YLDS (Figure Certificate Company)

YLDS is a face-amount certificate issued by Figure Certificate Company, an SEC-registered subsidiary of Figure Technology Solutions: an unsecured, interest-bearing debt security with a $0.01 face amount, paying overnight SOFR minus 0.35% and surrenderable at any time. Its reserves were short Treasury bills and Treasury-backed repurchase agreements at June 30, 2026, KPMG audits its annual statements, and it paid out $762.8 million of surrenders in the first half of 2026. What the marketing leaves out is how little capital the issuer has of its own and who the holders are. At June 30, 2026, qualified assets exceeded the statutory reserve requirement by $4.2 million, GAAP equity was $994,000, and $477.5 million of the $556.0 million outstanding (85.9%) was classified as related-party holdings. The issuer relies on its parent, which committed in a June 30, 2026 letter to satisfy any obligations FCC cannot meet when due through September 30, 2027.