Figure is building the blockchain equivalent of Nasdaq, creating an efficient marketplace for all kinds of financial assets, starting with dramatically faster and cheaper home equity loans.

Imagine Rocket Mortgage for home equity loans, but supercharged by blockchain for unmatched speed and low costs, while also acting as an online exchange for trading financial assets.

• Loan Origination System (LOS): A proprietary technology platform that automates the application, underwriting, and funding processes for consumer credit, primarily home equity loans.
• Direct-to-Consumer Home Equity Lending: Figure-branded home equity loans (HELOCs) offered directly to consumers using its advanced technology.
• Partner-Enabled Lending Platform: A service that allows partner financial institutions to utilize Figure’s technology, including its LOS and DART platform, to originate their own branded home equity loans.
• DART Platform: A blockchain-based lien and eNote registry built on Provenance Blockchain, providing an immutable record for tracking and verifying loan ownership.
• Figure Connect: An electronic marketplace leveraging blockchain technology to facilitate direct transactions between sellers and buyers of loans, such as HELOCs.
• Figure Exchange: A digital asset marketplace providing crypto-trading services and features like cross-asset collateralization for margin lending.
• YLDS: An SEC-registered, interest-bearing, peer-to-peer transferable stablecoin designed for use cases including yielding collateral and cross-border payments.

Figure Technology Solutions primarily sells its technology solutions and marketplace services to other companies and institutions. While Figure does originate some loans directly to consumers, a significant and growing portion of its revenue is derived from its business-to-business (B2B) activities, where other entities leverage Figure's platform and infrastructure.

Figure's major customers fall into the following categories:

• Partners: These are companies that enter into contractual agreements with Figure to use its proprietary Loan Origination System (LOS) and the Figure Connect marketplace. These partners independently originate home equity loans using Figure's technology. As of June 30, 2025, Figure had 168 active partners. The company does not specify the names or public symbols of these partners.
• Loan Originators: These are third-party entities, distinct from Figure's direct partners, that utilize the Figure Connect electronic marketplace to transact home equity line of credit (HELOC) volume. Figure Connect onboarded 27 total marketplace participants (across originators, buyers, and investors) as of June 30, 2025. The company does not specify the names or public symbols of these originators.
• Buyers and Investors: These are institutional participants that leverage the Figure Connect marketplace to buy and invest in loans. These entities form a crucial part of the liquid capital market that Figure aims to facilitate for loans originated on its blockchain-based engine. The company does not specify the names or public symbols of these buyers or investors.

The provided background information does not name specific public companies as customers of Figure Technology Solutions. It refers to them generically by their roles within Figure's ecosystem.

Michael Tannenbaum, Chief Executive Officer and Director

Mr. Tannenbaum has served as Chief Executive Officer of Figure Technology Solutions since April 2024. Previously, he was Chief Operating Officer of Brex, Inc. from November 2021 to January 2024, and its Chief Financial Officer and Chief Business Officer from July 2017 to November 2021. Earlier in his career, Mr. Tannenbaum held significant leadership roles at SoFi Technologies, Inc., including Chief Revenue Officer from July 2014 to July 2017. He also worked at Hellman & Friedman, a private equity firm, and in the investment banking division at JPMorgan Chase.

Macrina Kgil, Chief Financial Officer

Ms. Kgil joined Figure Technology Solutions as Chief Financial Officer in December 2024. Prior to Figure, she led the finance function globally at Flow, a residential real estate startup. She served as CFO of Blockchain.com and its affiliate Blockchain Ventures Fund I from 2018 to 2022. Ms. Kgil was also CFO of OneMain Holdings (formerly Springleaf Financial Services), where she helped manage its acquisition from Citigroup and successfully led the company through an initial public offering. Her career also includes serving as Vice President in the private equity group at Fortress Investment Group, and she started at PwC in capital market advisory and audit teams, where she assisted in taking companies public, including Fortress Investment Group.

Mike Cagney, Co-founder and Executive Chairman

Mr. Cagney is a co-founder of Figure Technology Solutions, established in 2018 with his wife, June Ou. He served as Chief Executive Officer of Figure from January 2018 to March 2024, transitioning to Executive Chairman in April 2024. Mr. Cagney also co-founded and was CEO of SoFi from 2011 to 2017. His entrepreneurial background includes founding Finaplex, a wealth management software company that was acquired by Broadridge Financial Solutions in 2007, and co-founding Cabezon Investment Group, a global macro hedge fund. He is also a member of the founding team of Provenance Blockchain.

Todd Stevens, Chief Capital Officer

Mr. Stevens serves as the Chief Capital Officer of Figure Technology Solutions.

Ronald Chillemi, Chief Legal Officer and Corporate Secretary

Mr. Chillemi serves as the Chief Legal Officer and Corporate Secretary for Figure Technology Solutions. He was appointed as the company's first Chief Legal Officer in September 2024.

The key risks to Figure Technology Solutions include:

1. Customer Adoption of Blockchain-Based Solutions: Figure's business model relies on its ability to transition customers from legacy financial systems to its proprietary blockchain-based technology. The company explicitly states its goal is "to shift customer adoption towards blockchain-based solutions." If customers are slow to adopt or resist this transition, Figure's growth and competitive advantage in transforming capital markets could be significantly limited.
2. Partner Commitment and Retention: Figure's agreements with its partners are described as "non-exclusive and do not obligate our partners to use our solutions." This presents a significant risk, as Figure relies on these partners for a substantial portion of its loan originations; for the six months ended June 30, 2025, loans originated by partners utilizing DART accounted for 62% of all loans originated by its Loan Origination System. The non-binding nature of these agreements means partners could choose to reduce their engagement or switch to alternative platforms, directly impacting Figure's revenue and market share.
3. Dependence on Provenance Blockchain: Figure's entire technology platform, including the immutable recording of all assets and their key information, is built upon the Provenance Blockchain, an independent Layer 1 blockchain. While Figure currently pays minimal gas fees in HASH, its reliance on this external blockchain introduces systemic risk. Any issues with the Provenance Blockchain itself, such as security vulnerabilities, performance degradation, governance changes, or significant fluctuations in the value or availability of its HASH utility token, could severely disrupt Figure's operations and financial stability.

• The consumer credit market, which is approximately $2 trillion. This market size is for the U.S.
• The cryptocurrency and digital asset market, which is approximately $4 trillion. This market size is global.

Figure Technology Solutions (FIGR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion within Consumer Credit and Digital Asset Markets: Figure aims to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market. This strategy involves deeper penetration and broader offerings within these substantial markets, leveraging their blockchain-based technology.
2. Increased Adoption and Utilization of the DART Platform: The DART platform, Figure's lien and eNote registry built on Provenance Blockchain, saw significant growth, with 80% of loans originated through their LOS utilizing DART for the six months ended June 30, 2025, a substantial increase from 2% in 2024. Continued increased adoption by both Figure and its partners is expected to drive further revenue.
3. Growth in Active Partners and Usage of LOS and Figure Connect: Figure actively expands its partner-branded strategies, with 168 active partners as of June 30, 2025. These partners use Figure’s Loan Origination System (LOS) and the Figure Connect marketplace. Growing the number of partners and increasing their utilization of these solutions will directly contribute to transaction volume and associated fees.
4. Rapid Scaling of the Figure Connect Marketplace: Launched in June 2024, Figure Connect, an electronic marketplace for loan transactions using blockchain technology, facilitated approximately $1.3 billion in HELOC volume and onboarded 27 marketplace participants within its first year. The rapid early adoption and transaction volume indicate this recently launched product will be a significant driver of future revenue growth.
5. Launch and Scaling of New Trading and Investing Products: Figure is expanding beyond its foundational solutions by developing new trading and investing products. Examples include Figure Exchange, a digital asset marketplace for crypto-trading, and YLDS, an SEC-registered, interest-bearing peer-to-peer transferable stablecoin. While these products generated minimal revenue in the first half of 2025, their strategic importance and potential use cases suggest they will be key future revenue contributors.