FT Intermediate Files S-1 to Become Figure Technology Solutions

TL;DR

FT Intermediate files S-1 to rebrand as Figure Technology Solutions, prepping for IPO.

AI Summary

FT Intermediate, Inc., based at 5 Bryant Park, New York, NY, filed an S-1 registration statement on August 18, 2025, to become Figure Technology Solutions, Inc. The company, incorporated in Nevada, operates in the loan broker industry (SIC 6163) and is preparing for a public offering. Michael Tannenbaum is the CEO and agent for service.

Why It Matters

This S-1 filing signals FT Intermediate, Inc.'s intention to go public, potentially offering investors a new opportunity in the financial technology or loan brokerage sector.

Risk Assessment

Risk Level: medium — As an S-1 filing, it indicates a company is preparing for an IPO, which carries inherent market and execution risks.

Key Numbers

• 333-289695 — SEC File Number (Identifies the specific SEC registration)
• 251228433 — Film Number (Internal SEC processing number)
• 0002064124 — Central Index Key (CIK) (Unique identifier for the filer)

Key Players & Entities

• FT Intermediate, Inc. (company) — Registrant filing S-1
• Figure Technology Solutions, Inc. (company) — Proposed new name of registrant
• August 18, 2025 (date) — Filing date of S-1
• 5 Bryant Park, 34th Floor New York, NY 10018 (location) — Principal executive offices
• Michael Tannenbaum (person) — CEO and agent for service
• Nevada (location) — State of incorporation
• Latham & Watkins LLP (company) — Legal counsel

FAQ

Key Financial Figures

• $16 billion — Since our launch, we've originated over $16 billion in loans on blockchain and completed ov
• $50 billion — loans on blockchain and completed over $50 billion in blockchain transactions. We believe
• $1 — from bank deposits. In 2022 and 2023, a $1 trillion outflow of bank deposits nearl
• $2 — d marketplaces across the approximately $2 trillion consumer credit market and the
• $4 — t and the rapidly growing approximately $4 trillion cryptocurrency and digital ass
• $29 million — ckly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for
• $83 m — e of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30
• $292 million — ne 30, 2025, and accumulated deficit of $292 million and total stockholders' equity of $404
• $404 m — llion and total stockholders' equity of $404 million, as of June 30, 2025, and net inc
• $20 million — as of June 30, 2025, and net income of $20 million and Adjusted EBITDA of $101 million, fo
• $101 m — e of $20 million and Adjusted EBITDA of $101 million, for the year ended December 31,
• $321 million — er 31, 2024, and accumulated deficit of $321 million and total stockholders' equity of $363
• $363 m — llion and total stockholders' equity of $363 million, as of December 31, 2024. The in

Filing Documents

• ftintermediateinc-sx1.htm (S-1) — 6137KB
• ft_exfilingfee.htm (EX-FILING FEES) — 24KB
• exhibit106-sx1.htm (EX-10.6) — 100KB
• exhibit107-sx1.htm (EX-10.7) — 429KB
• exhibit109-sx1.htm (EX-10.9) — 770KB
• exhibit1010-sx1.htm (EX-10.10) — 122KB
• exhibit1011-sx1.htm (EX-10.11) — 271KB
• exhibit1012-sx1.htm (EX-10.12) — 33KB
• exhibit211-sx1.htm (EX-21.1) — 56KB
• exhibit231-sx1.htm (EX-23.1) — 4KB
• business1aa.jpg (GRAPHIC) — 411KB
• business2c.jpg (GRAPHIC) — 304KB
• business3b.jpg (GRAPHIC) — 283KB
• exhibit1012a.jpg (GRAPHIC) — 11KB
• figurelogoa.jpg (GRAPHIC) — 11KB
• kpmglogo.jpg (GRAPHIC) — 5KB
• kpmglogob.jpg (GRAPHIC) — 17KB
• prospectussummary1aa.jpg (GRAPHIC) — 418KB
• prospectussummary2c.jpg (GRAPHIC) — 304KB
• prospectussummary3b.jpg (GRAPHIC) — 282KB
• prospectussummary4aa.jpg (GRAPHIC) — 52KB
• prospectussummary4b.jpg (GRAPHIC) — 206KB
• 0001628280-25-040673.txt ( ) — 11215KB
• ft_exfilingfee_htm.xml (XML) — 4KB

RISK FACTORS

RISK FACTORS 32 SPECIAL NOTE REGARDING FORWARD - LOOKING STATEMENTS 127 MARKET, INDUSTRY, AND OTHER DATA 129

USE OF PROCEEDS

USE OF PROCEEDS 130 DIVIDEND POLICY 131 CAPITALIZATION 132

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 138

BUSINESS

BUSINESS 179 MANAGEMENT 204

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 212 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 226 PRINCIPAL A ND SELLING STOCKHOLDERS 233

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 236 SHARES ELIGIBLE FOR FUTURE SALE 243 MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON U.S. HOLDERS 245

UNDERWRITING

UNDERWRITING 249 LEGAL MATTERS 260 EXPERTS 260 WHERE YOU CAN FIND ADDITIONAL INFORMATION 260 INDEX TO COMBINED CONSOLIDATED FINANCIAL STATEMENTS F-1 i Table of Content A Letter from Our Founder At the tail end of 2017 I had my "aha" moment on blockchain. When I was CEO of SoFi I had always given Bitcoin – and to a greater extent, blockchain, lip service "It's going to change financial services!" I would say. But I didn't know how it would actually do that. This time, it was different. Ask any full-stack engineer and they will tell you they'd rather not build on blockchain. It's slow, unwieldy and – by its immutable nature – unforgiving. But it has this one superpower – the ability to displace trust with truth. Financial services historically have been and still are trust-based markets. Trust-based markets require significant intermediation. Up to seven parties sit in between a buyer and seller of public equity. Five parties intermediate a debit card transaction. Massive companies with enormous market capitalizations have been built around this rent-seeking. Blockchain has the power to distill these multi-party marketplaces down to just two buyer and seller. All the rent-seeking goes away. Blockchain can do more than disrupt existing markets. By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such. That liquidity – coupled with the ability to achieve true digital perfection and control of the asset – opens financing opportunities that weren't accessible before. However big the disruption opportunity of blockchain, the greenfield opportunities it creates are even bigger. This was my "aha" moment. The ability to create a native digital asset, where everyone knows true ownership, composition and history without trust. Where the asset can transact real time, bilaterally, without counterparty or settlement risk. Where

View Full Filing

View this S-1 filing on SEC EDGAR