ALKARONRESEARCH
Figure Markets & Apollo ACRED / Full report18–25 September 2026

One week of tokenized private credit, traced to the block.

The full report on Figure Democratized Prime and Apollo’s ACRED follows 1,099 recorded pool-contract events, seven blockchains and an SEC filing to show what actually moved behind the dashboard numbers. Every figure is sourced, dated and labelled for what it is.

Get the full report · $195 See what’s inside

One-time purchase · HTML + PDF · Corrected edition 1

Why it exists

The headline numbers leave out most of the story.

Three findings from this research show the gap between what a dashboard reports and what the contracts recorded.

01 / FIGURE

TVL isn’t lender money.

−$6,447,960
DefiLlama TVL · 18 → 25 Sep labels

For Figure, DefiLlama’s TVL counts only supply still waiting to be borrowed. It fell while outstanding loans rose $4,225,281. Total lender supply moved just −0.2769%.

02 / FIGURE AUTOMOBILE POOL

A rate rise with a recorded cause.

+2.3091 pp
Parameter effect · block 33,648,257

The lender rate went from 8.0117% to 9.8796%. A contract parameter update on 23 September contributed more than the entire +1.8679 pp change; falling utilization pulled the other way.

03 / APOLLO ACRED

A value the dashboard doesn’t show.

$95,538,803.54
Supply × NAV · 25 Sep, 00:00 UTC

DefiLlama returns no value for ACRED. The report calculates it across all seven networks it’s issued on, at the published NAV, and shows why the week’s +$54,259.86 was entirely NAV.

That’s the surface. The report is everything underneath it.

What you get

Questions the full report answers.

The full report answers each one.

  • Which of Figure’s four pools lost lender money, and which gained it?The four-pool total hides a split. Home Equity, Automobile, SMB and Crypto-Backed Loan, each with its own books.
  • Who was behind the flows?How concentrated lending and withdrawals were at the account level, and one large account’s moves between pools during the week.
  • Which rate moves were utilization, and which were setting changes?Lender and borrower rates for all four pools, each split into its two causes, reproduced from the contracts’ own model.
  • How does the collateral compare?Credit scores, loan sizes, loan-to-value and crypto mix from Figure’s tear sheets, side by side where pools report the same measure.
  • What is Figure’s “estimated APR” actually made of?What it adds on top of the pool rate, and what Figure’s documentation does and doesn’t say about whether lenders receive it.
  • What does Apollo’s registered fund show that the token doesn’t?Three months of fund-reported subscriptions and redemptions from its SEC filing, kept separate from ACRED.
  • Did the week show rotation between products?What the evidence can and cannot say about composition and concentration, and why.
  • What would change these conclusions?For each finding, the specific evidence that would confirm it or overturn it.

Table of contents

Ten sections and a full evidence appendix.

  1. 01
    Executive interpretation and confidenceWhat happened, and how sure the evidence lets us be about each part.
  2. 02
    Scope and comparabilityWhat each number measures, what it doesn’t, and which ones can be compared.
  3. 03
    Starting and ending compositionFigure’s four pools and their shares of supply.
  4. 04
    Rotation and concentrationWhat a single snapshot can and can’t show.
  5. 05
    Product contributionPool-by-pool books, flows, rates and collateral; ACRED on every network.
  6. 06
    Price versus supplySeparating quantity from price for both products.
  7. 07
    Events and catalystsOnly what was recorded inside the window.
  8. 08
    Alternative explanationsThe competing readings, and which the evidence supports.
  9. 09
    What would confirm or invalidate thisThe open questions and what would answer them.
  10. 10
    Calculations and evidenceEvery measure, its window and its formula.

How it’s built

Research that shows its work.

The report is built to be checked, not just read.

  • Every number is labelled for what it is.Source-reported, calculated, or unresolved. A dashboard percentage is never presented as a flow, and a balance change is never presented as a transaction.
  • Units are never mixed.Figure’s pools transact in YLDS; DefiLlama reports US dollars at its own price. The report keeps them apart instead of quietly converting.
  • The contracts are recomputed, not paraphrased.The pools’ rate model, recomputed at every recorded balance event, reproduces the contracts’ own rates to ten decimal places.
  • An account is not an investor.On-chain addresses are reported as addresses. Nothing is claimed about who stands behind them or why they acted.

The report grades its own confidence. From section 1:

HIGHRecorded levels, event amounts, the balance-decomposition arithmetic, and what DefiLlama’s Figure number actually measures.
HIGHThat a sector-wide seven-day change cannot be stated from this evidence.
LOWCausation beyond the contracts’ own rate-model arithmetic.

Primary sources

Provenance blockchain · Figure pool contracts Figure public lending API DefiLlama ACRED contracts on 7 networks RedStone ACRED NAV feed SEC EDGAR · N-PORT

Who it’s for

Built for people who have to get the numbers right.

A good fit if you

  • Use DefiLlama or similar dashboards and need to know what the number underneath actually means
  • Are doing diligence on Figure Democratized Prime, ACRED or tokenized private credit more broadly
  • Cover RWAs as an analyst, researcher or journalist and need citable, dated figures
  • Build RWA data products and want a worked example of measuring these products correctly

Not what you want if you need

  • Trade signals or price targets
  • Whole-market private credit totals
  • A live, auto-updating feed

ALKARON Private Credit Research

Figure & Apollo ACRED, 18–25 September 2026

The full analysis, every calculation and the complete evidence appendix.

$195one-time purchase

  • 10 research sections covering Figure and Apollo ACRED
  • Four Figure pools: recorded flows, rate mechanics and collateral disclosures
  • Seven-network ACRED valuation, including the Solana reconstruction
  • 426 annotated evidence entries with values, sources, methods and qualifications
  • HTML + PDF, report and appendix
Get the report · $195

Secure checkout through Gumroad.

Questions

Before you buy.

Can I read any of the findings first?

Yes. The three findings near the top of this page come straight from the report. The report is the full analysis: all ten sections, pool-by-pool books and flows, account-level concentration, every rate move explained, collateral comparisons, the Apollo fund filing, and the 426-entry evidence appendix.

What format is it in?

You get the full report and appendix as both HTML and PDF, delivered through Gumroad.

Is the data live?

No. It’s a historical study of one fixed week. It describes the moment of 25 September 2026, 18:25:38 UTC, using evidence known by 28 September 2026, 02:46:21 UTC. The numbers won’t change after you buy it, which is what makes them citable.

What does “corrected edition 1” mean?

After the report was produced, an editorial review tightened how some measures are labelled, for example separating balance arithmetic from transaction amounts, and recorded each correction. All 426 original evidence entries and their values are retained.

Who produces the research?

Alkaron Research. Reports are produced by Team Meridian, Alkaron’s specialist research desk, where AI assists with evidence collection and drafting. Every report is reviewed by a human editor before publication.

Can I check the numbers myself?

Yes, that’s the point. The appendix gives each figure’s source, date or window and calculation, with contract addresses and block heights for the on-chain data.

Is this investment advice?

No. It’s general research on how two products’ recorded numbers moved over one week. It makes no recommendation about buying, selling or holding anything.

See what the dashboards don’t show.

Figure Democratized Prime and Apollo ACRED, 18–25 September 2026. Every number sourced, dated and labelled.

Get the full report · $195 See all reports