FIGR Filings — Figure Technology Solutions, Inc. - FilingSpy
FIGR
Figure Technology Solutions, Inc.
A fintech company that helps homeowners tap their equity with home equity lines of credit, processing loans on its own blockchain-based system and marketplace. It was co-founded in 2018 by Mike Cagney, the same entrepreneur behind SoFi, alongside June Ou, who aimed to rebuild lending on faster "blockchain rails." Its digital registry runs on the Provenance Blockchain, which it helped develop — and the company also issues the YLDS stablecoin and runs a digital-asset exchange.
Ecosystem fees more than doubled again, driving revenue up 113% and net income to $87.4M.
The marketplace platform is scaling faster than the company's own lending. rose 113% to $225.6M and reached $87.4M, as ecosystem and technology fees more than doubled and a $27.2M servicing gain lifted the bottom line. The company is now funding a $532M acquisition that will reshape its next chapter.
Key takeaways
Ecosystem and technology fees rose 159% to $72.9M, driven by a 262% increase in Figure Connect marketplace volume, as the business mix continues to shift toward capital-light, recurring fee income.
Total Consumer Loan Marketplace Volume rose 132% to $4.3B, with Partner-branded volume up 151% and Figure-branded volume up 68%, showing the marketplace strategy is pulling through both channels.
reached $87.4M, up 192% , aided by a $27.2M increase in — a non-cash mark that reflects the rising value of expected future servicing fees.
Gain on sale of loans, net, rose 59% to $57.6M on a $1.4B increase in the unpaid principal balance of loans sold, partially offset by a 4.9% decline in the .
Operating expenses rose 89% to $147.9M, with $21.8M of the increase coming from tied to IPO-related awards, and higher professional services fees also contributing.
The company agreed to acquire Kiavi, Inc. for approximately $532.4M in cash and issued $600M of 8.500% Senior Notes due 2031 to fund the deal, a move that will add a new lending vertical and increase .
What changed
Ecosystem fee growth accelerated rather than fading: the 159% increase in Q2 2026 outpaced the 203% rise in Q1 2026, even as the base effect from the 2025 launch built — the Figure Connect marketplace is still scaling rapidly.
remained volatile: after swinging from negative $37.8M in Q1 2026 to negative $35.2M in Q2 2026, the trend flagged last quarter has not yet stabilized, even as reported grew.
continued to weigh on G&A, with another $21.8M in IPO-related equity awards hitting the quarter — confirming this expense is recurring through the vesting schedule rather than a one-time item.
What to watch
Kiavi acquisition close and integration: the deal adds a new asset class and operational complexity; watch for the timing of the close, the purchase price allocation, and any early impact on credit performance and operating expenses.
Servicing asset marks: the $27.2M gain in Q2 2026 is a non-cash item sensitive to interest rate assumptions — a reversal would flow directly through and bears watching as rates change.
conversion: reported has been strong for three quarters, but operating cash flow was negative $35.2M in Q2 2026; the gap between earnings and cash generation will be a key test as the business scales.
Section summaries
Management's Discussion and Analysis
Net income surged 192% to $87.4M in Q2 2026, driven by 262% growth in Figure Connect volume and higher servicing gains.
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Total net more than doubled to $225.6M, fueled by a 159% jump in ecosystem and technology fees to $72.9M and a $27.2M increase in .
The program authorized in February 2026 was not mentioned as a material use of cash this quarter; the focus shifted to the $532M Kiavi acquisition and the $600M debt issuance to fund it.
Debt service and : the $600M of 8.500% Senior Notes adds a material fixed charge; watch the line and any disclosures in the next filing.
Consumer Loan Marketplace Volume rose 132% to $4.3B, with Partner-branded volume up 151% and Figure-branded volume up 68%, while Figure Connect volume surged 262%.
grew 59% to $57.6M on a $1.4B increase in the UPB of loans sold, partially offset by a 4.9% decrease in the weighted average sale price.
Operating expenses rose 89% to $147.9M, primarily due to a $21.8M increase in tied to IPO-related awards and higher professional services fees.
The company entered into an agreement to acquire Kiavi, Inc. for approximately $532.4M in cash and subsequently issued $600M of 8.500% Senior Notes due 2031 to fund the deal.
Cash and equivalents stood at $1.4B as of June 30, 2026, with $2.0B in available debt capacity, which management believes is sufficient to meet needs for at least the next 12 months.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our market risk from the disclosure included under “Quantitative and Qualitative Disclosures of Market risk” in our Annual Report on Form 10-K for the year ended December 31, 2025.
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There have been no material changes in our market risk from the disclosure included under “Quantitative and Qualitative Disclosures of Market risk” in our Annual Report on Form 10-K for the year ended December 31, 2025.
From time to time, we are, and from time to time in the future may be, subject to legal proceedings and claims arising in the ordinary course of our business. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate,…
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From time to time, we are, and from time to time in the future may be, subject to legal proceedings and claims arising in the ordinary course of our business. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition, or results of operations.
The Company's business, results of operations, and financial condition are subject to various risks described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the risk factors identified in the Compan…
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The Company's business, results of operations, and financial condition are subject to various risks described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the risk factors identified in the Company's Annual Report on Form 10-K as filed on March 16, 2026 for the fiscal year ended December 31, 2025.