Figure Technology Solutions Inc (FIGR) 2025 Q3 法說會逐字稿

Welcome to the Figure Technology Solutions third-quarter 2025 earnings conference call. (Operator Instructions) Lastly, today's call is being recorded. I would now like to turn the call over to Craig Stream Investor Relations.

歡迎參加 Figure Technology Solutions 2025 年第三季財報電話會議。 （操作說明）最後，本次電話會議正在錄音。現在我將把電話會議交給 Craig Stream 投資者關係部。

Thank you, Nicky. Good morning, everybody. Welcome to our third-quarter 2025 earnings call. This is Craig Stream in the Investor Relations team at Figure. Joining me on today's call are Mike Cagney, Executive Chairman and Co-Founder of figure; Michael Tannenbaum, our Chief Executive Officer; and Macrina Kgil, our Chief Financial Officer.

謝謝Nicky。大家早安。歡迎參加我們2025年第三季財報電話會議。我是Figure投資者關係團隊的Craig Stream。今天與我一同參加電話會議的還有figure執行董事長兼聯合創始人Mike Cagney、執行長Michael Tannenbaum以及財務長Macrina Kgil。

In today's call, we will refer to certain non-GAAP measures, which are reconciled to GAAP measures in the earnings release we issued yesterday after the market closed and in the appendix to our supplemental slide presentation posted to our website. Non-GAAP measures are not intended to be a substitute for GAAP results. Certain statements made during today's call may contain forward-looking statements, which may vary materially from actual results.

在今天的電話會議中，我們將提及一些非GAAP財務指標，這些指標已在昨天收盤後發布的盈利報告中以及我們網站上發布的補充幻燈片演示文稿的附錄中與GAAP財務指標進行了核對。非GAAP財務指標並非旨在取代GAAP財務結果。今天電話會議中的某些陳述可能包含前瞻性陳述，這些陳述可能與實際結果有重大差異。

Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings and set forth on page 3 of the earnings presentation we've posted in the IR section of our website and in the risk factors we've identified in our third-quarter 10-Q filed earlier today as well as in other SEC filings. We're not undertaking any commitment to update these statements if conditions change, except as required by law. And a recording of the conversation will be made available on our website following the conclusion of today's call.

有關可能導致實際結果與預期存在差異的風險、不確定性及其他因素的資訊已包含在我們提交給美國證券交易委員會（SEC）的文件中，並在我們網站投資者關係（IR）版塊發布的盈利演示文稿第3頁以及我們今天早些時候提交的第三季度10-Q報告和其他提交給SEC的文件中列明的風險因素中有所闡述。除法律要求外，我們不承諾在情況發生變化時更新這些聲明。本次電話會議的錄音將在會議結束後發佈在我們的網站上。

Following the formal remarks, we will also open the line for questions, and I would encourage you to follow along in the posted earnings presentation as we go through our formal remarks. And with that, I'll turn the call over to Michael Tannenbaum. Michael, please go ahead.

正式發言結束後，我們將開放提問環節。我建議各位在正式發言的同時，觀看已發布的財報簡報。接下來，我將把電話交給麥可坦南鮑姆。邁克爾，請開始吧。

Thanks, Craig, and thanks to all of you who are joining us this morning. Let's begin by turning to slide 4. As you saw in the earnings press release we issued after the close yesterday, we had a very strong third-quarter with great results in all of our key performance metrics. Adjusted EBITDA, the measure that most clearly demonstrates the profitability of our business, reached $86 million in the quarter, an increase of 75% year-over-year and EBITDA margin reached 55%. Net income for the quarter was nearly $90 million, more than triple last year's quarter.

謝謝克雷格，也謝謝今天早上所有到場的各位。我們先來看第四張投影片。正如各位在昨天收盤後發布的獲利新聞稿中所看到的，我們第三季業績非常強勁，所有關鍵績效指標均表現出色。調整後 EBITDA（最能反映我們業務獲利能力的指標）在本季達到 8,600 萬美元，年增 75%，EBITDA 利潤率達到 55%。本季淨利接近 9,000 萬美元，是去年同期的三倍多。

Total consumer loan marketplace volume reached almost $2.5 billion in the third-quarter, representing a 70% increase year-over-year. This growth reflects continued expansion across our origination partner network and increased utilization of Figure Connect for liquidity.

第三季消費貸款市場總交易額接近25億美元，較去年同期成長70%。這一增長反映了我們貸款發起合作夥伴網絡的持續擴張以及Figure Connect在流動性方面的應用日益廣泛。

As more partners leverage the platform to fund and sell loans, we're seeing meaningful gains in both scale and efficiency. A standout example being first lien lending, where adoption has accelerated sharply among both new and existing partners. Firstly, volumes nearly tripled year-over-year, making it one of our fastest-growing products this quarter. Partners are leaning into Figure Connect as a liquidity solution, enabling faster funding, improved execution, and lower cost versus traditional channels.

隨著越來越多的合作夥伴利用該平台進行貸款融資和銷售，我們在規模和效率方面都看到了顯著提升。其中一個突出的例子是優先擔保貸款，其在新舊合作夥伴中的普及速度都大幅加快。首先，交易量年增近三倍，使其成為本季成長最快的產品之一。合作夥伴正將 Figure Connect 視為流動性解決方案，與傳統通路相比，它能夠實現更快的融資速度、更有效率的執行以及更低的成本。

This momentum demonstrates how our marketplace model extends beyond home equity and into the broader consumer ecosystem, capturing a larger share of the housing finance value chain. We also continue to see encouraging progress from new product categories, which together contributed more than $80 million in volume in the third-quarter.

這一發展勢頭表明，我們的市場模式已從房屋淨值貸款擴展到更廣泛的消費者生態系統，佔據了房屋金融價值鏈中更大的份額。我們也看到新產品類別持續取得令人鼓舞的進展，這些類別在第三季的總交易額超過8,000萬美元。

These include innovative blockchain-based solutions for crypto-backed loans, loans to small and medium businesses and debt service covenant ratio, or DSCR, loans. Each of these products leverages the same origination and trading infrastructure that powers our core marketplace. This combination of core growth and product innovation reinforces the scalability of the Figure ecosystem.

這些產品包括基於區塊鏈的創新加密貨幣抵押貸款解決方案、中小企業貸款以及債務償債比率（DSCR）貸款。所有這些產品都利用了與我們核心市場相同的貸款發起和交易基礎設施。核心業務的成長與產品創新相結合，進一步增強了Figure生態系統的可擴展性。

By expanding both vertically within home lending and horizontally across adjacent asset classes, we're creating multiple avenues for growth and ensuring that Figure remains the leading blockchain marketplace for consumer credit origination and liquidity.

透過在房屋貸款領域進行縱向擴張，以及在相鄰資產類別中進行橫向擴張，我們正在創造多種成長途徑，並確保 Figure 繼續保持領先的區塊鏈消費信貸發起和流動性市場地位。

Now let's turn to slide 5. Given it's our first earnings call as a public company, I want to share a bit about our evolution and how we have succeeded in delivering against what we see as a generational capital markets opportunity. From the beginning of the company, we've had a relentless focus on innovation and technology, in particular, on the use of blockchain to drive scale, achieve competitive differentiation and disrupt incumbents.

現在我們來看第五張投影片。鑑於這是我們作為上市公司首次召開財報電話會議，我想和大家分享一下我們的發展歷程，以及我們如何成功把握住我們認為的千載難逢的資本市場機會。從公司成立之初，我們就始終堅持創新和技術，尤其專注於利用區塊鏈技術來擴大規模、實現差異化競爭優勢並顛覆現有企業。

With mortgage and home equity, we identified a greenfield product set where we could improve the product experience and capital market. But our ultimate objective has always been to create a true marketplace that will connect assets with the capital markets in a capital-light manner that generates the sort of margins you see in this quarter's results. Over time, we believe this will translate into lasting shareholder value.

在抵押貸款和房屋淨值貸款領域，我們發現了一個全新的產品組合，可以藉此改善產品體驗和資本市場。但我們的最終目標始終是創造一個真正的市場，以輕資本的方式將資產與資本市場連接起來，從而產生您在本季度業績中所看到的利潤率。我們相信，隨著時間的推移，這將轉化為持久的股東價值。

On slide 6, I'll start by going back to 2018 when we became one of the first entities to originate consumer loans on blockchain. In 2020, we did the first securitization of blockchain assets. In 2023, we did the first AAA-rated securitization of blockchain assets and now our securitizations have AAA ratings from both S&P and Moody's. To date, we've originated over $18 billion in loans on the Provenance blockchain and executed over $60 billion in blockchain transactions. We believe we are, by far, the largest player in the public blockchain real-world asset space and our lead is growing.

在第6張投影片中，我將先回顧2018年，當時我們成為第一批在區塊鏈上發放消費貸款的機構之一。 2020年，我們完成了首個區塊鏈資產證券化專案。 2023年，我們完成了首個AAA級區塊鏈資產證券化項目，如今我們的證券化產品已獲得標普和穆迪的AAA評級。迄今為止，我們已在Provenance區塊鏈上發放了超過180億美元的貸款，並完成了超過600億美元的區塊鏈交易。我們相信，我們是目前為止公共區塊鏈現實世界資產領域最大的參與者，而且我們的領先優勢仍在擴大。

We began as a direct-to-consumer lender using our balance sheet to originate loans. We very quickly grew to a business-to-business to consumer platform and now have nearly 250 third parties, that's up a lot from last quarter who use our technology to originate blockchain-native assets.

我們最初是一家直接面向消費者的貸款機構，利用自身的資產負債表發放貸款。我們迅速發展成為一家企業對企業對消費者的平台，目前已有近250家第三方機構（較上季度大幅增長）使用我們的技術來發放區塊鏈原生資產。

Originally, we used our balance sheet to bridge between our partners and the capital markets but we began to move away from that in June of 2024 with the launch of Figure Connect, where we allow our origination partners to access capital market liquidity directly. Instead of intermediating with our balance sheet, our partners sell directly to the capital markets using our marketplace.

最初，我們利用資產負債表作為合作夥伴與資本市場之間的橋樑，但隨著2024年6月Figure Connect的推出，我們開始逐步擺脫這種模式。透過Figure Connect，我們允許發起合作夥伴直接獲取資本市場流動性。合作夥伴不再需要透過我們的資產負債表進行中介，而是透過我們的交易平台直接向資本市場出售產品。

This fee-based model is more profitable for us, and in addition, does not require us to use our equity capital. We went from zero volume in the marketplace of June of 2024 to having it comprise almost half of our total consumer loan marketplace volume in this quarter.

這種基於費用的模式對我們來說更有利可圖，而且無需動用我們的股本。我們在2024年6月時該市場的交易量為零，而本季該市場的交易量已占我們消費貸款市場總交易量的近一半。

Turning to slide 7, I want to share a bit more about why blockchain is so important to our approach and how it has become the backbone of our entire strategy. We focus on three foundational elements of blockchain. Transactional efficiency, liquidity, and lending and each of these is an essential element contributing to our ability to transform capital markets.

接下來請看第7張投影片，我想進一步闡述區塊鏈對我們方法的重要性，以及它如何成為我們整個策略的基石。我們專注於區塊鏈的三個基礎要素：交易效率、流動性和借貸，這三個要素對於我們變革資本市場的能力至關重要。

Starting with transactional efficiency, we have found that blockchain has enabled us to save roughly 85 basis points in securitization costs by taking advantage of the immutability of putting loan attributes on blockchain, which has allowed us to reduce third-party review costs.

從交易效率來看，我們發現區塊鏈利用將貸款屬性放在區塊鏈上的不可篡改性，使我們能夠節省約 85 個基點的證券化成本，從而降低第三方審查成本。

Moving to liquidity. We created via standardization an homogeneity in our loans. Every loan originated across our now almost 250 partners is done electronically end-to-end on the blockchain without human involvement in the data. Regardless of the partner, every loan is underwritten the same way, and all performance data is captured transparently. We've seen the value of this approach validated recently given some of the capital markets issues and fraud highlighted by the Tricolor and First Brands situation.

轉向流動性。我們透過標準化實現了貸款的同質化。我們近250家合作夥伴所發放的每一筆貸款都透過區塊鏈全程電子化處理，無需人工幹預數據。無論合作夥伴是誰，每筆貸款的承銷方式都相同，所有績效數據都以透明的方式收集。鑑於近期Tricolor和First Brands事件所揭露的資本市場問題和詐欺行為，我們已經看到了這種方法的價值。

Earlier, I mentioned $60 billion in transaction versus $18 billion in originations, which demonstrates that through Figure Connect, we're turning homogeneity and data integrity into real tradable liquidity. That's a breakthrough for a historically illiquid asset class and is quickly becoming one of Figure's strongest moats.

之前我提到過，交易額高達600億美元，而初始發行額僅為180億美元，這表明透過Figure Connect，我們正在將同質化和資料完整性轉化為真正的可交易流動性。這對於歷來流動性較差的資產類別來說是一項突破，並且正迅速成為Figure最強大的護城河之一。

Finally, the last element is what we broadly characterize as lending, specifically how lean perfection and cross collateralization can provide greater economic efficiency for a variety of products. One way we're applying this directly is through Democratized Prime where our frictionless, short-term liquidity funding marketplace is delivering financing rates below those achievable in wholesale capital markets. This not only validates DeFI's potential efficiency, but also gives us a road map to extend this to other asset classes, something Mike Cagney will discuss later on this call.

最後，最後一個要素是我們廣義的“借貸”，具體來說，就是精益完美化和交叉抵押如何為各種產品帶來更高的經濟效率。我們正在透過「民主化優質融資」（Democratized Prime）直接應用這一理念，我們無摩擦的短期流動性融資市場提供的融資利率低於批發資本市場。這不僅驗證了去中心化金融（DeFi）的潛在效率，也為我們將其擴展到其他資產類別提供了路線圖，邁克·卡格尼（Mike Cagney）稍後將在電話會議上討論這一點。

Turning to slide 8. you'll see the two core marketplaces that anchor the Figure ecosystem today, our consumer credit marketplace and our digital asset marketplace. These are the primary engines of our business model. The consumer credit marketplace supports our origination partners, which include banks, credit unions, and mortgage companies. Every loan they originate is fully digitally standardized and executed on chain, creating homogeneity and transparency across the ecosystem.

翻到第 8 張投影片，您將看到構成 Figure 生態系統核心的兩大市場：消費信貸市場和數位資產市場。它們是我們商業模式的主要引擎。消費信貸市場為我們的貸款發起合作夥伴提供支持，這些合作夥伴包括銀行、信用社和抵押貸款公司。他們發起的每一筆貸款都經過完全數位化標準化，並在區塊鏈上執行，從而在整個生態系統中實現了同質化和透明化。

Our digital asset marketplace provides a connection point between the capital seekers I just spoke about and the capital providers who seek to earn the best possible return. Our digital asset marketplace is a global regulated exchange built on the same blockchain rails as our consumer credit network. Embedded within this marketplace is Democratized Prime, our decentralized short-term funding market.

我們的數位資產市場為我剛才提到的資金需求方和尋求最佳回報的資金提供者搭建了連接橋樑。我們的數位資產市場是一個全球監管的交易平台，它與我們的消費信貸網路一樣，都建立在相同的區塊鏈基礎上。市場也嵌入了我們的去中心化短期融資市場—Democratized Prime。

Democratized Prime connects lenders and borrowers directly, eliminating traditional intermediaries. And importantly, it's not isolated from the rest of the platform. It can also finance the same loans originated by our consumer credit partners. These two marketplaces work together. One generates high-quality, real-world assets and the other provides the liquidity to fund them. Across both ecosystems, our revenue model is simple. We earn a fee-based take rate on ecosystem volume.

Democratized Prime 直接連接貸款人和借款人，省去了傳統的中間環節。更重要的是，它並非獨立於平台其他部分之外。它還可以為我們的消費信貸合作夥伴發放的貸款提供融資。這兩個市場協同運作。一個市場創造高品質的實際資產，另一個市場則提供為其融資所需的流動性。在兩個生態系中，我們的收入模式都很簡單：我們根據生態系統的交易量來收取費用。

On the next slide, you can see the illustration of the life cycle of a loan within the Figure ecosystem and how we capture value at each stage. Let's use a credit union partner as an example. When their customer applies for a loan, a credit union connects directly to Figure's system through an API or web app and sends us just a few key data points. Things like income, property details, and loan amount. Within seconds, our technology determines whether that loan meets prespecified underwriting parameters.

下一張投影片展示了Figure生態系統中貸款的生命週期，以及我們如何在每個階段創造價值。我們以信用合作社為例。當他們的客戶申請貸款時，信用合作社透過API或網路應用程式直接連接到Figure的系統，並向我們發送一些關鍵數據，例如收入、房產詳情和貸款金額。幾秒鐘之內，我們的技術就能判斷該筆貸款是否符合預先設定的核保參數。

If approved, Figure's platform automatically verifies both income and property value by linking to the consumer's bank account and third-party data sources. In nearly all cases, there's no human touch. The resulting data, credit score, income, and property valuation are written immutably to the blockchain forming a digital audit trail that dramatically reduces quality control costs as those loans move through the capital markets.

如果獲得批准，Figure 的平台會透過連接消費者的銀行帳戶和第三方資料來源，自動驗證收入和房產價值。幾乎所有情況下，都無需人工幹預。最終產生的數據，包括信用評分、收入和房產估值，都會被永久寫入區塊鏈，形成數位審計追踪，從而顯著降低貸款在資本市場流通過程中的品質控製成本。

Loans are then aggregated and financed either through warehouse lines or increasingly on Democratized Prime before being sold to loan buyers. At sale, Figure earns a roughly 3% ecosystem fee which is deducted from proceeds, meaning our partners are not out of pocket. If the loan is later securitized through our platform, we earn an additional 40 basis points.

貸款隨後被匯總，並透過倉儲信貸額度或日益普及的民主化優質貸款（Democratized Prime）進行融資，之後出售給貸款購買者。出售時，Figure 會收取約 3% 的生態系統費用，將從收益中扣除，這意味著我們的合作夥伴不會蒙受任何損失。如果貸款之後透過我們的平台進行證券化，我們將額外獲得 40 個基點的收益。

Separately, we earn a 25 basis point annual servicing fee for as long as the loan remains outstanding, which typically runs about five years. Across this life cycle, automation and blockchain verification translate to meaningful cost savings in origination, diligence, and secondary market execution.

此外，只要貸款尚未償還（通常為五年左右），我們每年可獲得 25 個基點的服務費。在整個貸款週期內，自動化和區塊鏈驗證可顯著降低貸款發起、盡職調查和二級市場交易的成本。

All efficiencies that directly strengthen the partner economics while creating recurring high-margin revenue for Figure. These improved economics for all parties involved have been a significant contributor to the growth and relationships you'll see on the next slide.

所有這些效率提升措施都能直接增強合作夥伴的經濟效益，同時為 Figure 創造持續的高利潤收入。所有參與者的經濟效益提升，都對下一張投影片中您將看到的成長和合作關係做出了重大貢獻。

Our partner network is one of Figure's most powerful differentiators. Today, that network spans traditional banks and credit unions, more than half of the top 20 independent mortgage banks and a growing base of fintech's, solar and home improvement companies. As highlighted in our earnings release, this quarter, we onboarded one of the largest mortgage servicers in the United States to our marketplace. These partners rely on our infrastructure to originate and distribute consumer credit products more efficiently creating a nearly continuous flow of high-quality assets.

我們的合作夥伴網路是Figure最強大的競爭優勢之一。如今，該網路涵蓋傳統銀行和信用社、排名前20的獨立抵押貸款銀行中的半數以上，以及不斷成長的金融科技公司、太陽能公司和家裝公司。正如我們在財報中重點提到的，本季度，我們成功將美國最大的抵押貸款服務商之一引入我們的平台。這些合作夥伴依靠我們的基礎設施更有效率地發起和分銷消費信貸產品，從而創造近乎持續不斷的優質資產流。

Because our partners can originate, fund and sell loans seamlessly, their economics improve and our overall reach continues to expand. As a result, over the past five years, partner-originated volume has grown at roughly a 74% CAGR. This network is a core part of our flywheel, broadening access to borrowers while also increasing liquidity for investors across our platform.

由於我們的合作夥伴能夠無縫地發起、融資和出售貸款，他們的收益得以提升，我們的整體業務範圍也持續擴大。因此，在過去五年中，合作夥伴發起的貸款量實現了約74%的複合年增長率。這個網絡是我們業務成長的核心組成部分，它不僅拓寬了借款人的管道，也提高了我們平台上投資者的流動性。

Turning to slide 12, expanding the supply side to meet this demand for credit is an important part of our mission to be a marketplace for these products. We are achieving this through Figure Connect, a purpose-built marketplace that enables buying and selling of standardized blockchain-native assets for all counterparties in the transaction. We now have a diverse range of participants on the platform.

翻到第12張投影片，擴大信貸供應以滿足此需求是我們成為此類產品交易平台的重要使命之一。我們正透過Figure Connect來實現這一目標。 Figure Connect是一個專門建構的交易平台，它支援交易中所有參與者買賣標準化的區塊鏈原生資產。目前，我們的平台已擁有許多不同類型的參與者。

These are high-grade institutional counterparties such as banks, asset managers and insurers looking for transparent data-rich credit exposure that settles faster and more efficiently than anything available in traditional markets.

這些是銀行、資產管理公司和保險公司等高等級機構交易對手，他們尋求透明、數據豐富的信用風險敞口，這種風險敞口的結算速度和效率比傳統市場上的任何交易都更高。

On this same note, in Q3, we added seven new buyers to our securitization program, including a prominent sovereign wealth fund who has become a programmatic buyer, benefiting our broader ecosystem. In short, Figure Connect is transforming what used to be a fragmented and opaque process into an always-on data transparent and institutionally funded marketplace, redefining how real-world assets move throughout the capital markets.

同樣值得一提的是，在第三季度，我們為證券化項目新增了七家買家，其中包括一家知名的主權財富基金，該基金已成為程序化買家，這惠及了我們更廣泛的生態系統。簡而言之，Figure Connect 正在將以往分散且不透明的流程轉變為全天候、數據透明且由機構資助的市場，從而重新定義現實世界資產在資本市場中的流動方式。

Before concluding on slide 13, I want to also note that in the conversations with investors, we frequently hear we have a high "do versus say ratio". This slide summarizes some of the operational proof points we have been highlighting recently. The first is expanding our consumer loan marketplace to first lien, which is up almost 3x year-over-year and is rapidly proliferating through our partner ecosystem.

在第13頁幻燈片結束之前，我還想指出，在與投資者的交流中，我們經常聽到他們說我們「言行一致」的比例很高。本頁投影片總結了我們近期重點強調的一些營運方面的優勢。首先是將我們的消費貸款市場拓展到優先擔保貸款領域，這一領域同比增長近3倍，並且正在我們的合作夥伴生態系統中迅速發展壯大。

The second is the progress on our blockchain pillars with our blockchain native equity listing and our growth in our stablecoin yields or YLDS.

第二點是我們在區塊鏈支柱方面取得的進展，包括我們的區塊鏈原生股權上市以及我們的穩定幣收益率（YLDS）的成長。

The third is the ubiquity we have been building for our YLDS stablecoin, including recent expansions into the Sui and Solana ecosystems. We are committed to continued delivery on the growth of our marketplace and our vision of bringing the capital markets on chain.

第三點是我們一直在努力提升 YLDS 穩定幣的普及度，包括近期拓展到 Sui 和 Solana 生態系統。我們致力於持續發展我們的市場，並實現將資本市場上鍊的願景。

So before I hand it over to Mike, I want to take a step back and put this quarter in context. What you've heard today, strong financial results, growing partner adoption and continued product innovation, all reflect the strength of Figure's platform and the durability of our business model. We're executing with discipline, scaling a capital-light marketplace, and translating technology investment into measurable financial performance.

在把發言權交給Mike之前，我想先回顧一下本季的情況。今天大家聽到的，強勁的財務表現、不斷增長的合作夥伴採用率以及持續的產品創新，都體現了Figure平台的強大實力和我們商業模式的穩健性。我們以嚴謹的態度執行各項工作，以輕資本的方式擴展市場，並將技術投資轉化為可衡量的財務表現。

At the same time, we're still in the early stages of an even larger opportunity, which is transforming the capital markets themselves. The traction we're seeing in Democratized Prime, the expansion of YLDS and the upcoming equity initiatives underscore how blockchain is driving real change here at Figure.

同時，我們仍處於一個更大機會的早期階段，那就是變革資本市場本身。我們在「民主化優質股」（Democratized Prime）項目、YLDS 的擴張以及即將推出的股權計劃中所看到的進展，都凸顯了區塊鏈如何推動 Figure 的真正變革。

I'm incredibly proud of the progress our team has made and confident in the foundation we've built for sustainable long-term growth. With that, I'll turn it over to Mike Cagney to share his perspective on the broader opportunity ahead and the next phase of innovation at Figure.

我為我們團隊的進展感到無比自豪，也對我們為可持續的長期成長所奠定的基礎充滿信心。接下來，我將把發言權交給Mike Cagney，讓他分享他對未來更廣闊機會以及Figure下一階段創新發展的看法。

Thanks, Michael. I want to start off my remarks today by reminding the investors about the enormous opportunity we're executing into at Figure. This quarter was exceptional. We optimized for the long term in our approach to product technology investment and corresponding shareholder value. We're transforming the capital markets with blockchain, and we see the opportunity to build a $100 billion or more market capitalization company in this field.

謝謝，麥可。今天我想先提醒各位投資者，Figure 正面臨巨大的發展機會。本季業績非常出色。我們在產品技術投資和相應的股東價值方面，著眼於長遠發展。我們正在利用區塊鏈技術變革資本市場，並且我們看到了在這個領域打造一家市值超過 1000 億美元的公司的潛力。

We built our consumer loan marketplace in a series of very deliberate, methodical steps over the past seven years. And as Michael pointed out, that's clearly paying dividends for us today. The early progress you're seeing in YLDS and Democratized Prime is just that. It's early progress, but we're confident that over time, we will continue to build out these products and many more we've not even revealed yet.

過去七年，我們透過一系列深思熟慮、有條不紊的步驟建構了我們的消費貸款市場。正如麥可所指出的，這些努力如今已為我們帶來了豐厚的回報。您在YLDS和Democratized Prime中看到的早期進展正是如此。這只是早期進展，但我們相信，隨著時間的推移，我們將繼續完善這些產品，以及更多我們尚未公佈的產品。

On slide 15, Democratized Prime, our DeFi lending product is an important part of our future. And in many ways, it's the most scalable platform, the most natural place for both third-party assets and our ecosystem. Many of you heard me talk about the liability flight from banks to stablecoin, which will in turn drive demand for DeFi as alternative funding sources.

在第15張投影片中，我們介紹了DeFi借貸產品Democratized Prime，它是我們未來發展的重要組成部分。在很多方面，它都是最具可擴展性的平台，也是第三方資產和我們生態系統最理想的歸宿。很多人都聽我說過，負債正從銀行轉移到穩定幣，這將反過來推動DeFi作為替代融資來源的需求。

We believe Democratized Prime is well positioned to benefit from that flight. Democratized Prime competes directly with traditional capital allocators that intermediate between sources and uses of capital, directly connecting borrowers and lenders and reduces significant time and cost benefits.

我們相信，Democratized Prime 完全有能力從這股資金外流中獲益。 Democratized Prime 直接與傳統的資本配置機構競爭，這些機構充當資金來源和用途之間的中介，而 Democratized Prime 則直接連接借款人和貸款人，從而顯著節省時間和成本。

We stood up at a number of loan marketplaces on Democratized Prime, and importantly, the funding cost there is lower than traditional warehouse lines. We see a significant opportunity to use Democratized Prime to offer warehouse into our existing Figure Connect lending partners eliminating the 90-day diligence, minimum fees, excessive legal costs that they have to face with the banks in lieu of a lightning fast, cheaper financing solution.

我們在多家貸款交易平台上展示了​​ Democratized Prime 平台，更重要的是，該平台的融資成本低於傳統的倉儲融資。我們看到了一個絕佳的機會，可以利用 Democratized Prime 平台向我們現有的 Figure Connect 貸款合作夥伴提供倉儲融資服務，從而免去他們與銀行對接時必鬚麵對的 90 天盡職調查、最低費用和高昂的法律成本，取而代之的是一種快速、低成本的融資解決方案。

The economic model of Democratized Prime is compelling as it generates incremental pure margins since it operates as a decentralized exchange-like marketplace rather than a balance sheet business. This continues our broader trend of introducing capital-light, higher-margin products that expand the ecosystem's velocity and profitability.

Democratized Prime 的經濟模式極具吸引力，因為它以去中心化交易所式市場而非資產負債表型企業的形式運作，從而產生更高的純利潤。這延續了我們推出輕資本、高利潤產品以提升生態系統速度和獲利能力的整體趨勢。

Over time, we see Democratized Prime becoming the preferred liquidity venue not only for assets originating within our consumer credit network, but also for blockchain native real-world assets more broadly and a direct extension of the structural efficiencies we built across the Figure platform. And as we add additional blockchain ecosystem connectivity to YLDS, like you're seeing with Sui and Solana, we have a natural platform to access to Democratized Prime for their ecosystems.

隨著時間的推移，我們預計 Democratized Prime 將成為首選的流動性場所，不僅適用於我們消費信貸網絡中的資產，也適用於更廣泛的區塊鏈原生現實世界資產，並且是我們 Figure 平台結構效率的直接延伸。隨著我們為 YLDS 添加更多區塊鏈生態系統連接，例如您看到的 Sui 和 Solana，我們擁有一個天然的平台，可以讓這些生態系統連接到 Democratized Prime。

On slide 16, earlier this week, we announced a partnership with Solana to deploy our yield-bearing stable coin YLDS on the Solana blockchain, the second major blockchain partnership for YLDS after Sui and that we've announced since the IPO. This collaboration brings together Solana speed, throughput, and composability with YLDS regulatory anchor design and attractive transparent returns.

本週早些時候，我們在第16張投影片中宣布與Solana達成合作，將我們的收益穩定幣YLDS部署在Solana區塊鏈上。這是繼Sui之後，YLDS自IPO以來宣布的第二個重要的區塊鏈合作項目。此次合作將Solana的速度、吞吐量和可組合性與YLDS的監管錨定設計和極具吸引力的透明收益相結合。

The step also supports our broader strategy at Figure, building modern capital markets infrastructure that bridges traditional finance and decentralized systems. YLDS is not just a token, it's a regulated financial infrastructure asset designed to support fiat movement on and off chain and enable a seamless flow of yield and liquidity across our ecosystem and other LLMs. The Solana and Sui deployments extend that capability into one of the most active blockchain developer communities, opening up new rails for innovation, adoption, and scale.

此舉也契合了Figure的整體策略，即建構連接傳統金融和去中心化系統的現代化資本市場基礎設施​​。 YLDS不僅僅是一種代幣，它是一種受監管的金融基礎設施資產，旨在支持鏈上鏈下的法幣流動，並實現我們生態系統和其他LLM（區塊鏈流動性管理）之間的收益和流動性無縫流動。 Solana和Sui的部署將這項能力擴展到了最活躍的區塊鏈開發者社群之一，為創新、應用和規模化開闢了新的途徑。

Finally, I'm pleased to share one major strategic marker that further accelerates how we are reinventing capital markets as we continue to build out the blockchain ecosystem Michael referred to. Yesterday, we announced that we filed a confidential S-1 for the upcoming launch of a blockchain-native equity share class on Provenance blockchain. This offering is a nondilutive secondary transaction and represents the first public equity class to exist entirely on blockchain infrastructure.

最後，我很高興地分享一項重要的戰略里程碑，它將進一步加速我們重塑資本市場的進程，正如麥可所提到的，我們將繼續建立區塊鏈生態系統。昨天，我們宣布已提交一份保密的S-1文件，用於即將在Provenance區塊鏈上推出的區塊鏈原生股權類別。此次發行為非稀釋性二級市場交易，也是首個完全基於區塊鏈基礎設施的公開股權類別。

We'll share more about this offering in a call with the analysts and investor community next Tuesday, November 18 after the market closes, at which time we expect our registration statement will be public. This is a watershed moment for Figure for Provenance blockchain and for capital markets more broadly, and one we believe will define how asset classes are created, financed, and traded for decades to come.

我們將於下週二（11月18日）股市收盤後，與分析師和投資者舉行電話會議，詳細介紹此次發行。屆時，我們預計註冊聲明將公開發布。這對Figure for Provenance區塊鏈以及更廣泛的資本市場而言，都是一個具有里程碑意義的時刻。我們相信，這將定義未來幾十年資產類別的創建、融資和交易方式。

With that, I'll turn it over to Macrina to walk through our financial results for the quarter.

接下來，我將把發言權交給瑪克麗娜，讓她來介紹一下我們本季的財務表現。

Thanks, Mike. Turning to slide 18, let's take a closer look at our financial performance this quarter. As a reminder, at Figure, we focus on three key metrics: volume, revenue, and EBITDA. Starting with volume, our total ecosystem activity continues to grow rapidly.

謝謝，Mike。接下來請看第18張投影片，我們來仔細看看本季的財務表現。提醒一下，Figure主要關註三個關鍵指標：銷售、收入和EBITDA。首先來看銷量，我們的整個生態系活動持續快速成長。

Notably, our consumer loan marketplace volume reached a record level nearing $2.5 billion this quarter. Importantly, volume on Figure Connect made up nearly half of the total consumer loan marketplace volume as we continue on our path to building out our capital-light marketplace with limited balance sheet exposure.

值得注意的是，本季我們的消費貸款市場交易量接近25億美元，創歷史新高。更重要的是，Figure Connect平台的交易量幾乎佔消費貸款市場總交易量的一半，這反映了我們持續推動輕資產營運、限制資產負債表風險的市場建立策略。

Moving to revenue. Adjusted net revenue reached $156 million in the quarter, an increase of 42% from the third-quarter of last year. Adjusted net revenue benefited from the higher level of ecosystem volume I just mentioned, partially offset by lower take rates from partner branded volume as we shift more volume away from Figure branded. I would remind you that Figure-branded volume generates a higher growth take rate in revenue with higher operating expenses. Overall, our partner branded volume, especially volume from Figure Connect brings us higher adjusted EBITDA margin.

接下來談談營收。本季調整後淨營收達 1.56 億美元，較去年第三季成長 42%。調整後淨營收的成長得益於我剛才提到的生態系統交易量增加，但部分被合作夥伴品牌交易量分成率的下降所抵消，因為我們將更多交易量從 Figure 品牌轉移出去。需要提醒的是，Figure 品牌交易量雖然營收分成率較高，但營運成本也較高。整體而言，我們的合作夥伴品牌交易量，尤其是 Figure Connect 的交易量，為我們帶來了更高的調整後 EBITDA 利潤率。

Turning to our profitability. Figure achieved an adjusted EBITDA of $86 million for the quarter, up 75% year-over-year, representing an adjusted EBITDA margin of 55.4% compared to 44.9% in the prior year period. That's over a 10-point improvement in margin, driven by operational efficiency, automation, and the continued shift toward our marketplace.

接下來談談我們的獲利能力。本季度，Figure 的調整後 EBITDA 為 8,600 萬美元，年增 75%，調整後 EBITDA 利潤率為 55.4%，高於去年同期的 44.9%。利潤率提升超過 10 個百分點，這主要得益於營運效率的提高、自動化程度的提升以及我們持續向市場轉型。

On the expense side, we continue to demonstrate meaningful operating efficiency. Our fixed costs, which include technology and product development as well as G&A functions like finance, legal and capital markets, have remained stable from pre-IPO levels relative to our revenue growth. The investments in technology that we've made over the last seven years allows us to add new product verticals without significant incremental development costs.

在費用方面，我們持續展現出顯著的營運效率。我們的固定成本，包括技術和產品開發以及財務、法律和資本市場等一般及行政職能，相對於我們的收入成長而言，一直保持著上市前的穩定水準。過去七年我們在技術方面的投入，使我們能夠在無需顯著增加開發成本的情況下，拓展新的產品領域。

Variable costs that move with our volumes have benefited from continued reduction in funding costs in addition to automation and AI applications embedded throughout the business. Variable expenses as a percentage of adjusted net revenue declined from 36% to 28% year-over-year, highlighting the efficiency of our marketplace model and transition away from using our balance sheet.

與業務量相關的變動成本受益於融資成本的持續降低，以及業務中嵌入的自動化和人工智慧應用。變動費用佔調整後淨收入的比例年從36%下降至28%，凸顯了我們市場模式的效率以及擺脫對資產負債表依賴的轉型。

On the next slide, there are trends I want to make sure you are aware of. As we look ahead to the remainder of '25 and early '26, it's important to note the typical seasonality in home equity loan origination volumes that we expect to see in the fourth and first quarters based on historical information from '23 and '24.

下一張投影片中，有一些趨勢我想提醒大家注意。展望2025年剩餘時間和2026年初，需要注意的是，根據2023年和2024年的歷史數據，我們預期房屋淨值貸款發放量在第四季和第一季會出現典型的季節性波動。

According to a third-party data source, Q4 and Q1 volumes historically trended below the annual average, lower than the yearly baseline. This pattern is consistent with what we've seen historically as demand for lending tends to moderate heading into the year-end holiday period and through the winter months. We see that consumers typically defer major financial decisions such as home improvements or debt consolidation during the late fall and winter as household budgets shift toward holiday spending and travel.

根據第三方資料來源，第四季和第一季的貸款量歷來低於年平均水平，也低於年度基準線。這一趨勢與我們以往觀察到的情況一致，即在年底假期和冬季，貸款需求往往會趨於緩和。我們發現，在秋末冬初，隨著家庭預算轉向節日消費和旅行，消費者通常會推遲諸如房屋裝修或債務整合等重大財務決策。

That said, we believe our diversified partner base and capital-light marketplace model position Figure to navigate these dynamics effectively.

儘管如此，我們相信，我們多元化的合作夥伴基礎和輕資本市場模式使 Figure 能夠有效地應對這些動態變化。

Before we close, I want to highlight the three long-term financial goals that guide our strategy shown on the next slide. First, adjusted EBITDA margin. We are targeting annual margins above 60%, reflecting the scalability of our model as more activity moves to Figure Connect, and as Democratized Prime adoption continues to grow. These initiatives fundamentally reduce the need for balance sheet capital, increase transaction velocity, and drive a higher contribution margin with each incremental dollar of volume and balance. Our progress this year with adjusted EBITDA margin reaching nearly 55% this quarter demonstrates that level is achievable in the longer term.

在結束之前，我想重點介紹下一張投影片中所展示的指導我們策略的三個長期財務目標。首先是調整後 EBITDA 利潤率。我們的目標是年度利潤率超過 60%，這反映了隨著更多業務活動轉移到 Figure Connect 平台以及 Democratized Prime 的普及，我們模式的可擴展性。這些措施從根本上降低了對資產負債表資本的需求，提高了交易速度，並隨著每增加一美元的交易量和餘額，帶來更高的貢獻利潤率。今年，我們調整後 EBITDA 利潤率在本季已接近 55%，這表明從長遠來看，這一目標完全可以實現。

Second, capital light. Figure is moving to a marketplace model and as partners increasingly originate, fund, and sell loans through our platform, our role becomes that of an infrastructure provider, capturing recurring marketplace economics without tying up capital. The transition to third-party and on chain funding through Figure Connect and Democratized Prime continues to reduce the use of our own balance sheet while maintaining liquidity and flexibility across the ecosystem.

其次，輕資產模式。 Figure 正在向市場平台模式轉型，隨著合作夥伴越來越多地透過我們的平台發起、融資和出售貸款，我們的角色也轉變為基礎設施提供商，在不佔用大量資本的情況下獲取持續的市場經濟收益。透過 Figure Connect 和 Democratized Prime 向第三方和鏈上融資的過渡，持續減少我們自身資產負債表的使用，同時保持整個生態系統的流動性和靈活性。

And third, operating efficiency. We've maintained a disciplined cost structure with limited increases in fixed expenses even as revenue and volume have scaled substantially. Our technology investments, particularly in AI and process automation have reduced variable costs as a percentage of revenue and allowed us to support more partners, more products, and more transaction volume without proportional increases in headcount or spend.

第三，營運效率。儘管收入和交易量大幅成長，我們仍維持了嚴格的成本結構，固定支出成長有限。我們在技術方面的投資，尤其是在人工智慧和流程自動化方面的投資，降低了可變成本佔收入的比例，使我們能夠在不相應增加員工人數或支出的情況下，支持更多合作夥伴、更多產品和更大交易量。

We believe we are uniquely positioned as the future of capital markets with an integrated platform that uses blockchain to originate, finance and trade real-world assets at a fraction of traditional cost. As we continue to grow our partner networks and develop our decentralized finance capabilities, we expect to deliver sustained volume growth, stable and attractive take rates and expanding operating margins over time.

我們相信，憑藉我們獨樹一幟的平台，我們代表著資本市場的未來，該平台利用區塊鏈技術以遠低於傳統方式的成本進行現實世界資產的發起、融資和交易。隨著我們不斷拓展合作夥伴網絡並提升去中心化金融能力，我們預期將實現持續的交易量增長、穩定且具有吸引力的手續費率以及不斷擴大的營運利潤率。

I'd like to thank everyone for joining us today and for your continued interest in Figure. Nicky, we're now available for questions.

感謝各位今天蒞臨，也感謝大家一直以來對Figure的關注。 Nicky，現在我們可以回答大家的問題了。

(Operator Instructions)

（操作說明）

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Amazing quarter. I mean you're really crushing it. You obviously crushed all of our expectations. So maybe a question for you, Michael, and Mike, what is either of you most excited about in the business right now? Because there seems to be so many moving parts and so many great things. Kind of I think investors want to know what's the most exciting thing for you guys. And great results again.

這個季度太棒了！你們真的做得非常出色，遠遠超出了我們的預期。所以，我想問麥可和麥克，你們兩個現在最興奮的是什麼？因為公司裡似乎有很多事情正在發生，也有很多令人興奮的事情。我想投資人也想知道，對你們來說，最令人興奮的是什麼。再次恭喜你們取得如此優異的業績！

Thanks, Dan. I'll start, and then I'll let Mike add what he's most excited about. For me, it's very simple. Our existing and future customers are coming to us rather than us going to them, asking us how they can use our blockchain tech to improve their business, which I think is definitely exciting. I spend a lot of my time on partner acquisition and growth.

謝謝，丹。我先來，然後讓麥克補充他最興奮的部分。對我來說，這很簡單。我們現在和未來的客戶都是主動來找我們，而不是我們去找他們，詢問如何利用我們的區塊鏈技術來改善他們的業務，我覺得這絕對令人振奮。我花了很多時間在合作夥伴的拓展和成長上。

And when I joined this company, blockchain for most of our partners was very much in the background. I've referred to it kind of similar to cloud technology where it just works. But increasingly, I see that our origination partners want to have conversations about our blockchain ecosystem more directly. They're considering YLDS, our stable coin and Demo Prime in addition to our tokenized loans, and they see the connection between these things. So that go-to-market and sort of that dynamic is very exciting. Mike, I would be interested to hear from you.

我剛加入這家公司時，區塊鏈對我們大多數合作夥伴來說還處於非常初級的階段。我曾把它比喻為雲端運算技術，認為它「開箱即用」。但越來越多的人開始關注我們的區塊鏈生態系統，並希望更直接地了解它。除了代幣化貸款之外，他們也在考慮我們的穩定幣 YLDS 和 Demo Prime，並且他們看到了這些產品之間的關聯。這種市場推廣方式以及由此產生的動態變化令人振奮。麥克，我很想聽聽你的看法。

So I think you know my -- what I'm most excited about. I think the press release yesterday announcing that we're issuing equity native to public blockchain is a huge transformational opportunity. It's an opportunity to build an entirely new capital market ecosystem. And then unfortunately, I can't spend a ton of time talking about that today, but we're going to spend a lot of time talking about that next Tuesday.

所以我想你們也知道我最興奮的是什麼。我認為昨天發布的新聞稿宣布我們將發行基於公有區塊鏈的原生股權，這是一個巨大的變革機會。這是一個建構全新資本市場生態系統的機會。可惜的是，我今天不能花太多時間談論這個，但我們下週二會花很多時間詳細討論。

But I think that's a real leap of us demonstrating that the value proposition that Michael articulated earlier in the call, the transactional efficiency, the liquidity and the capital financing DeFI aspects of blockchain are applicable not just to the credit asset class, which I think we've clearly demonstrated, but to other asset classes as well and equity being the next one on the agenda for us.

但我認為這標誌著我們取得了真正的飛躍，證明了邁克爾在電話會議中早些時候闡述的價值主張，即區塊鏈的交易效率、流動性和資本融資 DeFi 方面，不僅適用於信貸資產類別（我認為我們已經清楚地證明了這一點），也適用於其他資產類別，而股權是我們接下來要關注的領域。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Also congrats on the IPO as well as on the strong results coming out of the gate here. I'd love to just touch on your product road map. What's the order of prioritization of your products from here? And then maybe if you could comment on the TAM and profitability of those top few products? And what do you see as being meaningful to results among these new products over the next, let's say, two to three years?

恭喜貴公司成功上市，也祝賀你們取得如此強勁的開局業績。我想和你們聊聊產品路線圖。你們的產品優先順序是什麼？能否談談前幾款產品的潛在市場規模和獲利能力？在未來兩到三年內，哪些因素會對這些新產品的業績產生重大影響？

Thanks, James. That's a good question. I'll start by saying that we have a huge $185 billion plus market opportunity in front of us. We see all consumer credit and asset classes, as Mike just mentioned, beyond consumer credit as addressable. From the core standpoint of our HELOC product, we're executing into $35 trillion of home equity.

謝謝，詹姆斯。問得好。首先我想說，我們面前有一個超過1850億美元的龐大市場機會。正如麥克剛才提到的，我們認為所有消費信貸和資產類別，包括消費信貸以外的其他資產類別，都是可以觸及的。就我們房屋淨值信用額度（HELOC）產品的核心而言，我們正在觸及35兆美元的房屋淨值。

And there is just a huge amount of runway in that product. Importantly, though, as you heard us mention in the prepared remarks, we've seen a lot of traction as well in the first lien aspect of the business, which is a -- which is the largest consumer credit asset class.

而且該產品還有龐大的發展空間。但更重要的是，正如你們在準備好的發言稿中聽到的，我們在優先擔保業務方面也看到了很大的進展，而優先擔保業務是最大的消費信貸資產類別。

And so that is something that we're pushing really hard, and we'll continue to do so in the coming quarters. In terms of the blockchain ecosystem pillars, namely Democratized Prime and YLDS, we're also making significant progress and really excited in the coming months to share some ways that we're going to be bringing more liquidity and ubiquity to those products, particularly some of the liquidity you see in other blockchain ecosystems, bringing that into our Demo Prime marketplace. So Mike, I don't know if you want to elaborate on that a bit.

所以，我們正在大力推進這項工作，並且在接下來的幾季裡也會繼續這樣做。就區塊鏈生態系統的支柱，特別是 Democratized Prime 和 YLDS 而言，我們也取得了顯著進展，並且非常高興在接下來的幾個月里分享一些我們將如何為這些產品帶來更多流動性和普及性的方法，特別是將其他區塊鏈生態系統中常見的一些流動性引入我們的 Demo Prime 市場。 Mike，我不知道你願不願意再詳細解釋。

No, I think we're going to continue to invest in Demo Prime. It's a core aspect of what we're trying to deliver on in terms of capital market disruption. Then as I mentioned in Dan's comment or question, the application of equity native chain is really an extension of the existing infrastructure that we have. Obviously, it's an extremely novel transaction, but it's one that's tapping into again, the transactional efficiency, liquidity, and financing benefits we've demonstrated on the credit side. So we really look at this as just an extension, but an important part of the road map.

不，我認為我們會繼續投資Demo Prime。這是我們在資本市場顛覆方面努力實現的核心目標之一。正如我在Dan的評論或問題中提到的，股權原生鏈的應用實際上是我們現有基礎設施的延伸。顯然，這是一項極其新穎的交易，但它再次利用了我們在信貸方面展現出的交易效率、流動性和融資優勢。因此，我們確實將其視為路線圖的重要組成部分，但又是一種延伸。

Yes, I'd like to add because it's -- could I just -- we called it Democratized Prime, which I think that name Democratized Prime is a reference to prime brokerage. So it really connects kind of all the pieces of our ecosystem, right? The cross-collateralization you could get across crypto, tokenized loans, tokenized equity. And so that name was very intentional, and you'll be hearing more about that in the future. Next?

是的，我想補充一點，因為我們把它叫做「民主化優質經紀」（Democratized Prime），我認為「民主化優質經紀」這個名字指的是頂級經紀商（Prime Brokerage）。它真正將我們生態系統的所有組成部分連接起來，對吧？例如加密貨幣的交叉抵押、代幣化貸款、代幣化股權等等。所以這個名字是經過深思熟慮的，以後你們會聽到更多關於它的資訊。接下來呢？

Super helpful. Maybe if you could just perhaps touch on the Figure Connect outlook. 46% of your volume on our estimates came from Connect this past quarter, which was better than at least we had anticipated. How do you think about the -- what that could comprise and over what time frame?

非常有用。能否稍微談談 Figure Connect 的前景？根據我們的預估，上個季度 Connect 業務量佔總業務量的 46%，這至少比我們預期的要好。您認為 Connect 業務量可能包含哪些內容，以及預計持續多久？

Sure. James, thank you for being on the call. How we think about Connect is we've made progress. We opened up Connect in June of 2024. Within 2025, we are already reaching very close to 50% of Connect volume across our overall consumer loan marketplace volume. We do think that in the mid- to near term, 60% of Connect volume is quite doable, and we're working hard with our partners to get there.

當然。詹姆斯，感謝你參加電話會議。我們認為Connect平台已經取得了進展。我們於2024年6月正式上線Connect平台。到2025年，Connect平台的交易量已經接近我們整體消費貸款市場交易量的50%。我們認為，在中短期內，Connect平台交易量佔比達到60%是完全可以實現的，我們正在與合作夥伴共同努力，爭取實現這一目標。

Patrick. Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Congrats on the IPO. So you saw really impressive partner growth in the quarter. So I was hoping you could elaborate on that. Can you help us get a better sense for the composition of those new partners in terms of size and the types of loans you'd expect them to be originating. And then how should we think about the time that it's going to take for those new partners to reach what you'd expect to be kind of a realistic run rate from them?

恭喜你們成功上市！你們本季合作夥伴的成長非常顯著，希望你們能詳細說說。能否幫我們更了解這些新合作夥伴的組成，包括他們的規模以及你們預期他們會發放哪些類型的貸款？另外，這些新合作夥伴需要多久才能達到你們預期的合理貸款發放速度？

Yes. The partner growth was really impressive. I think the biggest aspect of partner growth for the quarter was growth in the SMB segment. That's because there -- it's completely greenfield, and we actually saw not only tailwinds because of the government shutdown and the small business administration being closed, but also just broad recognition of the opportunity and what we're doing and the applicability into the SMB use case. That was coupled with a product improvement that we released that allowed us to underwrite small and medium business bank accounts.

是的，合作夥伴的成長確實令人印象深刻。我認為本季合作夥伴成長的最大亮點在於中小企業 (SMB) 領域的成長。這是因為中小企業市場完全是一片新天地，我們不僅受益於政府停擺和小企業管理局關閉帶來的利好因素，還受益於市場對這一機會、我們所做的工作以及其在中小企業應用場景中的適用性的廣泛認可。此外，我們還發布了一項產品改進，使我們能夠為中小企業提供銀行帳戶承保服務。

But more broadly, we are constantly onboarding a range of partners that range in size. And I think one of the nice things that add stability to our business is that we bring on people that can get up and running in as fast as two weeks. And then we bring on enterprise parties that are doing more of a year's long in some cases, sales cycle and implementation, and we have all of that capability in-house. This quarter, you saw us add a major servicer, one of the largest, if not the largest in the United States.

但更廣泛地說，我們一直在不斷吸收各種規模的合作夥伴。我認為，我們業務穩定性的一大優勢在於，我們既能吸收那些只需兩週就能迅速上手的合作夥伴，也能吸收那些銷售週期和實施週期長達一年以上的大型企業客戶，而我們自身就具備所有這些能力。本季，我們新增了一家大型服務商，它即便不是美國最大的服務商，也是其中之一。

We also added an extremely large independent mortgage bank. And we also added one of the players that has done a partnership with Robinhood and so we do expect to see some volume from there as well. And so we're continuing to add a diversified group of partners and that range in size and now also end market with the SMB additions.

我們也新增了一家規模極大的獨立抵押貸款銀行。此外，我們還新增了一家與 Robinhood 有合作關係的公司，因此我們預計也會從中獲得一些交易量。所以，我們正在持續拓展合作夥伴的多元化，涵蓋不同規模，現在也透過新增中小企業客戶來拓展終端市場。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

Congrats on the strong quarter out of the gate. I wanted to ask about Democratize Prime and YLDS. If you could just discuss the strategies you're leaning into to drive adoption there. I think one of the opportunities, it sounds like you've alluded to in the past is given the ecosystem you have, the possibility of promoting some incentives to existing origination partners as well as the underlying consumer borrowers to jump-start usage of those products. So if you can just elaborate on what the strategy is there?

恭喜貴公司開局強勁！我想問一下關於“Prime Democratize”和“YLDS”的問題。您能否談談貴公司為推動這些產品的普及而採取的策略？我之前似乎也提到過，鑑於貴公司現有的生態系統，可以考慮向現有的貸款發起合作夥伴以及最終的消費者藉款人提供一些激勵措施，以促進這些產品的使用。能否詳細說明一下這方面的策略？

Sure. I'll start, and I'll let Mike add as he's very close to Democratized Prime. In terms of the marketplace, where we're focused today is on the funding side. We originate, as you can see from the results this quarter, a very large number of tokenized loans each month. And ultimately, we see Democratized Prime as serving not only those loans but third-party loans as well.

當然。我先說，然後讓Mike補充，因為他與Democratized Prime關係密切。就市場而言，我們目前關注的重點是資金方面。正如您從本季度的業績中看到的，我們每月發放的代幣化貸款數量非常龐大。最終，我們希望Democratized Prime不僅能服務這些貸款，還能服務第三方貸款。

So it's a really massive opportunity. It's, frankly, the most scalable in many ways because of our ability to work and support with third-party assets. And so now our focus is on building out the funding side where we want to make sure that there is sufficient liquidity for these assets because when you're building out a marketplace, which is something that Figure has a lot of success in doing, you need to kind of control one side of the marketplace and then add others. And so we have the asset side down, and we're looking to increase funding. Mike, anything you would add there?

所以這的確是一個巨大的機會。坦白說，由於我們能夠與第三方資產合作並提供支持，因此在許多方面，它的可擴展性都非常強。現在，我們的重點是完善資金方面，確保這些資產擁有充足的流動性。因為在建立市場平台時（Figure 在這方面非常成功），你需要先掌控市場的一端，然後再逐步加入其他環節。目前，我們已經解決了資產端的問題，正在尋求增加資金。 Mike，你還有什麼要補充的嗎？

Yes. I think as it relates to YLDS, the announcement with Sui and Solana are important in terms of the direction we're taking with YLDS. YLDS started as a Provenance security and Provenance doesn't have the builder community that both Sui and Solana have. And so bringing a security into those ecosystems where you have a fiat on/off ramp and a yielding stablecoin for purposes of payments, cross-border remit, collateral, we think is a significant opportunity, and we expect to get significant acceleration off of that. We're also making headway with YLDS in terms of collateral on exchanges.

是的。我認為就 YLDS 而言，與 Sui 和 Solana 的合作公告對於我們 YLDS 的發展方向至關重要。 YLDS 最初是 Provenance 的證券項目，而 Provenance 缺乏像 Sui 和 Solana 那樣龐大的開發者社群。因此，將 YLDS 引入這些生態系統，使其具備法幣訪問通道和用於支付、跨境匯款、抵押等用途的收益穩定幣，我們認為這是一個重要的機遇，並期待從中獲得顯著的加速發展。此外，我們在 YLDS 的交易所抵押方面也取得了進展。

I think you'll see some announcements from us as we go into the second half -- or at the end of this year as it relates to that and that's natural. We would expect that YLDS would be a superior collateral type versus USDC because of the yielding nature for it.

我認為，隨著我們進入下半年——或者說今年年底——我們會發布一些相關公告，這很正常。我們預計，由於YLDS具有收益率優勢，它將比USDC更適合作為抵押品。

On Democratized Prime, as Michael said, we have the ability to put billions of dollars of assets on there. What we're looking at now is the funding side, and we're doing this in lockstep fashion. So we can't drop $1 billion of assets and then expect the capital to show up. Conversely, we can't drop $1 billion of capital unless we're ready to put the assets to work. What we're very focused on in terms of the capital side is replicating what Athena and others have done in liquid staking protocols where we have an underlying yielding asset.

正如麥可所說，在 Democratized Prime 平台上，我們有能力投入數十億美元的資產。我們現在關注的是資金方面，而且我們正在以步調一致的方式推進這項工作。我們不能先投入 10 億美元的資產，然後指望資金會自動到位。反之，如果我們還沒準備好讓這些資產發揮作用，我們也無法投入 10 億美元的資金。在資金方面，我們非常關注的是複製 Athena 和其他公司在流動性質押協議中的做法，即擁有底層收益資產。

In this case, a home equity line of credit or lending against such asset as the yield-generating feature for that as opposed to something Athena does, which is the drop between the spot and forward market and the yield that's there, which is extremely volatile as the market is seeing today. And so we expect that we have an enormous opportunity to drive asset generation through that yielding liquid staking protocol construct. And we believe that's going to add a significant amount of dollars in Democratized Prime.

在這種情況下，收益來源並非Athena採用的即期市場與遠期市場之間的價差和收益率（正如當前市場波動劇烈），而是以房屋淨值信貸額度或以這類資產作抵押的貸款。因此，我們預期透過這種收益型流動性質押協議結構，我們將擁有巨大的資產成長機會。我們相信這將為Democratized Prime帶來可觀的資金。

Great. Appreciate all that color. And then in terms of the value proposition of tokenization, you've clearly demonstrated that within the consumer credit asset class thus far. But if you're able to give us just your general thoughts on what you see that value proposition being for tokenized equities given the stronger liquidity and transparency in that asset class at least relative to consumer credit. So what are the additional benefits you see being unlocked from tokenization there?

太好了。我很喜歡這些色彩。關於代幣化的價值主張，您目前已經在消費信貸資產類別中充分證明了這一點。但鑑於股票代幣化資產類別（至少相對於消費信貸而言）具有更強的流動性和透明度，您能否就此談談您對股票代幣化價值主張的看法？您認為代幣化還能帶來哪些額外好處？

Well, without getting too much into the structure because most of that's going to be covered on next Tuesday's call, and I do encourage everyone to join because I think it's very innovative, and we'll give a lot more detail. But I think one of the focuses and you've heard both Mike and I talk about this is a lot of the existing market today is focused on kind of tokenizing but not necessarily adjusting the full blockchain infrastructure behind that tokenization and what we're about to unveil will be a little bit more fundamental. So that's, I think, hopefully enough to make you interested in joining next Tuesday.

嗯，這裡就不多贅述結構了，因為大部分內容都會在下週二的電話會議上講解，我鼓勵大家參加，因為我覺得這個方案非常創新，我們會提供更多細節。不過，我認為其中一個重點（你們也聽我和Mike都提到過）是，目前市場上的很多東西都集中在代幣化上，但並沒有真正調整代幣化背後的整個區塊鏈基礎設施。而我們即將推出的方案則更注重基礎層面。希望這些資訊足以引起你們的興趣，歡迎大家參加下週二的電話會議。

I can add to that a little bit in a more general construct. I think that a lot of our peers are discussing tokenization of equities and what they're doing is promoting the idea of taking a DTCC security and doing a blockchain representation of that. And the value prop they allude to is 24/7 trading. And I don't think 24/7 trading is that appealing to the broader market. And I don't think the market makers want to make market 24/7. And so I think it's a little bit of a red herring in terms of why there's value here.

我可以就此補充一點，從更宏觀的角度來看這個問題。我認為很多同業都在討論股票代幣化，他們正在推廣將DTCC證券以區塊鏈形式表示出來的想法。他們所強調的價值主張是全天候交易。但我認為全天候交易對更廣泛的市場來說並沒有那麼大的吸引力。而且我認為做市商也不希望市場全天候運作。所以我認為這在某種程度上轉移了人們對真正價值的注意力。

If you go back to the thee value props of blockchain that Michael talked through earlier, there's transactional efficiency, and there's some transactional benefit you get with a blockchain native equity. The transfer agent costs, for example, is lower, but it's not enough to move the needle.

回顧麥可先前提到的區塊鏈的三大價值主張，首先是交易效率，其次是區塊鏈原生股權帶來的交易優勢。例如，過戶代理成本更低，但這還不足以產生顯著影響。

There's a liquidity benefit at the margin in that you do have 24 hours -- 24/7 trading. But again, I think we were looking to lift FTX out of bankruptcy. They had a US equity perp business that traded 24/7 and that's all that mattered, that business would have been flying and it was and it was going sideways.

從邊際流動性角度來看，24/7 全天候交易確實有優勢。但話說回來，我認為我們當時的目標是讓 FTX 擺脫破產困境。他們當時有一個全天候交易的美國股票期貨業務，而這才是最重要的，這項業務原本應該蒸蒸日上，而且確實如此，但後來卻開始走下坡路。

I think the real value in putting equity on blockchain is the DeFI construct, the ability to cross collateralize your stock with other assets like Bitcoin, like Figure loans, for example, and build unique borrowing pools through processes like Democratized Prime, where you access leverage in a way that traditional prime brokerage can't service.

我認為將股權放到區塊鏈上的真正價值在於 DeFi 架構，即能夠將你的股票與其他資產（例如比特幣）進行交叉抵押，例如 Figure 貸款，並透過 Democratized Prime 等流程建立獨特的借款池，從而以傳統經紀商無法提供的方式獲得槓桿。

And even more importantly, the ability to lend that stock out. So rather than the opaque locate market we have today, where the prime broker earns the benefit when the security goes on special and pays an extraordinary yield, you have a straight-up limit order book, a limit order book where you put the stock out for loan and you decide what you want to get paid for it.

更重要的是，還可以將股票借出去。因此，與如今不透明的股票市場不同——在如今的股票市場，當證券價格暴漲並支付超額收益時，主經紀商會從中獲利——現在有了直接的限額訂單簿，你可以將股票借出去，並自行決定借貸價格。

And that's enough that should drive anyone on the buy side to want to own the blockchain version of that security. There's considerations about liquidity and how do you keep the price in lockstep. Again, Michael alluded, we'll talk to that in depth next Tuesday, in particular, how we're doing this for our issuance. But I think this is the future of how capital markets, equity capital markets are going to work. And just as we did with lending, where we pioneered it with our own product, we think we'll do the same thing here on equity.

這足以促使任何買方投資者都想持有該證券的區塊鏈版本。當然，流動性以及如何保持價格同步也是一個需要考慮的問題。麥可再次暗示，我們將在下週二深入探討這個問題，特別是我們發行該證券時是如何實現的。但我認為這代表了資本市場，尤其是股權資本市場未來的運作模式。正如我們在貸款領域率先推出自有產品一樣，我們相信在股權領域也能做到這一點。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Just a quick one to start. I appreciate the comments on seasonality. Do you think we should expect the quarter-over-quarter cadence in 2025 to reflect what happened in 2024? Or are there any differences that we should be aware of this year? And then same question heading into 2026.

先簡單問一個問題。感謝大家對季節性因素的評論。您認為我們應該預期2025年的季度環比走勢會與2024年類似嗎？或是今年有哪些需要注意的差異？同樣的問題也適用於2026年。

Rob, this is Macrina. So as you saw our Q3 was outsized growth compared to last year, and we have been trending really well with our IPO and all of the efforts with partners. I do expect some level of seasonality in Q4 and also into Q1, but I do want to balance out that we have been having great success with our partners. We're seeing a lot of interest. So for us, it's more of a balanced approach.

羅布，我是瑪克麗娜。如你所見，我們第三季的成長遠超去年同期，而且我們的IPO以及與合作夥伴的各項努力都進展順利。我預計第四季和第一季會受到一些季節性因素的影響，但我想強調的是，我們與合作夥伴的合作非常成功，我們看到了很多關注。所以對我們來說，這是一種更平衡的策略。

Okay. And then bigger picture, you guys have really emphasized the lower cost to originate and faster time to close as big advantages. I think this quarter, we've seen or heard several other fintech's either growing in or expanding their own HELOC businesses, some even with automated appraisals, income verification, things like that.

好的。從更宏觀的角度來看，你們確實強調了更低的貸款發放成本和更快的審批速度是其主要優勢。我認為本季度，我們看到或聽說其他幾家金融科技公司也在發展或擴大其房屋淨值信用額度（HELOC）業務，有些甚至採用了自動化評估、收入驗證等功能。

So I was hoping you could talk a bit more about the sources of your advantage like how much of the better Figure process comes from the blockchain-based infrastructure versus maybe more traditional tech improvements? Because I think the extent to which it's the former could matter a lot for your defensibility there.

所以我希望您能更詳細地談談您的優勢來源，例如，更有效率的Figure流程有多少是源自於基於區塊鏈的基礎設施，又有多少是源自於更傳統的技術改進？因為我認為前者所佔的比重可能對你們的防禦能力至關重要。

The thing to remember about what we do is we've built an alternative capital market that has deep liquidity ratings, tokenization and it brings -- we use blockchain as a tool to bring the transparency and to bring the immutability of the data. And for example, as we mentioned, highlighted this quarter with Tricolor, the lean perfection. And so having that data and the ability to track the true provenance of the loan is critical to building out that capital market.

我們需要記住的是，我們建立了一個具有深度流動性評級、代幣化且利用區塊鏈技術來提高數據透明度和不可篡改性的另類資本市場。例如，正如我們本季重點介紹的Tricolor項目，它實現了精益求精的完美。因此，擁有這些數據並能夠追蹤貸款的真實來源對於建立這個資本市場至關重要。

And so we're doing something very different than everybody else in the space. And HELOC is just kind of a primitive to that marketplace. And the reason is because we've built an alternative capital market on blockchain rails. And to be very specific, when we make a change to our technology, it's integrated into the capital market.

因此，我們所做的與業內其他公司截然不同。房屋淨值信用額度（HELOC）在這個市場中只是一種非常基礎的形式。原因在於，我們基於區塊鏈技術建構了一個另類的資本市場。更具體地說，當我們對技術進行任何更改時，它都會整合到這個資本市場中。

So what we do is if we decide to push an automation like we did with small business bank account, it's our capital market and technology that are working together, and it's that point of integration between those two that unlocks the really high margins that you see this quarter, the capital-light marketplace and the growth that you're seeing.

所以，如果我們決定像對待小企業銀行帳戶那樣推動自動化，那麼我們的資本市場和技術就會協同運作，正是這兩者之間的整合，釋放了你在本季度看到的真正高利潤率，以及輕資本市場和你所看到的增長。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

I wanted to discuss the outlook for the non-HELOC loan growth. I think it was roughly $80 million in the quarter. Can you talk about how you see that progressing as the products expand? And which of the products you mentioned in the release were really -- was there an outsized driver of those loans?

我想探討非房屋淨值信用額度貸款的成長前景。我記得上個季度這部分貸款金額大約是8000萬美元。您能否談談隨著產品線的擴展，您如何看待這一成長趨勢？您在新聞稿中提到的哪些產品是推動這些貸款成長的主要因素？

We're seeing significant growth in first lien, as we mentioned, 3x year-over-year. And that is the primary focus for figure of the new products that you've heard us mention because of the frankly, market size and opportunity for our partners -- existing partners to grow. That said, the SMB and crypto backed loans are also extremely important to the growth story, HELOC loans has been grown as well around the 3x year-over-year number. And what we're seeing is just the beginning of that marketplace as we expect to pursue the same B2B2C approach that we did in the mortgage market. And so today, that's mainly direct to consumer.

正如我們之前提到的，我們看到優先抵押貸款業務實現了顯著增長，比去年同期增長了三倍。這也是我們先前提到的新產品的主要關注點，因為坦白說，這方面市場規模龐大，而且能為我們的合作夥伴——包括現有合作夥伴——帶來巨大的成長機會。此外，中小企業貸款和加密貨幣抵押貸款對整體成長也至關重要，房屋淨值信用額度貸款（HELOC）的年增率也達到了三倍左右。我們目前看到的只是這個市場的開端，因為我們計劃繼續沿用在抵押貸款市場中採用的B2B2C模式。因此，目前我們的業務主要面向消費者。

And then in SMB, as we add more and more partners and build that go-to-market engine, we do expect to see significant growth there as well.

然後，在中小企業領域，隨著我們不斷增加合作夥伴並建立市場推廣引擎，我們也預計會看到顯著的成長。

Great. And as a follow-up, you mentioned the government shutdown as being a catalyst for some SMBs joining. Can you talk about just the outlook for new origination partners given the strength we saw in the ads in the third-quarter and maybe how you're seeing those conversations in the outlook in terms of potential additions over the next several quarters.

好的。作為後續問題，您提到政府停擺促使一些中小企業加入。鑑於第三季廣告投放的強勁勢頭，您能否談談新業務拓展合作夥伴的前景，以及您如何看待未來幾季潛在的新增合作夥伴？

Yes. So the opportunity is definitely much broader than that specific shutdown. But the parallel is interesting because in mortgage, you have Fannie Mae; in small and medium business, you have the SBA, and we are an alternative blockchain-based capital market to both. And so we think this is a huge opportunity to bring that transparency. Again, back to the earlier question, what makes us different, right?

是的。所以，這次機會遠比那次具體的停擺要廣闊得多。但兩者之間的相似之處很有意思，因為在抵押貸款領域，有房利美；在中小企業領域，有美國小型企業管理局（SBA），而我們是基於區塊鏈的替代性資本市場，可以與它們相媲美。因此，我們認為這是一個帶來透明度的絕佳機會。再回到之前的問題，我們的獨特之處是什麼？

It's the combined technology with the blockchain transparent capital market. And that is a solution that is relevant not only for mortgage, not only for SMB, but for tons of asset classes. But SMB is where we are being pulled. And I think that the current market environment there is just adding further tailwinds.

這是將區塊鏈透明資本市場與現有技術結合的結果。這種解決方案不僅適用於抵押貸款，不僅適用於中小企業，也適用於眾多其他資產類別。但我們目前的目標市場是中小企業。我認為，當前中小企業的市場環境將進一步推動這一趨勢。

(Operator Instructions)

（操作說明）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

So a follow-up on Dan's first question. On the first lien growth, is that a first lien HELOC? Or is that a first lien primary? And then I wanted to get an update on your appetite to expand outside of HELOC because I saw you referenced debt service covenant ratio loans in your prepared remarks. I think that's a pretty small TAM, but I'm wondering what about resident transition loans, auto loans and also primary first liens, non HELOCs. Could we see Figure move into some of these other potentially larger TAM segments in the future?

關於丹的第一個問題，我想補充一點。關於優先抵押權成長，是指優先抵押權房屋淨值信用額度貸款（HELOC）嗎？還是指優先抵押權主貸款？另外，我想了解貴公司是否有意拓展HELOC以外的業務，因為我看到您在準備的發言稿中提到了債務償付比率貸款。我認為這類貸款的潛在市場規模（TAM）相當小，但我很好奇貴公司是否會考慮居民過渡貸款、汽車貸款以及非HELOC的優先抵押權貸款。未來，我們是否會看到Figure進軍這些潛在市場規模更大的領域？

Yes. So I'll start on the first lien question. And it is a first lien HELOC. We distinguish that because the use case is very different. Oftentimes, when people think about a HELOC, they think about a mortgage on top of an existing first whereas the first lien HELOC that we originate via our partners is used to pay off an existing loan, often because the rate is higher than the prevailing rate.

是的。那我先回答第一順位抵押貸款的問題。這是第一順位房屋淨值信用額度貸款（HELOC）。我們刻意區分這兩種貸款，因為它們的用途截然不同。通常，人們想到HELOC時，會想到在現有第一順位抵押貸款的基礎上再增加一筆抵押貸款，而我們透過合作夥伴發放的第一順位HELOC則是用來償還現有貸款的，通常是因為其利率高於現行利率。

And it's also -- so it's a true replacement for a cash out refinance or a rate and term refinance to use traditional mortgage parlance. There's also 40% of homeowners that own their home free and clear, and so don't have an existing lien. So that's the first lien opportunity. And where we really see growth in there, just to be even more specific, is among especially small balance first lien because the cost to originate for Figure is $1,000, whereas industry average is $1,200.

而且，用傳統抵押貸款術語來說，它完全可以取代套現再融資或利率和期限再融資。此外，還有40%的房主擁有完全產權，而房屋沒有任何抵押權。這就是第一順位抵押貸款的機會所在。更具體地說，我們看到成長主要集中在小額第一順位抵押貸款領域，因為Figure的貸款發放成本為1000美元，而行業平均為1200美元。

And so if you look at a, say, $200,000 mortgage that's a really material savings, and that's why we are seeing partner adoption. In fact, we are seeing some partners adopt first lien that don't use our HELOC products. So it's really massive growth. I do want to correct the record on the TAM of DSCR. That actually is one of the largest, if not the largest components of non-QM. I believe there's over $20 billion annual securitization of DSCR.

所以，如果你看一下比如說20萬美元的抵押貸款，那確實能省下一大筆錢，這也是我們看到合作夥伴紛紛採用的原因。事實上，我們看到一些合作夥伴開始採用優先抵押權貸款，而他們之前並沒有使用我們的房屋淨值信用額度（HELOC）產品。所以，這確實是一個巨大的成長。我想澄清一下關於債務償付比率（DSCR）總規模（TAM）的說法。實際上，DSCR是最大的非合格抵押貸款（non-QM）組成部分之一，甚至可能是最大的。我相信DSCR的證券化規模每年超過200億美元。

But I will just use this opportunity to remind everyone that the capital market that we're building, and I think the SMB use case represents this the best is one that transcends any one specific asset class. We really see this as the beginning. Our ambitions are much broader than just mortgage or HELOC. And so you'll see more next week in the coming quarters, but we're definitely really excited about the business that we're building and its broad reach into the US capital markets.

但我只想藉此機會提醒大家，我們正在建立的資本市場——我認為中小企業用例最能體現這一點——超越了任何特定的資產類別。我們真的把這看作是一個開始。我們的目標遠不止於抵押貸款或房屋淨值信用額度貸款。所以，在接下來的幾個季度裡，你們將會看到更多，但我們對我們正在建立的業務及其在美國資本市場的廣泛覆蓋感到非常興奮。

For a follow-up again on HELOC. I wanted to hear a little more details on your value proposition for large banks especially large banks that originate and hold HELOCs on their balance sheet, they might not receive the full value of the Figure Connect value proposition. And also with large banks, is it a headwind that you're really only offering capabilities in one lending segment because they might want solutions across all the consumer loan classes that they play in.

關於房屋淨值信用額度（HELOC），我想再跟進一下。我想詳細了解你們針對大型銀行的價值主張，特別是那些在其資產負債表上發放和持有HELOC的大型銀行。他們可能無法完全發揮Figure Connect的價值。另外，對於大型銀行而言，你們目前只在一個貸款領域提供功能，這是否會成為一種不利因素？因為他們可能希望獲得涵蓋所有消費貸款類別的解決方案。

So this actually gets to kind of what I was saying I'm most excited about, and I think it would be good for Mike to expand here as well because there's this broad thesis that we have at Figure which is that you're going to have liabilities moving into stablecoin, which are tokenized liabilities, and therefore, assets themselves will need to be funded with those. And so if you think about the broad capital market as one where assets have been moving out of the banking system for the last 20 to 30 years, that will continue and accelerate with stable coin.

所以，這其實正是我最興奮的地方，我覺得麥克也應該在這裡展開說說，因為我們Figure的核心理念是，負債將會轉移到穩定幣（也就是代幣化的負債）中，因此，資產本身也需要用這些穩定幣來融資。如果你把整個資本市場看成是過去二三十年來資產一直在從銀行體系流出的過程，那麼隨著穩定幣的出現，這種趨勢將會持續並加速。

And so for a large bank, actually, what's happening is they're going to want to tokenize their assets to access those viabilities that are tokenized and Democratized Prime is actually a perfect way to do so. And so this is part of our broader macro thesis and it's being borne out in the conversations we're having Mike is having, the sales team is having. I don't know if you'd add anything there, Mike.

所以，對於大型銀行來說，實際上，他們希望將資產代幣化，以便獲取那些已經代幣化的資產，而 Democratized Prime 正好提供了一種完美的實現方式。這是我們更廣泛的宏觀論點的一部分，而且在我們、Mike 和銷售團隊的討論中也得到了印證。 Mike，我不知道你還有什麼要補充的。

Yes. I mean I think that we got an interesting perspective in late '22, early '23, when we had some liability flight out of the banking system and the regionals and the super regionals were especially impacted by that. They were all selling assets at fire sale prices that had a cascading series of events that ultimately led to bank failure and the need for the FDIC and the treasury to step in with some extraordinary measures to stabilize the market.

是的。我的意思是，我認為我們在2022年末、2023年初看到了一個有趣的景象，當時一些負債從銀行體系中撤出，區域性銀行和超級區域性銀行受到的影響尤為嚴重。它們都在以極低的價格拋售資產，引發了一系列連鎖反應，最終導致銀行倒閉，聯邦存款保險公司（FDIC）和財政部不得不採取一些非常規措施來穩定市場。

And the treasury is today talking about $2 trillion going to a stablecoin or $6 trillion going into stablecoin. And they're not talking about where that's coming from, which is clearly demand deposits. And we're in a discussion with a lot of banks, a lot of regional and super regionals about this across two factors.

財政部今天正在討論將2兆美元或6兆美元投入穩定幣。但他們沒有說明這些資金的來源，而這顯然是活期存款。我們正在與許多銀行，包括許多區域性和超區域性銀行，就此進行討論，討論主要圍繞著兩個方面。

One is to Michael's point, the ability to originate blockchain-native assets and access that DeFI ecosystem, which paradoxically is just the reallocation of that capital pulled out of the demand deposit put into stablecoin and then reapplied in DeFi to generate yield. And we think there's an enormous opportunity and low balance first lien is a great use case for us to bring to those banks because they don't do that loan today.

正如麥可所指出的，我們有能力創建區塊鏈原生資產並連接DeFi生態系統。這看似矛盾，其實是將原本用於活期存款的資金重新配置到穩定幣中，然後再投入DeFi以產生收益。我們認為這其中蘊藏著巨大的機遇，而低餘額優先抵押貸款正是我們向銀行推廣的絕佳案例，因為他們目前並不提供這類貸款。

So it's a greenfield opportunity for them and an ability for them to get a front row seat as to how blockchain works. The second thing that we're doing where we're getting traction is around the ability to use yields defensively, where when JPMorgan comes with JP coin and tries to approach those deposits, the bank can offer up a yielding alternative where with YLDS we, just like any Genius Act coin we can hold treasuries and bank deposits, we have the ability to hold bank deposits back to that bank.

所以這對他們來說是一個全新的機遇，也是一個讓他們能夠近距離了解區塊鏈運作方式的機會。我們正在取得進展的第二個方面是利用收益進行防禦。當摩根大通推出JP幣並試圖獲取存款時，銀行可以提供收益型替代方案。而YLDS，就像任何Genius Act代幣一樣，可以持有國債和銀行存款，我們有能力將銀行存款返還給該銀行。

So if a regional bank customer buys YLDS, and it comes through that regional bank, we can hold that deposit back at the bank balance sheet, therefore, not keeping the liability within the bank itself. And we think both of those are significant opportunities for us, especially as we're getting the Genius Act coming online, you're starting to see more noise out of Chase.

因此，如果一家區域性銀行的客戶購買了YLDS，並且交易是透過該區域性銀行進行的，我們可以將這筆存款保留在銀行的資產負債表上，從而避免銀行本身承擔負債。我們認為這兩點對我們來說都是重要的機遇，尤其是在《天才法案》即將生效之際，摩根大通方面也開始出現更多動向。

I think Chase is going to make very aggressive moves here at the expense of regional and super regionals. And I think we're well positioned to bring both some defensive and certainly in certain circumstances, offensive capabilities into those banks, with the combination of on-chain asset origination and access to DeFi through Democratized Prime but also YLDS as a defensive measure for -- or an alternative to a nonyielding stablecoin.

我認為摩根大通會採取非常激進的舉措，而這會損害區域性和超區域性銀行的利益。我認為我們已經做好充分準備，透過鏈上資產發起和透過 Democratized Prime 進入 DeFi 領域，以及 YLDS 作為防禦措施（或取代無收益穩定幣），為這些銀行帶來一些防禦性能力，當然在某些情況下，還能帶來進攻性能力。

Thank you. And this concludes today's Figure Technology Solutions third-quarter 2025 earnings conference call. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天的Figure Technology Solutions 2025年第三季財報電話會議到此結束。請各位掛斷電話，祝您有美好的一天。