Figure Technology Solutions Inc (FIGR) 2025 Q4 法說會逐字稿

Welcome to the Figure Technology Solutions fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Lastly, today's call is being recorded.

歡迎參加 Figure Technology Solutions 2025 年第四季及全年業績電話會議。（操作員指示）最後，今天的通話正在錄音。

I would now like to turn the call over to Bryan Michaleski, Head of Investor Relations.

現在我將把電話交給投資者關係主管布萊恩·米哈萊斯基。

Thanks, Leo. Good afternoon, and welcome to Figure's fourth-quarter 2025 earnings call. My name is Bryan Michaleski, Head of Investor Relations here at Figure. Joining me on today's call are Michael Tannenbaum, our Chief Executive Officer; and Macrina Kgil, our Chief Financial Officer. Mike Cagney, our Executive Chairman and Co-Founder, regrets not being able to join us today due to prior commitment at the White House.

謝謝你，Leo。下午好，歡迎參加 Figure 公司 2025 年第四季財報電話會議。我是 Bryan Michaleski，Figure 公司的投資人關係主管。今天與我一起參加電話會議的有我們的執行長邁克爾·坦南鮑姆和我們的財務長瑪克麗娜·基爾。我們的執行主席兼聯合創始人麥克·卡格尼先生很遺憾今天無法出席，因為他之前在白宮有事安排。

I'd like to note that in today's call, we refer to certain non-GAAP financial measures. These measures have been reconciled to their GAAP equivalents in the earnings release we issued today as well as in the appendix to our supplemental slide presentation posted to our website. As a reminder, non-GAAP measures are not intended to be a substitute for GAAP results. Unless otherwise stated, our results we discuss today, including our net revenue and profitability, refer to their non-GAAP equivalents.

我想指出，在今天的電話會議中，我們會提到一些非GAAP財務指標。這些措施已在我們今天發布的盈利報告中以及發佈在我們網站上的補充幻燈片演示文稿的附錄中與 GAAP 等效措施進行了核對。需要提醒的是，非GAAP指標不能取代GAAP結果。除非另有說明，我們今天討論的業績，包括淨收入和盈利能力，均指其非GAAP等效值。

I'd also highlight that certain statements made during today's call may be considered forward-looking statements under federal securities law. The company cautions you that forward-looking statements involve substantial risks and uncertainties and a number of factors, many of which are beyond the company's control, can cause actual results, events or circumstances to differ materially from those described in the statements. Please see the risk factors we've identified in our most recent 10-Q and other SEC filings.

我還要強調，今天電話會議上的某些陳述可能被視為聯邦證券法意義上的前瞻性陳述。本公司提醒您，前瞻性聲明涉及重大風險和不確定性，許多因素（其中許​​多因素超出公司的控制範圍）可能導致實際結果、事件或情況與聲明中描述的內容有重大差異。請參閱我們在最新的 10-Q 表格和其他提交給美國證券交易委員會的文件中確定的風險因素。

We are not undertaking any commitment to update these statements if conditions change, except as required by law. Recording of the conversation will be made available on our website following the conclusion of today's call. And following the conclusion of our prepared remarks, we'll open the line for questions.

除法律另有規定外，我們不承諾在情況發生變化時更新這些聲明。本次通話的錄音將在今天的通話結束後發佈在我們的網站上。在我們結束事先準備好的發言後，我們將開放提問環節。

We remind you to limit yourself to one question and one follow-up during this Q&A period. With that, I'll turn the call over to Michael Tannenbaum. Michael, please go ahead.

我們提醒您，在問答環節中，請限制您只能提出一個問題，並且只能提出一個後續問題。接下來，我將把電話交給麥可坦南鮑姆。邁克爾，請繼續。

Thank you, Bryan, and thanks to all of you who are joining us this afternoon. As many of you know, we previewed our results earlier this month, and what we're reporting today is consistent with that update. Rather than walking through the numbers you've already seen, I want to focus our time today on what this quarter sets up going forward.

謝謝你，布萊恩，也謝謝今天下午到場的各位。正如你們許多人所知，我們在本月初預覽了我們的業績，而我們今天公佈的內容與當時的更新一致。與其回顧你們已經看到的那些數字，我今天更想把時間集中在本季對未來發展的影響。

As we look ahead to 2026, there are three areas that we're focused on. First is continuing to scale our marketplace, particularly through Figure Connect and driving more volume into our capital-light exchange. Second is broadening the types of products that live inside that marketplace, especially across mortgage adjacent categories where we already have strong partner relationships. And third is expanding the broader blockchain ecosystem around that marketplace, where tokenization, decentralized finance and atomic settlement are setting the standard of how a modern capital marketplace should function.

展望 2026 年，我們將重點放在以下三個領域。首先，我們將繼續擴大市場規模，特別是透過 Figure Connect，並將更多交易量引入我們輕資本的交易平台。其次，要擴大市場內的產品類型，尤其是在抵押貸款相關領域，我們已經與這些領域建立了強大的合作關係。第三，要圍繞該市場擴展更廣泛的區塊鏈生態系統，其中代幣化、去中心化金融和原子結算正在為現代資本市場如何運作樹立標準。

Everything we're doing across the business from product launches to partnerships ties back to those themes. They reinforce each other. And together, they move us further along the path of modernizing capital markets and bringing them on to blockchain.

從產品發佈到合作關係，我們公司所有業務活動都與這些主題息息相關。它們相互促進。它們共同推動我們進一步推動資本市場現代化，並將其引入區塊鏈領域。

Let me start with the marketplace. Pillar 1, scaling the marketplace.

讓我先從市場談起。支柱一：擴大市場規模。

Figure Connect is the operating system for how capital flows through our ecosystem. This past quarter, more than half of our consumer loan marketplace volume transacted through Connect for the first time ever. That milestone matters not only because of the speed at which it happened. Reminder, we launched Connect in June 2024, but also because it represents structural progress in how the business operates.

Figure Connect 是我們生態系中資本流動的作業系統。上個季度，我們消費貸款市場交易量的一半以上都是首次透過 Connect 平台完成的。這一里程碑之所以重要，不僅是因為它發生得如此之快。提醒大家，我們在 2024 年 6 月推出了 Connect，但這同時也代表著公司營運方式的結構性進步。

The more volume that flows through Connect, the less we rely on balance sheet intermediation. The model becomes more capital-light and our margins become more durable.

透過 Connect 進行的交易量越大，我們對資產負債表中介的依賴就越少。這種模式對資本的需求較低，我們的利潤率也更穩定。

What's also important and often underappreciated is how difficult it is to build and scale a marketplace to this level of integration. Marketplaces are not software features, they're trust systems. They require standardized assets, consistent underwriting, clean data, transparent performance history, deep institutional relationships on both sides of the market and credibility with rating agencies and securitization buyers.

同樣重要但常常被低估的是，要將市場擴展到這種整合程度是多麼困難。市場不是軟體功能，而是信任系統。他們需要標準化的資產、一致的承銷、清晰的數據、透明的業績歷史、與市場雙方建立的深厚機構關係，以及在評級機構和證券化買家中的信譽。

They require repeat investors who trust the standardization of the asset. You cannot simply AI your way into that. What AI can do is optimize processes and fuel growth, and we are leaning into that. We've been explicit that AI is primarily about fueling growth opportunities for us and our partner ecosystem rather than simply optimizing costs.

他們需要的是信任資產標準化的回頭客。你不能僅僅依靠人工智慧來實現這一點。人工智慧可以優化流程並促進成長，我們正在大力發展人工智慧。我們已經明確表示，人工智慧的主要目的是為我們和我們的合作夥伴生態系統創造成長機會，而不是只是優化成本。

From an AI growth perspective, because our mortgage process is the fastest and lowest cost, again, as we've built our own integrated loan origination system and capital market that removes friction, it is the most optimized for AI. In fact, this month, I was visiting with a partner and they showed me a demo of an AI salesperson walking someone through their white-label Figure product.

從人工智慧發展的角度來看，因為我們的抵押貸款流程速度最快、成本最低，而且我們已經建立了自己的一體化貸款發起系統和資本市場，消除了摩擦，所以它是最適合人工智慧的。事實上，本月我拜訪了一位合作夥伴，他們向我展示了人工智慧銷售人員如何引導客戶了解他們的白標 Figure 產品。

They said to me, we're going to divert more to Figure versus Fannie Mae because the process is so simple, it's much better suited for an AI workflow. I expect more partners to do the same in the coming months.

他們對我說，我們將更多地轉向 Figure 而不是房利美，因為 Figure 的流程非常簡單，更適合人工智慧工作流程。我預計未來幾個月會有更多合作夥伴採取同樣的做法。

On the cost side, two weeks ago, we launched an AI customer service agent to streamline parts of our application flow with roughly three-fourths of chat volume containment. Importantly, we can now deploy our staff to focus on either enhanced support, which expands our partner ecosystem or more growth-oriented tasks, especially as many of our unlicensed partners need our licensed staff for true sales activities.

在成本方面，兩週前，我們推出了人工智慧客戶服務代理，以簡化部分申請流程，並將聊天量控制在四分之三左右。重要的是，我們現在可以部署員工，專注於加強支援（從而擴展我們的合作夥伴生態系統）或更具成長導向的任務，尤其是我們許多未獲得許可的合作夥伴需要我們獲得許可的員工進行真正的銷售活動。

We've also embedded AI into property title review workflows and as a parallel validation step against our underwriting guidelines. These tools reduce error and enhance the quality and homogeneity of our assets. More importantly, the agents we train on these workflows can then be deployed on third-party assets, making it easier for us to bring in new asset originators into our Democratized Prime short-term financing marketplace, something I will cover a bit later today.

我們也將人工智慧嵌入產權審查工作流程中，並作為與我們的承保準則進行並行驗證的步驟。這些工具可以減少錯誤，提高我們資產的品質和同質性。更重要的是，我們培訓的這些工作流程的代理人可以部署到第三方資產上，從而更容易地將新的資產發起人引入我們民主化的優質短期融資市場，我今天晚些時候會詳細介紹這一點。

But before that, I'll make one final point on AI in our business here, particularly in the context of the market thinking about which companies benefit versus our disrupted. While AI can improve underwriting models, enhance servicing workflows and further reduce costs in our origination flow, AI cannot create liquidity nor can it replicate years of standardized asset performance across cycles. As I wrote last year, you can't AI your way into AAA.

但在此之前，我想就人工智慧在我們業務中的作用，尤其是在市場思考哪些公司受益、哪些公司受到衝擊的背景下，再補充一點。雖然人工智慧可以改善承保模型、增強服務工作流程並進一步降低我們貸款發放流程的成本，但人工智慧既不能創造流動性，也不能複製多年來跨週期的標準化資產表現。正如我去年所寫的那樣，你不可能透過人工智慧進入 AAA 級遊戲市場。

Furthermore, Figure Connect works in tandem with Democratized Prime, our on-chain short-term financing marketplace that provides the working capital layer to fuel additional origination. Where Connect drives long-term liquidity and asset distribution, Democratized Prime provides programmable, decentralized short-term warehouse capacity.

此外，Figure Connect 與我們的鏈上短期融資市場 Democratized Prime 協同工作，後者提供營運資金層以推動更多業務的發展。Connect 推動長期流動性和資產分配，而 Democratized Prime 提供可編程的、去中心化的短期倉儲容量。

Together, they create a vertically integrated capital market stack from origination to financing to distribution. Each incremental originator and new product expands asset supply. Each additional investor, whether DeFi or traditional, improves price discovery. And every transaction enhances performance history and transparency back to that durable ecosystem and moat.

它們共同打造了一個從發起、融資到分銷的垂直整合的資本市場體系。每增加一個發起人和一款新產品，就會擴大資產供應。每增加一位投資者，無論是 DeFi 投資者或傳統投資者，都能改善價格發現機制。每一筆交易都能增強業績歷史記錄和透明度，從而鞏固這持久的生態系統和護城河。

This is the formula we believe that builds durable marketplaces. And once they reach the levels of scale we've achieved, they're not easily displaced. So our focus is to stick to the same formula: increase penetration, broaden liquidity, and continue shifting volume into this capital-light framework.

我們認為，這是建立持久市場的模式。一旦它們達到我們目前所達到的規模水平，就不容易被取代。因此，我們的重點是堅持同樣的策略：提高滲透率，擴大流動性，並繼續將交易量轉移到這種輕資本框架下。

Pillar 2, product expansion. That brings me to our second pillar for 2026, expanding the types of products within our marketplace on the back of Figure's second lien HELOC success. If Connect is the engine, product expansion is the fuel. Our goal here is straightforward, extend the Figure ecosystem into mortgage adjacent verticals without changing the core architecture that makes the model work.

支柱二：產品拓展。這就引出了我們 2026 年的第二個支柱，即在 Figure 的第二留置權房屋淨值信用額度 (HELOC) 取得成功的基礎上，擴大我們市場中的產品類型。如果說 Connect 是引擎，那麼產品擴充就是燃料。我們的目標很簡單，就是在不改變模型運作的核心架構的前提下，將 Figure 生態系統擴展到與抵押貸款相關的垂直領域。

Importantly, we're not reinventing the system every time we enter a new product. We are extending the same standardized blockchain native infrastructure into new use cases. As I shared previously, leveraging AI to make it go faster. There are three important examples of this.

重要的是，我們每次推出新產品時，並不需要重新發明整個系統。我們將同樣的標準化區塊鏈原生基礎設施擴展到新的應用場景。正如我之前分享過的，利用人工智慧讓它運行得更快。這方面有三個重要的例子。

First, adding third-party volume, meaning volume not originated by our loan origination system. One of the most powerful evolutions of our model is the ability to bring externally originated assets onto our capital markets rails. For example, we just signed a major partnership with Agora Data to bring auto finance assets into Democratized Prime.

首先，增加第三方貸款量，即並非由我們的貸款發起系統所產生的貸款量。我們模式最強大的改進之一，就是能夠將外部產生的資產引入我們的資本市場體系。例如，我們剛剛與 Agora Data 簽署了一項重要的合作協議，將汽車金融資產引入 Democratized Prime。

Agora is a fintech platform that provides analytics, capital markets access and loan performance data solutions to auto finance lenders, helping them originate, fund and manage auto loans more efficiently and profitably. With our partnership, which is expected to bring tens of millions of dollars of auto finance to Democratized Prime and Connect in just the next few months, we are expanding distribution without owning the front end or powering the LOS.

Agora 是一個金融科技平台，為汽車金融貸款機構提供分析、資本市場准入和貸款績效數據解決方案，幫助他們更有效率、更有利潤地發起、融資和管理汽車貸款。透過我們的合作，預計在接下來的幾個月內將為 Democratized Prime 和 Connect 帶來數千萬美元的汽車金融，我們正在擴大分銷管道，而無需擁有前端或為 LOS 提供支援。

What matters is that the loan ultimately flows into a standardized marketplace with transparent underwriting, blockchain registry, preventing double pledging and both institutional and DeFi liquidity. By integrating with third-party originators, we dramatically expand addressable supply without material costs. We effectively turn our marketplace into a capital markets highway, one that can accept assets from multiple on-ramps. That increases network, liquidity and importantly, further strengthens Democratized Prime and Figure Connect. For the auto loan space, the road ahead is paved on chain.

重要的是，貸款最終流入一個標準化的市場，該市場具有透明的承銷、區塊鏈註冊，可防止重複抵押，並兼具機構和 DeFi 流動性。透過與第三方供應商整合，我們可以在不增加材料成本的情況下大幅擴大可觸及供應量。我們有效地將我們的市場變成了一條資本市場高速公路，可以​​接受來自多個入口的資產。這增加了網路和流動性，更重要的是，進一步加強了民主化Prime和Figure Connect。汽車貸款領域，前路漫漫，步履維艱。

Second, SMB loans. SMB is another clear example of how we extend the Figure ecosystem without changing the core architecture. Many small business owners are asset rich, but liquidity constrained and oftentimes, that core asset is their home.

其次，中小企業貸款。SMB 是另一個清晰的例子，它說明了我們如何在不改變核心架構的情況下擴展 Figure 生態系統。許多小企業主擁有大量資產，但流動資金有限，而這些核心資產往往是他們的房產。

According to the Consumer Finance Bureau, more than two-thirds of business owners also own their homes. At the same time, many entrepreneurs are boxed out of traditional capital sources. They may lack sufficient time in business. They may not meet minimum revenue thresholds and may not fit conventional underwriting boxes. As a result, they often turn to higher cost capital products because they believe those are their only options.

根據消費者金融管理局統計，超過三分之二的企業主也擁有自己的住房。同時，許多創業者被排除在傳統資本來源之外。他們可能缺乏足夠的經商時間。它們可能達不到最低收入門檻，也可能不符合傳統的承保條件。因此，他們往往轉向成本較高的資本產品，因為他們認為這是他們唯一的選擇。

We intend to be a big part of changing that. Given the substantial portion of these operators that own a home and have strong personal credit profiles, we can service these borrowers where most others can't or won't.

我們決心成為改變現狀的重要力量。鑑於這些業者中有相當一部分擁有房產且個人信用記錄良好，我們可以為這些借款人提供服務，而大多數其他公司則不能或不願提供服務。

In Q4, partners on our SMB platform did over $46 million of loans, twice as much as the prior period. In this spirit, we are very excited to announce that Figure is finalizing a strategic partnership with Newtek, a highly established and trusted leader in the small business financial services space. In the near term, we're excited to support Newtek in delivering Figure's HELOC for small business to Newtek's deep network of loyal business owners through our partner-branded channel.

第四季度，我們中小企業平台上的合作夥伴發放了超過 4,600 萬美元的貸款，是上一季的兩倍。本著這種精神，我們非常高興地宣布 Figure 正在與 Newtek 敲定策略合作夥伴關係，Newtek 是小型企業金融服務領域享有盛譽且值得信賴的領導者。短期內，我們很高興能夠支援 Newtek 透過我們的合作夥伴品牌管道，向 Newtek 龐大的忠實企業主網路提供 Figure 的小型企業房屋淨值信用額度貸款。

Over time, we see this evolving into a fully embedded small business lending, banking and money movement partnership anchored by our SEC registered stablecoin, YLDS, Y L D S. This partnership reflects our shared commitment to serving small businesses and highlights how Figure's full ecosystem can power transformative long-term growth.

隨著時間的推移，我們看到這將發展成為一個完全嵌入式的小型企業貸款、銀行和資金流動合作夥伴關係，並以我們在美國證券交易委員會註冊的穩定幣 YLDS 為基礎。這項合作關係體現了我們服務小型企業的共同承諾，並突顯了 Figure 的完整生態系統如何推動變革性的長期成長。

Lastly, I'll touch on a product category that, while not new, has been increasing in importance for us, first lien mortgage. As of Q4, first lien represents roughly 19% of our originations, up from 12% just a year ago. That change in mix reflects both growing partner adoption and increasing investor comfort with the asset.

最後，我想談談一個雖然不新鮮，但對我們來說越來越重要的產品類別——第一順位抵押貸款。截至第四季度，第一順位抵押貸款約佔我們貸款發放總額的 19%，高於一年前的 12%。這種組合變化既反映了合作夥伴對該資產接受度的提高，也反映了投資者對該資產信心的增強。

The opportunity here is significant. First lien is a multitrillion dollar market and represents the majority of our partners' existing volume. Our existing partners do over $300 billion of first lien. If we want our marketplace to be the winner in all of housing finance, we have to participate meaningfully in that market, and that's exactly what we're doing.

這裡蘊藏著巨大的機會。第一順位抵押貸款是一個數萬億美元的市場，占我們合作夥伴現有業務量的絕大部分。我們現有的合作夥伴完成了超過3000億美元的優先擔保貸款。如果我們希望我們的市場在所有住房金融領域成為贏家，我們就必須有意義地參與這個市場中來，而這正是我們正在做的。

Over the past several quarters, first lien has moved from being an extension of HELOC to becoming a central driver of growth. That momentum gives us confidence that 2026 will be the year of the first lien for Figure. Chinese New Year was last week, that ran in the year of the horse. This is now the year of the first lien.

在過去的幾個季度裡，第一順位抵押貸款已經從房屋淨值信用額度貸款的延伸轉變為成長的核心驅動力。這種勢頭讓我們有信心，2026 年將是 Figure 獲得首筆留置權的一年。上週是中國農曆新年，那一年是馬年。今年是第一順位抵押權年。

What differentiates our approach is the low cost and speed that we can offer our origination partners. Repetition does not spoil the prayer. We do a mortgage in less than $1,000 and in five days versus industry average of $11,045. Our first lien HELOC offers everything a mortgage does, but with the full redraw functionality and sits in the first position. That structure provides flexibility and unlocks a strong competitive differentiation against the GSE-driven conventional mortgage alternative.

我們方法的獨特之處在於，我們可以為貸款發起合作夥伴提供低成本和快速的服務。重複並不會破壞禱告的效果。我們辦理抵押貸款的費用不到 1000 美元，辦理時間僅需 5 天，而行業平均費用為 11,045 美元。我們的優先抵押房屋淨值信用額度 (HELOC) 提供抵押貸款的所有功能，但具有完整的重新提取功能，並且享有第一順位抵押權。這種結構提供了靈活性，並釋放出相對於政府支持企業 (GSE) 主導的傳統抵押貸款替代方案的強大競爭優勢。

Today, when partners originate first lien mortgages, they are often routed into a Fannie Mae or Freddie Mac channel by default. By offering an alternative with faster cycle times and lower costs, we provide a different path and one that integrates directly into our capital markets rails. The result is that mortgage partners no longer view us as their HELOC outlet. They're increasingly coming to us as a comprehensive mortgage platform.

如今，當合夥人發起第一順位抵押貸款時，這些貸款通常默認進入房利美或房地美的管道。透過提供週期更快、成本更低的替代方案，我們提供了一條不同的路徑，而這條路徑可以直接融入我們的資本市場體系。結果是，抵押貸款合作夥伴不再將我們視為他們的房屋淨值信用額度（HELOC）管道。他們越來越多地將我們視為一個綜合性的抵押貸款平台。

Pillar 3, blockchain ecosystem expansion. The third pillar for 2026 is expanding our blockchain ecosystem. This is where our long-term differentiation becomes most visible. From the beginning, we've said blockchain is core to our strategy. It's the critical infrastructure layer that allows us to modernize capital markets.

第三支柱：區塊鏈生態系擴展。2026 年的第三個支柱是擴展我們的區塊鏈生態系統。這正是我們長期差異化優勢最明顯的地方。從一開始，我們就說過區塊鏈是我們策略的核心。它是資本市場現代化的關鍵基礎設施層。

Over the last several years, we've proven this thesis in private credit. We've shown that tokenized real-world assets can originate, trade and securitize efficiently on public blockchain. We've demonstrated that transparency and immutability reduce friction, and we've built liquidity around standardized on-chain assets. And we're extending that infrastructure even further with the recent developments here.

過去幾年，我們在私人信貸領域證明了這個論點。我們已經證明，代幣化的現實世界資產可以在公共區塊鏈上有效地產生、交易和證券化。我們已經證明，透明度和不可篡改性可以減少摩擦，並且我們已經圍繞標準化的鏈上資產建立了流動性。隨著最近的發展，我們正在進一步擴展這項基礎設施。

I'll start with an update on Democratized Prime, our decentralized finance marketplace that competes with traditional warehouse lines and prime brokerage, but in a structurally different way. Instead of relying on bilateral agreements, legal complexity and bank intermediation, assets can be pledged, financed and settled directly on chain with programmable collateral management.

首先，我將介紹 Democratized Prime 的最新情況。這是一個去中心化的金融市場，它與傳統的倉儲信貸和主經紀業務競爭，但結構上有所不同。無需依賴雙邊協議、複雜的法律程序和銀行中介，資產即可在鏈上直接進行質押、融資和結算，並可進行可編程的抵押品管理。

This is not theoretical anymore. We're seeing real traction. Democratized Prime delivered outstanding results with nearly 10x quarter-over-quarter growth, expanding from $20 million to over $200 billion in matched offers. We now have more than 1,000 active participants on the platform, demonstrating strong market demand for decentralized warehouse financing, and we've almost doubled again this number since the beginning of the year.

這不再是理論上的問題了。我們看到了切實的成效。Democratized Prime 取得了卓越的成果，季度環比增長近 10 倍，匹配報價從 2000 萬美元增長到超過 2000 億美元。目前該平台擁有超過 1000 名活躍參與者，這表明市場對去中心化倉儲融資有著強勁的需求，而且自年初以來，這一數字幾乎翻了一番。

We successfully launched our real-world asset consortium partnership this quarter, extending Democratized Prime access into the Solana ecosystem. The cross-chain expansion allows DeFi participants to access US real estate-backed YLDS, which is quite different from -- versus the speculative assets typically seen in DeFi.

本季我們成功啟動了現實世界資產聯盟合作夥伴關係，將民主化的Prime存取權擴展到了Solana生態系統。跨鏈擴展允許 DeFi 參與者存取美國房地產支援的 YLDS，這與 DeFi 中常見的投機性資產截然不同。

We brought institutional assets to a broader participant base. Reminder that Democratized Prime adds an important COG into our flywheel by providing critical working capital for loan origination for our partners while generating fee income for Figure. It is also the most natural way that third-party assets enter our ecosystem because it's easier to offer short-term financing than permanent capital. We see Democratized Prime with an upsell of Figure Connect as the baseline go-to-market approach for third-party assets and the aforementioned Agora Data auto finance partnership is a consummate example.

我們將機構資產帶給了更廣泛的參與者群體。提醒大家，Democratized Prime 為我們的合作夥伴提供了貸款發放的關鍵營運資金，同時為 Figure 創造了費用收入，從而為我們的飛輪增添了重要的 COG。這也是第三方資產進入我們生態系統的最自然方式，因為提供短期融資比提供永久資本更容易。我們認為，以 Figure Connect 為加值服務的民主化 Prime 是第三方資產的基本市場推廣方式，而前面提到的 Agora Data 汽車金融合作夥伴關係就是一個完美的例子。

Next, I'll touch on YLDS, the settlement layer of our ecosystem. YLDS is not just a stablecoin. What makes it differentiated is that it's regulated, yield-bearing and natively integrated into our capital markets infrastructure. It can settle loans, it can finance assets, it can move across chains. And over time, it can serve as a bridge between traditional financial institutions and on-chain markets.

接下來，我將談談 YLDS，也就是我們生態系統的定居層。YLDS 不僅僅是一種穩定幣。它的獨特之處在於，它受到監管、產生收益，並且與我們的資本市場基礎設施​​原生整合。它可以償還貸款，可以為資產融資，還可以跨鏈流動。隨著時間的推移，它可以成為傳統金融機構和鏈上市場之間的橋樑。

As the oil of the machine, YLDS growth directly correlates with increased activity across our lending marketplace and Democratized Prime platform. You see this reflected in the results this quarter and to date, with yields in circulation nearing $0.5 billion, increasing by over 20x since the end of the third quarter.

作為這台機器的潤滑油，YLDS 的成長與我們的貸款市場和民主化優質平台的活動增加直接相關。從本季和迄今為止的業績中可以看出這一點，流通中的收益率接近 5 億美元，比第三季末增長了 20 倍以上。

We expect YLDS adoption to continue to accelerate on this exponential curve as more partners recognize the efficiency benefits of blockchain-based atomic settlement and as regulatory clarity continues to favor compliant stablecoin structures over less regulated alternatives. As mentioned previously, Newtek, as one example, is exploring funding loans and yields, thereby reducing the interest burden for borrowers and settlement expenses for itself.

我們預計，隨著越來越多的合作夥伴認識到基於區塊鏈的原子結算的效率優勢，以及監管的清晰度繼續有利於合規的穩定幣結構而不是監管較少的替代方案，YLDS 的採用將繼續沿著這條指數曲線加速增長。如前所述，Newtek 就是一個例子，它正在探索為貸款和收益提供資金，從而降低借款人的利息負擔和自身的結算費用。

And finally, last week, we demonstrated something that underscores the broader opportunity in front of us. We became the first public company to launch a blockchain native share class of our own security. listed on an exchange, we purpose-built to enable others to participate in the same model. The equity marketplace is called OPEN, On-Chain Public Equity Network.

最後，上週我們展示了一些事情，這些事情凸顯了我們面前更廣泛的機會。我們成為首家推出基於區塊鏈的自有證券原生份額類別的上市公司。該證券已在交易所上市，我們專門建構該證券體系，旨在讓其他人也能參與同樣的模式。該股權市場名為 OPEN，即鏈上公共股權網絡。

This isn't a tokenized wrapper of a DTCC security or a synthetic representation of legacy infrastructure. We issued equity that is native to the blockchain from day one with its registry, trading venue, settlement layer, custody model and financing rails fully integrated on chain.

這不是 DTCC 證券的代幣化包裝，也不是傳統基礎設施的合成表示。我們從一開始就發行了區塊鏈原生股權，其註冊、交易場所、結算層、託管模型和融資管道都完全整合在鏈上。

Let me explain why this is important. First, we rebuilt the transactional structure. Trades occur 24/7 on our ATS with atomic settlement. Investors can self-custody through wallet connectivity. Ownership is recorded directly on chain through an integrated transfer agent model that reduces friction, cost and restores direct control to the shareholders and issuers.

讓我解釋一下為什麼這很重要。首先，我們重建了交易結構。我們的ATS系統全天候24小時進行交易，並採用原子結算。投資者可以透過錢包連接進行自我託管。所有權透過整合的過戶代理模式直接記錄在區塊鏈上，從而減少摩擦和成本，並將直接控制權歸還給股東和發行人。

Second, and most economically meaningful, is holders realize the benefits of true ownership and self-custody through financing and DeFi integration. Equity on open is programmable collateral. Shareholders can borrow against it at up to 80% loan to value. They can cross-collateralize with other on-chain assets inside Democratized Prime.

其次，也是最有經濟意義的一點，持有者透過融資和 DeFi 整合實現了真正的所有權和自主託管的好處。開放式權益是可編程抵押品。股東可以以該資產為抵押進行貸款，貸款額度最高可達資產價值的 80%。它們可以在 Democratized Prime 內與其他鏈上資產進行交叉抵押。

They can lend their shares directly through transparent limit order books, retaining stock loan economics rather than seeding them to opaque prime broker structures. This is a structural shift and who captures value in equity markets.

他們可以透過透明的限價訂單簿直接出借股票，保留股票借貸的經濟效益，而不是將股票交給不透明的主經紀商結構。這是結構性轉變，關乎誰能在股票市場中獲取價值。

And third, this is the beginning of issuers forming direct relationships with their shareholder base. On-chain, issuers can access their shareholders directly for communication, rewards, governance without intermediaries like brokerages or proxy advisers. Shareholder communication is increasingly important to issuers, especially as a broader segment of retail enters the public markets. OPEN offers important keys for issuers to navigate this dynamic.

第三，這是發行人與其股東群建立直接關係的開端。在鏈上，發行人可以直接與股東溝通、獎勵和治理，而無需經紀公司或代理顧問等中介機構。對發行人來說，與股東溝通變得越來越重要，尤其是在越來越多的零售企業進入公開市場的情況下。OPEN 為發行方應對這種動態變化提供了重要的關鍵資訊。

When you step back and look at what we've accomplished this year, the through line is clear. 2025 was about proving that this model works operationally and financially and about establishing real first-mover advantages in building out marketplace infrastructure. 2026 is about compounding that momentum. We believe we're still early in the transition towards more efficient on-chain capital markets, where we are operating with increased scale.

回顧我們今年的成就，主線清晰可見。 2025 年的目標是證明這一模式在營運和財務上行之有效，並在建立市場基礎設施​​方面建立真正的先發優勢。 2026 年的目標是鞏固並擴大這一發展勢頭。我們相信，我們仍處於向更有效率的鏈上資本市場過渡的早期階段，我們正在以更大的規模開展業務。

Before we move on, I want to briefly address a recent security incident. To be clear, this was not a blockchain or protocol-related event. This incident involved a targeting phishing attack that affected our loan inquiry records and a limited number of customer accounts in our loan products. There was no compromise of our blockchain infrastructure or core transaction processing systems.

在繼續之前，我想簡要地談談最近發生的一起安全事件。需要澄清的是，這並非一起與區塊鏈或協議相關的事件。這次事件涉及有針對性的網路釣魚攻擊，影響了我們的貸款查詢記錄和部分貸款產品客戶帳戶。我們的區塊鏈基礎設施和核心交易處理系統沒有受到任何損害。

The impact of information includes names, loan account numbers, addresses and dates of birth as well as social security numbers for approximately 12,400 individuals. We have begun notifying individuals and are offering appropriate support. We moved quickly to contain the incident and implemented additional safeguards, including enhanced authentication controls, expanded employee training and further monitoring to reduce the likelihood of similar events in the future.

影響的資訊包括約 12,400 人的姓名、貸款帳號、地址、出生日期以及社會安全號碼。我們已開始通知相關人員，並提供相應的支援。我們迅速採取行動控制了事件，並實施了額外的安全措施，包括加強身分驗證控制、擴大員工培訓和進一步監控，以降低未來發生類似事件的可能性。

We take information security extremely seriously, and we will continue investing in our controls and processes. At this time, the incident is not expected to have a material impact on our financial results.

我們極度重視資訊安全，並將持續增加對管控措施和流程的投入。目前來看，該事件預計不會對我們的財務表現產生重大影響。

I'll now turn the call over to Macrina to walk you through our financial results for the quarter.

現在我將把電話交給瑪克麗娜，讓她為大家介紹我們本季的財務表現。

Thank you, Michael. I'll walk through our results, touching on our growth, scale, profitability and balance sheet for the quarter.

謝謝你，麥可。我將詳細介紹我們的業績，重點是本季的成長、規模、獲利能力和資產負債表。

Starting with growth, we reported exceptional consumer loan marketplace volume this quarter, reaching $2.7 billion, an increase of 131% year over year, primarily driven by new partner expansion with 307 partners and continued growth in volume from nascent products such as SMB loans and DSCR loans. As a reminder, the winter months from November to February represent seasonally low levels of activity for home-based lending. Despite this, we reported sequential quarterly growth in our consumer loan marketplace volume with contribution from new partners and newer product categories offsetting the seasonal headwinds.

首先來看成長情況，本季消費貸款市場交易金額表現出色，達到 27 億美元，年增 131%，這主要得益於新增 307 家合作夥伴以及新興產品（如中小企業貸款和 DSCR 貸款）交易額的持續成長。提醒大家，每年的11月至隔年2月是房屋貸款業務的季節性低潮期。儘管如此，我們的消費貸款市場交易量仍實現了季度環比增長，這得益於新合作夥伴和新產品類別的貢獻，抵消了季節性不利因素的影響。

Democratized Prime ended the quarter with a balance of $206 million and YLDS ended at $328 million, reflecting continued adoption following Prime's expansion on to Solana and our broader RWA consortium initiatives adding momentum for these products.

Democratized Prime 在本季末的餘額為 2.06 億美元，YLDS 的餘額為 3.28 億美元，這反映出 Prime 擴展到 Solana 以及我們更廣泛的 RWA 聯盟計劃後，這些產品得到了持續的採用，並為其發展注入了動力。

Shifting to scale. We reported adjusted net revenue of $158 million, an increase of 106% year over year. Adjusted net revenue benefited from the higher consumer loan marketplace volume and by servicing and interest income, which are asset balance-based revenue lines. Year-over-year adjusted net revenue directly correlated to consumer loan marketplace volume grew 130%, while servicing and interest income combined grew by 47%.

轉向規模化。我們公佈的調整後淨收入為 1.58 億美元，年增 106%。調整後的淨收入受益於更高的消費貸款市場交易量以及服務費和利息收入，這些都是基於資產餘額的收入項目。與消費貸款市場交易量直接相關的年度調整淨收入增加了 130%，而服務收入和利息收入合計增加了 47%。

Net take rate was 3.8% this quarter, 40 basis points higher year over year with better gain on sale execution as the primary driver of increase. Last year, we had very little Connect volume in Q4. This year, 54% of our volume comes from Connect, where we primarily earn a net take rate on volume traded. Compared to the prior quarter, net take rates were lower from a decline in gain on sale premium, in line with broader market execution, which was wider from increase in deal flow during Q4 of '25.

本季淨成交率為 3.8%，較上年同期成長 40 個基點，銷售執行情況的改善是成長的主要驅動因素。去年第四季度，我們的 Connect 交易量非常少。今年，我們 54% 的交易量來自 Connect，我們主要從 Connect 的交易量中獲得淨佣金。與上一季相比，由於出售溢價下降，淨成交率下降，這與更廣泛的市場執行情況一致，而 2025 年第四季交易量的增加導致市場執行範圍擴大。

Secondarily, we saw net take rate was slightly lower quarter over quarter due to business mix. For example, as we introduce first lien securitizations to credit buyers, premium on the loans, what we call gain on sale is more attractive to the buyers, which means it's lower for Figure. Another would be as we scale with larger Connect partners who bring more volume to our marketplace, they benefit from lower ecosystem fees due to the sliding scale rate we offer for higher volumes.

其次，由於業務組合的變化，我們看到淨成交率較上季略有下降。例如，當我們向信貸買家引入第一留置權證券化時，貸款溢價（我們稱之為出售收益）對買家來說更具吸引力，這意味著對於數字而言，它更低。另一種情況是，隨著我們與規模更大的 Connect 合作夥伴合作，他們為我們的市場帶來更多交易量，由於我們為交易量較大的客戶提供階梯式費率，他們可以享受更低的生態系統費用。

It's important to note, 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. This approach aligns with the broader strategy Michael outlined today.

值得注意的是，我們管理業務的目的是為了優化市場交易量成長和長期獲利能力，而不是為了最大化每季的淨收益率。這一做法與邁克爾今天概述的整體策略一致。

As to our near- to medium-term outlook on net take rate, we believe the range will be between 3.5% to 4%, which takes into account factors such as product mix, marketplace participation and capital market conditions. That range may fluctuate quarter to quarter, but our focus remains on scaling long-term marketplace margin durability and capital efficiency, not short-term pricing optimization at the expense of marketplace slowdown.

至於我們對近期至中期淨成交率的展望，我們認為其範圍將在 3.5% 至 4% 之間，這考慮到了產品組合、市場參與度和資本市場狀況等因素。這個範圍可能會逐季度波動，但我們的重點仍然是擴大長期市場利潤的穩定性和資本效率，而不是以犧牲市場放緩為代價進行短期定價優化。

Turning now to profitability. GAAP net income for the quarter was $15 million, representing a margin of 9.4% compared to 7% in Q4 of last year. GAAP net income was impacted by higher overall share-based compensation expenses in the quarter, which were primarily driven by onetime fully vested grants to third-party advisers and for certain of our restricted stock units that incurred accelerated recognition of expense to earlier years within the vesting period. We expect stock-based compensation to normalize around $21 million over the next few quarters.

現在來談談獲利能力。本季GAAP淨利為1500萬美元，利潤率為9.4%，去年第四季為7%。本季GAAP淨收入受到整體股份支付費用增加的影響，這主要是由於一次性完全歸屬的第三方顧問授予的股份，以及某些限制性股票單位在歸屬期內加速確認了之前年度的費用。我們預計未來幾季股票選擇權激勵支出將恢復正常，約 2,100 萬美元。

Adjusted EBITDA was $81.3 million, up approximately 426% year over year, and adjusted EBITDA margin expanded to 51.6% compared to 20.2% in the prior-year period. This quarter, we recognized additional public company-related costs of $2 million, and we expect this trend to continue into 2026.

調整後 EBITDA 為 8,130 萬美元，年成長約 426%，調整後 EBITDA 利潤率從去年同期的 20.2% 擴大至 51.6%。本季度，我們確認了與上市公司相關的額外成本 200 萬美元，我們預計這一趨勢將持續到 2026 年。

Our medium-term goal for adjusted EBITDA margin is to be above 60%, and our progress this quarter can be explained as follows.

我們調整後 EBITDA 利潤率的中期目標是達到 60% 以上，本季的進展可以解釋如下。

First, we are growing volume and assets in Figure Connect and Democratized Prime that reduce balance sheet usage and improve contribution margins as more volume moves into our capital-light marketplace. Second, we are seeing our contribution margin from partner-branded volume continue to be around 80% as we have built out the core infrastructure that powers Figure Connect and our partner-branded initiatives. And third, we continue to execute on operating leverage across both fixed and variable expense categories, where our volume increased 131% and our operating expenses, excluding share-based compensation, increased 13% over the same period.

首先，隨著更多交易量轉移到我們資本輕量的市場，Figure Connect 和 Democratized Prime 的交易量和資產不斷增長，從而減少了資產負債表的使用，提高了利潤率。其次，隨著我們建立了支持 Figure Connect 和合作夥伴品牌計畫的核心基礎設施，我們看到合作夥伴品牌銷售帶來的利潤率持續保持在 80% 左右。第三，我們繼續在固定支出和可變支出類別中實施營運槓桿，同期銷售增加了 131%，不包括股權激勵的營運支出增加了 13%。

I'll move on to our balance sheet and liquidity. We ended the quarter with approximately $1.2 billion in cash and cash equivalents. Loans held for sale was approximately $404 million at the end of the year, an increase of $15 million this quarter. As a reminder, our loans held for sale balance typically reflect the periodic timing of loan sale and securitization programs as we generally hold on to loans for a few weeks.

接下來我將談談我們的資產負債表和流動性。本季末，我們持有約12億美元的現金及現金等價物。截至年底，待售貸款約為 4.04 億美元，比本季增加了 1,500 萬美元。提醒各位，我們持有待售貸款餘額通常反映了貸款出售和證券化計劃的周期性時間安排，因為我們通常會將貸款持有幾週時間。

As we scale Democratized Prime and supply Figure loans for collateral to meet the demand, we may extend the time we hold certain loans on our balance sheet. This could increase the balance sheet in future periods, while our loans represent available land supply for this product. As more third-party lending supply comes on to the platform like Agora that Michael mentioned earlier, we expect loans held-for-sale balances to normalize back to historical trends.

隨著我們擴大民主化優質貸款和供應數位貸款作為抵押品以滿足需求，我們可能會延長我們在資產負債表上持有某些貸款的時間。這可能會在未來期間增加資產負債表，而我們的貸款則代表了該產品可用的土地供應。隨著更多第三方貸款機構（如 Michael 之前提到的 Agora）加入平台，我們預計待售貸款餘額將恢復到歷史趨勢。

In addition to our strong operating results, I'd like to highlight our announcement today that our Board has authorized a $200 million share repurchase program. We are taking this step as a reflection of the strength of our balance sheet, the durability of our operating profile and our confidence in the long-term opportunity in front of us.

除了我們強勁的經營業績外，我還想重點介紹我們今天宣布的消息：董事會已批准一項 2 億美元的股票回購計畫。我們採取這一步驟，體現了我們資產負債表的穩健性、我們經營狀況的可持續性以及我們對未來長期機會的信心。

I'd note this program does not obligate us to acquire any specific amount of shares, and it will be executed in a disciplined manner, consistent with our liquidity position and strategic priorities. We expect to maintain substantial financial flexibility to continue investing in marketplace expansion, product innovation and growth across our businesses.

我想指出，該計劃不要求我們收購任何特定數量的股份，並且我們將以嚴謹的方式執行，使其與我們的流動性狀況和戰略重點保持一致。我們預計將保持充足的財務靈活性，以繼續投資於市場擴張、產品創新和各項業務的成長。

In summary, Q4 demonstrated strong volume growth, significant operating leverage and continued migration toward a capital-light marketplace model. As we enter into 2026, we remain focused on margin durability, balance sheet efficiency and further scaling our marketplace as the primary drivers of long-term profitability.

總而言之，第四季實現了強勁的銷售成長、顯著的營運槓桿效應，並持續向輕資本市場模式轉型。進入 2026 年，我們將繼續專注於利潤率的穩定性、資產負債表的效率以及進一步擴大市場規模，因為這是實現長期盈利能力的主要驅動力。

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

最後，我要感謝大家今天蒞臨現場，並感謝大家一直以來對 Figure 的關注。Leo，我們現在可以回答問題了。

(Operator Instructions) Dan Dolev, Mizuho.

（操作員說明）Dan Dolev，Mizuho。

Michael, Macrina, really, really nice results, very impressive as always. I wanted to ask you about the Agora partnership. It looks like a very, very exciting development here, third-party originated auto loans.

Michael、Macrina，結果真的非常棒，一如既往地令人印象深刻。我想問您關於Agora合作關係的問題。第三方汽車貸款看起來是一個非常非常令人興奮的發展。

Can you maybe frame the opportunity here and how much upside this should be adding to Figure over time? Because this seems like a phenomenal business in our view.

您能否闡述這個機會，以及隨著時間的推移，它應該能為 Figure 帶來多少成長？因為在我們看來，這似乎是一門非常了不起的生意。

Thank you, Dan. Agora, in many ways, is like Figure. They're innovative. They've got a huge partner network. In their case, it's dealers, and they have a really successful capital markets franchise. They're also really big believers in blockchain. And so for them, standardizing the capital market infrastructure is going to help them grow faster.

謝謝你，丹。在很多方面，Agora 都像 Figure。他們很有創新精神。他們擁有龐大的合作夥伴網絡。就他們而言，他們是經銷商，而且他們在資本市場擁有非常成功的特許經營權。他們也是區塊鏈技術的堅定擁護者。因此，對他們而言，資本市場基礎設施​​的標準化將有助於他們更快地發展。

In terms of the opportunity set, it's really threefold. One, it's an entrance into the massive auto finance sector with about $1.5 trillion outstanding. It's also a huge opportunity for us from a Democratized Prime perspective because we're bringing third-party assets onto the platform, which is how we monetize Democratized Prime.

就機會而言，實際上有三個方面。第一，這是進入規模龐大的汽車金融領域的契機，該領域未償餘額約為 1.5 兆美元。從 Democratized Prime 的角度來看，這也是一個巨大的機遇，因為我們正在將第三方資產引入平台，而這正是 Democratized Prime 獲利的方式。

And then lastly, it's also a connect upsell opportunity because as Agora standardizes its assets on to Figure, we will have the exposure to our buyers who will then be able to participate in Figure Connect and transact in permanent acquisition of loans rather than just temporary financing on Democratized Prime. So a really massive opportunity across all of our capital-light products.

最後，這也是一個追加銷售的機會，因為隨著 Agora 將其資產標準化到 Figure 平台，我們將有機會接觸到我們的買家，他們將能夠參與 Figure Connect 並進行貸款的永久收購交易，而不僅僅是在 Democratized Prime 平台上進行臨時融資。因此，我們所有輕資產產品都面臨著巨大的機會。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

So I wanted to talk about loan origination partner adds. You've almost doubled it in the last six months, up 25% sequentially in the fourth quarter. So I was hoping you could maybe pull back the curtain and help us get a better sense for where those partner adds are coming from, the nature of those partners.

所以我想談談貸款發起合作夥伴的增加。過去六個月裡，你的收入幾乎翻了一番，第四季較上季成長了 25%。所以我希望您能揭開神秘面紗，幫助我們更了解這些合作夥伴的來源和性質。

And then given the accelerated pace of growth we've seen there recently, could this be a leading indicator of an acceleration in loan origination volumes in 2026?

鑑於我們最近看到的成長速度加快，這是否可以作為 2026 年貸款發放加速成長的先行指標？

We're firing on all cylinders in terms of partner acquisition. We have three primary motions that are all working really well. We have the license approach, which is split into a focus on independent mortgage banks and then separately, depositories, which includes banks and credit unions, and we see significant traction in both of those.

我們在合作夥伴拓展方面進展順利。我們有三種主要運動，它們都運作得非常好。我們採取了許可製，將重點放在獨立抵押貸款銀行，以及存款機構（包括銀行和信用社）上，我們在這兩方面都取得了顯著進展。

And then we also have the non-licensed approach where we have the SMB channel we talked about doubled quarter over quarter, and we're seeing activity in fintech and broader real estate. I haven't spent as much time talking about residential transition loans and DSCR, but that whole ecosystem and market of investors, people that fix and flip loans and properties, is a really massive opportunity.

此外，我們還有非授權管道，正如我們之前提到的，中小企業管道的季度環比增長了一倍，而且我們看到金融科技和更廣泛的房地產領域也出現了活躍的跡象。我還沒有花太多時間談論住宅過渡貸款和債務償付比率 (DSCR)，但整個生態系統和投資者市場，即那些進行貸款和房產翻新和轉售的人，蘊藏著巨大的機會。

It's considered broadly non-QM and the Figure product is a perfect fit for that space. And so a lot of our non-licensed activity is partnering with those types.

它被廣泛認為是非量子力學產品，而 Figure 產品正好適合這一領域。因此，我們許多非許可活動都是與這類公司合作進行的。

And so to directly answer your question, I do think it is indicative of a really strong pace of consumer loan marketplace volume growth that we continue to see into 2026.

因此，直接回答你的問題，我認為這表明消費貸款市場規模將保持強勁增長勢頭，而且這種增長勢頭將持續到 2026 年。

Ryan Tomasello, KBW.

Ryan Tomasello，KBW。

I echo the congrats on the strong execution and the initiatives. I wanted to double-click on the Agora partnership, specifically on the monetization. I think we know that the Democratized Prime fee rate is roughly 50 bps. So that's pretty clear. But in terms of upfront tokenization fees, what the Figure Connect monetization looks like relative to first-party assets, anything to help size that math would be helpful.

我同樣祝賀你們出色的執行力和各項舉措。我想重點關注Agora的合作關係，特別是其獲利模式。我認為我們知道民主化後的基準利率約為 50 個基點。這一點很清楚。但就預付代幣化費用而言，Figure Connect 的貨幣化相對於第一方資產的情況如何，任何有助於計算該金額的資訊都將有所幫助。

I'll start, and I'll turn it over to Macrina. From a monetization standpoint, I think the important point is that this is pure margin. we're not incurring the expenses to originate the asset, maintain the LOS. It's really about leveraging our capital market infrastructure.

我先開始，然後交給瑪克麗娜。從獲利角度來看，我認為重點在於這是純粹的利潤。我們無需承擔創建資產和維護貸款發起系統（LOS）的費用。關鍵在於如何利用我們的資本市場基礎設施​​。

And I'd also say that 50 basis points is the estimate that we've shared for assets. But as we enter into different conversations and asset classes, we see generally upside towards that number. Without being specific about this transaction, I do think that you'll see as we add additional third-party assets, the contribution dollars and basis points of margin from Demo Prime to go up.

我還要補充一點，50 個基點是我們之前公佈的資產估值。但隨著我們進入不同的對話和資產類別，我們看到這個數字普遍有上升空間。雖然我不能具體說明這筆交易，但我認為隨著我們增加第三方資產，Demo Prime 的貢獻金額和保證金基點將會上升。

Macrina, what would you add?

瑪克麗娜，你還會增加什麼？

Thanks, Ryan, for asking the question. I would also add, Michael mentioned earlier that this will be going into Figure Connect as we see more standardization in the loan product for auto. And so we do anticipate this impacting the overall volume coming into Figure Connect, which is great. And then additionally, as securitization for this type of auto loans are developed, we'd also be getting the securitization sponsor fee.

謝謝瑞恩提出這個問題。我還要補充一點，Michael 之前提到過，隨著汽車貸款產品標準化程度的提高，這將納入 Figure Connect。因此，我們預計這將對 Figure Connect 的整體訪問量產生影響，這是一件好事。此外，隨著此類汽車貸款證券化的發展，我們也將獲得證券化發起人費用。

Just keep in mind, I did allude to a net take rate range of 3.5% to 4%. That is taking into account these auto loan types because these are shorter duration, and so they will likely command a lower take rate rather than the HELOCs, which have a longer duration. And so we are thinking ahead to think of different types of asset classes being added and being helpful to us in the overall volume coming into our marketplace.

請記住，我之前提到淨收益率範圍為 3.5% 至 4%。這是考慮到這些汽車貸款類型，因為它們的期限較短，因此它們的貸款批准率可能低於期限較長的房屋淨值信用額度貸款。因此，我們正在展望未來，考慮增加不同類型的資產類別，這將有助於我們提高市場整體交易量。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

Just sticking with the take rate. I think previously, you were suggesting the take rate to be stable around 4%. And now you're saying more like 3.5% to 4%. So can you just unpack what's changed structurally there in the last couple of months?

就照這個轉換率來。我認為之前您曾建議將成交率穩定在 4% 左右。現在你說的比例更像是 3.5% 到 4%。那麼，您能否詳細介紹過去幾個月裡，那裡的結構發生了哪些變化？

Sure. In 2025, our main products were really the second lien HELOCs as part of our overall ecosystem. As we move into 2026 and we add different types of products, the product mix is changing into auto and more first lien coming across.

當然。到 2025 年，我們的主要產品實際上是作為我們整體生態系統的一部分的第二留置權房屋淨值信用額度 (HELOC)。隨著我們邁入 2026 年，並增加不同類型的產品，產品組合正在發生變化，汽車和更多第一抵押權產品將會出現。

And so auto, I gave the example earlier, these are shorter-term loans, and they're going to have a different type of profile and different types of buyers that come into Connect Marketplace. So we do anticipate the take rates really coming down for the shorter duration products. And it's going to depend on really the product mix going forward.

所以，就像我之前舉的例子，汽車貸款是短期貸款，它們的貸款類型和進入 Connect Marketplace 的買家類型都與汽車貸款不同。因此，我們預期短期產品的接受率會大幅下降。而這實際上取決於未來的產品組合。

And at the end of the day, we really want to be able to continue to grow our marketplace. The goal for us has always been to add different types of assets coming into our marketplace, not just be one HELOC second lien. And so first lien products or auto or any different types of loans in the future will have an impact on take rate.

歸根究底，我們真心希望能夠繼續發展壯大我們的市場。我們的目標始終是增加進入我們市場的不同類型的資產，而不僅僅是一種房屋淨值信用額度第二留置權。因此，未來首筆抵押貸款產品、汽車貸款或任何其他類型的貸款都會對貸款接受率產生影響。

Okay. And I guess the take rate is going to be that much lower going forward, but you're still targeting 60% margins. How do you bridge the gap there? Is that just more volume or lower cost in the longer term?

好的。我猜未來的佣金率會更低，但你們的目標利潤率仍然是 60%。你如何彌合這兩者之間的差距？長遠來看，這只是銷量增加還是成本降低？

I'll start. And Michael, if you want to add anything, please go ahead. I think the important part is, as I mentioned in my prepared remarks, our contribution margin has been around the 80%. It's not that we're going to be spending additional expenses. As we mentioned for Agora, it's not that we're going to be adding more different types of LOS systems and having to spend. And so we do anticipate the contribution margin still to be higher than that 60% mark in the future with different types of assets.

我先來。邁克爾，如果你還有什麼要補充的，請繼續。我認為重要的是，正如我在準備好的演講稿中所提到的，我們的貢獻毛利率一直維持在 80% 左右。並不是說我們要額外花錢。正如我們在 Agora 中提到的那樣，我們並不是要增加更多不同類型的 LOS 系統並為此花費資金。因此，我們預計未來隨著不同類型資產的出現，貢獻毛利率仍將高於 60% 的水平。

It might also be worth adding, first lien, 19% this quarter, 12% last quarter, same period -- and excuse me, last year same period. And so when you think about first lien, in particular, those are larger loans. And as a result, take rate happens to be lower basis points on loan amount, but the dollars that we earn and the profit dollars are actually higher because the unit costs are the same for us to do so.

或許也值得一提的是，第一順位抵押權，本季為 19%，上季為 12%，同期——抱歉，還有去年同期。因此，特別是考慮到第一順位抵押貸款，這些貸款金額通常較大。因此，貸款利率按貸款金額計算的基點較低，但我們賺取的美元和利潤美元實際上更高，因為我們這樣做的單位成本是相同的。

So I wouldn't look at take rate as an input metric or any decline in take rate as saying anything about maybe partners in a more competitive environment or renegotiating take rate, nothing like that. It's simply product mix. The 12% versus 19% is pretty material. And we're actually leaning into that. We want more of these larger first lien loans.

所以，我不會把佣金率看成是投入指標，也不會把佣金率的下降看成是合作夥伴處於更具競爭性的環境中，或者重新協商佣金率之類的事情。這只是產品組合的問題。12% 和 19% 之間的差距相當大。我們實際上正在朝著這個方向努力。我們希望有更多這種大額優先擔保貸款。

We started doing the smallest loans available, call it, $100,000. And as we work our way up, remember, disruption starts at the bottom. We're doing a loan at $1,000 versus industry average of $11. And so we're able to continue to work our way up towards our partners' volume, doing larger and larger loans being more and more competitive with Fannie Mae, that take rate may not be 4%, but the unit economics of that loan is going to be better just given the size.

我們一開始只發放最小額度的貸款，比如說 10 萬美元。當我們一步步向上發展時，請記住，改變是從底層開始的。我們提供的貸款金額為 1000 美元，而行業平均為 11 美元。因此，我們能夠持續努力，逐步提高貸款規模，與房利美展開越來越激烈的競爭。雖然貸款利率可能達不到 4%，但考慮到貸款規模，其單位經濟效益將會更好。

And so we are classically disrupting that market. And as I mentioned in my remarks, our existing partner base does $300 billion of first lien production annually, more than that, conservative number, and we're adding partners all the time. So this is definitely a positive. I just want to make sure that's clear.

因此，我們正在以典型的方式顛覆這個市場。正如我在演講中提到的，我們現有的合作夥伴每年完成 3000 億美元的優先擔保貸款業務，而且這還是保守估計，我們還在不斷增加合作夥伴。所以這絕對是一個正面的訊號。我只是想確認一下這一點是否清楚。

It is. Yeah, if I could -- just one clarification because I think growing in first lien has been a priority for the company for some time, but the take rate outlook is softer. So is that just a function of even more first lien loans that you're expecting or even larger dollar first lien loans than you were expecting a couple of months ago?

這是。是的，如果可以的話——我只想澄清一點，因為我認為公司一段時間以來一直優先發展第一順位抵押貸款業務，但貸款接受率的前景較為疲軟。所以，這僅僅是因為您預期會有更多或金額更大的第一順位抵押貸款，而不是幾個月前您預期的那麼多嗎？

Yeah. I mean if you think about it, right, we're growing 100% year over year, and we moved from 12% to 19%. So I don't think at the time of the IPO, we expected first lien to have as much traction as we do.

是的。我的意思是，你想想，對吧，我們每年成長 100%，而且我們從 12% 成長到了 19%。所以我覺得在IPO的時候，我們並沒有預料到第一順位抵押貸款會像現在這樣受歡迎。

And so many of our conversations today with partners are about first lien because at the end of the day, that's the biggest part of their business. And if we want to be as helpful and as disruptive as we can to the status quo, we're moving into that market. Our product is getting pulled in that direction.

如今我們與合作夥伴的許多對話都圍繞著第一順位抵押貸款展開，因為歸根結底，這是他們業務中最重要的部分。如果我們想要盡可能地幫助和顛覆現狀，我們就必須進入這個市場。我們的產品正朝著那個方向發展。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

I just wanted to touch on the ramp-up in volumes for new originating partners. Is there a rule of thumb you could lay out for us for how long partners take before they're fully scaled up and originating volumes on your platform? Maybe could you comment on the composition of year-on-year growth in origination volume between new partners versus existing partners?

我只想簡單談談新合作夥伴的業務量成長。您能否提供一些經驗法則，告訴我們合作夥伴通常需要多長時間才能完全擴大規模並在您的平台上產生交易量？您能否就新合作夥伴與現有合作夥伴在貸款發放量同比增長方面的構成發表一下看法？

James, our sales team would say it's three months because that's how the compensation structures work. But in general, that's roughly what we see. There's going to be different dynamics. Our partner base is diverse. Some are licensed, some are not licensed, some use an API, some are bigger and they take more time.

James，我們的銷售團隊會說是三個月，因為薪資結構就是這樣運作的。但總的來說，我們看到的情況大致是如此。情況將有所不同。我們的合作夥伴群體十分多元化。有些專案需要獲得許可，有些專案不需要許可；有些專案使用 API；有些專案規模更大，需要更多時間。

So some of the partners we announced last quarter, even some of the larger ones, they're still not fully ramped because especially as we expand into that first lien ecosystem and as we do things like DSCR and SMB loans and add things like yields, right, all of these opportunities are a big reason why upsell is such a large part of our go-to-market motion. And so for us, we continue to see new products being added. But in terms of the core first and second lien HELOC, that's going to be about three months.

因此，我們上個季度宣布的一些合作夥伴，甚至一些規模較大的合作夥伴，仍然沒有完全投入運營，因為尤其是在我們擴展到第一順位抵押貸款生態系統，以及我們開展諸如債務償付比率 (DSCR) 和中小企業貸款等業務，並增加諸如收益率等業務時，所有這些機會都是追加銷售在我們市場推廣活動中佔據如此重要地位的重要原因。因此，我們不斷看到新產品不斷湧現。但就核心的第一和第二順位房屋淨值信用額度而言，那大約需要三個月的時間。

And just to add to what Michael had mentioned as well, I would say that our partner count is getting up to 307. It's not that new partners are the ones that are contributing the most to this. We also have existing partners who continue to grow within our ecosystem as they move on to Connect. And we also see that new partners are joining us as figure acting as an intermediary or going on directly to connect. And some of them are taking a lot of the share within Q4, which is great. And these are newer partners that have joined in the second half.

另外，我想補充一下麥可提到的，我們的合作夥伴數量已經達到 307 家了。並不是說新合作夥伴對這件事的貢獻最大。我們還有一些現有合作夥伴，他們在升級到 Connect 的過程中，也在我們的生態系統中不斷成長。我們也看到，新的合作夥伴以中間人的身分加入我們，或直接與我們聯繫。其中一些公司在第四季度佔據了很大的市場份額，這很棒。這些是下半年加入的新合作夥伴。

Excellent. Just a quick ticky-tacky one for you, Macrina. Any ability for you to comment a little bit on the seasonality in the first quarter? You touched a little bit on the seasonality in fourth, but maybe you could just comment a little bit around the first quarter as well.

出色的。給你簡單提個醒，瑪克麗娜。您能否就第一季的季節性因素談談看法？您在第四季度稍微談到了季節性因素，但也許您也可以稍微談談第一季的情況。

Sure. It's -- we are still in the deep throes of winter months in New York as well. It's very cold. And so what we do see is that from November to February, those tend to be the months where we see less volume than the rest of the year. And so we're just exiting out of that and going into March. And so we do anticipate higher growth in March as it was in the historical trends.

當然。現在——紐約也仍然處於嚴冬之中。天氣很冷。因此，我們看到的情況是，從 11 月到 2 月，這些月份的銷量往往比一年中的其他月份要低。所以我們現在正結束那段時期，進入三月。因此，我們預計3月份的成長將高於歷史趨勢。

(Operator Instructions) Randy Binner, Texas Capital.

（操作說明）蘭迪·賓納，德克薩斯資本。

I was just hoping you could update on the securitization process, how that's going for the HELOC loan products? And then I guess, like for these newer products, if there'd be a longer period of time where you gather loans before you'd be able to place those in the securitizations as well?

我只是想請您介紹一下證券化流程的最新進展，特別是房屋淨值信用額度貸款產品的證券化進展？那麼，對於這些新產品來說，是否需要更長的時間來累積貸款，然後才能將這些貸款納入證券化產品呢？

Sure. Randy, it's Macrina. So what we are seeing in Q3, Q4, Q1, just a reminder for this group, we earned our AAA on our securitization from S&P and Moody's over the summer, and that has greatly helped us in terms of higher gain on sale premium that we are realizing for Q3 and Q4. So you are seeing that in the trends compared to 2024, which has been very helpful for us.

當然。蘭迪，我是瑪克麗娜。所以，我們在第 3、4、1 季看到的是，提醒一下各位，我們在夏季獲得了標普和穆迪的 AAA 評級，這對我們第 3 和第 4 季實現更高的銷售溢價收益大有幫助。所以，從與 2024 年的趨勢對比中可以看出這一點，這對我們來說非常有幫助。

As you allude to in terms of newer products, first lien, we did our second securitization actually in Q4. The first one we did in Q3 for the first time. And so it does take some months to be able to gather the new products before we can move on from a whole loan direct from Connect sale to a securitization vehicle.

正如您所提到的新產品，第一順位抵押權，我們實際上在第四季度完成了第二次證券化。第一個是我們第三季首次完成的。因此，我們需要幾個月的時間來收集新產品，然後才能從透過 Connect 直接銷售整筆貸款過渡到證券化工具。

So how we think about it is, usually, we want to be able to have size of about several hundred million for each of the securitization products. So the new products that we talked about that are less than $100 million for this quarter, it's going to take some seasoning over the next few quarters before we can enter the market.

所以我們通常的想法是，我們希望每種證券化產品的規模都能達到數億美元左右。因此，我們討論過的那些本季銷售額低於 1 億美元的新產品，需要在接下來的幾季進行一些調整和完善，才能進入市場。

Okay. So that -- those loans held on the balance sheet will just be higher, but that's the reason why -- and so that's all helpful. Just on auto, is (multiple speakers)

好的。因此，資產負債表上的貸款金額會更高，但這就是原因——所以這一切都是有幫助的。只需開啟自動模式即可。（多位發言者）

Randy, sorry to interrupt. On these types of loans, we actually just sell them through whole loans. So Connect is really a whole loan marketplace where sellers come into the marketplace to be able to sell different types of loans. So they are being sold directly on Connect.

蘭迪，不好意思打斷。對於這類貸款，我們實際上只是透過整筆貸款的方式出售。所以 Connect 實際上是一個完整的貸款市場，賣家可以進入該市場出售不同類型的貸款。所以它們直接在 Connect 上銷售。

Securitization is a different vehicle where Figure has stood up a shelf, worked with the rating agencies, and we collect a sponsor fee on those types of vehicles. And so it does take time, actually a few quarters and more size for these loans to go through a securitization, but that's additive to us in terms of take rate.

證券化是一種不同的工具，Figure 已經建立了自己的平台，與評級機構合作，並從這類工具中收取贊助費。因此，這些貸款確實需要時間，實際上需要幾個季度甚至更大的規模才能完成證券化，但這對我們來說是有利的，因為它提高了我們的認購率。

Okay. Understood. The last follow-up is just on the auto product. Is that going to be direct? Or is that -- would some of that be held for securitizations over time?

好的。明白了。最後一次後續跟進僅針對汽車產品。會是直接溝通嗎？或者說——其中一部分資金會隨著時間的推移而用於證券化嗎？

So I just want to make sure that we're 100% clear. So with auto, Agora already has their own securitization shelf. And so what they're looking to do with Figure is to standardize that approach on our blockchain rails, take advantage of, for example, our registry and the fact that we prevent things like double pledging as you saw in the Tricolor bankruptcy, those types of things and get better execution over time by introducing also competition into the financing, both on the Democratized Prime marketplace as well as in Connect. But we won't be taking those loans onto our balance sheet.

所以我想確保我們百分之百清楚。因此，Agora 在汽車領域已經擁有了自己的證券化平台。因此，他們希望透過 Figure 實現的是在我們的區塊鏈軌道上標準化這種方法，例如利用我們的註冊表，以及我們防止雙重質押等問題（就像你在 Tricolor 破產案中看到的那樣），並通過在民主化的 Prime 市場和 Connect 中引入融資競爭，隨著時間的推移獲得更好的執行效果。但我們不會將這些貸款計入我們的資產負債表。

Similarly, when we talk about, for example, DSCR loans, those loans today aren't living on our balance sheet. In fact, they are living on one of the originating partners' balance sheets. And then what we do is we work with the rating agencies and those partners over time to build out a shelf that then our partners can contribute into.

同樣，當我們談到債務償付比率 (DSCR) 貸款時，這些貸款目前並不在我們的資產負債表上。事實上，他們是靠著其中一位創始合夥人的資產負債表過活。然後，我們會與評級機構和合作夥伴一起，逐步建立一個平台，讓我們的合作夥伴向其中貢獻資金。

And so as Macrina mentioned, when the securitization ultimately happens, it's a fee-based event for us. We take a securitization fee as part of that transaction, but it's the contributors who own the assets that contribute those assets into the securitization.

正如 Macrina 所提到的，當證券化最終發生時，對我們來說，這是一項基於費用的事件。我們會收取證券化費用作為交易的一部分，但真正將這些資產投入證券化的是擁有這些資產的出資人。

(Operator Instructions) Kyle Peterson, Needham.

（操作說明）Kyle Peterson，Needham。

I wanted to start out, particularly on private credit and it's been pretty topical of late. I think there's been some jitters about it. I know at least a decent chunk of some of the whole loan and securitization buyers kind of are private capital and private credit investors.

我想先從私人信貸方面入手，這最近一直是個熱門話題。我覺得大家對此有些不安。我知道，至少有相當一部分貸款和證券化產品的買家是私人資本和私人信貸投資者。

But has there been any change in whether it's kind of tone or activity or anything like that in buyer appetite in the last couple of months as some of these concerns have creeped up? I know it seems like it's more kind of isolated commercial credits, but I just wanted to see if there's any change in sentiment or contagion concern with your partners.

但近幾個月來，隨著這些擔憂的出現，買家的購買意願，無論是基調、活動還是其他方面，是否有任何變化？我知道這看起來更像是孤立的商業積分，但我只是想看看你的伴侶對此是否有任何態度上的變化或對傳染的擔憂。

Kyle, thanks for the question. So what we have seen in the market at the end of the day is that we actually haven't seen any change in the demand for Figure loans. And that's because we're in the market very often. People understand our product. We are in the market with securitization vehicles as often as well. And so as you alluded to, the private capital -- private credit capital jitters that you're seeing is really on the commercial loans rather than these residential mortgage type of loans. So we aren't actually seeing that.

凱爾，謝謝你的提問。所以最終我們在市場上看到的是，實際上並沒有看到對數位貸款的需求有任何變化。那是因為我們經常出入市場。人們了解我們的產品。我們也經常參與證券化工具的市場活動。正如你所提到的，你看到的私人資本——私人信貸資本的緊張情緒實際上集中在商業貸款上，而不是這些房屋抵押貸款類型。所以我們實際上並沒有看到這種情況。

With that said, though, as a reminder, we -- our loans actually get originated within nine days on average, as fast as five days. So if we do see anything, it's going to take a long time for other loan originators to shift to meet the appetite. We have a very short time, and we're able to change trends as needed as quickly to accommodate the market. But that isn't something that we see today.

不過，要提醒的是，我們的貸款平均會在九天內發放，最快五天即可到達。所以，即便我們真的看到這種情況，其他貸款機構也需要很長時間才能轉變策略以滿足市場需求。我們時間非常有限，需要根據市場需求迅速改變趨勢。但我們今天看不到這種情況了。

Okay. That's really good to hear. And then I guess just a follow-up. I wanted to touch on the crypto-backed loans. I know that's, I guess, smaller kind of ancillary product now, but how has that product performed?

好的。聽到這個消息真是太好了。然後我想再補充一點。我想談談加密貨幣抵押貸款。我知道這現在算是規模較小的輔助產品了，但是該產品的表現如何呢？

I know there's been some recent volatility in crypto prices, but has the credit performance and collateral held up on par with your underwriting standards? Or I guess just how has that book performed over the last few months as there's been a little more volatility in crypto prices?

我知道最近加密貨幣價格波動較大，但信用表現和抵押品是否符合你們的承保標準？或者，我想問，在過去幾個月加密貨幣價格波動較大的情況下，這本書的表現如何？

It's a dream asset class from the perspective of the investor or owner of the loan because you have the ability to liquidate that asset basically at any time because of the way the Bitcoin market works. And so even though there's been volatility, we've actually had a really easy time liquidating in the event we drop below LTV thresholds. So we've been handling that nicely.

從投資者或貸款所有者的角度來看，比特幣是一種夢寐以求的資產類別，因為由於比特幣市場的運作方式，你基本上可以隨時變現該資產。因此，即使市場波動較大，但如果跌破 LTV 門檻，我們實際上也很容易進行清算。所以，我們一直處理得很好。

It's -- there's been zero losses in crypto-backed loans to date. And in general, while you note there is an environment that people are spending more time on private credit, we're seeing across all of our products, securitization execution at all-time tights, including even earlier this month. So definitely, there is some distinction across asset classes and across issuers. And so we feel really good about the position that Figure is in.

迄今為止，加密貨幣抵押貸款還沒有出現任何損失。總的來說，雖然您注意到人們在私人信貸方面花費的時間更多，但我們看到，在我們所有的產品中，證券化執行都處於歷史最低水平，甚至在本月初也是如此。所以，不同資產類別和不同發行人之間一定有些差異。因此，我們對 Figure 目前所處的地位感到非常滿意。

Thank you. This concludes today's Figure Technology Solutions fourth-quarter and full-year 2025 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。本次 Figure Technology Solutions 2025 年第四季及全年業績電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。