Figure Technology Solutions, Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 1,464,643 $ 1,198,141 Restricted cash 71,947 68,637 Loans held for sale, at fair value 503,900 404,337 Digital assets ($ 62,430 and $ 84,867 at fair value) 74,313 96,558 Accounts receivable, net 65,330 52,016 Other current assets 46,005 41,518 Total current assets 2,226,138 1,861,207 Loan servicing asset, at fair value 125,931 113,064 Marketable securities, at fair value 298,428 273,151 Digital assets, non-current 1,967 3,644 Deferred income taxes, net 26,037 26,037 Other non-current assets 52,392 40,420 Total assets $ 2,730,893 $ 2,317,523 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 29,731 $ 29,501 Payables to third-party loan owners 451,393 383,772 Debt, current ($ 174,589 and $ 100,519 at fair value) 228,505 160,959 Debt, current to related parties ($ 376,526 and $ 166,135 at fair value) 376,526 166,135 Other current liabilities 86,601 105,642 Total current liabilities 1,172,756 846,009 Debt, non-current 262,223 230,143 Lease liability, non-current 3,894 4,173 Total liabilities 1,438,873 1,080,325 Stockholders' equity: Preferred stock — $ 0.0001 par value per share: 100,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025 — — Class A common stock — $ 0.0001 par value per share: 1,000,000,000 shares authorized, 180,812,863 shares issued and outstanding at March 31, 2026; 1,000,000,000 shares authorized, 178,485,407 issued and outstanding at December 31, 2025 19 19 Class B common stock — $ 0.0001 par value per share: 200,000,000 shares authorized, 37,893,047 shares issued and outstanding at March 31, 2026; 200,000,000 shares authorized, 37,893,047 issued and outstanding at December 31, 2025 4 4 Blockchain common stock — $ 0.0001 par value per share: 500,000,000 shares authorized, 687,920 and no shares issued and outstanding at March 31, 2026 and December 31, 2025 — — Treasury stock, at cost ( 18,218 ) — Additional paid-in capital 1,452,264 1,415,804 Accumulated deficit ( 142,048 ) ( 186,993 ) Total Figure Technology Solutions, Inc. stockholders' equity 1,292,021 1,228,834 Noncontrolling interests in consolidated subsidiaries ( 1 ) 8,364 Total stockholders' equity 1,292,020 1,237,198 Total liabilities and stockholders' equity $ 2,730,893 $ 2,317,523 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 6 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share data) Three Months Ended March 31, 2026 2025 Net revenue: Ecosystem and technology fees $ 47,306 $ 15,613 Servicing fees 9,825 7,191 Interest income 19,376 11,224 Origination fees 23,130 12,477 Gain on sale of loans, net 49,356 29,792 Gain on servicing asset, net 12,867 326 Marketable securities income, net 3,660 7,613 Other revenue 1,487 274 Total net revenue 167,007 84,510 Expenses: General and administrative 45,595 18,840 Technology and product development 15,605 17,416 Operations and processing 21,447 12,678 Sales and marketing 25,483 14,967 Interest expense 16,889 10,972 Other expense 47 1,565 Total expenses 125,066 76,438 Operating income 41,941 8,072 Other expense, net ( 3,839 ) ( 7,455 ) Income before income taxes 38,102 617 Income tax (benefit) provision ( 6,945 ) 1,230 Net income (loss) 45,047 ( 613 ) Net income attributable to noncontrolling interests in consolidated subsidiaries 102 207 Net income (loss) attributable to Figure Technology Solutions, Inc. $ 44,945 $ ( 820 ) Net income (loss) per share of Class A, Class B, and Blockchain common stock Basic $ 0.21 $ ( 0.01 ) Diluted $ 0.18 $ ( 0.01 ) Weighted-average Class A, Class B, and Blockchain common shares outstanding Basic 217,277,605 69,398,649 Diluted 248,829,672 69,398,649 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 7 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (in thousands, except share and per share data) Class A Common Stock Class B Common Stock Blockchain Common Stock Treasury Stock Additional Paid-In Capital Accumulated Deficit Total Figure Technology Solutions, Inc. Stockholders’ Equity Noncontrolling Interests in Consolidated Subsidiaries Total Stockholders’ Equity Shares Amount Shares Amount Shares Amount Shares Amount Balance at December 31, 2025 178,485,407 $ 19 37,893,047 $ 4 — $ — — $ — $ 1,415,804 $ ( 186,993 ) $ 1,228,834 $ 8,364 $ 1,237,198 Exercise of stock options and warrants 2,382,188 — — — — — — — 8,813 — 8,813 — 8,813 Stock compensation expense — — — — — — — — 27,647 — 27,647 — 27,647 Dividends & redemptions of subsidiaries — — — — — — — — — — — ( 53 ) ( 53 ) Other equity contributions — — — — — — — — — — — ( 20 ) ( 20 ) Settlement of restricted stock units 633,188 — — — — — 280,603 ( 8,518 ) — — ( 8,518 ) — ( 8,518 ) Blockchain common stock issuance ( 687,920 ) — — — 687,920 — — — — — — — — Class A common stock repurchases — — — — — — 312,500 ( 9,700 ) — — ( 9,700 ) — ( 9,700 ) Deconsolidation of subsidiary — — — — — — — — — — — ( 8,394 ) ( 8,394 ) Net income — — — — — — — — — 44,945 44,945 102 45,047 Balance at March 31, 2026 180,812,863 $ 19 37,893,047 $ 4 687,920 $ — 593,103 $ ( 18,218 ) $ 1,452,264 $ ( 142,048 ) $ 1,292,021 $ ( 1 ) $ 1,292,020 Convertible Preferred Stock Common Stock Additional Paid-In Capital Accumulated Deficit Total Figure Technology Solutions, Inc. Stockholders’ Equity Noncontrolling Interests in Consolidated Subsidiaries Total Stockholders’ Equity Shares Amount Shares Amount Balance at December 31, 2024 111,900,495 $ 2 69,300,284 $ 2 $ 675,945 $ ( 320,851 ) $ 355,098 $ 8,277 $ 363,375 Exercise of stock options and warrants — — 196,733 — 508 — 508 — 508 Stock compensation expense — — — — 2,414 — 2,414 — 2,414 Issuance of preferred stock warrants — — — — 2,927 — 2,927 — 2,927 Dividends & redemptions of subsidiaries — — — — — — — ( 81 ) ( 81 ) Net income — — — — — ( 820 ) ( 820 ) 207 ( 613 ) Balance at March 31, 2025 111,900,495 $ 2 69,497,017 $ 2 $ 681,794 $ ( 321,671 ) $ 360,127 $ 8,403 $ 368,530 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 8 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Three Months Ended March 31, 2026 2025 Operating activities: Net income (loss) $ 45,047 $ ( 613 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Gain on servicing asset, net ( 12,867 ) ( 326 ) Gain on sale of loans, net ( 53,321 ) ( 29,792 ) Loss (gain) on sale of digital assets 3,856 5,444 Change in fair value of marketable securities 2,468 ( 2,231 ) Loss (income) from fund and equity method investments 417 2,825 Interest expense paid in YLDS 8,167 — Amortization of deferred financing costs 374 274 Amortization of internally developed software 4,712 3,943 Services exchanged for issuance of warrants — 2,927 Stock-based compensation expense 25,878 2,414 Losses on repurchased loans 47 1,600 Net change in operating assets and liabilities: Proceeds from loan sales, net of repurchases 1,986,508 978,234 Originations of loans held for sale ( 1,202,372 ) ( 680,350 ) Purchases of loans held for sale ( 1,027,603 ) ( 516,863 ) Principal payments on loans held for sale 186,965 95,990 Accounts receivable, net ( 8,397 ) 956 Other assets ( 2,326 ) ( 10,476 ) Accounts payable and other liabilities 4,629 5,771 Net cash provided by (used in) operating activities ( 37,818 ) ( 140,273 ) Investing activities: Capitalization of internally developed software costs ( 6,436 ) ( 4,418 ) Purchases of digital assets ( 1,726 ) ( 1,619 ) Proceeds from sales of digital assets 803 2,595 Realized gains (losses) on futures 1,619 — Purchases of marketable securities ( 51,634 ) ( 15,161 ) Principal payments on marketable securities 18,052 2,476 Deconsolidation of subsidiary ( 11,737 ) — Partner prefunding ( 13,034 ) — Partner prefunding repayment 10,500 — Net cash used in investing activities ( 53,593 ) ( 16,127 ) Financing activities: Proceeds from debt 2,066,896 1,037,243 Proceeds from debt, related party 96,924 — Principal payments on debt ( 1,835,081 ) ( 891,375 ) Principal payments on debt, related parties ( 28,684 ) — Payments of deferred financing costs ( 217 ) ( 140 ) Proceeds from servicing activity on behalf of third-party loan owners 68,533 49,877 Net changes in customer deposit liabilities 2,310 — Distributions to shareholders — ( 81 ) Common stock repurchase ( 9,700 ) — Proceeds from exercises of stock options 8,813 508 Taxes paid related to net share settlement of equity awards ( 8,517 ) — Other financing activities ( 54 ) — Net cash provided by financing activities 361,223 196,032 Net increase in cash, cash equivalents, and restricted cash 269,812 39,632 Cash, cash equivalents, and restricted cash, beginning of period 1,266,778 347,447 Cash, cash equivalents, and restricted cash, end of period $ 1,536,590 $ 387,079 Supplemental cash flow disclosure: Cash paid during the period for interest $ 13,858 $ 10,720 Cash paid during the period for income taxes 173 — Non-cash investing and financing activities: Unrealized losses on futures $ 2,346 $ — Distributions from Onshore Solana Fund 374 81 Stock-based compensation included in capitalized internally developed software 1,769 115 Marketable securities retained in securitization transactions — ( 16,636 ) Non-cash payments issued through debt ( 1,699 ) — The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 9 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) NOTE 1 – BUSINESS AND ORGANIZATION Figure Technology Solutions, Inc. (“FTS”, “Figure”, or the “Company”) is a financial technology company that has built a suite of blockchain-based products and solutions centered around the vision of promoting efficiency and liquidity in financial markets. The Company offers a technology-enabled loan origination system and pairs this system with a distribution marketplace, Figure Connect, providing access to a deep and broad pool of capital markets partners (together, the “Technology Offering”). In addition, the Company has utilized blockchain technology to develop an exchange for digital assets and credit, providing interest-bearing stablecoin deposits and Democratized Prime a decentralized, blockchain-based financial marketplace connecting sources and uses of capital. 2025 Corporate Transactions During 2025, the Company completed a series of corporate transactions: • Recombination : On August 29, 2025, FT Intermediate, Inc. (“FTI”) and Figure Markets Holdings, Inc. (“FMH”), entities under common control, recombined (the “Recombination”). FTI was subsequently renamed Figure Technology Solutions, Inc. As the Recombination was between entities under the common control of the controlling shareholder, Michael Cagney (“Controlling Party”), the transaction was accounted for in a manner similar to a pooling of interests. Accordingly, the Company’s Condensed Consolidated Financial Statements for the prior-year periods have been retrospectively recast to reflect the combined results of FTI and FMH as if they were a single consolidated entity as of the earliest period presented. • Initial Public Offering : On September 12, 2025, the Company completed its Initial Public Offering (“IPO”) of Class A common stock. In connection with the IPO, all then-outstanding shares of convertible preferred stock were converted into shares of Class A common stock; a dual-class common stock structure was established, consisting of Class A and Class B; and shares held by the Controlling Party were converted into Class B common stock. For additional information regarding the Recombination and the IPO, refer to Note 1 in the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Secondary Offering In February 2026, the Company completed a secondary public offering of 4,375,000 shares of its Blockchain Common Stock ("Blockchain Stock"). The transaction was structured as a synthetic secondary offering in which underwriters purchased 4,375,000 existing shares of the Company’s Class A common stock from selling stockholders and sold them to the Company. The Company then sold newly minted Blockchain Stock to the purchasers. The Company received no cash proceeds from the sale of the Blockchain Stock. In connection with the offering, the Company utilized approximately $ 10.0 million of cash on hand to repurchase 312,500 shares of its Class A common stock from the underwriters at the public offering price of $ 32.00 (the "Share Repurchase"). The shares acquired in the Share Repurchase are held in treasury. The completion of this transaction resulted in approximately a $ 10.0 million reduction in cash and cash equivalents and a corresponding increase in treasury stock, with no net impact on the total number of common shares issued. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, the Company made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The Condensed Consolidated Financial Statements include the accounts of the Company and the combined wholly-owned subsidiaries over which the Company controls significant operating, financial, and investing decisions of the entity as well as those entities deemed to be variable interest entities (“VIEs”) in which the Company is determined to have a controlling financial interest. 10 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2026, or for any other period. Further, the balance sheet as of December 31, 2025, has been derived from the audited Consolidated Balance Sheet as of this date. There have been no material changes, other than what is discussed herein, to the Company's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Change in Financial Statement Presentation Marketable Securities Income, net As of March 31, 2026, the Company voluntarily elected to change its income statement presentation for net gains and losses on the change in fair value of marketable securities, and the interest income earned on marketable securities, by reclassifying them into a separate line item, “Marketable securities income, net”. Previously, these amounts were included within “Gain on sale of loans, net” and “Interest income”, respectively. This change in classification has been applied retrospectively to all periods presented. It had no impact on the Condensed Consolidated Balance Sheets and no effect on previously reported total assets, total liabilities, equity, net income, or earnings per share for any period presented. The following tables present the impact to the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows as a result of this change for the three months ended March 31, 2025. Three Months Ended March 31, 2025 Condensed Consolidated Statements of Operations As Reported Adjustment Recast Interest income $ 16,606 $ ( 5,382 ) $ 11,224 Gain on sale of loans, net 32,023 ( 2,231 ) 29,792 Marketable securities income, net — 7,613 7,613 Three Months Ended March 31, 2025 Condensed Consolidated Statements of Cash Flows As Reported Adjustment Recast Adjustments to reconcile net income (loss) to net cash used in operating activities: Gain on sale of loans, net $ ( 32,023 ) $ 2,231 $ ( 29,792 ) Change in fair value of marketable securities — ( 2,231 ) ( 2,231 ) Customer Deposit Liability As of March 31, 2026, the Company voluntarily elected to change its presentation of cash flow activity in connection with deposits held for customer marketplace transactions. Such activity was previously reflected within operating activities in the “Accounts payable and other liabilities” line item, and are now presented in financing activities in the “Net changes in customer deposit liabilities” line item. The amounts for the three months ended March 31, 2025 were $ 6.5 million. The change in presentation had no impact on the Condensed Consolidated Financial Statements, other than the reclassification of amounts within the Condensed Consolidated Statements of Cash Flows captions as described herein. The movement between customer deposit liabilities and YLDS (debt) is presented as cash payments and receipts. Change in Accounting Principle Accounting for payment stablecoins As of December 31, 2025, the Company voluntarily elected to change its method of accounting for payment stablecoins to classify them as cash equivalents and applied the change retrospectively. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of the change in accounting principle. 11 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of this change to the three months ended March 31, 2025; there was no impact to the Condensed Consolidated Statements of Cash Flows beyond the line items shown below. Three Months Ended March 31, 2025 As Reported Adjustment Recast Investing activities: Purchases of digital assets $ ( 2,053 ) $ 434 $ ( 1,619 ) Proceeds from sales of digital assets 2,899 ( 304 ) 2,595 Change in Statement of Cash Flow Presentation Related to Retained Beneficial Interests in Loan Securitizations As of December 31, 2025, the Company corrected the presentation of certain retained beneficial interests in loan securitization transactions within the Condensed Consolidated Statements of Cash Flows and applied the correction retrospectively. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of the correction. The following table presents the impact to the Condensed Consolidated Statements of Cash Flows as a result of the correction for the three months ended March 31, 2025; there was no impact to the Condensed Consolidated Statements of Cash Flows beyond the line items shown below. Three Months Ended March 31, 2025 As Reported Adjustment As Corrected Operating activities: Proceeds from loan sales, net of repurchases $ 994,870 $ ( 16,636 ) $ 978,234 Purchases of marketable securities ( 31,797 ) 31,797 — Principal payments on marketable securities 2,476 ( 2,476 ) — Net cash provided by (used in) operating activities ( 152,958 ) 12,685 ( 140,273 ) Investing activities: Purchases of marketable securities — ( 15,161 ) ( 15,161 ) Principal payments on marketable securities — 2,476 2,476 Net cash used in investing activities (A) $ ( 3,572 ) $ ( 12,685 ) $ ( 16,257 ) Non-cash investing and financing activities: Marketable securities retained in securitization transactions $ — $ ( 16,636 ) $ ( 16,636 ) (A) Net cash used in investing activities “As Corrected” represents the impact from this adjustment only and does not tie to the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 as it does not include the impact from the payment stablecoin presentation change disclosed in “Change in Accounting Principle” in Note 2. Segments The Company operates as a single operating and reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM evaluates performance and allocates resources using consolidated net income (loss) as reported in the Condensed Consolidated Statements of Operations. Significant expense categories and revenue streams reviewed by the CODM are presented on the face of the Condensed Consolidated Statements of Operations. The CODM does not review assets, liabilities, or capital expenditures at a more granular level; accordingly, no such disclosures are presented. Total consolidated assets are presented on the Condensed Consolidated Balance Sheets. Substantially all of the Company’s revenues and long-lived assets are located in the United States. For the three months ended March 31, 2026, Toledo Bend Investments accounted for approximately $ 21.1 million, or 13 %, of the Company’s total net revenue. Our diversified ecosystem of whole loan buyers and access to additional liquidity through the securitization market mitigates concentration risk related to individual purchasers of loans for which we earn revenues. No other customer accounted for more than 10% of the Company’s total net revenue for each of the respective periods or for the same periods in the prior year. 12 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Derivatives Treasury Note Futures Contracts The Company recorded aggregate net realized and unrealized gains (losses) for derivative assets and liabilities within “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations of $ 4.0 million and $( 4.8 ) million for the three months ended March 31, 2026 and 2025, respectively. Any results from the settlement of the Company derivative financial instruments are included as “Realized gains (losses) on futures” as an investing cash flow within the Condensed Consolidated Statements of Cash Flows. The Company records derivative assets and liabilities within “Other current liabilities” and “Other current assets” in the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025 we recorded the following balances: Notional March 31, 2026 December 31, 2025 Other current asset: Treasury note futures $ 205,000 $ 2,788 $ 442 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, 2026 December 31, 2025 Cash and cash equivalents $ 1,425,754 $ 1,159,597 Payment stablecoins 38,889 38,544 Restricted cash 71,947 68,637 Total cash, cash equivalents and restricted cash $ 1,536,590 $ 1,266,778 Accounts receivable, net The following table presents the components of “Accounts receivable, net” reported in the Condensed Consolidated Balance Sheets: March 31, 2026 December 31, 2025 Trade accounts receivable $ 37,446 $ 30,627 Interest receivable 4,402 4,440 Subservicer receivable (A) 8,813 6,914 Other accounts receivable 14,939 10,355 Less: Allowance for credit losses ( 270 ) ( 320 ) Accounts receivable, net $ 65,330 $ 52,016 (A) Subservicer receivable consists of loan principal and interest payments collected on behalf of the Company by a subservicer that have not yet been remitted to the Company. The Company is exposed to credit risk related to trade accounts receivable. In order to manage credit risk, the Company generally has the right to withhold amounts due from transaction proceeds paid to the customer. At March 31, 2026, trade accounts receivable from four customers individually accounted for approximately 28.5 %, 24.2 %, 16.8 %, and 12.1 % of trade accounts receivables. No other customer accounted for 10% or more of trade accounts receivable. Revenue Recognition The Company’s revenues are substantially comprised of ecosystem and technology fees, loan originations and sales gains or losses, interest income earned on those loans, and loan servicing. See the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for the Company’s revenue recognition accounting policies. 13 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The following table presents the components of “Ecosystem and technology fees” in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2026 2025 Ecosystem and technology fees: Technology offering fees (A) $ 17,296 $ 7,895 Ecosystem fees (B) 24,419 5,212 41,715 13,107 Program fees (C) 5,591 2,506 Total ecosystem and technology fees $ 47,306 $ 15,613 (A) Technology o ffering fees include fees that are accounted under ASC 606 as well as $ 9.7 million and $ 2.5 million for the three months ended March 31, 2026 and 2025, respectively, that are in the scope of ASC 310. (B) Ecosystem fees include fees that are accounted for under ASC 606 as well as $ 7.8 million and $ 2.5 million for the three months ended March 31, 2026 and 2025, respectively, that are in the scope of ASC 310. (C) Program fees are not in the scope of ASC 606 . Software Costs The Company amortizes internally-developed software capitalized costs within “Technology and product development” expense in the Condensed Consolidated Statements of Operations as follows: Estimated Useful Life (Years) March 31, 2026 December 31, 2025 Internally developed software 3 $ 110,074 $ 101,873 Accumulated amortization (A) ( 78,387 ) ( 73,704 ) Net $ 31,687 $ 28,169 (A) The Company amortized $ 4.7 million and $ 3.9 million of capitalized internally-developed software costs during the three months ended March 31, 2026 and 2025, respectively. Recently Issued Accounting Standards With the exception of those discussed below, there have not been recent changes in accounting pronouncements issued by the FASB that are applicable to, or adopted by, the Company during the three months ended March 31, 2026. Recently Issued Accounting Standards Not Yet Adopted In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the applicability of interim reporting guidance, establishes a comprehensive list of interim disclosures required under GAAP, and introduces a disclosure principle requiring entities to disclose events occurring after the most recent annual reporting period that have a material impact on the entity. ASU 2025-11 also improves navigability by organizing interim disclosure requirements across the Codification and clarifies the form and content of interim financial statements, including the use of condensed statements and required accompanying notes. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, for public business entities, and after December 15, 2028, for all other entities, with early adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-11 on its interim reporting disclosures. In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans (“ASU 2025-08”), which introduces the concept of purchased seasoned loans and expands use of the gross-up approach to a broader population of acquired loans. Under the amendments, loans (other than credit cards) that are acquired without significant credit deterioration since origination and meet seasoning criteria are accounted for using the gross-up approach at acquisition (that is, recognition of an allowance for credit losses with a corresponding increase to amortized cost). A loan generally is considered seasoned if it is obtained more than 90 days after origination and the transferee was not involved in the loan’s origination; the guidance provides indicators for assessing involvement and excludes certain assets (such as credit cards, debt securities, and Topic 606 trade receivables) from the purchased seasoned loans category. ASU 2025-08 also clarifies related measurement and interest income guidance for purchased seasoned loans and aligns various Topics (including business combinations, consolidations, and transfers and servicing) with the new model. ASU 2025-08 is 14 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) effective for all entities for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, and is applied prospectively to loans acquired on or after the date of initial application; early adoption is permitted in an interim or annual period for which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the effect of adopting ASU 2025-08 on its financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract (“ASU 2025-07”). The ASU expands the population of contracts excluded from derivative accounting by excluding contracts whose underlyings are based on operations or activities specific to one of the parties to the contract. In addition, the ASU clarifies that a share-based payment received from a customer as consideration for goods or services should be accounted for under ASC 606’s share-based noncash consideration guidance, and that guidance in other topics should not be applied unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC 606. ASU 2025-07 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with earlier adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-07 on its financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for software costs by removing references to prescriptive project stages and establishing a new recognition threshold. Under ASU 2025-06, entities are required to begin capitalizing internal-use software costs once management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used as intended. In assessing the probability threshold, entities must evaluate whether significant development uncertainty exists, including unresolved technological innovations or unproven features, or whether significant performance requirements have not been identified or continue to be substantially revised. The amendments also incorporate website development cost guidance into Subtopic 350-40, require property, plant, and equipment disclosures for capitalized internal-use software costs, and eliminate duplicative intangible disclosure requirements. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the effect of adopting ASU 2025-06 on its financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclosure of the total amount of selling expenses, and in annual reporting periods. the Company’s definition of selling expenses. ASU 2024-03 is effective for public business entities’ annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of adopting ASU 2024-03 on its disclosures. In December 2023, the FASB issued ASU 2023‐09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. ASU 2023-09 should be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effect of adopting ASU 2023-09 on its disclosures for annual reporting for the year ended December 31, 2026. NOTE 3 – INVESTMENTS The Company holds investments across three primary categories: marketable securities that represent the interests it is required to retain upon securitizing loans in transactions that are considered sales under GAAP; digital assets, in the form of cryptocurrencies or digital financial assets, held and held as collateral for personal loans; and investments in entities that the Company does not consolidate. 15 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Marketable Securities The following table summarizes the Company’s marketable securities at March 31, 2026 and December 31, 2025: March 31, 2026 Outstanding Face Amount (A) Net Fair Value Adjustment Carrying Value (B) Marketable securities, at fair value: Investment grade debt securities (C) $ 231,279 $ 683 $ 231,962 Below investment grade debt securities (D) 35,075 ( 524 ) 34,551 Residual interest securities (E) 32,702 ( 787 ) 31,915 Total marketable securities, at fair value $ 299,056 $ ( 628 ) $ 298,428 December 31, 2025 Outstanding Face Amount (A) Net Fair Value Adjustment Carrying Value (B) Marketable securities, at fair value: Investment grade debt securities (C) $ 202,358 $ 1,500 $ 203,858 Below investment grade debt securities (D) 29,648 ( 521 ) 29,127 Residual interest securities (E) 40,803 ( 637 ) 40,166 Total marketable securities, at fair value $ 272,809 $ 342 $ 273,151 (A) The total outstanding face amount represents the aggregate face amount of the debt securities outstanding at each period end. (B) The Company elected the fair value option for marketable securities; therefore, carrying value represents fair value. The total carrying value includes $ 263.9 million and $ 231.8 million of debt securities collateralized under repurchase agreements at March 31, 2026 and December 31, 2025, respectively. See Notes 6 and 12 for additional information regarding the retained interest facility and valuation of the Company’s marketable securities, respectively. (C) Represents debt securities rated A- or above by DBRS Morningstar or comparable rating by other rating agencies. (D) Represents debt securities rated below A- by DBRS Morningstar or comparable rating by other rating agencies. (E) Represents residual interests and non-rated securities in securitizations that are not considered debt securities, including 24 and 20 non-rated securities with aggregate outstanding face amounts of $ 15.5 million and $ 20.9 million at March 31, 2026 and December 31, 2025, respectively, and 19 and 15 interest-only securities based upon aggregate outstanding principal amounts of $ 17.2 million and $ 19.9 million at March 31, 2026 and December 31, 2025, respectively. Digital Assets Digital Assets Held as Collateral The Company records digital assets and the corresponding liability for digital assets held as collateral at fair value, and the Company does not consider the cost basis to be meaningful. While the collateral is in the Company’s control, the Company has the ability to use the collateral for loan, margin, rehypothecation, or other similar activities to which the Company or its affiliates are a party, however, chooses not to do so without the customer’s consent and such assets are held solely for the purpose of securing the related loans. Digital assets held for collateral are included in “Digital assets” in the Condensed Consolidated Balance Sheets. The Company originates loans collateralized by digital assets and recorded a corresponding $ 31.1 million and $ 52.6 million liability at March 31, 2026 and December 31, 2025, respectively, representing the fair value of digital assets owed to the borrower in the event of loan repayment that is included in “Other current liabilities” in the Condensed Consolidated Balance Sheets. See Note 12 for additional information regarding the valuation of these assets and liabilities. 16 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The following table summarizes the significant digital assets held as collateral at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Units Fair Value Units Fair Value Digital assets held as collateral: Bitcoin (BTC) 387 26,377 527 $ 46,119 Ethereum (ETH) 2,265 4,767 2,173 6,450 Total digital assets held as collateral $ 31,144 $ 52,569 The Company engages a third party custodian to hold digital assets as collateral in an account in the Company’s name, and provide custodial services including holding the cryptographic key information and working to protect the digital assets from loss or theft. The Company maintains internal recordkeeping of the digital asset collateral, including the amount and type of digital asset owned by each borrower. Digital Assets Held Digital Assets Held at Fair Value The Company records digital assets held at fair value in both “Digital assets” and “Digital assets, non-current” in the Condensed Consolidated Balance Sheets, depending on the nature of the underlying asset and related restrictions. See Notes 2 and 12 for additional information regarding the classification and valuation of these assets. The following table summarizes digital assets held at fair value by the Company, and by third-party custodians on behalf of the Company, at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Units Cost Basis Fair Value Units Cost Basis Fair Value Digital assets held at fair value: Solana (SOL) (A) 92,343 $ 11,053 $ 7,664 87,707 $ 10,731 $ 10,918 United States Dollar Tether (USDT) 1,044,053 1,044 1,044 958,734 959 959 Kamino Liquidity Pools Various 23,644 23,645 Various 23,485 23,510 Other digital assets (B) Various 1,092 900 Various 475 555 Total digital assets held at fair value $ 36,833 $ 33,253 $ 35,650 $ 35,942 (A) Includes 47,698 Solana (“SOL”) at March 31, 2026 that are subject to a lock-up period through January 2028 and unlocked on a monthly basis based on a contractual schedule. The locked tokens are not accessible, are staked, and earn rewards during the lock up period. (B) Includes various other digital asset balances, none of which individually represented more than 5% of the fair value of total digital assets held at fair value. Digital Assets Held at Cost The Company records digital assets held at cost, net of impairment, in “Digital assets” in the Condensed Consolidated Balance Sheets. The following table summarizes digital assets held at cost by the Company, and by third-party custodians on behalf of the Company, at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Units Cost Basis Carrying Value Units Cost Basis Carrying Value Digital assets held at cost: HASH (A) 19,846,262,501 $ 11,883 $ 11,883 19,873,741,886 $ 11,691 $ 11,691 Total digital assets held at cost $ 11,883 $ 11,883 $ 11,691 $ 11,691 (A) Represents native utility tokens used by the Company as a medium of exchange (“HASH”), maintained by an affiliated entity. See Note 11 for additional information regarding the related party relationship. 17 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Digital Assets Activity The following table summarizes activities involving the Company’s digital assets for the three months ended March 31, 2026 and 2025: Held as Collateral Held at Fair Value (A) Held at Cost Balance at December 31, 2024 $ 64,439 $ 19,207 $ 1,506 Purchases (B) — 1,619 — Sales (C) — ( 2,595 ) — Collateral received (D) 19,280 — — Collateral returned (D) ( 11,217 ) — — Gains (E) — 2,338 — Distributions from Fund I (F) — 1,177 — Change in fair value (G) ( 12,660 ) ( 7,782 ) — Balance at March 31, 2025 $ 59,842 $ 13,964 $ 1,506 Balance at December 31, 2025 $ 52,569 $ 35,942 $ 11,691 Purchases (B) — 825 901 Sales (C) — ( 32 ) ( 709 ) Collateral received (D) 11,491 — — Collateral returned (D) ( 21,326 ) — — Gains (E) — 274 — Distributions from Fund I (F) — 374 — Change in fair value (G) ( 11,590 ) ( 4,130 ) — Balance at March 31, 2026 $ 31,144 $ 33,253 $ 11,883 (A) Period activity for the three months ended March 31, 2025 has been recast to reflect the reclassification of payment stablecoins from “Digital assets” to “Cash and cash equivalents”. This change resulted in a $( 0.4 ) million change to Purchases activity and a $ 0.3 million change to Sales activity for the three months ended March 31, 2025. See Note 2, Change in Accounting Principle, for further details. (B) Includes receipts of digital assets held resulting from the disbursement of cash. (C) Includes transactions related to the settlement and transfer of digital assets held in exchange for the receipt of cash. (D) Collateral received and returned includes movements impacting digital assets held as collateral associated with borrower personal loan activities which can include receipt of digital assets held as collateral related to loan originations, combined loan to value maintenance, and returns of collateral owed to the borrower once a loan has been repaid. (E) Includes realized gains incurred on the sale of digital assets held for sale, and the recognition of income associated to blockchain staking rewards which are reflected in “Other expense, net” in the Condensed Consolidated Statements of Operations. No realized gains were recorded for digital assets held as collateral, as the liquidation of collateral reduces the corresponding liability and cash proceeds are applied to the borrower’s personal loan balance. (F) Represents distributions of digital assets received from SOL Opportunity Fund L.P. (“Domestic Solana Fund”), a dom estic fund that invests primarily in SOL. (G) There is a corresponding liability to return digital assets held as collateral that is an embedded derivative. The embedded derivative and the host contract are reported within “Other current liabilities” on the Condensed Consolidated Balance Sheets. The change in the fair value of the embedded derivative and the change in the digital assets held as collateral have a naturally offsetting relationship and are recorded within “Other expense, net” on the Condensed Consolidated Statements of Operations. 18 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Equity Investments The Company holds the following minority investments in certain entities not considered significant to the Company and recorded within “Other non-current assets” in the Condensed Consolidated Balance Sheets, with the Company’s share of net income of equity-method investees recorded as “Other revenue” in the Condensed Consolidated Statements of Operations. The following table presents the carrying value of these investments at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 Equity Interest Investment Investment Equity method investees: Domestic Solana Fund 4.8 % $ 1,252 $ 2,104 Reflow Services, LLC 17.3 % 50 800 Fig SIX Mortgage, LLC 5.0 % 2,477 2,477 Evergreen Funds (A) (A) 9,753 — Total equity method investments 13,532 5,381 Measurement alternative investments 2,419 1,419 Total equity investments $ 15,951 $ 6,800 (A) The Evergreen Funds represent the Company’s 33.3 % and 55 % interest in VS Evergreen Fund GP LLC and VS Evergreen Financing Fund LP, respectively. The Company does not consolidate the Evergreen Funds as the Company is not the primary beneficiary. The following table summarizes activities involving the Company’s equity investments: Equity Method Investments Measurement Alternative Investments Total Balance at December 31, 2024 $ 6,668 $ 1,542 $ 8,210 Share of investee earnings ( 2,180 ) — ( 2,180 ) Dividends received ( 1,801 ) — ( 1,801 ) Contributions 58 — 58 Measurement alternative adjustments n.a. — — Balance at March 31, 2025 $ 2,745 $ 1,542 $ 4,287 Balance at December 31, 2025 $ 5,381 $ 1,419 $ 6,800 Share of investee earnings ( 417 ) — ( 417 ) Dividends received ( 1,184 ) — ( 1,184 ) Contributions 9,752 1,000 10,752 Measurement alternative adjustments n.a. — — Balance at March 31, 2026 $ 13,532 $ 2,419 $ 15,951 NOTE 4 – SERVICING The following table summarizes the Company’s servicing assets at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 UPB of Underlying Loans Loan Count Carrying Value (A) UPB of Underlying Loans Loan Count (B) Carrying Value (A) HELOC loans $ 14,413,966 191,280 $ 123,964 $ 12,783,215 172,540 $ 111,211 Mortgage loans 145,060 265 1,967 147,268 270 1,853 Total servicing assets $ 14,559,026 191,545 $ 125,931 $ 12,930,483 172,810 $ 113,064 (A) The Company records loan servicing assets at fair value. The total carrying value includes $ 61.9 million and $ 63.8 million of collateralized loan servicing rights at March 31, 2026 and December 31, 2025, respectively. See Notes 6 and 12 for additional information regarding the mortgage service right (“MSR”) financing arrangement and valuation of the Company’s servicing rights, respectively. (B) The loan count for HELOC loans was incorrectly presented in thousands, instead of ones, at December 31, 2025, and has been corrected to be properly presented in ones. 19 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The following table presents a rollforward of the Company’s servicing assets for the three months ended March 31, 2026 and 2025: Balance at December 31, 2024 $ 88,497 Change in fair value due to: Additions (A) 10,269 Realization of cash flows (B) ( 5,240 ) Change in valuation inputs and assumptions ( 4,703 ) Total impact of change to fair value 326 Balance at March 31, 2025 $ 88,823 Balance at December 31, 2025 $ 113,064 Change in fair value due to: Additions (A) 20,352 Realization of cash flows (B) ( 8,669 ) Change in valuation inputs and assumptions 1,184 Total impact of change to fair value 12,867 Balance at March 31, 2026 $ 125,931 (A) Represents the fair value of servicing rights retained upon sale of originated and purchased loans. (B) Based on the paydown of the underlying loans. The following table summarizes the geographic concentration of the loans underlying the servicing rights at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 State Amount Outstanding (A) % of Total Amount Outstanding (A) % of Total California $ 3,603,059 24.7 % $ 3,239,619 25.1 % Florida 1,736,919 11.9 1,553,217 12.0 Arizona 700,695 4.8 634,623 4.9 Georgia 644,475 4.4 579,494 4.5 Washington 528,940 3.6 490,630 3.8 New Jersey 512,202 3.5 455,704 3.5 Ohio 475,199 3.3 414,065 3.2 Virginia 472,959 3.2 413,862 3.2 North Carolina 393,825 2.7 358,185 2.8 Colorado 371,633 2.6 338,515 2.6 Other (B) 5,119,120 35.3 4,452,569 34.4 Total $ 14,559,026 100.0 % $ 12,930,483 100.0 % (A) Represents the principal balance of loans that the Company services. (B) The Company did not service loans in any state or U.S. territory contained in “Other” aggregating to more than 5% of the total amount outstanding of the loans that the Company services. As part of its servicing operations, the Company held principal, interest, and other borrower payments of $ 434.5 million and $ 364.9 million at March 31, 2026 and December 31, 2025, respectively, due to third-party loan buyers recorded as “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. The Company makes payments on these arrangements by remitting amounts due from proceeds received from borrower payments on the underlying loans. Additionally, the Company has outstanding liability obligations to repurchase loans that are in early payment default status. At March 31, 2026 and December 31, 2025, the total obligation to repurchase loans associated with contractual arrangements was $ 16.8 million and $ 17.7 million, respectively, recorded in “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. 20 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) NOTE 5 – LOANS The Company records loans at fair value, therefore carrying value represents fair value; see Note 12 for additional information regarding the valuation of loans. The following table summarizes loans held by the Company at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 UPB Carrying Value UPB Carrying Value Loans held for sale: HELOC loans (A) $ 426,137 $ 437,577 $ 312,401 $ 320,566 Personal loans (B) 57,907 57,670 79,350 79,113 Other (C) 8,681 8,653 4,724 4,658 Total loans held for sale $ 492,725 $ 503,900 $ 396,475 $ 404,337 (A) The total carrying value of HELOC loans includes $ 15.7 million and $ 21.7 million of collateralized HELOCs under repurchase agreements at March 31, 2026 and December 31, 2025, respectively, which are not for sale while collateralized. See Notes 6 and 12 for additional information regarding funding debt outstanding and valuation of the Company’s loans at fair value, respectively. (B) Loans collateralized by digital assets. (C) Primarily contains residential transition loans, other mortgage loans, legacy mortgages and other unsecured loans. Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. The Company does not consider the average carrying values and interest income recognized (including interest income recognized using a cash-basis method) material for non-accrual loans. The Company placed loans held for sale with an aggregate UPB of $ 14.0 million and $ 2.4 million and fair value of $ 9.6 million and $ 1.6 million on non-accrual status at March 31, 2026 and December 31, 2025, respectively. The Company did not hold any loans for investment at March 31, 2026 or December 31, 2025. The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans held by the Company at March 31, 2026 and December 31, 2025. March 31, 2026 December 31, 2025 Payment Delinquency UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB Loans held for sale: Current $ 460,163 $ 471,977 $ 11,814 $ 374,842 $ 383,602 $ 8,760 30 to 59 days 10,724 10,711 ( 13 ) 2,308 2,229 ( 79 ) 60 to 89 days 2,285 2,208 ( 77 ) 4,193 4,030 ( 163 ) 90 days or more 19,207 18,649 ( 558 ) 14,387 13,717 ( 670 ) Forbearance 346 355 9 745 759 14 Total loans held for sale $ 492,725 $ 503,900 $ 11,175 $ 396,475 $ 404,337 $ 7,862 21 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The following table summarizes the Company’s loan activity for the three months ended March 31, 2026 and 2025: Loans Held for Sale Balance at December 31, 2024 $ 395,922 Purchases 516,863 Originations 680,350 Sales, net of repurchases ( 974,207 ) Principal payments ( 95,990 ) Change in fair value (A) 6,168 Loans not yet repurchased 1,419 Balance at March 31, 2025 $ 530,525 Balance at December 31, 2025 $ 404,337 Purchases 1,027,603 Originations 1,204,129 Sales, net of repurchases ( 1,944,326 ) Principal payments ( 191,230 ) Change in fair value (A) 4,299 Loans not yet repurchased ( 912 ) Balance at March 31, 2026 $ 503,900 (A) Change in fair value of loans are reflected in “Gain on sale of loans, net” in the Condensed Consolidated Statements of Operations. The top five loan originators for the three months ended March 31, 2026 and 2025 originated $ 793.5 million and $ 387.1 million unpaid principal balance of loans, or 77.8 % and 73.9 %, of total unpaid principal balance of loans purchased by the Company, whose “Gain on sale of loans, net” revenue represent 15.3 % and 15.0 % of total revenue, respectively. The top five loan purchasers for the three months ended March 31, 2026 and 2025 purchased $ 1.7 billion and $ 516.2 million unpaid principal balance of loans, or 51.6 % and 73.6 %, of total unpaid principal balance of loans sold by the Company, excluding zero and $ 73.5 million unpaid principal balance securitized, whose “Gain on sale of loans, net” revenue represent 27.1 % and 17.8 % of total revenue, respectively. 22 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) NOTE 6 – DEBT The following table summarizes the Company’s debt components: March 31, 2026 December 31, 2025 Carrying Value Facility Inception Date Final Stated Maturity (A) Weighted Average Funding Cost Collateral Carrying Value Carrying Value Debt carried at cost: Funding debt: Warehouse Facility 1 (B) $ 2,482 November 2022 May 2026 5.9 % $ 3,128 $ 2,904 Warehouse Facility 2 (C) 441 February 2023 January 2027 6.7 2,065 7,039 Warehouse Facility 3 (D) — October 2023 n.a. — — — REIT Warehouse (E) — October 2024 December 2026 7.2 — 750 Warehouse Facility 4 (F) — May 2024 May 2026 — — — Warehouse Facility 5 (G) 973 April 2025 April 2026 9.0 1,223 1,700 Warehouse Facility 6 (H) 10,349 July 2025 June 2027 6.0 9,287 6,063 Digital Asset Loan Facility (I) 598 April 2025 October 2026 26.8 28 3,097 14,843 21,553 MSR financing: Lender 1 (J) 40,000 June 2024 June 2026 16.9 61,859 40,000 Financed retained interests: Retained Interest Facility (K) 263,796 April 2023 Various (L) 6.3 263,935 231,633 Total debt carried at cost, gross 318,639 293,186 Unamortized deferred financing costs (M) ( 2,500 ) ( 2,603 ) Total debt carried at cost, net 316,139 290,583 Debt at fair value: FCC (N) 125,496 76,110 Democratized Prime YLDS (O) 49,093 24,409 174,589 100,519 Debt at fair value to related parties: FCC - related parties (N) 73,623 2,050 Democratized Prime YLDS - related parties (O) 302,903 164,085 376,526 166,135 Total debt carried at fair value 551,115 266,654 Total debt $ 867,254 $ 557,237 (A) Debt obligations with a stated maturity through the date of issuance of the Condensed Consolidated Financial Statements were refinanced, extended or repaid. (B) Warehouse Facility 1 bears interest at Secured Financing Overnight Rate (“SOFR”) plus a spread of 2.25 % at March 31, 2026. (C) Warehouse Facility 2 bears variable interest at SOFR plus a spread between 2.15 % and 5.50 % at March 31, 2026. A portion of the facility is also subject to a 0.5 % non-use fee. (D) Warehouse Facility 3 is an advance facility in which the lender earns carry on collateral in the facility. (E) Real Estate Investment Trust ("REIT") Warehouse was the warehouse for Figure REIT, Inc. As of March 27, 2026, Figure REIT, Inc. merged with and into VS Evergreen Acquisition Co. L.P.. As a result of the merger, Figure REIT, Inc. is no longer controlled nor consolidated by FTS. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger. (F) Warehouse Facility 4 bears interest at SOFR, plus a spread of 3.5 % at March 31, 2026. The facility also carries a 0.5 % exit fee on all loans repurchased from the facility. (G) Warehouse Facility 5 bears interest at SOFR, plus a spread of 2.35 %. (H) Warehouse Facility 6 bears interest at SOFR, subject to a 2.0 % floor, plus a spread of 1.75 %. (I) The Digital Asset Loan Facility bears interest at a rate of 13.5 %. (J) The MSR Note bears interest at 16.5 % per annum and secured by eligible servicing assets, which include servicing fees related to loan servicing rights owned by, or delegated to, the Company. 23 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) (K) Under the Retained Interest Facility, the interest accrued on the securities and beneficial interests is payable to the lender during the period the loans are held plus a spread between 0.50 % and 0.55 %, depending on the tranche to which the Company pledges collateral. (L) The maturities of financed retained interests align with the terms of the underlying securities. The financed retained interest have maturity dates through March 2056. (M) During the three months ended March 31, 2026 and 2025, the Company amortized $ 0.4 million, and $ 0.3 million, respectively, of deferred financing costs. (N) Interest accrues at a rate of SOFR less 35 basis points based on the face-amount certificates issued by FCC. Certificates mature 20 years from the issue date, but may be surrendered at any time by the holder at face amount, plus accrued interest minus any applicable expenses or fees. (O) Interest is accrued at an hourly rate that is agreed upon through a Dutch auction process; during the three months ended March 31, 2026, the average interest rate was 8.1 %. YLDS can be redeemed by the holder at face amount, plus accrued interest minus any applicable expenses or fees on demand. Maturities Contractual maturities of recourse and nonrecourse debt obligations at March 31, 2026, are as follows: Years Ending December 31, Recourse Nonrecourse Total 2026 $ 42,482 $ 1,571 $ 44,053 2027 10,790 — 10,790 2028 — — — 2029 — — — 2030 — — — Thereafter — 263,796 263,796 $ 53,272 $ 265,367 $ 318,639 Borrowing Capacity The following table represents borrowing capacity of committed debt facilities that have not matured at March 31, 2026: March 31, 2026 Borrowing Capacity Balance Outstanding Available Financing Funding Debt: Warehouse Facility 1 $ 150,000 $ 2,482 $ 147,518 Warehouse Facility 2 335,300 441 334,859 Warehouse Facility 4 250,000 — 250,000 Warehouse Facility 5 300,000 973 299,027 Warehouse Facility 6 300,000 10,349 289,651 Digital Asset Loan Facility 30,000 598 29,402 MSR financing: Lender 1 40,000 40,000 — Financed retained interests: Retained Interest Facility 500,000 263,796 236,204 $ 1,905,300 $ 318,639 $ 1,586,661 Certain debt obligations are subject to customary loan covenants, such as minimum tangible net worth, minimum liquidity, maximum leverage ratios, required range of net income or loss during specified periods, periodic financial reporting requirements, and event of default provisions, including event of default provisions triggered by certain specified declines in the Company’s equity or a failure to maintain a specified tangible net worth, liquidity, or indebtedness to tangible net worth ratio. The Company was in compliance with all of its debt covenants at March 31, 2026. 24 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Facilities The following summarizes the debt facilities that the Company entered into or amended during the three months ended March 31, 2026 and the year ended December 31, 2025: Warehouse Facility 1 In May 2025, the Company and its lender amended Warehouse Facility 1 to reduce the borrowing capacity to $ 150.0 million, expand eligible collateral types, and reduce certain funding costs. The amended facility has an initial maturity date of May 2026, and borrowings under the facility bear interest at a rate of SOFR plus a spread of 2.25 %. Warehouse Facility 2 In January 2026, the Company and its lender amended Warehouse Facility 2 to extend the facility maturity date to January 2027, and add a facility sub-limit of $ 50.0 million for certain loan products. No other terms of the facility were amended. REIT Warehouse In August 2025, the Company amended the REIT Warehouse to increase the borrowing limit to $ 200.0 million, extend the maturity date to December 2026, and add an exit fee of 0.15 % that is not to exceed $ 0.5 million in any calendar year. It also amended the interest rate to be SOFR plus a spread of (i) if the average daily aggregate outstanding purchase price for all purchased mortgage loans subject to outstanding transactions during such pricing rate period is greater than or equal to $ 100.0 million, 3.00 % or (ii) if the average daily aggregate outstanding purchase price for all purchased mortgage loans subject to outstanding transactions during such pricing rate period is less than $ 100.0 million, 3.50 %. The REIT Warehouse was the warehouse for Figure REIT, Inc. As of March 27, 2026, Figure REIT, Inc. merged with and into VS Evergreen Acquisition Co. L.P. As a result of the merger, Figure REIT, Inc. is no longer controlled nor consolidated by FTS. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger. Warehouse Facility 5 In April 2025, the Company entered into a master repurchase agreement with a major banking institution that contains customary debt covenants, a borrowing capacity of $ 300.0 million, including $ 1.0 million in committed capacity, and an initial maturity date in April 2026, with the option to renew at maturity. Borrowings under the facility bear interest at a rate of SOFR plus 2.35 %. Warehouse Facility 6 In June 2025, the Company executed a master repurchase agreement with a major banking institution that had a facility limit up to $ 100.0 million, with the option to temporarily upsize to $ 200.0 million and has an initial maturity date in June 2027 with the option to renew at maturity. Borrowings under the facility bear interest at a rate of SOFR, subject to a floor of 2.0 %, plus 1.75 % that results in a minimum rate of 3.75 %. In July 2025, the Company amended Warehouse Facility 6 to permanently increase the facility limit to $ 200.0 million. In December 2025, the Company amended Warehouse Facility 6 to increase the facility limit to $ 300.0 million. Digital Asset Loan Facility In April 2025, the Company executed a master participation agreement with an asset management firm that allows the Company to grant 100 % participation interest for digital asset backed loans it owns. The $ 30.0 million facility, with the ability to increase to a maximum facility size of $ 50.0 million, matures in October 2026, bears interest at a rate of 13.5 %, and has a purchase period through April 2026. Retained Interest Facility The Company amended the Retained Interest Facility to increase the borrowing limit from $ 250.0 million to $ 500.0 million, effective as of October 2025. 25 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) FCC At March 31, 2026, FCC had $ 125.5 million and $ 73.6 million outstanding face-amount certificates to third parties and related parties, respectively, redeemable upon redemption of YLDS. At December 31, 2025, there were $ 76.1 million and $ 2.1 million outstanding face-amount certificates to third parties and related parties, respectively. The certificates entitle the certificate owner to receive, at certificate maturity, a stated amount of money, interest, or credits declared from time to time by FCC, at its discretion. The certificates issued by FCC are not insured by any government agency or other entity. Democratized Prime YLDS At March 31, 2026, FCC had $ 49.1 million and $ 302.9 million outstanding face-amount certificates to third parties and related parties, respectively, redeemable upon redemption of YLDS. At December 31, 2025, there were $ 24.4 million and $ 164.1 million outstanding face-amount certificates to third parties and related parties, respectively. Democratized Prime YLDS represents liabilities where parties have lent YLDS to the Company through the Democratized Prime platform. The Company pays interest based on a rate agreed upon through a Dutch auction process defined within the pool and can be redeemed each hour for YLDS. The YLDS are collateralized by pools of HELOC loans and are not insured by any government agency or other entity. NOTE 7 – EQUITY The following table summarizes the Company’s equity instruments at March 31, 2026 and December 31, 2025: March 31, 2026 Authorized Shares (A) Issued and Outstanding Shares Potential Common Shares (B) Options RSUs Class A Common Stock, $ 0.0001 par value per share 1,000,000,000 180,812,863 24,253,561 5,429,391 Class B Commons Stock, $ 0.0001 par value per share 200,000,000 37,893,047 7,760,846 4,934,786 Blockchain Common Stock, $ 0.0001 par value per share 500,000,000 687,920 — — Preferred Stock, $ 0.0001 par value per share 100,000,000 — — — Total 1,800,000,000 219,393,830 32,014,407 10,364,177 December 31, 2025 Authorized Shares (A) Issued and Outstanding Shares Potential Common Shares (B) Warrants Options RSUs Class A Common Stock, $ 0.0001 par value per share 1,000,000,000 178,485,407 183,333 25,741,803 4,974,764 Class B Commons Stock, $ 0.0001 par value per share 200,000,000 37,893,047 — 7,760,846 5,134,845 Blockchain Common Stock, $ 0.0001 par value per share 500,000,000 — — — — Preferred Stock, $ 0.0001 par value per share 100,000,000 — — — — Total 1,800,000,000 216,378,454 183,333 33,502,649 10,109,609 (A) As authorized by the Company’s Charter. The holders of Class A common stock and Blockchain common stock are entitled to one vote for each share of common stock held. The holders of Class B common stock are entitled to ten votes for each share of common stock held. (B) Includes the equity instruments of the 2018 Equity Incentive Plan, the 2024 Equity Incentive Plan, and the 2025 Incentive Award Plan. Warrants In March 2024, the Company issued warrants to purchase up to 411,219 , 411,219 , and 1,644,881 Series E convertible preferred shares to an existing convertible preferred shareholder in exchange for a software license, one year of software development services, and up to two years of other services, respectively, for a total of 2,467,319 shares at an exercise price of $ 3.23 per share. All of the warrants have been earned and exercised as of March 31, 2026 into Class A common stock. During the three months ended March 31, 2025, the Company recognized equity-based expense within “Technology and product development” in the Condensed Consolidated Statements of Operations of $ 2.9 million related to the warrants. There was zero equity-based expense for warrants for the three months ended March 31, 2026. 26 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Equity-Based Compensation The Company grants equity-based compensation in the form of options and RSUs for its officers, employees, and other service providers under the terms of the applicable equity incentive plans for the purpose of providing incentives and rewards for service or performance that align the interest of grantees with the long-term growth and profitability of the Company. The Company grants RSUs to employees and members of the board which vest subject to either (i) continued service, or (ii) continued service and a market condition tied to the Company’s share price over defined performance periods. The Company only granted RSUs which vest solely subject to continued service during the three months ended March 31, 2026. The Company records stock-based compensation for service-based RSUs on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes expense only for the stock-based awards that ultimately vest, and accounts for forfeitures of stock-based awards as those forfeitures occur. The following table presents the amount of stock-based compensation expense related to equity-based compensation recognized in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2026 2025 General and administrative $ 23,474 $ 1,726 Technology and product development (A) 1,841 3,459 Operations and processing 152 77 Sales and marketing 411 79 Total equity-based compensation expense $ 25,878 $ 5,341 (A) Technology and product development has been corrected to include $ 2.9 million of equity-based expense for warrants for the three months ended March 31, 2025. There is zero equity-based expense for warrants for the three months ended March 31, 2026. Equity Incentive Plans 2018 Equity Incentive Plan In 2018, the Company adopted the 2018 Equity Incentive Plan (as amended and/or restated, the “2018 Plan”) that authorized the Company to grant awards of up to 52,346,283 shares of common stock of FTS to FTS’ employees, non-employees, officers, and directors in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and RSUs. Each award outstanding under the 2018 Plan continues to be governed by the terms and conditions of the 2018 Plan. In connection with the IPO, the 2018 Plan awards were amended to cover shares of Class A common stock (or, if determined by the plan administrator, Class B common stock). As of December 31, 2025 the Company had granted awards equivalent to 56,462,313 shares of common stock, gross of forfeited and cancelled shares that could be recycled back into authorized shares under the 2018 Plan. In connection with the IPO, the Company froze the 2018 Plan and no new awards will be granted under the 2018 Plan. 2024 Equity Incentive Plan In 2024, FMH adopted the 2024 Equity Incentive Plan (as amended and/or restated, the “2024 Plan”) that authorized FMH to grant awards of up to 4,635,234 shares of common stock of FMH to FMH employees, non-employees, officers, and directors in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock and RSUs. As part of the Recombination, the Company assumed the 2024 Plan and all options outstanding thereunder as of the Recombination Date, and such outstanding options were converted to options of FTS. As of December 31, 2025 the Company had granted option awards equivalent to 3,172,306 shares of common stock, gross of forfeited and cancelled awards under the 2024 Plan. There were no RSUs granted under the 2024 Plan. In connection with the IPO, the Company froze the 2024 Plan and no new awards will be granted under it. 2025 Incentive Award Plan As part of the IPO, the Company adopted the 2025 Incentive Award Plan (as amended and/or restated, the “2025 Plan”) in order to facilitate the grant of equity incentives to directors, employees (including named officers), and consultants of the Company. The 2025 Plan authorizes the issuance of 22,985,926 of Class A or Class B common stock of FTS, subject to an automatic increase on January 1 of each calendar year from January 1, 2026 through and including January 1, 2035, by a number of shares equal to the lesser of (i) 5 % of the total shares of the aggregate number of shares of Class A common 27 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) stock and Class B common stock outstanding (on an as-converted basis) as of the last day of the immediately preceding fiscal year and (ii) such smaller number of shares as determined by the board. Awards under the 2025 Plan may be granted in the form of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs, stock payments, and other incentive awards and cash awards. As of March 31, 2026, the Company had granted awards equivalent to 1,979,036 and 8,535,845 shares of Class A and Class B common stock, respectively, and as of December 31, 2025 1,017,792 and 8,535,845 shares of Class A and Class B common stock, respectively, gross of forfeited and delivered awards under the 2025 Plan . 2025 Employee Stock Purchase Plan (“ESPP”) In connection with the IPO, the Company adopted the ESPP under which eligible employees may purchase shares of Class A common stock of FTS, up to a maximum percentage of their eligible compensation (which shall be 20 % unless otherwise specified in an applicable offering document), subject to certain IRS and share purchase limitations, at 85 % of the lower of the closing price (fair market value) of a share of FTS on the first day of the offering period or the purchase date, whichever is lower. As of March 31, 2026, there have been no offering periods under the ESPP program. The maximum aggregate number of shares that may be subject to awards and sold under the ESPP is 2,133,961 shares, subject to an automatic annual increase on the first day of each calendar year beginning in 2026 and ending on and including January 1, 2035 in an amount equal to the lesser of (i) one percent ( 1 %) of the aggregate number of shares of Class A common stock and Class B common stock of FTS outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Board. Unrecognized Compensation Expense At March 31, 2026, the Company has not yet recognized compensation expense for the following awards: Vesting Condition Weighted Average Recognition Period (Years) Shares Unrecognized Compensation Expense Options RSUs Total Options RSUs Time-based (A) 3.4 8,438,209 4,505,985 12,944,194 $ 55,465 $ 125,153 Multiple (A)(B) 1.1 — 5,926,680 5,926,680 — 40,359 Total 8,438,209 10,432,665 18,870,874 $ 55,465 $ 165,512 (A) Awards typically vest over a period of 1 to 4 years and awards generally have a one year cliff vesting feature with quarterly vesting thereafter. (B) Awards include a service period vesting condition as well as market based and liquidity-based vesting conditions. The liquidity event for awards which have that feature has been satisfied in connection with the IPO. Share Repurchase Program On February 25, 2026, the Company’s Board of Directors authorized a program under which the Company may repurchase up to $ 200 million of its Class A common stock and Blockchain common stock over the next 12 months subject to market conditions, contractual restrictions and other factors (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be made from time to time in the open market, through privately negotiated transactions, accelerated share repurchase transactions, or by other means in accordance with applicable securities laws and regulations. The timing, number of shares repurchased, and prices paid will depend on market conditions, share price, trading volume, corporate considerations, and other factors. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18. The Company also treats shares of common stock withheld for tax purposes on behalf of employees in connection with the vesting of RSUs as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are considered common stock repurchases under our authorized common stock repurchase program. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The Share Repurchase Program does not obligate the Company to acquire any particular amount of stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion. The Company did not repurchase any stock under the Share Repurchase Program during the three months ended March 31, 2026. 28 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Noncontrolling Interests in Consolidated Subsidiaries The following amounts relate to equity interests held by third-party investors in a real estate investment trust subsidiary, Figure REIT, Inc. (“Figure REIT”) and the Figure Markets Offshore Opportunity Investment Fund L.P. (“Offshore Solana Fund”) both of which the Company consolidates, but does not wholly-own. On March 27, 2026, Figure REIT merged with and into the VS Evergreen Acquisition Co. L.P., a subsidiary of VS Evergreen Financing Fund LP. The surviving entity is VS Evergreen Acquisition Co. L.P., a Delaware limited partnership ("Evergreen"). The Company redeemed all issued and outstanding shares of the 12.0 % Series A Redeemable Cumulative Preferred Stock for $ 1,019 per share and the shares are considered cancelled and no longer outstanding. Each outstanding share of the Company’s voting and non-voting common stock held by Figure REIT stockholders immediately prior to the effective time was converted on a one -for-one basis into Evergreen fund units. As a result of the merger, Figure REIT is no longer controlled by FTS, as FTS’s ownership interests have moved into VS Evergreen Financing Fund LP and FTS is not the primary beneficiary of VS Evergreen Financing Fund LP. The Company did not recognize a gain or loss on the transaction, and the Company’s new investment in the Evergreen Funds is disclosed in Note 3, “Equity Investments”. The noncontrolling interests included in net income (loss) are computed as follows: Three Months Ended March 31, 2026 2025 Net Income (Loss) Non-controlling Interest as a % of Total (A) Non-controlling Interest in Income of Consolidated Subsidiaries (B) Net Income (Loss) Non-controlling Interest as a % of Total (A) Non-controlling Interest in Income of Consolidated Subsidiaries (B) Figure REIT $ 353 45.0 % $ 159 $ 874 44.6 % $ 390 Offshore Solana Fund ( 2,024 ) 2.8 ( 57 ) ( 6,536 ) 2.8 ( 183 ) Total $ ( 1,671 ) $ 102 $ ( 5,662 ) $ 207 (A) Represents the weighted average percentage of total noncontrolling shareholders’ net income (loss) in consolidated subsidiaries throughout the period, which may not agree to the percentages as calculated based on the ending balances presented above. (B) Balances may not cross-foot due to rounding for presentation purposes in the Noncontrolling Interest as a Percent of Total shown. The noncontrolling interests in the equity of consolidated subsidiaries are computed as follows: March 31, 2026 December 31, 2025 Total Consolidated Equity Non-controlling Ownership Interest as a Percent of Total Non-controlling Interest in Equity of Consolidated Subsidiaries Total Consolidated Equity Non-controlling Ownership Interest as a Percent of Total Non-controlling Interest in Equity of Consolidated Subsidiaries Figure REIT $ — — % $ — $ 18,217 45.0 % $ 8,178 Offshore Solana Fund ( 41 ) 2.8 ( 1 ) 6,602 2.8 186 Total $ ( 41 ) $ ( 1 ) $ 24,819 $ 8,364 NOTE 8 - NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Diluted net income (loss) per share reflects the dilutive effect of potential common shares from share-based awards, warrants and convertible preferred stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards and warrants, which assumes the proceeds upon vesting or exercise would be used to purchase common stock at the average price for the period. Net income (loss) per share is computed using the two-class method which is required for multiple classes of common stock and participating securities. In historical periods where the Company had outstanding convertible preferred stock, net income (loss) attributable to FTS is first allocated to the convertible preferred stock based on their dividend preference. Any remaining net income (loss) attributable to FTS is then allocated to common stockholders and preferred stockholders using the if-converted method. All preferred stock was convertible on a 1:1 basis to common stock. 29 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock, Blockchain common stock, and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis for those classes and the resulting net income (loss) per share will, therefore, be the same for Class A common stock, Blockchain common stock, and Class B common stock on an individual or combined basis, and they have been combined as common shares below. The following table sets forth the calculation of basic and diluted net income (loss) per common share for the periods presented: Three months ended March 31, 2026 2025 Numerator: Net income (loss) attributable to FTS $ 44,945 $ ( 820 ) Less: Undistributed earnings attributable to convertible preferred stockholders — — Net income (loss) attributable to common stockholders, basic and diluted $ 44,945 $ ( 820 ) Denominator: Basic weighted average common shares attributable to FTS 217,277,605 69,398,649 Add: effect of dilutive securities related to share-based payment awards (A) 31,552,067 — Diluted weighted average common shares attributable to FTS 248,829,672 69,398,649 Net income (loss) per common share attributable to FTS, basic $ 0.21 $ ( 0.01 ) Net income (loss) per common share attributable to FTS, diluted $ 0.18 $ ( 0.01 ) (A) The dilutive impact of share-based payment awards and warrants for the three months ended March 31, 2026, comprised of 25,815,326 shares related to stock options and 5,736,741 related to unvested RSUs, respectively. As the three months ended March 31, 2025 resulted in a net loss position, 16,228,153 potentially dilutive shares outstanding in connection with share based-payment awards were excluded from the computation of diluted net income (loss) per common share as the effect would have been anti-dilutive. NOTE 9 – VARIABLE INTEREST ENTITIES Consolidated VIEs The Company consolidates VIEs in which the Company is deemed to have both the power to direct the most significant activities of the entities and the right to receive benefits, or the obligation to absorb losses, that could potentially be significant to the entities. The following table presents the carrying value and classification of the assets and liabilities of VIEs consolidated within the Condensed Consolidated Balance Sheets, after elimination of intercompany balances: March 31, 2026 December 31, 2025 Total Assets Total Liabilities Total Assets Total Liabilities Offshore Solana Fund $ 3,963 $ 1 $ 44,760 $ — Figure REIT (B) — — 20,789 1,847 Figure Certificate Company 601,847 601,555 329,921 329,219 Total $ 605,810 $ 601,556 $ 395,470 $ 331,066 (A) As of March 27, 2026, Figure REIT, Inc. merged with and into VS Evergreen Acquisition Co. L.P.. As a result of the merger, Figure REIT, Inc. is no longer controlled nor consolidated by FTS. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger. Additionally, the Company has wholly-owned consolidated VIEs that are formed to acquire, receive, participate, hold, release and dispose of participation interests for the Company’s warehouse facilities. The Company is the primary 30 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) beneficiary of these VIEs, and retains the risks and benefits associated with the assets and liabilities transferred to the VIEs. See Note 6 for further discussion of the Company’s warehouse facilities. Offshore Solana Fund The Offshore Solana Fund was initially a wholly-owned subsidiary of the Company. In July 2024, the Company sold 2.8 % of the Offshore Solana Fund limited partnership interests to unrelated third parties. As of March 31, 2026, the Company holds a 97.2 % interest in the Offshore Solana Fund. Through its ownership of the general partner, the Company has the power to direct the activities that most significantly impact the economic performance of the Offshore Solana Fund and the Company has an obligation to absorb losses or receive returns of the Offshore Solana Fund. Third-party limited partners in the Offshore Solana Fund hold a ratable interest in the fair value of the Offshore Solana Fund’s net assets, and the Company presents such noncontrolling interests at fair value in the Condensed Consolidated Balance Sheets and reflects changes thereon in the Condensed Consolidated Statements of Operations. See Note 7 for further discussion of noncontrolling interests in the Offshore Solana Fund. Figure Certificate Company FCC is a face-amount certificate company registered with the SEC and is a wholly-owned subsidiary of the Company. The Company holds all voting rights in FCC and it directs the activities that most significantly impact the economic performance of FCC. Non-Consolidated VIEs While the Company continues to be involved with securitizations considered VIEs in its role as the sponsor and the servicer of securitization transactions, the Company has determined that it is not the primary beneficiary of these entities and therefore does not consolidate these securitizations. These entities are established as grantor trusts for various securitization transactions. The activities that most significantly impact the economic performance of the VIE include servicing activities with respect to delinquent and defaulted loans, determined by a third-party special servicer that the Company may not remove without cause. Assets transferred into each securitization trust are legally isolated from the creditors of the Company, not available to satisfy obligations of the Company, and can only be used to settle obligations of the underlying trust in exchange for debt securities and beneficial interests sold. The following table summarizes the aggregate risk characteristics of the unconsolidated VIEs and the Company’s maximum exposure to loss at March 31, 2026 and December 31, 2025: March 31, 2026 December 31, 2025 UPB of securitization collateral $ 6,766,151 $ 4,595,629 Face amount of debt held by third parties $ 6,689,854 $ 4,805,192 Maximum exposure (A) $ 377,552 $ 347,793 Weighted average delinquency (B) 0.8 % 0.8 % (A) Primarily represents the aggregate fair value of the Company’s investments in marketable securities and collateralized servicing assets. In certain cases, the Company is also obligated to fund securitization reserve accounts. See Note 10 for further discussion regarding the Company’s reserve account funding obligations. (B) Represents the percentage of the UPB that is 60 + days delinquent. NOTE 10 – COMMITMENTS AND CONTINGENCIES Litigation — The Company is or may become, from time to time, involved in various disputes, litigation, arbitration, and regulatory inquiry and investigation matters that arise in the ordinary course of business. Given the inherent unpredictability of matters the Company has been and currently is involved in, the outcome of these proceedings cannot be determined at this time, and it is possible that future adverse outcomes could have a material adverse effect on its business, financial position or results of operations. The Company is not aware of any unasserted claims that it believes are material and probable of assertion where the risk of loss is expected to be reasonably possible, but the Company may become involved in additional litigation in the ordinary course of the Company’s business in the future, including litigation that could be material to its business. 31 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) The Company reviews the need for any loss contingency reserves and establishes reserves when, in the opinion of management, it is probable that a matter would result in a liability and the amount of loss, if any, can be reasonably estimated. Management, after consultation with legal counsel, believes that there are no known actions or threats that would result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company is, from time to time, subject to inquiries by government entities, though the Company currently does not believe any of these inquiries would result in a material adverse effect on the Company’s business. Indemnifications — In the normal course of business, the Company and its subsidiaries enter into contracts that contain representations and warranties that provide general indemnifications in regards to legal proceedings. The Company’s maximum exposure under these arrangements is unknown as this would involve future legal claims that may be made against the Company that have not yet occurred. However, based on its experience, the Company expects the risk of material loss to be remote. Debt Covenants — Certain of the Company’s debt obligations are subject to loan covenants and event of default provisions. See Note 6 for further discussion of the Company’s debt obligations. Loan Purchase and Servicing Commitments — The Company enters into agreements with various loan origination partners to purchase and service the loans they originate through the Technology Offering. At March 31, 2026 and December 31, 2025, purchase commitments were not material. The Company does not record an asset or liability for purchase or servicing commitments since it expects such commitments to benefit the Company, the Company has not yet taken control of the underlying loans, and the commitments are not material. Loan Funding Obligations — The HELOC loans that the Company originates or purchases include terms that permit borrowers to draw amounts, or redraw previously repaid amounts, typically up to a 5-year period after the original origination date. At March 31, 2026 and December 31, 2025, borrowers were able to borrow up to $ 118.9 million and $ 105.1 million on undrawn HELOC loans that the Company has committed to fund. Additionally, the Company has $ 53.1 million and $ 16.9 million in unfunded loan commitments at March 31, 2026 and December 31, 2025, respectively, related to loans originated or purchased near the end of each respective period, which were substantially settled within a week after each period end. Loan Repurchase Obligations — The Company has contractual agreements with certain loan buyers to repurchase or substitute loans where a borrower misses a payment within 30 to 90 days since the loan’s origination, though the Company indemnifies the loan buyer against future losses on such loans in certain cases. The repurchase price is equal to the original sale price to the loan purchaser and the Company recognizes a loss to the extent the repurchase price of the loan exceeds the estimated fair value on the repurchase date, further adjusted upon resale of the loan, if applicable. The Company generally continues to service the defaulting loan through a third-party subservicer. The Company repurchased loans for which it recognized gains (losses) of $( 47 ) thousand and $( 1.6 ) million for the three months ended March 31, 2026, and 2025, respectively, within “Other expense” in the Condensed Consolidated Statements of Operations. At March 31, 2026, the Company has contingent commitments to repurchase loans with an aggregate UPB of up to $ 2.0 billion for which the Company recorded repurchase obligations totaling $ 16.8 million within “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. The Company recorded a reserve of $ 5.9 million within “Other current liabilities” in the Condensed Consolidated Balance Sheets, based on the Company’s estimate of expected future losses at March 31, 2026. Securitization Reserve Account Funding Obligations — The Company, in its capacity as servicer of certain securitizations, has committed to fund and replenish customary reserve accounts held by the securitization trust that the Company initially funds at the time of securitization in an amount based upon expected prepayments, delinquencies, defaults, and draws from borrowers for loans in the securitization. While the Company’s obligation to fund reserve amounts is not limited, and the Company cannot reliably estimate the long-term macroeconomic environment that may impact its maximum exposure for such obligations over the contractual life of the securitization, the Company does not expect to fund material amounts to its securitizations in excess of current balances at March 31, 2026. Capital Commitments — In February 2025, the Company entered into a joint venture agreement with a third party to finance loans originated or purchased by the Company. As part of that agreement, the Company committed to invest up to $ 10.5 million in exchange for a 5.0 % interest in the joint venture. The Company contributed no capital to the joint venture during the three months ended March 31, 2026. 32 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Leases — The Company has non-cancellable leases on office spaces expiring through 2031 that it does not sublease. Rent expense totaled $ 0.7 million and $ 0.7 million for the three months ended March 31, 2026 and 2025, respectively. The Company has leases that include renewal options, leasehold improvement incentives, and escalation clauses. At March 31, 2026, the Company has not considered such renewal provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. The terms of the leases do not impose any financial restrictions or covenants. Operating lease right-of-use (“ROU”) assets of $ 4.8 million are presented in “Other non-current assets”, and lease liabilities of $ 5.3 million are presented in “Other current liabilities” and “Lease liability, non-current”, in the Condensed Consolidated Balance Sheets at March 31, 2026. Future undiscounted, minimum lease payments for the Company’s non-cancellable operating leases are as follows: Years Ending December 31, March 31, 2026 2026 (remainder) $ 1,452 2027 1,519 2028 1,337 2029 1,012 2030 988 Thereafter 83 Total undiscounted lease payments $ 6,391 Less: Imputed Interest ( 1,131 ) Operating Lease Liabilities $ 5,260 At March 31, 2026 and December 31, 2025, the weighted average remaining lease term for operating leases was 4.3 years and 4.2 years, respectively, and the weighted average discount rate was 1.0 % and 1.0 %, respectively. The Company paid $ 0.7 million and $ 0.7 million in cash included in the measurement of lease liabilities for the three months ended March 31, 2026 and 2025, respectively. NOTE 11 – RELATED PARTY TRANSACTIONS Provenance Blockchain Foundation Term Note In July 2022, the Company entered into an interest bearing term note with the Provenance Blockchain Foundation (“Provenance”), pursuant to which the Company provided Provenance with a $ 5.0 million loan, which was subsequently amended on June 12, 2023, to increase the total principal amount to $ 9.1 million. The term note was eligible to be settled in cash or an equivalent value of HASH at maturity. On December 31, 2025, the loan was settled in full. The total loan balance at the time of payoff, including all accrued interest, was $ 10.1 million. As allowed by the terms of the note, the payoff was satisfied through the transfer of 4,969,120,678 HASH tokens. The per token value of the HASH tokens was determined to be $ 0.00205 , based on a valuation report provided by an independent third party. This valuation resulted in a total transfer value of $ 10.2 million. As the transfer of HASH tokens resulted in an overpayment by Provenance of $ 0.1 million, representing 31,707,317 HASH tokens to be returned to Provenance, which resulted in a payable to related party of $ 0.1 million as of March 31, 2026 and December 31, 2025. Interest earned on the note was $ 0.9 million for the three months ended March 31, 2025, recorded as “Interest income” in the Condensed Consolidated Statements of Operations. Gas Fee Service Provider In February 2025, FCC entered into a services agreement with Provenance whereby Provenance pays, on behalf of FCC, HASH to cover fees to network validators for processing and validating operations on the blockchain incurred in connection with the purchase or sale of the face-amount certificates issued by FCC and transacted on Provenance’s blockchain (“Provenance Blockchain”). FCC reimburses Provenance in cash in an amount equal to the then-current market value of HASH paid by Provenance. The Company recognized $ 4 thousand incurred under the services agreement for the three months ended March 31, 2026, respectively, recorded as expense in “Operations and processing” on the Condensed Consolidated Statements of Operations. At March 31, 2026 the Company owed $ 5 thousand to Provenance recorded in “Accounts payable and accrued liabilities” in the Condensed Consolidated Balance Sheets. 33 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Signum Ltd. (dba Hastra) In December 2025, the Company entered into a Software License Agreement (the “Agreement”) with Signum Ltd. (dba Hastra) (“Hastra”). Under the terms of the Agreement, the Company granted Hastra a nonexclusive, non-sublicensable, and nontransferable license to use certain proprietary software to support their protocol. In exchange for the license and ongoing maintenance and support services, Hastra pays the Company a royalty fee equal to 0.50 % ( 50 basis points) of the per-transaction revenue earned from the protocol. The initial term of the Agreement is three years , expiring in December 2028, with automatic one-year renewals thereafter. For the three months ended March 31, 2026, the Company recognized $ 0.3 million revenue related to this Agreement, and had $ 0.3 million outstanding receivables due from Hastra as of March 31, 2026. Hastra holds YLDS as part of their protocol activity; the YLDS held by Hastra are recorded in “Debt, current to related parties” in the Condensed Consolidated Balance Sheets. Investments in Loan Securitizations The Company retains beneficial interests in loan securitization trusts that it sponsors. See Notes 3 and 9 for additional detail. Executive Officer YLDS Holdings As of March 31, 2026, the Chief Capital Officer holds $ 0.4 million of YLDS invested in Democratized Prime, recorded as “Debt, current” on the Condensed Consolidated Balance Sheets. The officer’s holdings are on normal market terms and do not include any preferential terms, guarantees, or other arrangements with the Company. Transactions with Equity-Method Investees Reflow The Company holds a 17.3 % interest in Reflow Services, LLC, an SEC-registered investment advisor, contributed to the Company by the Controlling Party. The Company received distributed profits of $ 1.0 million and zero for the three months ended March 31, 2026 and 2025, respectively, recorded in “Other revenue” in the Condensed Consolidated Statements of Operations. See Note 3 for detail on the Company’s investment in Reflow. Domestic Solana Fund The Domestic Solana Fund acquired its investments in SOL primarily through auctions held through the FTX Trading Ltd. (“FTX”) bankruptcy proceedings through a purchase and sale agreement with Alameda Research and Maclaurin Investments. The Company recorded contributions, net of distributions, to the Domestic Solana Fund in “Other non-current assets” in the Condensed Consolidated Balance Sheets as follows: Three Months Ended March 31, 2026 2025 Contributions $ — $ 58 Distributions $ 199 $ 1,200 See Note 3 for detail on the Company’s investment in Domestic Solana Fund. Evergreen Funds The Company had $ 2.0 million in outstanding receivables due from the Evergreen Funds as of March 31, 2026, recorded in “Accounts receivable, net” in the Condensed Consolidated Balance Sheets. Transactions with the Controlling Party The Company incurred $ 0.1 million and $ 0.2 million for the three months ended March 31, 2026 and 2025, respectively, in costs to arrange travel for the Controlling Party and other affiliates, recorded as “General and administrative” expense in the Condensed Consolidated Statements of Operations. 34 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) As of March 31, 2026, the Controlling Party holds $ 0.5 million of YLDS invested in Democratized Prime, recorded as “Debt, current” on the Condensed Consolidated Balance Sheets. The Controlling Party’s holdings are on normal market terms and do not include any preferential terms, guarantees, or other arrangements with the Company. NOTE 12 – FAIR VALUE MEASUREMENTS Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following table summarizes information about the assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025: March 31, 2026 Carrying Value Fair value Level 1 Level 2 Level 3 (A) Total Assets: Cash and cash equivalents $ 1,464,643 $ 1,075,087 $ 389,556 $ — $ 1,464,643 Restricted cash 71,947 71,947 — — 71,947 Digital assets (B) 64,397 64,397 — — 64,397 Distressed asset claims (C) 2,264 — — 2,264 2,264 Marketable securities, at fair value (D) 298,428 — 266,513 31,915 298,428 Loans held for sale, at fair value (E) 503,900 — — 503,900 503,900 Loan servicing assets, at fair value (E) 125,931 — — 125,931 125,931 Treasury note futures (F) 2,788 2,788 — — 2,788 Total assets $ 2,534,298 $ 1,214,219 $ 656,069 $ 664,010 $ 2,534,298 Liabilities: Digital asset collateral repayment obligation (G) $ 31,144 $ 31,144 $ — $ — $ 31,144 Certificate repayment obligation (H) 551,115 — 551,115 — 551,115 Total liabilities $ 582,259 $ 31,144 $ 551,115 $ — $ 582,259 December 31, 2025 Carrying Value Fair value Level 1 Level 2 Level 3 (A) Total Assets: Cash and cash equivalents $ 1,198,141 $ 955,200 $ 242,941 $ — $ 1,198,141 Restricted cash 68,637 68,637 — — 68,637 Digital assets (B) 88,511 88,511 — — 88,511 Distressed asset claims (C) 3,068 — — 3,068 3,068 Marketable securities, at fair value (D) 273,151 — 232,985 40,166 273,151 Loans held for sale, at fair value (E) 404,337 — — 404,337 404,337 Loan servicing assets, at fair value (E) 113,064 — — 113,064 113,064 Treasury note futures (F) 442 442 — — 442 Total assets $ 2,149,351 $ 1,112,790 $ 475,926 $ 560,635 $ 2,149,351 Liabilities: Digital asset collateral repayment obligation (G) $ 52,569 $ 52,569 $ — $ — $ 52,569 Certificate repayment obligation (H) 266,654 — 266,654 — 266,654 Total liabilities $ 319,223 $ 52,569 $ 266,654 $ — $ 319,223 (A) There were no transfers of Level 3 instruments to, or from, other fair value levels during the periods presented. (B) Included in “Digital assets” and “Digital assets, non-current” in the Condensed Consolidated Balance Sheets and represents all digital assets held which are measured at fair value. (C) Represents purchased interests in bankruptcy claims acquired on secondary markets which are included in “Other current assets” in the Condensed Consolidated Balance Sheets. As of March 31, 2026 and 2025, the related balances were considered insignificant. 35 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) (D) Residual interest securities and non-rated securities in securitizations not considered debt securities are included within Level 3 of the fair value hierarchy. (E) See Notes 4 and 5 regarding changes in the carrying value of servicing assets and loans, respectively. (F) Treasury note future assets are recorded in “Other current assets”, and treasury note future liabilities in “Other current liabilities" in the Condensed Consolidated Balance Sheets. For further information, see Note 2. (G) Included in “Other current liabilities” in the Condensed Consolidated Balance Sheets. (H) Included in “Debt, current” in the Condensed Consolidated Balance Sheets. Significant Valuation Inputs The Company used the following unobservable inputs that it considers significant to value the financial assets and liabilities carried at fair value and classified within Level 3 of the fair value hierarchy: March 31, 2026 Fair Value Discount Rate (A) (%) CPR (B) (%) CDR (C) (%) Servicing Rate (D) (%) Loss Severity (E) (%) Marketable securities: Residual interest securities $ 31,915 5.3 % - 26.9 % 14.5 % 16.2 % - 20.8 % 18.8 % — % - 2.4 % 1.2 % n.a n.a Servicing assets: HELOC loans $ 123,964 13.0 % - 13.0 % 13.0 % — % - 37.7 % 13.4 % — % - 4.4 % 0.7 % 0.3 % n.a Mortgage loans 1,967 9.5 % - 10.5 % 10.3 % 3.5 % - 8.7 % 4.4 % — % - 10.6 % 0.2 % 0.3 % n.a Total / Weighted average (F) $ 125,931 13.0 % 13.3 % 0.7 % 0.3 % Loans held for sale: HELOC loans (G) $ 437,577 5.8 % - 7.7 % 6.3 % 2.1 % - 44.3 % 15.4 % — % - 95.0 % 1.2 % — % — % - 99.4 % 27.9 % Personal loans (H) 57,670 8.9 % - 11.5 % 10.5 % — % — % — % — % Other (I) 8,653 Total / Weighted average (F) $ 503,900 6.8 % 13.5 % 1.1 % December 31, 2025 Fair Value Discount Rate (A) (%) CPR (B) (%) CDR (C) (%) Servicing Rate (D) (%) Loss Severity (E) (%) Marketable securities: Residual interest securities $ 40,166 9.6 % - 25.8 % 15.7 % 16.2 % - 20.8 % 18.8 % — % - 2.4 % 1.2 % n.a n.a Servicing assets: HELOC loans $ 111,211 13.0 % - 13.0 % 13.0 % — % - 33.1 % 13.3 % — % - 4.8 % 0.8 % 0.3 % n.a Mortgage loans 1,853 9.5 % - 10.5 % 10.3 % 3.5 % - 8.2 % 5.3 % — % - 10.5 % 0.4 % 0.3 % n.a Total / Weighted average (F) $ 113,064 13.0 % 13.2 % 0.7 % 0.3 % Loans held for sale: HELOC loans (G) $ 320,566 5.7 % - 7.8 % 6.4 % 1.1 % - 47.4 % 17.8 % — % - 94.0 % 1.8 % n.a — % - 99.1 % 25.4 % Personal loans (H) 79,113 8.9 % - 11.5 % 9.8 % — % — % n.a. — % Other (J) 4,658 6.2 % - 12.0 % 7.6 % 4.6 % - 73.2 % 26.1 % 1.0 % - 62.8 % 9.6 % n.a 88.0 % - 92.0 % 90.0 % Total / Weighted average (F) $ 404,337 6.5 % 18.0 % 1.9 % (A) Significant increases (decreases) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. (B) Significant increases (decreases) in the CPR, in isolation, would result in a significantly lower (higher) fair value measurement. (C) Significant increases (decreases) in the CDR, in isolation, would result in a significantly lower (higher) fair value measurement. (D) Significant increases (decreases) in the servicing rate in excess of servicing costs, in isolation, would result in a significantly higher (lower) fair value measurement. Values represent the weighted average total mortgage servicing amount, net of subservicing costs. (E) Significant increases (decreases) in the severity, in isolation, would result in a significantly lower (higher) fair value measurement. 36 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) (F) Unobservable inputs were weighted by respective fair value of each class. (G) HELOC loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a residential mortgage cash flow model. (H) Personal loans are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model. (I) Primarily contains residential transition loans, other mortgage loans, legacy mortgages and other unsecured loans. The Company reviews this loan pool each quarter for any material changes and fair values the assets if such changes exist; if no changes, the Company fair values this loan pool on a yearly basis. (J) Personal unsecured loans included in “Other” are measured at estimated fair value using a discounted cash flow valuation methodology, more specifically a loan cash flow model. The Company uses an estimated recovery from collections and recent sales to fair value personal loans that are 30 days past due; the fair value of such loans at December 31, 2025 were not material. Significant Valuation Input Sensitivity The following tables summarize the estimated change in fair value of assets carried at fair value and classified within Level 3 of the fair value hierarchy for the unobservable inputs in “—Significant Valuation Inputs” at March 31, 2026. Each of the following sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on the following variations in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. -2% -1% +1% +2% $ % $ % $ % $ % Discount rate: Marketable securities: Residual interest securities $ 22,882 7.6 % $ 11,141 3.7 % $ ( 10,617 ) ( 3.5 ) % $ ( 20,729 ) ( 6.9 ) % Servicing assets: HELOC loans 8,247 7.0 4,124 3.5 ( 2,749 ) ( 2.3 ) ( 5,498 ) ( 4.7 ) Mortgage loans 207 10.5 99 5.0 ( 91 ) ( 4.6 ) ( 174 ) ( 8.8 ) Loans held for sale: HELOC loans 32,984 4.0 26,206 3.1 ( 30,413 ) ( 3.7 ) ( 60,252 ) ( 7.2 ) Personal loans 509 0.9 283 0.5 ( 291 ) ( 0.5 ) ( 577 ) ( 1.0 ) -20% -10% +10% +20% $ % $ % $ % $ % CPR: Marketable securities: Residual interest securities $ 55,057 17.3 % $ 25,990 8.2 % $ ( 23,162 ) ( 7.3 ) % $ ( 44,305 ) ( 14.0 ) % Servicing assets: HELOC loans 8,247 7.0 4,124 3.5 ( 2,749 ) ( 2.3 ) ( 5,498 ) ( 4.7 ) Mortgage loans 80 4.1 39 2.0 ( 38 ) ( 1.9 ) ( 74 ) ( 3.8 ) Loans held for sale: HELOC loans 831 0.1 557 0.1 ( 765 ) ( 0.1 ) ( 1,729 ) ( 0.2 ) Personal loans — — — — — — — — CDR: Marketable securities: Residual interest securities 14,762 4.5 7,316 2.2 ( 7,004 ) ( 2.2 ) ( 14,157 ) ( 4.3 ) Servicing assets: HELOC loans — — — — — — — — Loans held for sale: HELOC loans 2,194 0.3 557 0.1 ( 1,084 ) ( 0.1 ) ( 2,178 ) ( 0.3 ) Personal loans — — — — — — — — Servicing rate: Servicing Assets HELOC loans 9,622 8.1 5,498 4.7 ( 4,124 ) ( 3.5 ) ( 9,622 ) ( 8.1 ) 37 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) Marketable Securities The following table summarizes activities involving the Company’s marketable securities that are measured at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2026 and 2025: Balance at December 31, 2024 $ 34,506 Purchases (A) 2,797 Principal payments ( 4,818 ) Change in fair value (B) 2,073 Balance at March 31, 2025 $ 34,558 Balance at December 31, 2025 $ 40,166 Purchases (A) 3,523 Sales (C) ( 8,958 ) Principal payments ( 1,287 ) Change in fair value (B) ( 1,529 ) Balance at March 31, 2026 $ 31,915 (A) Includes premiums paid on the purchased notes. (B) Includ ed in “Marketable securities income, net” in the Condensed Consolidated Statements of Operations. (C) Represents marketable securities held by Figure REIT, Inc. that were included in the deconsolidation of Figure REIT, Inc. See Note 7, “Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion. Assets and Liabilities Not Measured at Fair Value on a Recurring Basis The following table summarizes information about the liabilities that are not measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025: March 31, 2026 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Liabilities: Financed retained interests (A) $ 263,796 $ — $ 257,750 $ — $ 257,750 Total liabilities $ 263,796 $ — $ 257,750 $ — $ 257,750 December 31, 2025 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Liabilities: Financed retained interests (A) $ 231,633 $ — $ 233,684 $ 39,467 $ 273,151 Total liabilities $ 231,633 $ — $ 233,684 $ 39,467 $ 273,151 (A) Financed retained interests classified as Level 2 in the fair value hierarchy were valued with a discounted cash flow model using collateral contractual terms and discount rates of similar instruments that include default and prepayment expectations as observable inputs. Debt not carried at fair value, including financed retained interests, is presented at the face amount, net of debt issuance costs that are amortized over the contractual term using the effective interest method. The carrying value of debt associated with the warehouse facilities and servicing rights financing approximates the fair value due to their relatively short maturities. NOTE 13 – INCOME TAXES The Company calculates the provision for income taxes during interim periods by applying an estimated annual effective tax rate to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in 38 Table of Contents FIGURE TECHNOLOGY SOLUTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (dollars in tables in thousands, except share and per share data, units, ratios or as otherwise noted) jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) changes in valuation allowance assumptions, and (v) changes due to employee equity exercises. The Company’s income tax provision for the three months ended March 31, 2026 is a benefit of $ 6.9 million and expense of $ 1.2 million for the three months ended March 31, 2025. The income tax benefit for the three months ended March 31, 2026, primarily represents a discrete benefit arising from excess windfall benefit due to stock exercises during the quarter. As of March 31, 2026, the Company continues to maintain a valuation allowance against certain federal and state deferred tax assets. Management will continue to assess the realizability of deferred tax assets in future periods, and any changes could impact our income tax expense. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition at the effective date to be recognized. None of the unrecognized tax benefits would affect the Company’s effective tax rate if these amounts were recognized due to our full valuation allowance. The Company’s operations and resulting income taxes are calculated as if the Company filed a combined, separate federal income tax return until the Recombination. All tax years since inception are subject to examination by tax authorities. The Company is currently not under examination by any federal or state jurisdiction. NOTE 14 – SUBSEQUENT EVENTS The following events occurred subsequent to March 31, 2026 through May 14, 2026, the date at which the Company’s Condensed Consolidated Financial Statements were available to be issued. Warehouse Facility 5 In April 2026, the Company amended its agreement with Warehouse Facility 5 to extend the maturity date to July 2026. No other terms of the agreement were amended. Warehouse Facility 7 In April 2026, the Company entered into a master participation interest purchase and sales agreement with Warehouse Facility 7, which establishes the terms and conditions under which the Company may enter into transactions from time to time. The agreement provides for a maximum aggregate financing capacity of $ 250.0 million and has an initial term of one year . As of May 14, 2026, the Company carried $ 31.7 million of debt at cost in connection with the arrangement. 39 Table of Contents