CJR αlpha

$FIGR - A Rare Diamond among New IPO's Let's talk about Figure Technology Solutions: $FIGR 1/ what does Figure does and their Moat? Figure is a fintech company that gives loans (like HELOCs and personal loans) and uses its own blockchain to process everything faster and cheaper than banks. Their moat: They have their own blockchain, strong partnerships with banks, regulatory approvals, and they’re already profitable -which most fintech startups can’t match. 2/ Fundamentals: Revenue growth: 2023: $161M 2024: $292M LTM: $327M 2025E: $434M 2026E: $549M 2027E: $683M 25% CAGR, This is strong, consistent top-line expansion with a clear multi-year uptrend. Profitability: 2023 net income: –$47.9M (loss) 2024 net income: +$17.2M LTM net income: +$61.9M FIGR has transitioned from losing money to generating real profits. Cash position: 2023: $116.5M 2024: $287.3M LTM: $395.3M They’re building cash, not burning it - rare for a fintech/blockchain platform. Business strength: profits turning positive cash building revenue accelerating forward estimates solid This is the combination you want to see in a young, scaling tech/fintech company. 3/ Technicals: - New IPO Name that reclaimed IPO AVWAP today with Strong Earnings beat of eps & Revenue - still consolidating within IPO Base - not much on Technicals 4/ Funds Allocation: - A lot of well-known funds- Druckenmiller, Apollo, Ribbit, Orland, Maplelane - opened new positions in FIGR this quarter, showing strong institutional demand. My Take: Even with all the red tape, this name held strong. What really stands out is how many funds have been involved since day one of the IPO - that’s extremely rare. The reason FIGR caught my attention is simple: they’re net-income positive, FCF positive, delivered a huge revenue beat, and raised guidance. Fundamentally it’s a 9.5/10 name. You almost never see a fresh IPO post numbers like this, which tells me the business is executing at a high level. FIGR is transitioning from an early-stage fintech into a real, profitable growth company, and the fundamentals, revenue acceleration, and heavy institutional accumulation all signal a stock the market is still underpricing.

THE IMPOSSIBLE JUST HAPPENED The world’s largest corporate Bitcoin holder is now worth less than its Bitcoin. Stop and read that again. Strategy holds 650,000 Bitcoin. Worth $55.9 billion today. Its market cap: $45.7 billion. Wall Street is valuing the company at negative $10.2 billion. This is not a drill. This is the first sustained NAV inversion since the model began. The machine that accumulated 3.1% of all Bitcoin that will ever exist is now priced as if the Bitcoin itself is worthless. Here is what they are hiding from you. The company just created a $1.44 billion emergency cash reserve to pay dividends. For the first time in five years, the CEO admitted Bitcoin sales are possible as a “last resort.” The stock has collapsed 57% since October 6. The premium that funded every purchase has evaporated. The reflexive flywheel that turned $250 million into a $56 billion treasury has reversed into a vortex. In 44 days, MSCI will decide whether to expel Strategy from global stock indices. JPMorgan estimates $8.8 billion in forced selling if exclusion proceeds. The math is merciless. $8.2 billion in debt. $7.8 billion in preferred stock. $16 billion in total obligations against a $45.7 billion shell. At $74,436 average cost, the company sits 15% above break even. One sustained drop erases every gain since 2020. This is not about one company. This is about whether corporations can hold sound money without being destroyed by the very system they sought to escape. The largest experiment in corporate Bitcoin adoption is breaking in real time. January 15, 2026. Mark the date. The reckoning has begun.