Figure Technology Solutions, Inc. announced the pricing of its previously announced private offering of $600 million in aggregate principal amount of its 8.500% senior notes due 2031. The notes are priced at 100% of the principal amount. The closing is expected to occur on July 14, 2026, subject to customary closing conditions, resulting in approximately $587.5 million in net proceeds after deducting initial purchasers’ discounts and commissions and estimated offering expenses.

Figure intends to use the net proceeds to fund the cash consideration for the acquisition of Kiavi, an AI-powered lending platform for residential real estate investors. The offering is not conditioned on the completion of the Kiavi Acquisition. If the acquisition does not occur, the net proceeds will be used for general corporate purposes and to pay fees and expenses related to the notes offering.

The notes will be guaranteed on a joint and several basis by certain of Figure’s domestic wholly-owned subsidiaries. The notes are exempt from the registration requirements of the Securities Act of 1933, as amended. The notes may only be offered to qualified institutional buyers under Rule 144A or outside the United States to non-U.S. persons in compliance with Regulation S.

Figure Technology Solutions operates as a blockchain-native capital marketplace, connecting origination, funding, and secondary market activity. The company and its partners have originated approximately $29 billion of home equity to date, making Figure’s ecosystem the largest non-bank provider of HELOCs. Figure has received AAA ratings from S&P and Moody’s on multiple loan securitizations, marking a first for blockchain finance.

Figure Technology Solutions, Inc. reported preliminary operating data for the second quarter of 2026, exceeding the top end of its previously issued guidance ranges. The company achieved a consumer loan marketplace volume of $4,259 million, representing a 47% increase from the $2,902 million recorded in Q1 2026 and a 132% surge compared to Q2 2025. This performance underscores the effectiveness of its capital-light marketplace, FigureConnect, and the broader adoption of its blockchain-native ecosystem.

Financial Performance and Guidance

The preliminary results for Q2 2026 show significant growth across key metrics. Consumer loan marketplace volume reached $4,259 million, surpassing the company's guidance range of $3.8 billion to $4.1 billion. On a monthly basis, June 2026 volume stood at $1,519 million, an 8% increase from May 2026 and a 155% rise year-over-year. The company's adjusted EBITDA margin for Q1 2026 was 50%, reflecting a 190% increase year-over-year, with Figure operating at a rule of 140.

Strategic Partnerships and Expansion

Figure Technology continued to expand its partner network, adding 80 new partners in Q1 2026. Notably, the company onboarded Flagstar Bank, now the largest bank originator on its marketplace, and Mutual of Omaha, a Fortune 300 financial institution. These partnerships validate the platform's ability to support large-scale, complex banking operations. The company also highlighted the successful integration of third-party borrow volume into its platform, with Democratized Prime ending Q2 2026 with matched offer balances of $392 million.

Blockchain Ecosystem Developments

The company advanced its blockchain-based capital market ecosystem with the launch of the on-chain public equity network (OPEN). This initiative aims to enhance liquidity and transactional efficiency in public equities by registering stocks directly on the blockchain rather than the DTCC. Additionally, Figure introduced USDC utility to its Yields product and integrated third-party assets such as Agora and Credibly into the Democratized Prime marketplace. The company’s blockchain strategy focuses on creating a native capital market ecosystem that includes debt and structured finance, equity, and digital assets.