General Fund Disclosures

Figure Asset Management LLC is the direct owner of Figure Investment Advisors LLC, which manages the Figure Liquid RWA Fund, SOL Opportunity Fund, Figure REIT and Figure HELOC Fund (collectively “the Funds”) and provides investment advice to the Funds. Both Figure Asset Management LLC and Figure Investment Advisors LLC are owned by Figure Markets Holdings, Inc.

Figure Investment Advisors LLC, is registered with the Securities and Exchange Commision (“SEC”) as an investment adviser, and provides advisory services for only the funds. Figure Investment Advisors provides Investment advisory services to the Funds. These advisory services do not purport to meet the objectives or needs of specific individuals or accounts, only to the investment objective of the Funds it manages. For more information about this adviser, please visit the Investment Adviser Public Disclosure Page. Registration with the SEC does not imply that the SEC has approved the investment adviser.

Figure Securities, Inc. is also indirectly owned by Figure Markets Holdings, Inc. Figure Securities, Inc., is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Information on Figure Securities’ FINRA registration can be found here on FINRA’s BrokerCheck.

Despite its affiliation with Figure Investment Advisors LLC and Figure Asset Management, LLC, Figure Securities, Inc. has no role in the investment advisory services received by Figure Investment Advisors LLC for the management or distribution of the Funds or other securities offered through Figure Investment Advisors LLC and its personnel. Figure Securities, Inc., does not solicit, sell, recommend, or place interests in the Funds.

No communication by Figure Markets Holdings, Inc. or any of its affiliates (collectively, “Figure Markets Group”), through this webpage or any other medium, should be construed or is intended to be a recommendation to purchase, sell or hold any security or otherwise to be investment, tax, financial, accounting, legal, regulatory or compliance advice. Nothing on this webpage is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction.

General Risks To All Funds

The Funds are also considered digital asset securities and have certain risks. These risks may be found here on the Figure Markets Digital Asset Securities Disclosure.

The Funds also feature many different risks, including:

MARKET RISK: Investments are subject to market pricing and liquidity. Fluctuations in value may occur depending on general market conditions, sector specific changes or collateral considerations. Valuations may be impacted by factors unrelated to the value or condition of its issuer or collateral. Changes in valuations occurring at the time of investment may impact the performance. Analysis of investment pricing history or timing is not guaranteed to be accurate and could result in variance to valuations depending on timing.

SECTOR RISK: Sector concentrations and capital exposure to given sectors will be determined by a client’s board approved Investment Policy or by board designee or overall investment objectives and any specific asset allocation identified by a sophisticated investor.

CREDIT RISK: If debt obligations held in a portfolio are downgraded by ratings agencies, default, or another action reduces the issuers’ ability to pay principal and interest when due, the investment value may decline and a client’s value may be adversely affected.

DERIVATIVES RISK: Investments in derivatives involve risks associated with the underlying asset. Additionally, the risks associated with the derivative may be different or greater than the risks affecting the underlying assets.

INTEREST RATE RISK: Investment value can be influenced by changes in interest rates. Longer duration investments will likely see greater volatility in value with more significant rate movement.

PREPAYMENT/REINVESTMENT RISK: Changes in interest rate risk can either increase or decrease the amount and timing of anticipated cash flows.

OPERATIONAL RISK: The Funds have no employees and are dependent on Figure Investment Advisors to conduct its operations. Figure Investment Advisors will face conflicts of interest as a result of, among other things, the allocation of investment opportunities within the funds, the allocation of time of its investment professionals and the substantial fees that Figure REIT will pay to the Figure Investment Advisors.

Additional Risks Specific To The Figure Markets REIT II

Figure REIT invests in residential mortgage loans, including fixed-rate, simple interest revolving home equity lines of credit (HELOCs) and other real estate-related assets Figure REIT has held its current investments for a period of time. Also, Figure REIT seeks to opportunistically acquire quality mortgages and other assets that will provide prospective purchasers of the Shares with (i) the preservation and return of their capital contributions, (ii) stable cash flow (including monthly distributions), and (iii) potential liquidity through a possible future listing of the Figure REIT’s common stock on a national stock exchange or through the further development of the Provenance network. However, you will not have the opportunity to evaluate Figure REIT’s future investments before it makes them and there can be no assurance that any of the investment objectives will be achieved, which makes your investment more speculative. This investment is not suitable for all investors.

Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments and may affect the investment yields represented. Investing in commercial real estate assets involves certain risks, including but not limited to: tenants' inability to pay rent; increases in interest rates and lack of availability of financing; tenant turnover and vacancies; and changes in supply of or demand for similar property types in a given market.

Currently, there is no public trading market for shares of Figure REIT’s common stock, repurchase of shares by Figure REIT will likely be the only way to dispose of your shares.

Figure REIT’s share repurchase plan will provide stockholders with the opportunity to request that Figure REIT repurchases only after the stockholder has held the shares for a minimum of one year. Repurchases may only occur if the REIT wishes to repurchase shares of any investor. Keep in mind, Figure REIT is not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased by any investor. In addition, repurchases will be subject to available liquidity and other significant restrictions. Further, Figure REIT’s board of directors may make exceptions to, modify or suspend its share repurchase plan. As a result, Figure REIT’s shares should be considered as having only limited liquidity and at times may be illiquid. Your ability to have your shares repurchased through Figure REIT’s share repurchase plan is limited, and if you do sell your shares to Figure REIT, you may receive less than the price you paid.

There is no assurance Figure REIT will pay distributions in any particular amount, if at all. Distributions may be modified and are at the discretion of the board of directors. Distributions are not indicative of profitability, have been in excess of net income and may be funded from sources other than cash flow from operations, including without limitation, the sale of assets, borrowings, return of capital or offering proceeds. There are no limits on the amounts that may be paid from such sources.

The purchase price and repurchase price for shares of Figure REIT’s common stock will generally be based on the prior month’s NAV and will not be based on any public trading market. While there will be independent valuations of Figure REIT’s properties quarterly, the valuation of properties is inherently subjective, and Figure REIT’s NAV may not accurately reflect the actual price at which its properties could be liquidated on any given day.

Principal and interest payments on any borrowings will reduce the amount of funds available for distribution or investment in additional real estate assets.

The REIT operates on an exemption from registration from the Investment Company Act of 1940 and qualifies as a REIT by meeting a number of organizational and operational requirements. If Figure REIT fails to qualify as a REIT and no relief provisions apply, its NAV and cash available for distribution to its stockholders could materially decrease.

Accurate valuations are more difficult to obtain in times of low transaction volumes due to fewer market transactions that can be considered in the context of the appraisal. There will be no retroactive adjustment in the valuation of assets, Figure REIT’s offering price of its common stock shares, the price Figure REIT paid to repurchase its common stock or NAV-based fees Figure REIT paid to the Figure Investment Advisors to the extent valuations prove to not accurately reflect the realizable value of Figure REIT’s assets. The price you will pay for shares of Figure REIT’s common stock and the price at which shares may be repurchased will generally be based on the prior month’s NAV per share. As a result, you may pay more than realizable value or receive less than realizable value for your investment.

Risks Specific To The Figure Markets Digital Asset Opportunity Fund

Investors in the Digital Asset Opportunity Fund may not hold the right to enforce terms of loan agreements. Additionally, access to loan collateral may be limited in the event of default or bankruptcy.

The Digital Asset Opportunity Fund is not a fund registered under the Investment Company Act of 1940, as amended (“1940 Act”), and is not subject to regulation under the 1940 Act, unlike most private funds. Digital Asset Opportunity Funds are subject to significant risk. An investor may lose all their money. Digital Asset Opportunity Fund is subject to heightened volatility. Digital Asset Opportunity Fund is not suitable for all investors. An investment in Digital Asset Opportunity Funds is not an investment in Solana, Bitcoin, Etherium or any other cryptocurrency or native token.

You will have no right to participate in the management of Digital Asset Opportunity Fund or in the conduct of its business. As such, you will not have the opportunity to evaluate the Digital Asset Opportunity Fund’s future investments before it makes them and there can be no assurance that any of the investment objectives will be achieved, which makes your investment more speculative.

Cryptocurrency trading is generally considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of Digital Asset Opportunity Fund’s investments in cryptocurrencies are cyclical economic conditions, sudden political events, changes affecting a particular blockchain or network, cybersecurity and technological risks including delays in trading, lack of transparency for asset verification, and adverse international monetary and regulatory policies. Markets for cryptocurrencies are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.

Many digital asset securities are illiquid. This illiquidity may cause extreme price volatility, including the possibility of rapid and substantial price movements, which could result in significant losses. Additionally, as with all private placements, liquidity may pose challenges for market participants trying to exit a position, particularly during periods of volatility. In some cases, you may have to accept a lower price than you paid for the amount of your digital asset security in order to redeem your investment.As such, In some cases, you may have to accept a lower price than you paid for the amount of your digital asset security in order to redeem your investment.

Risks Specific To The SOL Opportunity Fund

The SOL Opportunity Fund is not a fund registered under the Investment Company Act of 1940, as amended (“1940 Act”), and is not subject to regulation under the 1940 Act, unlike most private funds. SOL Opportunity Funds are subject to significant risk. An investor may lose all their money. SOL Opportunity Fund is subject to heightened volatility.

Limited Partners will have no right to participate in the management of SOL Opportunity Fund or in the conduct of its business. As such, you will not have the opportunity to evaluate the SOL Opportunity Fund’s future investments before it makes them and there can be no assurance that any of the investment objectives will be achieved, which makes your investment more speculative.

SOL Opportunity Fund has no operating history upon which prospective investors may evaluate its performance. SOL Opportunity Fund’s investment program should be evaluated on the basis that there can be no assurance that the General Partner’s assessment of the prospects of investments will prove accurate or that SOL Opportunity Fund will achieve its investment objective. Past performance of the Principals and the General Partner is not necessarily indicative of future results.

An investment in SOL Opportunity Fund involves substantial restrictions on liquidity. Limited Partners may not liquidate their investment prior to the termination of SOL Opportunity Fund. Although Limited Partners may attempt to increase their liquidity by borrowing from a bank or other institution, Interests may not be readily accepted as collateral for a loan. In addition, transfer of an Interest as collateral or otherwise to achieve liquidity may result in adverse tax consequences to the transferor, and any such transfer is subject to the approval of the General Partner.

Some Digital Assets held by SOL Opportunity Fund may be created, issued, or transmitted using experimental cryptography which could have underlying flaws. Advancements in quantum computing could break the cryptographic rules of protocols which support the assets held by SOL Opportunity Fund. SOL Opportunity Fund makes no guarantees about the reliability of the cryptography used to create, issue, or transmit assets held by SOL Opportunity Fund.

Figure Investment Advisors may require your complete or partial withdrawal of your investment in the SOL Opportunity Fund if it is determined that your continued participation might otherwise subject the SOL Opportunity Fund, or Figure Investment Advisors to material onerous legal, tax or other regulatory requirements that cannot reasonably be avoided without material adverse consequences to any other investor or the SOL Opportunity Fund itself.