 31, 2024 and 2023. Please
revise your
       disclosure to reference the year ended December 31, 2024 and 2023, if
appropriate.
14.    Please revise your disclosure to explain why there was no Figure branded
ecosystem
       and technology fee revenue during the year ended December 31, 2023.
Partner branded, page 154

15.    Please revise your disclosure to explain why there was no Partner
branded origination
       fee revenue during the year ended December 31, 2023.
Proprietary Loan Origination System, page 177

16.    We note your responses to prior comments 10 and 29 and that every asset
passing
       through your system is recorded on Provenance Blockchain, which you
state is the
       sole system of record. Please revise to clarify when and how events
throughout the
       life of a loan, such as delinquencies or defaults, become documented
where necessary.
       Further clarify the reconciliation process between real world
recordkeeping and the
       blockchain. Your revised disclosure should summarize, for each of your
core
       systems/services, how that system or service interacts with or uses
Provenance
       Blockchain, and when and at what point that system or service is on the
blockchain or
       otherwise digital and when it is not on the blockchain or digital.
Origination and Distribution Marketplace, page 188

17.    We note your response to prior comment 34. We were unable to identify a
discussion
       of the assumptions underlying your expectation that the take rate will
remain at 4%.
       Please revise your disclosure.
18.    We note your response to prior comment 33. To allows investors to place
your
       disclosure into better context, please revise your disclosure to
quantify the
       approximate percentage of DSCR loans as compared to your standard HELOC
loans.
Note 3 - Investments, page F-23

19.    We note the following disclosures quantifying the change in fair value
of digital
 August 15, 2025
Page 5

      assets:
          "Other expense, net" disclosure on pages 149 and 156, which states
that the
          change in fair value of digital assets was $(10,509), $0, $13,603 and
$0 for the
          three months ended March 31, 2025 and 2024 and the years ended
December 31,
          2024 and 2023, respectively.
          Non-GAAP disclosure on pages 167 and 168, which includes adjustments
          indicating that the change in fair value of digital assets was
$(9,962), $0, $10,674
          and $0 for the three months ended March 31, 2025 and 2024 and the
years ended
          December 31, 2024 and 2023, respectively.
          Investments footnote disclosure on pages F-25 and F-75, which states
that the
          change in fair value of digital assets held as collateral and held
for sale was
          $(20,442), $0, $7,910 and $215 for the three months ended March 31,
2025 and
          2024 and the years ended December 31, 2024 and 2034, respectively.
      Please provide us with a reconciliation showing how these amounts
correlate for each
      period presented, and revise your disclosure to reconcile and explain the
differences in
      these varying amounts of the change in fair value of digital assets.
Combined Consolidated Statements of Cash Flows, page F-57

20.   Your response to prior comment 39 appears to indicate that all loans held
for
      investment transferred to loans held for sale in 2023 and 2024 were
originally
      classified as held for sale upon origination or purchase, moved to held
for investment,
      and then moved back to held for sale. However, we also note your
disclosure on page
      162 that loans held in consolidated securitization trusts are included in
loans held for
      investment. Please clarify and confirm whether you have any loans that
were
      originally classified as held for investment upon origination or purchase
relating to
      consolidated securitization trusts or for any other reason. If so, tell
us how they are
      currently reflected in the balance sheets and statements of cash flows.
Ecosystem Fees, page F-68

21.   We note your response to prior comment 40 and your disclosure on pages
F-18 and F-
      68 describing your revenue recognition policy for ecosystem fees charged
to partners
      in exchange for use of the Figure Connect platform. We also note your
disclosure on
      page 186 stating that while there are no upfront costs charged to your
partners to
      onboard or test, partners are assessed a delayed implementation fee if
they fail to meet
      a minimum number of loans originated through the platform. Please address
the items
      below.
          Tell us whether ecosystem fees and implementation fees are the same
and, if so,
          please revise your disclosure throughout the document to use
consistent
          terminology. If not, please clarify the difference between these fees
and quantify
          implementation fees.
          Please revise your disclosure on pages F-18 and F-68 to provide
sufficient detail
          to fully understand recognition of ecosystem fees, including any
hurdles to
          recognition, how you determine the fee amount (e.g., flat fee per
partner or per
          loan, sliding fee based on certain volume goals, etc.), whether this
is a one time or
          recurring fee, and when you have a right to invoice users for such
fees.
 August 15, 2025
Page 6

             Please revise your disclosure, where appropriate, to include the
total number of
           partners and the total number of partners that failed to meet the
minimum number
           of loans originated through the platform for each period presented.
Exhibits

22.    We note your response to prior comment 41. It appears based on the
increasing
       emphasis on the digital-asset lending and the volatility of the assets
that this is a
       material agreement under Item 601(b)(10) of Regulation S-K. Please file
the
       agreement or provide further analysis as to why you believe it is not
material.
       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.

```

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