HIGHBuilt-inProduct / Revenue mix
98%
HELOC originations
“10-K Item 1: 'HELOCs comprised over 98% of our total loan originations'”
FIGR · Concentration risk · 10-K extracted
Figure Technology Solutions, In (FIGR) concentration risks
Updated
The most significant concentration Figure Technology Solutions, In discloses is HELOC originations at 98%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Figure Technology Solutions, In’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
56%
top 10 partners
“10-K Item 1A: 'Our top 10 partners contributed 56% and 52% of our origination volume for the years ended December 31, 2025 and 2024, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile reflects a business model that is highly focused on a single product type and dependent on a concentrated set of distribution partners for the bulk of its origination volume. On the product side, HELOCs comprised over 98% of total loan originations — a high share by disclosed size and structural in character. This near-total product concentration means results are directly tied to the health and demand dynamics of the home equity lending market. Factors such as home price appreciation, interest rate levels, and homeowner equity availability are the primary macro variables that would move this exposure, rather than any individual customer relationship. The structural character indicates this focus is intentional and central to the strategy rather than a transient artifact. On the distribution side, the top 10 partners contributed 56% of origination volume for the year ended December 31, 2025, a high-share dependency by disclosed size. This means more than half of loan originations flow through a narrow set of partner channels. The dependency character here is more idiosyncratic than the product concentration: a loss or significant reduction in engagement from one or more of these top partners could compress volume in a way that is not easily offset through other channels in the near term. Together, the product and partner concentrations reinforce each other, creating a business where both the product type and the distribution are simultaneously narrow.
For the engine’s reasoning on FIGR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Capital Markets
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLSK | CleanSpark, Inc. | 3 | 1 | 0 | 4 |
| FIGR● | Figure Technology Solutions, In | 2 | 0 | 0 | 2 |
| CRCL | Circle Internet Group, Inc. | 1 | 1 | 0 | 2 |
| BMNR | BitMine Immersion Technologies, | 1 | 0 | 0 | 1 |
| BGC | BGC Group, Inc. | 0 | 0 | 0 | 0 |
| EVR | Evercore Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.