Research Reports

Prepared Highlights

Consumer loan marketplace volume reached $2.7B in Q4, up 131% YoY, driven by 307 partners and growth from SMB and DSCR loans (CEO, CFO).
Adjusted net revenue was $158M, up 16% YoY; revenue directly correlated to marketplace volume grew 130% YoY, and servicing/interest income combined grew 47% (CFO).
Net take rate was 3.8% in Q4, up 40 bps YoY from better gain-on-sale execution; down slightly QoQ due to business mix (first-lien securitizations, larger Connect partners’ sliding scale fees) (CFO).
Adjusted EBITDA was $81.3M, up ~426% YoY; adjusted EBITDA margin expanded to 51.6% vs. 20.2% in prior-year period (CFO).
GAAP net income was $15M (9.4% margin) vs. 7% in Q4 2024; stock-based compensation impacted by one-time grants, expected to normalize to ~$21M per quarter (CFO).
Cash and cash equivalents ended Q4 at ~$1.2B; loans held for sale were ~$44M (CFO).
Democratized Prime balance ended at $206M, with matched offers growing nearly 10x QoQ from $20M to >$200M; >1,000 active participants (CEO, CFO).
YIELDS stablecoin in circulation ended at $328M, increasing over 20x since end of Q3 (CEO, CFO).
Figure Connect processed more than half of consumer loan marketplace volume for first time (launched June 2024); 54% of Q4 volume transacted through Connect (CEO, CFO).
First-lien mortgages represented ~19% of originations in Q4, up from 12% a year ago (CEO).
SMB loans Q4 volume >$46M, twice the prior period (CEO).
Security incident: phishing attack impacted loan inquiry records and limited customer accounts; ~12,400 individuals’ SSNs exposed; no blockchain infrastructure compromise; not expected to materially impact financial results (CEO).
Share repurchase program: Board authorized $200M program; no obligation to acquire specific amount (CFO).

Official guidance:

Near-to-medium-term net take rate range: 3.5% to 4% (CFO).
Medium-term adjusted EBITDA margin goal: above 60% (CFO).

Mgmt quotes:

"You cannot AI your way into AAA." (CEO)
"2026 will be the year of the first lien for Figure Technology Solutions, Inc. Class A Common Stock." (CEO)
"We manage the business to optimize for marketplace volume growth and long-term profitability, rather than to maximize our net take rates for each quarter." (CFO)
"We became the first public company to launch a blockchain-native share class of our own security, listed on an exchange we purpose-built." (CEO)
"I would like to highlight our announcement today that our Board has authorized a $200 million share repurchase program." (CFO)

Prepared Metrics

Metric	Value	Speaker/Context
Consumer loan marketplace volume	$2.7B	Q4, +131% YoY (CFO)
Adjusted net revenue	$158M	Q4, +16% YoY (CFO)
Adjusted EBITDA	$81.3M	Q4, +~426% YoY (CFO)
Adjusted EBITDA margin	51.6%	Q4, vs. 20.2% prior-year (CFO)
GAAP net income	$15M	Q4, 9.4% margin (CFO)
Net take rate	3.8%	Q4, +40 bps YoY (CFO)
Cash and cash equivalents	~$1.2B	End of Q4 (CFO)
Loans held for sale	~$44M	End of Q4 (CFO)
Democratized Prime balance	$206M	End of Q4 (CFO)
YIELDS in circulation	$328M	End of Q4 (CFO)
Share repurchase authorization	$200M	Board authorized (CFO)

Q&A Batch (1-1 of 1)

Q1 — Dan Dolev

Topic: Agora合作对公司的整体机会
Key points:
- 进入1.5万亿美元汽车金融领域的入口；
- 通过将第三方资产引入平台，为Democratized Prime带来货币化机会；
- 作为Connect的upsell机会，Agora标准化资产后可让买方通过Figure Connect进行永久收购而非临时融资。
Mgmt stance: bullish — 管理层形容为“巨大的机会”，覆盖所有资本轻型产品。

Q2 — Patrick Moley

Topic: 贷款发起合作伙伴新增来源及对2026年量的预示
Key points:
- 合作伙伴总数过去6个月几乎翻倍，Q4环比增长25%；
- 三大增长渠道：独立抵押银行、存款机构（银行与信用社）、非牌照渠道（SMB环比翻倍，金融科技与更广泛房地产）；
- 非牌照活动主要集中在住宅过渡贷款（RTL）和DSCR领域，属于非QM市场。
Mgmt stance: bullish — 认为增长速度预示消费贷款市场量在2026年持续强劲。

Q3 — Ryan Tomasello

Topic: Agora合作的货币化细节（Democratized Prime费率、代币化费、Connect收入）
Key points:
- Democratized Prime费率约50个基点，管理层强调此为纯利润率（不承担发起与系统维护成本）；
- 随着进入不同资产类别，费率有上行空间；
- 汽车贷款标准化后将被纳入Figure Connect，影响整体交易量；
- 考虑汽车贷款期限较短，净费率区间为3.5%–4%（低于HELOC的更长期限）。
Mgmt stance: bullish — 管理层预期新增资产类别能提升贡献金额与利润率。

Q4 — Robert Wildhack

Topic: 关于平台费率从“稳定在4%”调整为“3.5%–4%”的原因
Key points:
- 分析师指出此前管理层暗示费率稳定在4%左右，现改为3.5%–4%区间；
- 问题未完全呈现，管理层未做出回应。
Mgmt stance: 未回应（提问中断）。