v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s debt components:
June 30, 2026December 31, 2025
Carrying ValueFacility Inception Date
Final Stated Maturity(A)
Weighted Average Funding CostCollateral Carrying ValueCarrying Value
Debt carried at cost:
Funding debt:
Warehouse Facility 1(B)
$2,500 November 2022May 20275.9 %$3,335 $2,904 
Warehouse Facility 2(C)
884 February 2023January 20276.2 1,689 7,039 
Warehouse Facility 3(D)
— October 2023n.a.— — — 
REIT Warehouse(E)
— October 2024December 2026— — 750 
Warehouse Facility 5(F)
6,190 April 2025July 20266.0 6,521 1,700 
Warehouse Facility 6(G)
66,123 July 2025June 20275.4 67,901 6,063 
Warehouse Facility 7(H)
29,263 April 2026October 20277.6 29,094 — 
Digital Asset Loan Facility(I)
— April 2025October 2026— — 3,097 
104,960 21,553 
MSR financing:
Lender 1(J)
— June 2024June 2026— — 40,000 
Financed retained interests:
Retained Interest Facility(L)
317,664 April 2023
Various(K)
5.8 318,118 231,633 
Total debt carried at cost, gross422,624 293,186 
Unamortized deferred financing costs(M)
(4,374)(2,603)
Total debt carried at cost, net418,250 290,583 
Debt at fair value:
FCC(N)
78,727 76,110 
Democratized Prime YLDS(O)
41,378 24,409 
120,105 100,519 
Debt at fair value to related parties:
FCC - related parties(N)
118,293 2,050 
Democratized Prime YLDS - related parties(O)
306,347 164,085 
424,640 166,135 
Total debt carried at fair value544,745 266,654 
Total debt$962,995 $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 Overnight Financing Rate (“SOFR”) plus a spread of 2.25% at June 30, 2026.
(C)    Warehouse Facility 2 bears variable interest at SOFR plus a spread between 2.15% and 5.50% at June 30, 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—Equity—Noncontrolling Interests in Consolidated Subsidiaries”, for further discussion on the merger.
(F)    Warehouse Facility 5 bears interest at SOFR, plus a spread of 2.35%.
(G)    Warehouse Facility 6 bears interest at SOFR, subject to a 2.00% floor, plus a spread of 1.75%.
(H)    Warehouse Facility 7 bears interest at SOFR subject to a 2.00% floor plus a spread ranging from 3.50% up to 5.75% based on the quality of the pledged loans.
(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. During June 2026, the MSR Note was fully repaid by the Company on its scheduled maturity date and closed.
(K)    The maturities of financed retained interests align with the terms of the underlying securities. The financed retained interest have maturity dates through June 2056.
(L)    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.
(M)    During the three and six months ended June 30, 2026 and 2025, the Company amortized $0.4 million, and $0.8 million, respectively, and $0.1 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 using an interest rate that is determined by Figure’s utilization-based, real-time auction engine. YLDS can be redeemed by the holder at face amount, plus accrued interest minus any applicable expenses or fees on demand.
The following table represents borrowing capacity of committed debt facilities that have not matured at June 30, 2026:
June 30, 2026
Borrowing CapacityBalance OutstandingAvailable Financing
Funding Debt:
Warehouse Facility 1$100,000 $2,500 $97,500 
Warehouse Facility 2335,300 884 334,416 
Warehouse Facility 5300,000 6,190 293,810 
Warehouse Facility 6300,000 66,123 233,877 
Warehouse Facility 7250,000 29,263 220,737 
Financed retained interests:
Retained Interest Facility500,000 317,664 182,336 
Bridge Loan Facility600,000 — 600,000 
$2,385,300 $422,624 $1,962,676 
Schedule of Maturities of Long-Term Debt
Maturities
Contractual maturities of recourse and nonrecourse debt obligations at June 30, 2026, are as follows:
Years Ending December 31, RecourseNonrecourseTotal
2026 (remainder)$— $6,190 $6,190 
202769,507 29,263 98,770 
2028— — — 
2029— — — 
2030— — — 
Thereafter— 317,664 317,664 
$69,507 $353,117 $422,624