Figure Technology Solutions and Sixth Street Form Joint Venture to Bring Over $2 Billion of Liquidity and Through-The-Cycle Stability to Non-Agency Mortgage Market
NEW YORK, February 27, 2025--(BUSINESS WIRE)--Figure Technology Solutions ("Figure"), a technology platform powering an efficient, liquid, blockchain-based marketplace for financial products, and Sixth Street, a leading global investment firm, today announced the formation of a new joint venture vehicle in which Sixth Street's Asset Based Finance platform has committed to invest $200M of equity. This commitment is unique in that it can be recycled and used for future Figure production driving additional liquidity for Figure private credit loans.
This is the latest development for Figure Connect, Figure's transformative marketplace for private credit loans, making it easier for loan origination partners to scale their businesses. Figure Connect's key advantages include attractive warehouse lines to manage cash flow, hedging to manage market risk, and modern infrastructure that automates loan sales and deliveries, all on a public, transparent blockchain. With Figure Connect, partners can also use the marketplace infrastructure for price discovery by putting out pools of loans for bidding. As a result, over 40% of Figure's December 2024 volume went through Figure Connect, which launched in June 2024. Figure Connect is available to all participants in Figure's lending ecosystem.
"This joint venture between Figure and Sixth Street puts Figure Connect on a trajectory that is ultimately intended to lower costs for lenders and borrowers, similar to how borrowing costs were lowered with the introduction of TBAs in the agency mortgage space. It validates Figure Connect as the largest, most liquid, blockchain-based capital market," said Todd Stevens, Chief Capital Officer of Figure.
"We're excited to be an integral partner in this Figure Connect marketplace milestone and support the strategic growth of a transformational solution for loan originators and investors," said Michael Dryden, Partner and Head of Asset Based Finance at Sixth Street. "We're thrilled to bring our deep experience in residential mortgage investing to form this joint venture with Figure and its Figure Connect marketplace platform, which we believe is a stand-out leader that can support the evolution of home equity as well as the broader private credit market."
The Sixth Street-backed joint venture adds further liquidity to Figure Connect's robust offering and will be a key participant in the platform and its continued growth. The joint venture will be an "always on," programmatic bid for Figure assets providing liquidity to Figure marketplace participants. The joint venture is expected to securitize Figure loans, forward-sell its bonds to investors and buy loans from originators, opening up a liquid marketplace. It will start with Figure HELOCs and plans to subsequently look to buy other Non-Agency credit assets.
About Figure Technology Solutions
Founded in 2018, Figure Technology Solutions ("Figure") is a blockchain–based technology platform built to enhance efficiency and transparency in financial services. Figure Connect is powered by the Provenance Blockchain, which onboards all of Figure's loans, and is the world's largest originator of Real World Assets. Its subsidiary, Figure Lending LLC, is the largest non-bank provider of home equity lines of credit; its software has been used to originate more than $13B of home equity. Figure's technology is embedded across a broad network of loan originators and capital markets buyers and is used directly as well by homeowners in 49 states and Washington, DC. With Figure, homeowners can receive approval for a HELOC in as fast as five minutes and receive funding in as few as five days.
To date, Figure has embedded its HELOC in more than 135 partners, including Rate (formerly Guaranteed Rate), CrossCountry Mortgage, Movement Mortgage, Goodleap, and many other fintechs, depositories, and independent mortgage banks. For more information, visit https://figure.com or follow Figure on LinkedIn.
About Sixth Street
Sixth Street is a global investment firm with over $100 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 650 team members including over 280 investment professionals around the world. For more information, visit https://sixthstreet.com or follow Sixth Street on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227285807/en/
Contacts
Figure: press@figure.com Sixth Street: media@sixthstreet.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
3 hours ago
- Business Upturn
How Eckhart Tolle Turned Stillness into a Multi-Million Dollar Empire
In an era where noise equals value and attention is currency, Eckhart Tolle's quiet empire stands as a paradox: a low-key spiritual teacher who turned stillness into scalable revenue. The German-born, Vancouver-based author is best known for his transformational bestsellers The Power of Now and A New Earth , but few realize the depth and structure of the Eckhart Tolle business model behind his serene public presence. This article peels back the layers of a multimillion-dollar operation that monetises presence, awareness, and peace — not through mass consumerism, but via publishing royalties, digital subscriptions, high-ticket retreats, and a strategically limited brand ecosystem. Here's how Eckhart Tolle built one of America's most financially efficient spiritual businesses without ever appearing overtly commercial. The Foundation of Eckhart Tolle's Business: Books, Brand, and Digital Presence Eckhart Tolle's rise to fame began with the self-published release of The Power of Now in 1997. It was quietly passed from hand to hand until Oprah Winfrey featured it on her book club in 2000, turning the title into an international sensation. His follow-up, A New Earth (2005), cemented his place in the upper echelon of global self-help literature. The real engine here wasn't just sales — it was brand crystallisation. Tolle's persona became inseparable from the experience of the books: minimalist covers, philosophical prose, and his calm media appearances all built a recognisable brand asset. By focusing on timelessness and simplicity, Tolle didn't just write spiritual books—he created a lifestyle identity, turning his name into a marketable intellectual property in the U.S. personal growth ecosystem. He never diluted his message through excessive appearances or rapid releases. This calculated scarcity made his content — and by extension, his brand — feel more premium and essential. Monetising Awareness: How Tolle's Publishing and Royalties Model Works Tolle's publishing contracts, initially with Namaste Publishing and later with Penguin Group and New World Library, are reportedly based on above-standard royalty agreements — a likely outcome of Oprah-backed demand and consistent best-seller performance. In traditional U.S. publishing deals, authors earn about 10–15% in royalties from hardcover sales and 7–10% from paperbacks, but high-performing titles like The Power of Now , which has sold over three million copies in the U.S. alone, can trigger escalator clauses, enhanced royalty splits, or even profit-sharing models. Given his status, it is reasonable to estimate that Tolle's U.S. royalty earnings exceed seven figures annually just from books alone. Moreover, his titles have become evergreen staples in the $10.5 billion U.S. self-help publishing market, which continues to grow annually at 5–6%. Tolle's position in the spiritual/self-realisation subcategory ensures not only consistent sales but recurring passive income from reprints, translations, and audiobook versions. Beyond the Bookshelf: Eckhart Tolle TV and the Subscription-Based Content Model Perhaps the most strategically sophisticated aspect of the Eckhart Tolle business model is his digital platform, Launched as a proprietary content hub, the site offers exclusive video teachings, guided meditations, and discussions with Kim Eng (his teaching partner). Rather than relying on YouTube monetisation or open-access content, Tolle's team positioned the site as a premium subscription service, offering monthly access to digital stillness for a fee. As of mid-2025, subscription pricing sits at: $19.95/month $149/year (a ~38% discount) Content is released monthly, creating evergreen media assets with high retention potential. Monthly Membership Dynamics and Digital Scalability This subscription model offers a masterclass in high-margin, low-overhead business operations. Unlike book publishing, which includes printing, distribution, and retailer margins, digital content has virtually zero unit cost after production. Let's assume a conservative estimate of 50,000 active U.S. subscribers — which aligns with mid-tier subscription benchmarks for niche spiritual platforms. At $19.95/month, that alone equates to $1 million monthly recurring revenue or $12 million annually, with minimal infrastructure costs. More importantly, the lifetime value of a subscriber—typically measured as customer longevity × monthly payment—is far higher than that of a casual book buyer. If the average subscriber stays for just one year, that's $149, compared to a one-time $15 book sale. This model allows Tolle's business to scale quietly yet powerfully, leaning into digital infrastructure rather than celebrity tours or mass-market merchandise. Partnership with Oprah Winfrey: Turning Thought Leadership into Cultural Capital The single most pivotal inflection point in the Eckhart Tolle business model came through his collaboration with Oprah Winfrey. In 2008, they launched a 10-week live webcast series dissecting A New Earth , drawing over 35 million views globally — a media milestone in both spiritual and internet history. More than just exposure, the Oprah alliance turned Tolle into mainstream intellectual currency. He became a recurring guest on SuperSoul Sunday and co-created online courses that blended Oprah's audience reach with Tolle's conceptual gravity. This strategic alignment gave Tolle access to: Oprah's vast email marketing and CRM channels Global brand legitimacy beyond 'new-age' circles Immense traffic to his digital products and courses It was a cross-platform partnership, not a one-off appearance — a vital distinction in modern media monetisation. Selling Transformation: Tolle's Online Courses and Certification Revenues Tolle's team capitalised on the post-Oprah momentum by launching a suite of premium online courses, including: The Power of Presence ($197) Being the Light ($297) Living a Life of Presence (bundle packages up to $499) These courses are hosted on his website and third-party platforms like Sounds True, offering high-definition video teachings, downloadable workbooks, and multi-week learning journeys. While there is no official certification program akin to Deepak Chopra's wellness coaching franchise, affiliate commissions for resellers and partners suggest an informal influencer ecosystem. This lean approach allows Tolle to monetise transformation without commodifying his image through licensing or training programs. Event Economics: From Quiet Retreats to High-Ticket Mindfulness Gatherings Tolle's live appearances are few and far between — and that's by design. His in-person retreats are positioned not as motivational seminars, but as luxury immersive experiences, often hosted in upscale venues across California, Hawaii, or Europe. A typical retreat includes: 3–5 days of teachings Meditation and silent reflection sessions Premium accommodation and meals Ticket prices range from $895 (early bird, basic access) to over $2,500 for premium packages. Limited to a few hundred participants, these events function more like private masterminds than general public lectures. The Role of Scarcity and Exclusivity in Pricing This model hinges on scarcity economics. By offering few events, avoiding overexposure, and limiting ticket availability, Tolle maintains a high perceived value around his presence. This also shields the brand from dilution. Instead of turning teachings into mass-market spectacles (à la Tony Robbins), the exclusive access principle keeps demand high and costs manageable — no arenas, no giant production crews. It's minimalism as monetisation. E-Commerce and Merchandise: Silent Expansion Through Branded Calm Tolle's e-commerce presence is subtle but structured. His official store features: Guided audio meditations (avg. $15–$25) Journals and mindfulness prompts Digital downloads of past retreats Limited branded apparel and gift bundles Rather than flooding the market, his product strategy mirrors his teachings: less is more. Though merchandise is not the core revenue engine, it enhances average order value for website visitors and serves as an onboarding path for deeper offerings like subscriptions or courses. Affiliate Ecosystem and Cross-Brand Collaborations Interestingly, the Eckhart Tolle business model has largely eschewed commercial brand partnerships with wellness apps, meditation startups, or corporate sponsors — a notable divergence from peers like Sam Harris or Deepak Chopra. This may be a deliberate choice: to maintain brand purity and avoid the trap of over-commercialisation, which could compromise the trust of his philosophically-inclined audience. Yet the absence itself is telling — and strategic. By not monetising every opportunity, Tolle creates an aura of authenticity, reinforcing the value of what is offered. Stillness as a Service: The Paradox of Monetising Presence in America's Capitalist System The Eckhart Tolle business model may be one of the most counterintuitive case studies in modern entrepreneurship. It monetises silence, yet not cheaply. It preaches presence, yet thrives on subscription economics. It builds brand equity not through mass marketing, but through intentional digital scarcity and psychological alignment with its audience. In a hyperstimulated American attention economy, Tolle's model proves that stillness itself is a luxury—one that people will gladly pay for if packaged with care, consistency, and calm. His empire isn't spiritual capitalism in disguise. It's capitalism redesigned around non-urgency. And that, perhaps, is its most revolutionary feature. Final Takeaway: In a world of noise, Eckhart Tolle didn't sell enlightenment. He sold access to silence—strategically, sustainably, and profitably. That's not just a spiritual movement. That's a business model for the future of mindful commerce. This article is intended for informational and editorial purposes only. It does not constitute endorsement or promotion of any individual, company, or entity mentioned. Business Upturn makes no representations or warranties regarding the accuracy, completeness, or reliability of the information provided.
Business Insider
10 hours ago
- Business Insider
OpenAI Raises $8.3 Billion at $300 Billion Valuation
Microsoft-backed (MSFT) AI firm OpenAI has raised $8.3 billion in fresh funding at a $300 billion valuation, according to The New York Times. Indeed, the raise is part of the company's bigger $40 billion fundraising goal for 2025 and came months earlier than expected. It is worth noting that OpenAI had already secured $2.5 billion in March and initially planned to add another $7.5 billion later this year, but accelerated its timeline as investor demand surged due to the company's fast growth. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Indeed, The Information reported on Thursday that OpenAI reached $12 billion in annualized revenue and surpassed 700 million weekly active ChatGPT users. Meanwhile, the Times suggested that the number may be closer to $13 billion and could hit $20 billion by the end of the year. It also helps that the Trump administration's AI Action Plan and ongoing talks with Microsoft could push OpenAI toward its goal of becoming a fully for-profit company. As a result, the latest round was led by Dragoneer Investment Group, which invested $2.8 billion in one of its most significant bets to date. Other new backers included Blackstone (BX), TPG (TPG), and T. Rowe Price (TROW), alongside well-known firms like Andreessen Horowitz, Founders Fund, Sequoia Capital, and Fidelity. Interestingly, though, some early investors were reportedly frustrated because they received smaller allocations in this round, as OpenAI prioritized bringing in strategic partners to support its next growth phase. Is MSFT Stock a Buy? Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 33 Buys and two Holds assigned in the last three months. Furthermore, the average MSFT price target of $614.72 per share implies 17.3% upside potential.
Yahoo
20 hours ago
- Yahoo
India's Swiggy reports wider quarterly loss on marketing cost spike
(Reuters) -Swiggy's quarterly loss nearly doubled from a year earlier as the Indian online delivery platform spent more on marketing to attract customers in a highly-competitive market, its results showed on Thursday. Swiggy, a decade-old player and one of the market leaders in the food delivery business alongside Eternal's Zomato, continues investing in the business through marketing, platform upgrades and loyalty programs. It is also pouring money into its quick-commerce arm, Instamart, as it opens more stores, strengthens logistics, and offers discounts. The company faced challenges related to lower availability of delivery partners due to earlier-than-expected monsoon showers in India. Meanwhile, marketing investments remained high amid "sticky competitive intensity," it said in a statement. India's quick commerce space is getting crowded with entrants like Tata-backed BigBasket and Amazon. The food delivery space is also seeing rising competition with the foray of ride-hailing platform, Rapido, in which Swiggy owns a 12% stake. Swiggy's total revenue surged 54% to 49.61 billion rupees ($566.2 million) in the quarter ended June 30, while its consolidated expenses jumped about 60% to 62.44 billion rupees, as sales promotions more than doubled. Its consolidated net loss widened to 11.97 billion rupees for the quarter, from a loss of 6.11 billion rupees a year ago. Swiggy expanded to 127 cities from 124 in the previous quarter, added 41 stores, and continued scaling up store sizes. Gross order value from its food delivery segment rose about 19% to 80.86 billion rupees in the June quarter, while Instamart's gross order value surged nearly 108% to 56.55 billion rupees. ($1 = 87.5740 Indian rupees)
