Figure Technology Solutions, Inc. (FIGR) 2026 Q1 法說會逐字稿

Welcome to the Figure Technology Solutions first quarter 2026 earnings conference call.

歡迎參加 Figure Technology Solutions 2026 年第一季財報電話會議。

(Operator Instructions) Lastly, today's call is being recorded.

(接線員指示) 最後，今天的電話會議將被錄音。

I'd like to now turn the call over to Bryan Michaleski, Head of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係主管 Bryan Michaleski。請開始。

Good morning. Welcome to Figure's first quarter 2026 earnings call. My name is Bryan Michaleski, Head Investor Relations here at Figure.

早安。歡迎參加 Figure 2026 年第一季財報電話會議。我是 Figure 的投資人關係主管 Bryan Michaleski。

Joining me on today's call are Mike Cagney, Executive Chairman, Co-Founder, Figure; Michael Tannenbaum, our Chief Executive Officer; and Macrina Kgil, our Chief Financial Officer.

今天與我一同出席的有：Figure 共同創辦人兼執行董事長 Mike Cagney；我們的執行長 Michael Tannenbaum；以及我們的財務長 Macrina Kgil。

Before we begin today, I'd like to briefly note that in today's call, we will refer to certain non-GAAP measures. These measures have been reconciled to their GAAP equivalents in the earnings release we issued today or yesterday 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.

在我們開始之前，我想先簡要說明：今天的電話會議中，我們將提及若干非 GAAP 指標。這些指標已在我們今天或昨天發布的財報新聞稿中，以及我們網站上所張貼之補充簡報附錄中，與其 GAAP 對應項目完成調節。提醒各位，非 GAAP 指標不應被視為 GAAP 結果的替代。

I'd also highlight that certain comments made today 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 of are beyond the company's control, can cause actual results, events, or circumstances to differ materially from those described in the statements. For more information, please refer to the risk factors we've identified in our most recent 10-K and other SEC filings. We are not undertaking any commitment to update these statements if conditions change, except as required by law.

我也要強調，今天的部分評論可能依據聯邦證券法被視為前瞻性陳述。公司提醒您，前瞻性陳述涉及重大風險與不確定性，且有多項因素（其中許多超出公司控制範圍）可能導致實際結果、事件或情況與陳述中所描述者出現重大差異。更多資訊請參閱我們最近一期 10-K 與其他 SEC 申報文件中所揭露的風險因素。除法律要求外，若情況改變，我們不承諾更新這些陳述。

And with that, I'll turn the call over to Mike Cagney. Mike, please go ahead.

接下來，我把電話交給 Mike Cagney。Mike，請開始。

Thanks. So I want to thank everyone for taking the time to join us on the call today. We've got a lot to cover and a very strong quarter. Before we kick off, I know there were some questions about my absence from the earnings call last quarter, so I wanted to set expectations. And my role as Executive Chairman, I'm thrive to long-term strategy of Figure.

謝謝。首先感謝各位今天撥冗參加電話會議。我們有很多內容要談，而且本季表現非常強勁。在開始之前，我知道大家對我上季未出席財報電話會議有些疑問，所以我想先設定一下大家的預期。以我執行董事長的角色，我的重點在於推動 Figure 的長期策略。

I'll join these calls when we're spending time on that topic like today. You should expect to hear from me about every other call, but that will be -- that will vary based on what's happening with the business.

當我們像今天這樣花時間討論該主題時，我就會參與這些電話會議。大家可以預期大約每隔一次電話會議會聽到我發言，但這會—會依業務進展而有所不同。

So I understand that for an investor looking at Figure for the first time, there's a lot to take in and often leads investors to take the easy path assuming Figure is a HELOC company, but Figure is not a HELOC company, Figure is a company building a capital market ecosystem native to blockchain, this is a total overhaul of the existing market.

我理解，對於第一次研究 Figure 的投資人而言，需要消化的資訊很多，往往會讓投資人走捷徑、以為 Figure 是一家 HELOC 公司；但 Figure 不是 HELOC 公司。Figure 是一家正在打造以區塊鏈為原生的資本市場生態系的公司，這將徹底改造現有市場。

To kick off this call, I'd like to lay out the ecosystem we're building, how we plan to scale it and why it matters.

為了開場，我想先說明我們正在打造的生態系、我們計畫如何擴張，以及為什麼這很重要。

So Figure's ecosystem has three verticals: debt and structured finance, equity and non-debt digital assets, and capital and financing markets, YLDS acts as the currency that ties these verticals together. With debt and structured finance, our first launch into that vertical was through our own retail HELOC production back in 2018. We quickly evolved that into a B2B business. And today, the vast majority of our mortgage production on the platform comes from our 380-plus third-party partners.

Figure 的生態系有三大垂直領域：債務與結構性融資、股權與非債務型數位資產，以及資本與融資市場；YLDS 作為把這些垂直領域串聯起來的「貨幣」。在債務與結構性融資方面，我們在 2018 年透過自有的零售 HELOC 產製，首次切入該垂直領域。我們很快將其演進為 B2B 業務。而今天，我們平台上的房貸產製絕大多數來自 380 家以上的第三方合作夥伴。

Further, over half of that production trades on Connect our whole loan marketplace. With Connect, we pioneered what we believe to be the only liquid private credit capital PSCs, which only quasi-private. This capital market, not the originating technologies are moat in this business and our primary revenue driver for loans in our ecosystem.

此外，其中超過一半的產製量會在 Connect（我們的整筆貸款市場）上交易。透過 Connect，我們開創了我們認為是唯一具流動性的私募信貸資本 PSCs（僅屬準私募）。在這項業務中，我們的護城河與主要收入驅動因素是資本市場本身，而非放款起源技術；這也是我們生態系中貸款的主要營收來源。

Last year, we began to bring our digital assets over to DeFi for financing, introduced the problems remain to all real-world assets on blockchain. DeFi's asset-based lending, the premises that the collateral backing the loan is liquid. What are the collaterals a whole loan given LTV breach, how does a lender take a fractional position in the whole loan. And even if they could, where would they sell it? This is where our platform forge comes in.

去年，我們開始把數位資產帶入 DeFi 進行融資，並提出了所有上鏈的真實世界資產仍然存在的問題。DeFi 的資產抵押借貸，其前提是支撐貸款的抵押品具有流動性。若抵押品是一筆整筆貸款，當 LTV 觸及違約門檻時該怎麼辦？放款人又如何取得該整筆貸款的分割持分？即便做得到，又要在哪裡賣出？這就是我們平台 Forge 的用武之地。

We built forwards to transform whole loans in the small single dollar liquid participation units. Loans get pledged or sold into a bankruptcy remote container that container issues participation units against the loans, these units have a natural market. They get expensive, entities will buy loans on connect and pledge into the container than sell participation units in the market. They get cheap, bigger, and others will buy them, swap in the loans, and securitize them. This two-way arbitrage supports the liquid marketplace.

我們打造 Forge，用以將整筆貸款轉換為小面額、以美元計價且具流動性的參與單位。貸款會被質押或出售至一個破產隔離（bankruptcy remote）的載體中，該載體會以這些貸款為基礎發行參與單位，而這些單位具有天然的市場。當它們變得昂貴時，機構會在 Connect 上買入貸款並質押進載體，然後在市場上賣出參與單位。當它們變得便宜時，規模更大的機構等會買入這些單位、換入貸款並將其證券化。這種雙向套利支撐了流動性市場。

With liquidity, the unit's work as collateral in DeFi. Lenders can see market liquidity, volatility, and advance rate to decide on whether to participate as they would with Bitcoin or other crypto assets.

有了流動性之後，這些單位就能在 DeFi 中作為抵押品。放款人可以觀察市場流動性、波動度與預付款比率（advance rate），以決定是否參與，就像他們評估比特幣或其他加密資產一樣。

Forge acts as a critical intermediary between on chain loans and DeFi. We were excited to announce Agora in Q1 is the first forge third-party partner and are building a pipeline of many other issuers across consumer mortgage receivables, SMB, and other loan categories, with the goal of bringing these issuers onto blockchain into connect via forge to DeFi.

Forge 是鏈上貸款與 DeFi 之間的關鍵中介。我們很高興宣布 Agora 在第一季成為第一家 Forge 的第三方合作夥伴；我們也正在建立涵蓋消費者房貸應收款、中小企業（SMB）及其他貸款類別的多家發行方管線，目標是透過 Forge 將這些發行方帶上鏈，進入 Connect，並進一步導入 DeFi。

Michael will talk more about the economic model to this and the other two verticals. But essentially, we make money running the marketplace, which is Connect, the bridge to DeFi, which is Forge and DART, DeFi itself, which today is Democratized Prime and the arbitrage from participating in the token market.

Michael 會進一步說明這套經濟模型以及另外兩個垂直領域。但本質上，我們透過營運市場平台獲利，也就是 Connect；透過通往 DeFi 的橋樑獲利，也就是 Forge 與 DART；透過 DeFi 本身獲利，而目前是 Democratized Prime；以及透過參與代幣市場的套利獲利。

For equity and non-digital assets in Q1, Figure launched the on-chain public equity network or OPEN. With OPEN, we are capturing the blockchain value proposition, transactional efficiency, liquidity, and DeFi through public equities native on-chain.

在股權與非債務型數位資產方面，Figure 於第一季推出鏈上公開股權網路（on-chain public equity network），稱為 OPEN。透過 OPEN，我們將以鏈上原生的公開股權來實現區塊鏈的價值主張：交易效率、流動性，以及 DeFi。

On open stock is registered on the blockchain, not DTCC, stocks trade on our ATS, which functions like a decentralized exchange of self-custody self-clearing. The ATS supports Direct Wallet Connect eliminating the need for introducing brokers. And through self-custody stockholders can access DeFi for lend and borrow.

在 OPEN 上，股票是登記在區塊鏈上，而不是在 DTCC。股票在我們的 ATS 上交易；該 ATS 的運作類似去中心化交易所，具備自我託管與自我清算。ATS 支援 Direct Wallet Connect，消除對引介券商的需求。並且透過自我託管，股東可以進入 DeFi 進行出借與借入。

OPEN delivers important value to companies and investors. First, companies can do proxy and other outreach and distributions directly to wallet holders eliminating the cost of these services from firms like DTCC. Check the combination of 24/7 trading and Wallet Connect opens up access to trading to a global investor base, but a most important value proposition lies in DeFi.

OPEN 為公司與投資人帶來重要價值。首先，公司可以直接向錢包持有人進行委託書徵求（proxy）及其他觸達與分派，從而免除向 DTCC 等機構支付這些服務成本。其次，24/7 交易與 Wallet Connect 的結合，讓全球投資人都能參與交易；但最重要的價值主張在於 DeFi。

With OPEN, shareholders can put their stock up as collateral to borrow in DeFi markets at potentially better advance in interest rates that can cross collateralize combining stock with Bitcoin, for example, to borrow against both. But most importantly, they control stock loan rather than the prime broker sitting in between a stock lender and borrower at an opaque market, the shareholder can put their stock out or borrow directly on a limit order book. This redirects the money that primes make today to the shareholder. It also creates an interesting mitigant to high short interest where the underlying stock is -- when the underlying stock is on special.

透過 OPEN，股東可以把股票作為抵押品，在 DeFi 市場借款，可能取得更好的預付款比率與利率；也可以進行交叉抵押，例如把股票與比特幣結合，對兩者一併借款。但最重要的是，他們能掌控股票借貸，而不是由主經紀商夾在股票出借人與借款人之間、在不透明的市場中撮合；股東可以直接在限價委託簿上出借或借入。這會把主經紀商今天賺取的收益重新導向股東。當標的股票空頭部位偏高、且標的股票處於「特殊借券」（on special）狀態時，這也形成一個有趣的緩解機制。

With the shareholder getting this full stock loan benefit, the company creates a countervailing force to own a heavily shorted stock, high coupon from the stock loan. OPEN is unique and that the stock is native on chain, not a DTC copy or an SPV interest. Shareholders have full rights in the stock can trade in the limit order book.

在股東獲得這項完整的股票借貸收益後，公司便形成一股相反力量去持有被大量放空的股票，並從股票借貸中獲取高票息收益。OPEN 的獨特之處在於該股票是鏈上原生資產，而非 DTC 複製品或 SPV 權益。股東對該股票享有完整權利，並可在限價委託簿中交易。

Competing efforts suffer from limited access as PVs are available to US investors, for example, limited liquidity DTCC copies can't trade in the limit order book because of Reg NMS and best execution or limited utility. So copies of assets generally won't work in DeFi protocols.

競爭方案因可得性受限而受挫，例如 PV 僅對美國投資人開放；此外，流動性有限的 DTCC 複製品因 Reg NMS 與最佳執行要求或效用受限，無法在限價委託簿中交易。因此，資產的複製品通常無法在 DeFi 協議中運作。

In addition to OPEN, we also support marketplaces for other non-debt digital assets, including crypto, or we're not actively trying to grow these markets today, they provide an important laboratory for testing and product and technology ideas. Again, Michael will talk about the unit economics, but with OPEN, we earn in listing fees, trading fees, but the bulk of the economics come from DeFi.

除了 OPEN 之外，我們也支援其他非債務型數位資產的市場，包括加密資產；雖然我們目前並未積極擴張這些市場，但它們提供了一個重要的實驗室，用於測試產品與技術構想。同樣地，Michael 會談到單位經濟，但就 OPEN 而言，我們的收入來自上架費、交易費，不過經濟效益的大宗來自 DeFi。

On capital and financing markets, the common threat across the debt and equity verticals and the biggest value from blockchain is the DeFi. Last year, Figure stood up a custody bilateral marketplace called Democratized Prime. As the name implies, we weren't trying to hide our ambitions into the separate. We're building a compete venue for financing digital assets on blockchain. Democratized Prime currently supports markets across whole loans, loan participations, crypto, and equity. Democratized Prime is native to the Provenance blockchain or primary Layer 1 chain.

在資本與融資市場方面，橫跨債務與股權垂直領域的共同威脅，以及區塊鏈帶來的最大價值，都在於 DeFi。去年，Figure 建立了一個名為 Democratized Prime 的託管雙邊市場。顧名思義，我們並未試圖掩飾我們在該領域的企圖心。我們正在打造一個在區塊鏈上為數位資產融資的競爭性交易場域。Democratized Prime 目前支援涵蓋整筆貸款、貸款參與、加密資產與股權的市場。Democratized Prime 原生於 Provenance 區塊鏈（主要的 Layer 1 主鏈）。

Last year, the Provenance Foundation launched Hastra, a DeFi protocol that swaps wrapped yields for a prime token. The Hastra protocol unwraps the yield takes yield to Democratized Prime and passes on the interest less a feed to the prime token holder. There are liquid markets for prime token and active DeFi protocols away from Provenance blockchain that provide leverage called looping for prime token holders boosting returns from mid-single-digit mid-teens. Hastra access middle from third-party Layer 1 blockchains to Democratized Prime. It launched on Solana in Q4 using Camino for financing and Radium for Liquidity.

去年，Provenance Foundation 推出了 Hastra，一個將封裝收益（wrapped yields）兌換為 prime token 的 DeFi 協議。Hastra 協議會將收益解封裝，將收益導入 Democratized Prime，並把利息（扣除一筆費用）轉給 prime token 持有人。prime token 具有流動市場，且在 Provenance 區塊鏈之外也有活躍的 DeFi 協議提供稱為 looping 的槓桿，讓 prime token 持有人的報酬率從中個位數提升到十幾個百分點。Hastra 讓第三方 Layer 1 區塊鏈能夠接入 Democratized Prime。它於第四季在 Solana 上線，使用 Camino 進行融資，並使用 Radium 提供流動性。

The Prime Token was the fastest-growing token in Camino's history and is the largest actively deployed real-world asset open for DeFiLlama in the entire DeFi ecosystem across any blockchain.

Prime Token 是 Camino 歷史上成長最快的代幣，並且是在整個 DeFi 生態系（跨任何區塊鏈）中，於 DeFiLlama 上可供 DeFi 使用且實際部署規模最大的真實世界資產（RWA）代幣。

Last week, Hastra announced its launch on the Morpho protocol on Ethereum, opening up an even water addressable DeFi market on blockchain today. Again, Michael will talk in detail about the economics, but the primary driver here is the spread we earn between lenders and borrowers with some protocol fees from Hastra eventually paid back to Figure.

上週，Hastra 宣布在以太坊上的 Morpho 協議上線，進一步打開了當前區塊鏈上更廣泛、可觸及的 DeFi 市場。同樣地，Michael 會詳細說明經濟模型，但此處的主要驅動因素是我們在放款人與借款人之間賺取的利差，以及 Hastra 的部分協議費用最終回饋給 Figure。

In terms of what we're trying to do to scale these verticals, we're pursuing a set of discrete strategies to build out our blockchain native capital market ecosystem. First, we're working on growing the first lien market via HELOC on Connect. The first lien market is upwards of 25x larger than the second lien space. We've been pushing an innovative solution of using HELOC and first lien position, dramatically lowering originating costs relative to traditional mortgages and are beginning to establish dominance in the sub-$300,000 first lien loan marketplace.

就我們如何擴大這些垂直領域而言，我們正在推進一系列明確的策略，以建構我們的區塊鏈原生資本市場生態系。第一，我們正透過 Connect 上的 HELOC 來擴大第一順位留置權（first lien）市場。第一順位留置權市場的規模比第二順位留置權（second lien）市場大 25 倍以上。我們一直在推動一項創新解決方案：以 HELOC 搭配第一順位留置權部位，相較於傳統房貸可大幅降低承作成本，並開始在 30 萬美元以下的第一順位留置權貸款市場建立主導地位。

Second, we're focused on bringing USDC, USDT utility yields. While yields per appear transferable as the security it still requires a transfer agent and then the name and address of each holder. We're advocating both to the SEC and via Clarity satisfied transfer agent requirements with wallet address. This would bring identical utility to yields afforded to any genius at coin, but with the added feature that yields pays interest. We see this as a significant unlock for applications from DeFi to payments.

第二，我們聚焦於導入 USDC、USDT 的效用型收益（utility yields）。雖然收益本身看似可像證券一樣轉讓，但仍需要過戶代理（transfer agent），並取得每位持有人的姓名與地址。我們正向 SEC 倡議，並透過 Clarity 推動以錢包地址滿足過戶代理要求。這將使收益具備與任何「genius at coin」所提供的收益相同的效用，但額外具備收益會支付利息的特性。我們認為這將為從 DeFi 到支付等應用帶來重大解鎖。

Third, we're working to build a proof point of the -- we're going to improve a point of the borrow benefit to shareholders on OPEN. We've been working with some of our largest shareholders and migrate their stock positions from Nasdaq to OPEN. We believe this will cause a tipping point where borrow for shorts must happen on change. Once we've established this proof point, we'll make a concerted go-to-market push more listings.

第三，我們正致力於建立一個驗證點——我們將改善 OPEN 上股東的借券收益。我們一直與部分最大股東合作，將其持股部位從納斯達克遷移至 OPEN。我們相信這將引發一個臨界點，使放空者的借券必須在鏈上發生。一旦建立此驗證點，我們將更有系統地推動上市拓展（go-to-market），爭取更多上架。

Fourth, we're bringing third-party borrow on to Democratized Prime. And in order for us to scale significantly, we need to make bolder bets in terms of the types of companies that we partner with and the structure in which we do. The team has done a nice job of adding 380 partners in our tokenized mortgage marketplace, but we are exploring ways to add additional assets and change the capital markets in. In fact, we'll talk about adding SMB as part of Michael's comments.

第四，我們正把第三方借貸（borrow）引入 Democratized Prime。為了實現顯著擴張，我們需要在合作夥伴類型與合作結構上做出更大膽的押注。團隊在我們的代幣化房貸市場新增了 380 家合作夥伴，表現出色，但我們也在探索加入更多資產並改變資本市場的方式。事實上，我們會在 Michael 的評論中談到將 SMB 納入其中。

Fifth, to accommodate this expected increase in volume, we're working to bring TradFi capital on to Democratized Prime. The DeFi ecosystem is still nascent size relative to TradFi wholesale capital markets. To get DeFi scale, we need TradFi dollars from retail investors and institutional asset managers to begin to use protocols like Democratized Prime to earn yield. We're working with multiple partners on this, including ensuring security perfection and collateral and helping third parties launch dedicated DeFi yield funds where they have guaranteed access to certain democratized prime pools.

第五，為了因應預期的交易量成長，我們正努力把傳統金融（TradFi）資金引入 Democratized Prime。相較於 TradFi 的批發資本市場，DeFi 生態系的規模仍處於萌芽階段。要讓 DeFi 達到規模，我們需要來自散戶投資人與機構資產管理人的 TradFi 資金開始使用如 Democratized Prime 這類協議來賺取收益。我們正與多個合作夥伴推進此事，包括確保擔保權完善（security perfection）與抵押品安排，並協助第三方推出專門的 DeFi 收益基金，使其能保證取得特定的 Democratized Prime 資金池。

Finally, we're beginning to allocate resources into existential problems for blockchain a wallet-centric experience. Terms like coinbase, Robin Hood and so are building Super App. So one-stop shop where the firm controls the customer data, custody transactions, and experience. Blockchain affords a different user-centric approach, notably with self-custody wallets and distributed applications and east can control the data, pick their own transaction venues, and maintain a consistent user experience. Blockchain is a very small pond.

最後，我們開始把資源投入到區塊鏈的存亡性問題：以錢包為中心的體驗。像 coinbase、Robin Hood 等公司正在打造 Super App。也就是一站式平台，由公司掌控客戶資料、託管交易與整體體驗。區塊鏈提供不同的以使用者為中心的方法，尤其是自我託管錢包與分散式應用，使用者可以掌控資料、選擇自己的交易場域，並維持一致的使用者體驗。區塊鏈目前仍是一個很小的池塘。

The only way to make it a lake in a notion is to deliver an experience that both retail and institutional TradFi customers can embrace. You'll hear more from us on this topic over the coming months.

要把它在概念上變成一座湖，唯一的方法是提供一種零售與機構 TradFi 客戶都能接受的體驗。未來幾個月你們將會聽到我們在此主題上的更多進展。

Our blockchain ecosystem is a multiyear endeavor with massive upside. I know public companies look quarter-to-quarter, but we want to set expectations on timing. It took us several years to drive means treatment option in HELOC and it wasn't an easy path. We expect the same as we build into additional credit equity and yields, but believe the payoff is worth the upward.

我們的區塊鏈生態系是一項多年期的工程，具有巨大的上行空間。我知道上市公司往往以季度為單位檢視表現，但我們希望就時程設定預期。我們花了好幾年才在 HELOC 上推動「means treatment option」，而且這條路並不容易。當我們擴展到更多信貸、股權與收益產品時，我們預期也會如此，但我們相信回報值得這份投入。

To help explain the upside and to provide a recap of the quarter, I'm handing it off to Michael.

為了協助說明上行空間並回顧本季表現，我把時間交給 Michael。

Thanks, Mike. I'll kick it off by covering our strong performance this quarter. Q1 '26 continued our impressive financial performance with again over 110% consumer loan marketplace growth and roughly 50% adjusted EBITDA margins, putting us at a rule of 140 versus benchmark of 40. Revenue was up 92% and adjusted EBITDA margin at 50% as we continue to see the benefits of our capital light marketplace, Figure Connect in the financials. In fact, Figure Connect grew to 56% of volume, up from 54% last quarter.

謝謝，Mike。我先從本季的強勁表現談起。2026 年第一季延續了我們亮眼的財務表現：消費者貸款市集規模再次成長超過 110%，調整後 EBITDA 利潤率約 50%，使我們的 140 法則（rule of 140）相較於 40 的基準大幅領先。營收成長 92%，調整後 EBITDA 利潤率為 50%；我們持續在財報中看到資本輕量化市集 Figure Connect 帶來的效益。事實上，Figure Connect 的交易量占比提升至 56%，高於上季的 54%。

In terms of volume, we saw growth across all channels, most notably new partners, depository activity, business purpose, and partner growth via Figure Connect. I'll walk through each now. We added 80 new partners the most ever, and launched partners, including the seventh largest lender in the country.

就量能而言，我們在所有通路都看到成長，最顯著的是新合作夥伴、存款機構活動、商業用途，以及透過 Figure Connect 帶動的合作夥伴成長。我現在將逐一說明。我們新增了 80 家新合作夥伴，創下歷史新高，並啟動了多家合作夥伴上線，其中包括全國第七大放款機構。

Our business purpose product highlighted by the SMB channel continued its very rapid expansion with volume in almost $60 million this quarter. We've also seen a significant acceleration of depository activity within our pipeline, reflecting a clear and growing demand for Figure's own products from this important market segment.

我們的商業用途產品（以 SMB 通路為主）持續非常快速地擴張，本季量能接近 6,000 萬美元。我們也看到管線中的存款機構活動顯著加速，反映出這個重要市場區隔對 Figure 自有產品明確且持續成長的需求。

Highlighting this is the recent onboarding of Flagstar Bank, a large regional depository and now the largest bank originator on our marketplace to date. This validates our platform's institutional grade and our ability to support complex, large-scale banking operations. We're currently in the final stages of implementation. We believe this momentum will only be amplified by proposed regulatory shifts.

其中一個亮點是近期完成 Flagstar Bank 的導入；該行為大型區域性存款機構，且目前已成為我們市集迄今最大的銀行端承作機構。這驗證了我們平台具備機構級水準，以及我們支援複雜、大規模銀行營運的能力。我們目前正處於導入的最後階段。我們相信，這股動能將在擬議的監管變動下進一步放大。

Specifically, Fed guidance regarding reduced risk weightings for mortgage assets and home equity loans serves as a substantial tailwind further incentivizing depositories to leverage our platform and optimize their balance sheets.

具體而言，聯準會（Fed）關於降低房貸資產與房屋淨值貸款風險權重的指引，形成一股強勁順風，進一步激勵存款機構運用我們的平台並優化其資產負債表。

The business channel progress coincides with growth we are seeing in SCR and residential transition loans. These two products, often used by real estate investment businesses represent a roughly $100 billion addressable annual origination market. The SCR loans focus on rental housing and are one of the fastest-growing pockets of residential lending and residential transition loans are an attractive category for us on democratized Prime due to their short-term nature. In Q1, we saw 70% growth from both of these products, and we expect this to be a focus going forward.

商業通路的進展，與我們在 SCR 與住宅過渡貸款（residential transition loans）上看到的成長相互呼應。這兩項產品常被不動產投資業者使用，合計對應約 1,000 億美元的年度可觸及承作市場。SCR 貸款聚焦於出租住宅，是住宅放貸中成長最快的領域之一；而住宅過渡貸款因其短期特性，對我們在 Democratized Prime 上而言是一個具吸引力的類別。在第一季，這兩項產品都成長了 70%，我們預期未來將持續聚焦於此。

Last quarter, I jumped 2026 the year of the first lien. Today, I'm pleased to share first lien volume now accounts for 20% of our total, up from 19% last quarter. We compete there primarily in the small balance loans where our $1,000 average cost to originate versus industry average of $11,500 is most differentiated because the cost savings makes the largest difference on smaller loans. The standardization and liquidity that we are bringing to the mortgage industry is showing up in our strong results, our volume growth, and our execution in the face of complex geopolitical and macroeconomic environments. In a recent meeting with a major potential partner and executive shared that their company sees two existential threats.

上季我曾提到 2026 年將是第一順位抵押權（first lien）之年。今天我很高興分享，第一順位抵押權量能目前占我們總量的 20%，高於上季的 19%。我們主要在小額貸款（small balance loans）領域競爭；在這裡，我們每筆平均 1,000 美元的承作成本，相較於業界平均 11,500 美元，差異最為明顯，因為成本節省在較小額貸款上帶來的影響最大。我們為房貸產業帶來的標準化與流動性，反映在我們強勁的成果、量能成長，以及在複雜地緣政治與總體經濟環境下的執行力。近期與一位重要潛在合作夥伴的會議中，對方高層分享其公司看到兩個攸關存亡的威脅。

The first I expected, AI disrupting the value chain such that their company's cost advantage erodes, but the second was that Figure becomes the default capital market and that they're late to partner with us. So that company is one we've called on for years and the posture ship was notable.

第一個如我所預期，是 AI 破壞價值鏈，導致其公司的成本優勢被侵蝕；但第二個是 Figure 成為預設的資本市場，而他們太晚才與我們合作。因此，這家公司是我們多年來一直拜訪的對象，而其態度轉變相當值得注意。

Macrina will cover take rate in more detail, but we achieved 3.8 this quarter, in line with the guidance we provided. Reminder that in connection with the airline Mike just gave our economic level for Figure Connect and the consumer loan marketplace more broadly is take rate by volume.

Macrina 會更詳細說明 take rate，但我們本季達到 3.8，符合我們先前提供的指引。提醒一下，結合 Mike 剛才提到的內容，我們對 Figure Connect 以及更廣泛的消費貸款市集所採用的經濟衡量指標，是以量能計算的 take rate。

On this quarter's take rate, we see this result as impressive, especially in light of the volatility and interest rate expectations experienced throughout one, as we indicated last quarter, while our take rate is lower on first-lien volume, the total revenue contribution margin and EBITDA we earn on each first lien loan is higher as balances are significantly larger. For example, we would rather earn a 2% take rate on a $300,000 first lien loan or $6,000, then a 4% take rate on a 60,000 second lien loan or $2,400, as the cost to originate are the same.

就本季的 take rate 而言，我們認為這個結果令人印象深刻，特別是在第一季期間市場波動與利率預期變化之下；如同我們上季所指出，雖然我們在第一順位抵押權量能上的 take rate 較低，但每筆第一順位抵押權貸款所帶來的總營收貢獻毛利與 EBITDA 反而更高，因為其貸款餘額顯著較大。例如，我們寧可在 30 萬美元的第一順位抵押權貸款上賺取 2% 的 take rate（即 6,000 美元），也不願在 6 萬美元的第二順位抵押權貸款上賺取 4% 的 take rate（即 2,400 美元），因為兩者的承作成本相同。

Any decrease in take rate is not a reflection on our competitive differentiation or demand for our platform. Having just recently crossed the $1 billion monthly marketplace origination mark, we see a clear path to $2 billion. On the acquisition side, we benefit from what we refer to as Wales, which can do $50 million plus per month at scale. We've been adding at least one of these per quarter consistently. One of the wells we added in late Q3, for example, did over $150 million this quarter.

take rate 的任何下降都不代表我們的競爭差異化或平台需求減弱。我們最近剛跨越市集每月承作額 10 億美元的里程碑，並清楚看到通往 20 億美元的路徑。在獲客端，我們受益於我們所稱的「鯨魚」（whales），其在規模化後每月可貢獻 5,000 萬美元以上。我們一直穩定地每季至少新增一個這類合作夥伴。例如，我們在第三季末新增的一個「鯨魚」，本季就貢獻了超過 1.5 億美元。

While smaller partners contribute less, we have also been adding conservatively around 50 per quarter and with the wide open TAMs and SMB and depositories, we see lots of opportunity. Then we go from existing partners, which continues to exceed expectations. This is fueled by improvements we make to the product as well as the incentives that drive volume on Figure Connect. Think of Figure Connect as the Baylin for these walls, it's the specialized infrastructure that allows them to swim through the capital market and efficiently ingest vast amounts of volume.

雖然較小型的合作夥伴貢獻較少，但我們也一直以相對保守的節奏每季新增約 50 家；在 TAM（可觸及市場）非常開放的 SMB 與存款機構領域，我們看到大量機會。接著是既有合作夥伴的成長，且持續超出預期。這主要來自我們對產品的改進，以及在 Figure Connect 上驅動量能的激勵機制。你可以把 Figure Connect 想成這些「鯨魚」的「鯨鬚板」（baleen）：它是一套專用基礎設施，讓它們能在資本市場中「游動」，並高效率地吞吐大量量能。

Just as been filters everything a well takes in, Connect standardizers and filters their originations into AAA quality assets for our capital markets. Three examples: one, product improvements we made in Q3, such as expanding the underwriting automation to business bank accounts now account for almost 10% of our monthly volume.

正如鯨鬚板會過濾鯨魚吸入的一切，Connect 也會將其承作標準化並過濾，轉化為供我們資本市場使用的 AAA 級品質資產。三個例子：第一，我們在第三季所做的產品改進，例如將核保自動化擴展到商業銀行帳戶，如今已占我們每月量能的近 10%。

Two, for Connect, on average, we see over 2 times monthly volume on a same partner basis, six months after launching on Connect. And three, in Q1 saw offering 5 times monthly volume growth for Mutual of Omaha, a Fortune 300 financial institution after upselling to Connect. Ultimately, we see a very clear path forward to continuing to double the business from here.

第二，就 Connect 而言，平均來看，同一合作夥伴在上線 Connect 六個月後，其每月量能會提升到超過 2 倍。第三，在第一季，我們在將 Mutual of Omaha（《財富》300 大金融機構）升級導入 Connect 後，看到其每月量能成長達 5 倍。總體而言，我們清楚看到從此持續將業務規模再翻倍的明確路徑。

Turning to the blockchain ecosystem. We continue to see rapid growth with yields and democratized prime balances both growing roughly 80% quarter-over-quarter. With yields democratized prime participants are staking yield via the Hastra protocol as a way to earn yield. Growth also came via a measure milestone with an OCC chartered bank on yield on its balance sheet for treasury purposes.

接著談區塊鏈生態系。我們持續看到快速成長，Yields 與 Democratized Prime 的餘額皆較上季約成長 80%。在 Yields 方面，Democratized Prime 的參與者透過 Hastra 協議質押 Yields，以此賺取收益。成長也來自一項重要里程碑：一家取得 OCC 特許的銀行，基於財資用途，將 Yields 納入其資產負債表。

Lastly, we are working with a large region bank on a sweep arrangement that we expect to drive significant balances. The economic model of yields is a captured spread over SOFR, which is roughly 35 basis points multiplied by the yields balance outstanding. Democratized Prime saw the launch of Acura auto assets with $24 million borrowed as of the end of last month. Third-party borrowers are the immediate focus of Democratized Prime and the quarter we have already added three more, including a DSCR originator and Credibly, a fintech lender for salt and medium-sized businesses.

最後，我們正與一家大型區域性銀行合作一項 sweep 安排，預期將帶來可觀的餘額。Yields 的經濟模型是相對 SOFR 的可捕捉利差，約為 35 個基點，再乘以未償的 Yields 餘額。Democratized Prime 推出了 Acura 汽車資產，截至上月底已借入 2,400 萬美元。第三方借款人是 Democratized Prime 的近期重點；本季我們已新增三家，包括一家 DSCR 承作機構，以及 Credibly——一家服務小型與中型企業的金融科技放款機構。

Credibly highlight the traction we've made in the SMB space as well as the opportunity to build new tokenized Capital Markets rails. In 2026, we planned to add a total of 8 to 10 third-party originators, although we are on our way to exceeding that goal. Adding third-party borrower volume on Democratized Prime is important because, one, it's currently the bottleneck to growth; and two, because our revenue model earns economics from the borrower. 50 basis points has been the baseline but with the value of Forge, as Mike mentioned earlier, we see upside to that number.

Credibly 突顯了我們在 SMB 領域取得的進展，以及建立新的代幣化資本市場軌道（rails）的機會。在 2026 年，我們原計畫新增合計 8 到 10 家第三方承作機構，不過我們正朝著超越該目標前進。在 Democratized Prime 上增加第三方借款人量能很重要，因為：第一，這目前是成長的瓶頸；第二，因為我們的營收模式是向借款人端取得經濟利益。50 個基點一直是基準，但如 Mike 先前提到，隨著 Forge 的價值體現，我們認為這個數字仍有上行空間。

On the lend side of the marketplace, the state yields prime token is now the number one by TBL on the Camino marketplace, and we recently announced an extension into Ethereum. Even though third-party borrow is the current limiter on growth in the marketplace, we maintain robust efforts to diversify our lender mix as well.

在市集的出借端，State Yields Prime 代幣目前在 Camino 市集中以 TBL 計算排名第一，我們也近期宣布延伸至以太坊（Ethereum）。儘管第三方借款目前是市集成長的主要限制因素，我們也持續投入強力資源來分散我們的出借方組合。

I mentioned this because to echo Mike earlier, figure has ambitions for Democratized Prime to be much larger, and we are seeking to bring entire asset classes on chain. While the take rate Democratized Prime is lower than our consumer loan marketplace, the TAM is much larger and the inbound interest we have from borrowers joining the platform is significant.

我之所以提到這點，是因為呼應 Mike 先前所說，Figure 對「Democratized Prime」有更宏大的企圖，我們正致力於將整個資產類別上鏈。雖然 Democratized Prime 的抽成率低於我們的消費者貸款市集，但其可服務市場總規模（TAM）大得多，而且我們從借款人加入平台所獲得的主動洽詢與興趣相當顯著。

We see a medium-term world where Democratized Prime balances are measured in the tens to hundreds of billions. In terms of open, our on-chain public equity network we maintain a robust pipeline of issuers with OpenWorld being the second issuer to publicly file a registration statement with the SEC with the intent to use OPEN.

我們看到一個中期的世界：Democratized Prime 的餘額將以數百億到數千億美元來衡量。就 OPEN（我們維運的鏈上公開股權網路）而言，我們維持強勁的發行人儲備；OpenWorld 成為第二家向 SEC 公開提交註冊聲明、並表明有意使用 OPEN 的發行人。

Mike outlined a lot of the why with OPEN, but from an economic perspective, we see a number of fee opportunities here. Listing fees and trading fees are endemic to the equity capital markets, the broader prime brokerage activity with the same monetization model we see for debt and Democratized Prime is the largest opportunity by total addressable market.

Mike 已經闡述了許多關於 OPEN 的「為什麼」，但從經濟角度來看，我們在這裡看到多項費用機會。上市費與交易費是股權資本市場的常態；更廣泛的主經紀（prime brokerage）活動也可採用我們在債務與 Democratized Prime 上看到的相同變現模式，而就可服務市場總規模而言，Democratized Prime 是最大的機會。

Before turning it over to Macrina, I want to quickly cover private credit before ending on AI. In terms of the capital markets, our platform was resilient despite the industry's concerns around retail investor-driven redemptions from private credit bonds. In March '26 alone, when private credit concerns were heightened, over $1.15 billion of whole loan sales were executed on Biggest Marketplace.

在交給 Macrina 之前，我想先快速談一下私募信貸，最後再以 AI 作結。就資本市場而言，儘管產業擔憂由散戶投資人驅動的私募信貸債券贖回，我們的平台仍展現韌性。僅在 2026 年 3 月、私募信貸疑慮升溫之際，Biggest Marketplace 上就完成了超過 11.5 億美元的整筆貸款（whole loan）出售。

In April 2026, a BWIC bid wanted in competition or a loan auction was completed on Figure's platform that resulted in a record low spread to the applicable risk-free rate, reflecting strong institutional investor demand for our assets.

2026 年 4 月，在 Figure 平台上完成了一場 BWIC（競價徵求，bid wanted in competition）或貸款拍賣，最終相對於適用無風險利率的利差創下歷史新低，反映機構投資人對我們資產的強勁需求。

In fact, we're seeing increased interest in Figure assets as investors rotate out of leveraged loans where there are more concerns and into the high-quality, diversified consumer assets on our marketplace. As a reminder, the credit performance of loans in our marketplace reflects a borrower base with strong fundamentals.

事實上，隨著投資人從疑慮較多的槓桿貸款輪動撤出、轉向我們市集中高品質且多元分散的消費者資產，我們看到對 Figure 資產的興趣正在提升。提醒一下，我們市集中貸款的信用表現反映的是基本面強勁的借款人族群。

Turning to AI and building off our discussion from last quarter, we believe rapid AI adoption represent a massive tailwind for blockchain native coding like figure, and I'll continue to detail our efforts here regularly. Capital markets are undergoing a simultaneous shift from blockchain and AI and Figure is building the system that connects them. Here, we say AI is the brain, blockchain as the nervous system.

談到 AI，並延續我們上季的討論，我們相信 AI 的快速採用將為像 Figure 這樣的區塊鏈原生開發帶來巨大的順風，我也會持續定期說明我們在這方面的投入。資本市場正同時因區塊鏈與 AI 而發生轉變，而 Figure 正在打造連結兩者的系統。在這裡，我們說 AI 是大腦，區塊鏈是神經系統。

Our custom AI platform operates on a structured, time-stamped on-chain financial data set that is directly tied to actual transactions, trained on real outcomes, and helps with execution within our marketplace. This is a key point of differentiation and I can't emphasize enough. Many organizations today are building AI-enabled features or experimenting with agents, but moving capital markets requires an underlying system that is optimized for reliability, control compliance.

我們的客製化 AI 平台運行在結構化、具時間戳記的鏈上金融資料集之上，該資料集直接連結到實際交易、以真實結果訓練，並協助我們在市集中進行執行。這是關鍵的差異化，我再怎麼強調都不為過。如今許多組織都在打造 AI 功能或試驗代理（agents），但要推動資本市場運作，需要一個在可靠性、控制與合規方面皆已最佳化的底層系統。

As I repeatedly say, you can't AI your way into AAA. To lead this next phase of execution, we recently welcomed back Rod Albuyeh as our Head of AI. Under his leadership, we're developing agenetic workflow systems on top of our platform that handle tasks like data onboarding, document validation, underwriting checks, and exception handling. Everything we do is in systematically reduced friction in areas where automation complemented by human oversight when necessary, delivers the most value.

我一再強調，你不可能靠 AI 就把自己「AI」成 AAA。為了引領下一階段的執行，我們最近歡迎 Rod Albuyeh 回歸，擔任 AI 負責人（Head of AI）。在他的領導下，我們正在平台之上開發代理式（agentic）工作流程系統，處理例如資料導入、文件驗證、核保檢核與例外處理等任務。我們所做的一切，都是在系統性地降低摩擦；在必要時由人類監督補位的自動化，能帶來最大價值。

Three specific examples I'll cover are: one, our use of AI and building product; two, our use of AI and customer support; and three, our use of AI in adapting Agora's third-party auto assets to Democratized Prime. In the last year, we've seen a 25% increase year-over-year in what we call story completion, which is essentially engineering projects delivered on flat headcount.

我將涵蓋三個具體例子：第一，我們如何在產品開發中使用 AI；第二，我們如何在客戶支援中使用 AI；第三，我們如何運用 AI 將 Agora 的第三方汽車資產調整並導入 Democratized Prime。過去一年，我們所稱的「story completion」（本質上是以固定人力交付的工程專案）年增 25%。

In chat containment, we've seen 70% and are now implementing voice AI and most significantly, with Agora and now other third-party Democratized Prime assets, we introduced an AI-enabled validation workflow that compares third-party assets against the underwriting criteria those assets were intended to satisfy at origin. The initial results have been encouraging and are helping us build a more scalable workflow and control framework for honoring third-party assets.

在聊天自助解決率（chat containment）方面，我們達到 70%，目前也正在導入語音 AI；更重要的是，針對 Agora 以及現在其他第三方 Democratized Prime 資產，我們推出了 AI 驅動的驗證工作流程，用以將第三方資產與其在起始承作時所欲符合的核保標準進行比對。初步結果令人鼓舞，並協助我們建立更具可擴展性的工作流程與控制框架，以便承接並認列第三方資產。

And now I'll turn it over to Macrina for financials.

接下來我把時間交給 Macrina 來說明財務表現。

Thank you, Michael, and good morning, everyone. As Michael highlighted, the first quarter of 2026 was a period of both significant growth and strategic diversification of our partner network and product offerings for Figure. We are operating at a rule of 140, a best-in-class standard we've achieved through 92% year-over-year adjusted net revenue growth, combined with an adjusted EBITDA margin of 50%. To put that in perspective, we are performing at more than triple the traditional rule of 40 industry benchmarks.

謝謝你，Michael，各位早安。如 Michael 所強調，2026 年第一季對 Figure 而言，是合作夥伴網路與產品供給同時顯著成長、並進行策略性多元化的一段期間。我們目前達到「140 法則」（rule of 140）的營運水準；這是一項同級最佳的標準，來自於調整後淨營收年增 92%，並同時具備 50% 的調整後 EBITDA 利潤率。換個角度看，我們的表現超過傳統「40 法則」產業基準的三倍以上。

Our consumer loan marketplace volume grew over 110% year-over-year. This brings our Q1 '26 volume to approximately $2.9 billion compared to $1.4 billion in Q1 of 2025. As momentum accelerated coming out of the winter months this quarter, in March, for the first time as a company, we crossed above $1 billion of CLM volume at $1.2 billion.

我們的消費者貸款市集（CLM）交易量年增超過 110%。這使得 2026 年第一季交易量約為 29 億美元，相較於 2025 年第一季的 14 億美元。隨著本季走出冬季月份後動能加速，3 月我們公司史上首次單月 CLM 交易量突破 10 億美元，達到 12 億美元。

To highlight the scale, March volume alone represented 85% of all of Q1 2025. This momentum has continued into Q2 with our published April volumes continuing to accelerate both sequentially and year-over-year. Our volume on Figure Connect accounted for 56% overall Q1 volume suggesting enhanced capital efficiency given the balance sheet light dynamic of Figure Connect.

為了凸顯規模，僅 3 月的交易量就相當於 2025 年第一季總量的 85%。這股動能延續到第二季；我們已公布的 4 月交易量在季比與年比上都持續加速。Figure Connect 的交易量占第一季總交易量的 56%，在 Figure Connect 輕資產（balance sheet light）的特性下，顯示資本效率提升。

Democratized Prime ended the quarter with matched offer balances of $368 million when YLDS ended at $598 million, reflecting continued adoption following the Prime token expansion on to Solana and our broader real-world assets consortium initiatives, adding distribution for these products.

Democratized Prime 在季末的撮合報價餘額為 3.68 億美元，而 YLDS 季末為 5.98 億美元；這反映在 Prime 代幣擴展至 Solana，以及我們更廣泛的實體資產（RWA）聯盟計畫推動下，這些產品持續被採用並新增分銷渠道。

Our adjusted net revenue for Q1 '26 was $167 million, an increase of 92% over the prior year quarter. Adjusted net revenue benefited from higher consumer loan marketplace volume alongside servicing and interest income, which are asset balance based revenue lines. Adjusted net revenue directly correlated to consumer loan marketplace volume grew 109% year-over-year while servicing and interest income combined grew by 42%.

我們 2026 年第一季的調整後淨營收為 1.67 億美元，較去年同期成長 92%。調整後淨營收受惠於更高的消費者貸款市集交易量，以及服務費與利息收入（這些是以資產餘額為基礎的營收項目）。與消費者貸款市集交易量直接相關的調整後淨營收年增 109%，而服務費與利息收入合計成長 42%。

Our net take rate for the quarter was 3.8%, which is in line with our previous guidance between 3.5% to 4%. We continue to see more first lien volume, which reached 20% of our total volume this quarter up from 14% in Q1 of '25. As we've mentioned, there are a number of inputs to take rate, which is why we do not really view it as the core North Star metric for the business.

本季淨抽成率（net take rate）為 3.8%，符合我們先前 3.5% 至 4% 的指引區間。我們持續看到更多第一順位抵押（first lien）交易量，本季已達總交易量的 20%，高於 2025 年第一季的 14%。如我們先前提到，抽成率受到多項因素影響，因此我們並不把它視為公司最核心的北極星指標。

Mix shift is one factor. And over time, you should expect some of our key growth areas, including first non-Figure Connect impact towards lower take rates than junior lean volume. That said, these businesses are attractive because they are less capital intensive, operating much larger markets and generate strong contribution margins and profitability for the company.

組合結構變化（mix shift）是其中一項因素。隨著時間推進，你應該預期我們的一些關鍵成長領域（包括第一順位抵押，以及非 Figure Connect 的影響）其抽成率會低於次順位抵押（junior lien）交易量。儘管如此，這些業務之所以具吸引力，是因為資本密集度較低、面向更大的市場，並能為公司帶來強勁的貢獻毛利與獲利能力。

So when we evaluate performance, we are much more focused on contribution profit, EBITDA and the absolute dollar economics of the business and just take rate. In this quarter specifically, some of the inputs to take rate were net positive based on normal market variability, including interest rate-related dynamics in some of the higher take rate portions of the business.

因此在評估表現時，我們更聚焦於貢獻利益（contribution profit）、EBITDA，以及業務的絕對美元經濟效益，而不只是抽成率。就本季而言，抽成率的一些影響因素因正常的市場波動而呈現淨正向，包括在部分抽成率較高的業務中，與利率相關的動態。

More broadly, as we continue leaning into larger opportunities like first lien, which is roughly 25 times the size of the junior lien market, we believe that is the right trade-off for long-term growth and profitability. To touch on loan sale execution on Interconnect, it has held quite steady in Q1 '26 and into April of 2026 despite the macro and geopolitical environment.

更廣泛來看，隨著我們持續加碼像第一順位抵押這類更大的機會（其市場規模約為次順位抵押市場的 25 倍），我們相信這是兼顧長期成長與獲利能力的正確取捨。談到 Interconnect 上的貸款出售執行，即使面對總體與地緣政治環境，2026 年第一季以及 4 月以來仍維持相當穩定。

Since the beginning of the year, we have priced five securitizations with an aggregate notional value of nearly $1.9 billion and are continuing to see our pools priced competitively in new issue markets, reflecting a strong market consensus on the quality and resilience of the underlying credit on our marketplace.

自年初以來，我們已完成五筆證券化定價，合計名目金額接近19億美元；同時我們持續看到我們的資產池在新發行市場中以具競爭力的價格完成定價，這反映出市場對我們平台底層信貸品質與韌性的高度共識。

One further point to add in this revenue discussion section is that we are strategically retaining a portion of our loans as reflected by the approximately $350 million on our balance sheet at quarter end. Longer than we normally do, which was a deliberate decision to support the buildout of our Democratized Prime DeFi marketplace, as I had indicated during the Q4 earnings call.

在本段營收討論中還有一點要補充：我們正策略性地保留部分貸款，如季末資產負債表上約3.5億美元所示。持有時間比我們通常更長，這是為了支持我們「民主化優質 DeFi（Democratized Prime DeFi）」市場的建置而刻意做出的決定，正如我在第四季財報電話會議中所提到的。

During our IPO roadshow and recent earnings calls, we have highlighted the importance of using our own inventory to build this marketplace. Lenders on blockchain are showing significant appetite as we see continued interest and growth in lender supply coming into Democratized Prime and Figure originated loans are supporting the supply to match offers. This translated to higher interest expense of approximately $2 million quarter-over-quarter.

在我們的 IPO 路演以及近期的財報電話會議中，我們已強調使用自有庫存來打造此市場的重要性。區塊鏈上的放款人展現出顯著的興趣；我們看到進入 Democratized Prime 的放款供給持續增加並成長，而 Figure 發起的貸款正在支撐供給以匹配報價。這使得利息費用較上季增加約200萬美元。

Our adjusted EBITDA margin was impacted as a result by approximately 1.4% with a larger revenue denominator for lower margin interest revenue with more lenders and asset classes coming online into Democratized Prime over the next quarters, as Michael announced today, we expect this interest income expense and loan balance trends to diminish.

因此，我們的調整後 EBITDA 利潤率受到約1.4%的影響，原因在於在更多放款人與資產類別於未來幾季陸續上線至 Democratized Prime 的情況下，較低毛利的利息收入占比提高、使營收分母變大。正如 Michael 今天宣布的，我們預期這些利息收入/費用與貸款餘額的趨勢將會減弱。

As Mike Cagney noted in his remarks and also have noted a number of times in past remarks, building out marketplaces requires upfront investments. With that, the scale comes quickly and handsomely as with Democratized Prime, where we are already seeing scale benefits into prevailing lending rates which will flatter margins going forward. I will cover this further in the balance sheet and liquidity section.

正如 Mike Cagney 在發言中提到、且我們過去也多次指出，建置市場需要前期投入。不過，一旦規模起來，成長會很快且回報可觀；以 Democratized Prime 為例，我們已開始看到規模效益反映在現行放款利率上，未來將有助於推升利潤率。我會在資產負債表與流動性章節進一步說明。

Moving to profitability and adjusted EBITDA. Our GAAP net income for this quarter was $45 million including a tax benefit of $7 million. Following the post-IPO lockup expiration, we saw a one-time tax benefit from option exercises. While equity activity can continue to create periodic tax benefits, we view the magnitude of the Q1 benefit is elevated and not indicative of the full year expected tax rate. Assuming no additional material tax benefits from option exercises, we currently expect the full year effective tax rate to be closer to the 20% range.

接著談獲利能力與調整後 EBITDA。本季 GAAP 淨利為4,500萬美元，其中包含700萬美元的稅務利益。在 IPO 後禁售期到期後，我們因選擇權行使而出現一次性的稅務利益。雖然股權相關活動仍可能不定期帶來稅務利益，但我們認為第一季稅務利益的幅度偏高，並不代表全年預期有效稅率。在假設未再出現來自選擇權行使的重大額外稅務利益下，我們目前預期全年有效稅率將更接近20%左右。

Adjusted EBITDA was $83 million, up approximately 190% year-over-year, and adjusted EBITDA margin was 50% compared to 33% in the prior year period. In addition to the interest income and interest expense impact to our margin, as I discussed earlier from a variable cost efficiency perspective, we are making further investments to utilize AI and automate our operations.

調整後 EBITDA 為8,300萬美元，年增約190%；調整後 EBITDA 利潤率為50%，相較去年同期的33%。除了我先前提到利息收入與利息費用對利潤率的影響外，從變動成本效率的角度來看，我們也在加碼投資，以運用 AI 並自動化我們的營運。

Our technology platform has proved to be extensible. And even as we have been adding a number of enhancements to the mortgage products such as support for new income types and property ownership models, there has not been a material increase in these costs. Operations and processing income declined 20% from 93 basis points to 74 basis points as a percent of volume as our CLL volume more than doubled from Q1 '25 to Q1 '26. This is the power of our AI-driven efficiency road map.

我們的技術平台已證明具備可延展性。即使我們持續為房貸產品加入多項強化功能，例如支援新的收入類型與不動產持有模式，相關成本也沒有出現重大增加。營運與處理收入占放款量的比例從93個基點降至74個基點，下降20%，因為我們的 CLL 放款量自2025年第一季至2026年第一季增加逾一倍。這正是我們以 AI 驅動的效率路線圖所展現的力量。

Near term, we expect operations and processing costs to remain relatively flat as a percent of volume as we continue these initiatives with AI-driven improvements expected to impact further in the second half of 2026.

短期內，隨著我們持續推動這些計畫，我們預期營運與處理成本占放款量的比例將維持相對持平；由 AI 驅動的改善預期將在2026年下半年帶來更進一步的影響。

Moving to our balance sheet and liquidity. We ended the quarter with approximately $1.5 billion in cash and cash equivalents. Loans held for sale was approximately $500 million at quarter end, an increase of $100 million since year-end and on par with a year ago. Our loans held for sale balance typically reflect the periodic timing of loan sale and securitization programs as we generally only hold these for a few weeks.

接著談資產負債表與流動性。本季季末我們持有約15億美元的現金及約當現金。季末待售貸款約為5億美元，較年末增加1億美元，並與一年前大致相當。我們的待售貸款餘額通常反映貸款出售與證券化計畫的週期性時點差異，因為我們一般只會持有這些貸款數週。

As I mentioned earlier, as we scale Democratized Prime and utilize figure loans for collateral to meet lender supply, we extended the time we hold certain loans on our balance sheet for this quarter. Available lender supply was 0.9x borrower demand at the end of the year. This is now 1.2 times at the end of this quarter. As more third-party borrower demand comes on to the platform such as Agora data as well as Credibly, which we announced this May, we expect these balances to normalize back to historical trends.

如我先前提到，隨著我們擴大 Democratized Prime，並使用 Figure 貸款作為抵押品以滿足放款供給，本季我們延長了部分貸款留在資產負債表上的持有時間。年末時，可用放款供給為借款需求的0.9倍。本季季末已提升至1.2倍。隨著更多第三方借款需求上線至平台，例如 Agora data，以及我們在今年5月宣布的 Credibly，我們預期這些餘額將回歸並正常化至歷史趨勢。

In addition, as more lender supply comes in from East network, we expect to add more lender supply and also bring down cost to borrowers on Democratized Prime marketplace. I wanted to provide some color on changes to adjusted net revenue as YLDS in circulation continues to grow, we are updating our definition of adjusted net revenue to deduct YLDS related interest expense. Bondholders of yields earned, which today is still for minus 35 basis points. This better reflects the true spread take rate on YLDS as part of adjusted net revenue.

此外，隨著更多放款供給自 East network 進入，我們預期能增加放款供給，並同時降低 Democratized Prime 市場對借款人的成本。我也想補充說明調整後淨營收的變動：隨著流通中的 YLDS 持續成長，我們正在更新調整後淨營收的定義，將扣除與 YLDS 相關的利息費用。支付給收益權債券持有人的部分，目前仍為負35個基點。這能更好地反映 YLDS 在調整後淨營收中的真實利差（spread）抽成率（take rate）。

In addition, as our CLM volume continues to grow, we are holding more marketable securities on our balance sheet as a regulatory requirement to hold at least 5% of figure sponsored securitization. We are adjusting net revenue and adjusted EBITDA for unrealized P&L volatility from these securities. Note that securitizations issued by our guarantor do not have a risk retention requirement.

另外，隨著我們的 CLM 放款量持續成長，基於監管要求需至少保留 Figure 主導之證券化的5%，我們在資產負債表上持有更多可交易證券。我們將就這些證券的未實現損益（P&L）波動，對淨營收與調整後 EBITDA 進行調整。請注意，由我們的保證人（guarantor）所發行的證券化不適用風險保留（risk retention）要求。

Finally, starting this quarter, we are introducing quarterly guidance for our consumer loan marketplace volume. Looking ahead, we are establishing our Q2 '26 CLM volume guidance in the range of $3.8 billion to $4.1 billion. This marks the first quarter in which we are providing formal volume guidance. We believe this is the appropriate inflection point to do so as the increased data transparency from our blockchain integration, combined with more predictable scaling patterns provides us with requisite visibility to forecast with a high degree of confidence.

最後，從本季開始，我們將提供消費者貸款市場（CLM）放款量的季度指引。展望未來，我們設定2026年第二季 CLM 放款量指引區間為38億至41億美元。這是我們首次提供正式的放款量指引。我們認為現在是合適的轉折點：區塊鏈整合帶來更高的資料透明度，加上更可預測的擴張模式，使我們具備必要的能見度，能以高度信心進行預測。

Our outlook is supported by a robust start to the year. Following a strong Q1, April delivered another record-breaking volume month. That momentum has carried into May, where we continue to see strong activity levels ahead of normal holiday-related trends later in the quarter. As Michael noted earlier, our strategy remains focused on onboarding high-volume Wale partners. In our guidance, we have been intentionally conservative regarding the ramp-up of larger accounts onboarded in Q4 and Q1 using a three to six months' timeline.

我們的展望受到年初強勁開局的支持。在第一季表現強勁之後，4月再度創下破紀錄的放款量月份。這股動能延續到5月；在本季稍晚通常會出現與假期相關的季節性趨勢之前，我們仍持續看到強勁的活動水準。如 Michael 先前所述，我們的策略仍聚焦於導入高放款量的 Wale 合作夥伴。在指引中，對於於第四季與第一季導入的大型客戶之放量爬坡，我們刻意採取保守假設，採用三到六個月的時間表。

While we have seen partners integrate faster, we believe it is prudent to provide a range that accommodates a more measured ramp up. This approach ensures our guidance remains grounded as we continue to scale these enterprise-level relationships.

雖然我們已看到部分合作夥伴整合速度更快，但我們認為提供一個能涵蓋較為循序漸進爬坡的區間更為審慎。此作法可確保在我們持續擴大這些企業級合作關係時，指引仍然務實且有依據。

Thank you, and we will now open up the queue for questions.

謝謝，接下來我們將開放提問排隊。

(Operator Instructions) Dan Dolev, Mizuho.

(接線員指示) Dan Dolev，Mizuho。

Guys, excellent results out there, very, very strong. I just had a question about DSCR. Can you talk about -- it looks like -- it looks really promising. Can you talk about the market opportunity compared to traditional HELOCs and how we think about it into the future?

各位，表現非常出色，結果非常、非常強勁。我有一個關於 DSCR 的問題。你們能談談——看起來——看起來非常有前景。你們能談談相較於傳統 HELOC，這個市場機會如何，以及我們該如何看待未來的發展嗎？

Thanks, Dan. We talked both about residential transition loans and DSCR, which is debt service covenant ratio. And both of those are targeted towards traditionally investment orientation in the business case, so people using a loan for business purposes, often renovation or fix and flip.

謝謝你，Dan。我們談到了住宅過渡貸款（residential transition loans）以及 DSCR，也就是債務償付覆蓋率（debt service coverage ratio）。這兩者都主要針對傳統上以投資為導向的使用情境，也就是人們為了商業目的使用貸款，通常用於翻修或整修轉售（fix and flip）。

And you're seeing product traction there in markets that have historically been pretty manual, fragmented, operationally intensive. These capital markets have also been really slow with legacy processes and loan by loan sales. And so we think this creates an opportunity for modernization on name.

而你也看到在那些歷來相當仰賴人工、分散且營運密集的市場中，產品正在取得牽引力。這些資本市場也因為沿用舊有流程與逐筆貸款（loan-by-loan）的出售方式而進展非常緩慢。因此我們認為，這在「名稱」層面帶來了現代化的機會。

These greenfield opportunities come in that broader business market that I was mentioning, which we see as another avenue to attack that $35 trillion of home equity outstanding. And I mentioned this in the prepared remarks, but for residential transition loans, in particular, we see that as a really nice fit with Democratized Prime because the loans are relatively high rate they're collateralized by a home, but they're also short term. So it's almost a perfect set there.

我先前提到的那些綠地機會，來自更廣泛的商業市場；我們把它視為另一條路徑，去切入目前約35兆美元的未償房屋淨值規模。我在事先準備的講稿也提過，特別是針對住宅過渡貸款（residential transition loans），我們認為它與 Democratized Prime 非常契合，因為這類貸款利率相對較高、有房屋作為擔保，但同時又是短期。所以幾乎是完美的組合。

James Yaro, Goldman Sachs.

James Yaro，高盛。

Michael, I wanted to touch on your comments on potentially lower bank risk weights for mortgages. I guess I would think that those could make banks more incentivized to hold assets on balance sheet, but you talked about how you expect this to support volumes. I just want to get a little bit more from you, just how you think that that could drive even more activity on figure?

Michael，我想談談你提到「房貸可能會有較低的銀行風險權重」的評論。我想這可能會讓銀行更有誘因把資產留在資產負債表上持有，但你談到你預期這會支持成交量。我想再多了解一點，你認為這如何能在 Figure 上帶動更多活動？

There's two ways. There's the origination and there's the capital market. from an origination perspective, if banks are looking to have the flexibility and reenter the mortgage space, as you likely know, it's generally a nonbank market today.

有兩個面向。一個是承作（origination），另一個是資本市場。

Then Figure is the easiest way for them to get up and running. And it also provides the most flexibility from a capital market perspective because they can make and hold some portion and they can also even hold just for CRA eligible, for example. So we've seen a lot of interest from banks and depositories in doing so.

那麼 Figure 是他們最快、最容易上線運作的方式。而且從資本市場角度也提供最大的彈性，因為他們可以承作並持有其中一部分，也可以例如只持有符合 CRA 資格的部分。因此我們看到銀行與存款機構對此有很高的興趣。

And then more broadly, in the event that bank balance sheets actually become a strong long-term opportunity for holding mortgages, which today is not the case, right? Many banks participate in Fannie Mae securitizations even though they have the balance sheet, but if that were to change, then we think Figure Connect would be the ultimate rails and pipeline to help those banks aggregate mortgages because they're not going to overnight become large originators of this asset class.

更廣泛來說，若銀行資產負債表真的成為長期持有房貸的強勁機會——而今天其實不是這樣，對吧？許多銀行即使有資產負債表，仍參與房利美（Fannie Mae）的證券化——但如果這點改變了，我們認為 Figure Connect 會是最終的軌道（rails）與管線，協助這些銀行彙集房貸，因為他們不可能一夕之間就成為這類資產的大型承作方。

That's super clear. Can I just ask one follow-up here? I'd love to just get your sense or your aspirations in the first lien purchase mortgage market. I guess, is this a goal for you to add to the platform? And what do you think you need to build before you could start to tap that obviously, very sizable TAM?

非常清楚。我可以再追問一題嗎？我想了解你對第一順位（first lien）購屋房貸市場的看法或企圖。我想問，這是否是你們希望加入平台的目標？以及在你們能開始切入那個顯然非常龐大的 TAM（可服務總市場）之前，你認為還需要建置哪些能力？

It's a medium-term goal for sure. We think that it's obviously a large addressable market. We have great relationships across partners, and we think as we look to ultimately take the entire capital market on chain, purchase mortgage as a part of that. For us, we are currently contemplating with some of our larger partners, some of those whales we've mentioned, who have actually come inbound and asked for that. So we're currently developing that in connection with some of those partners.

這確實是中期目標。我們認為那顯然是一個很大的可觸及市場。我們與各合作夥伴之間有很好的關係，而且我們認為，當我們最終希望把整個資本市場搬到鏈上時，購屋房貸會是其中的一部分。對我們而言，我們目前正與一些較大型的合作夥伴——也就是我們提過的那些「大戶」——一起評估，因為他們其實主動找上門並提出這個需求。

It's a medium-term goal for sure. We think that it's obviously a large addressable market. We have great relationships across partners, and we think as we look to ultimately take the entire capital market on chain, purchase mortgage is a part of that. For us. We are currently contemplating with some of our larger partners, some of those whales we've mentioned, who have actually come inbound and asked for that. So we're currently developing that in connection with some of those partners.

這確實是中期目標。我們認為那顯然是一個很大的可觸及市場。我們與各合作夥伴之間有很好的關係，而且我們認為，當我們最終希望把整個資本市場搬到鏈上時，購屋房貸會是其中的一部分。對我們而言。我們目前正與一些較大型的合作夥伴——也就是我們提過的那些「大戶」——一起評估，因為他們其實主動找上門並提出這個需求。因此我們正在與其中一些合作夥伴共同開發。

Patrick Molley, Piper Sandler.

Patrick Molley，Piper Sandler。

Will Copps on for Patrick Moley. Earlier in the call, you mentioned upselling Mutual Omaha to Figure Connect. Can you talk a little bit more about the upselling process to connect some of the sticking points, if any, and the pace at which you expect non-connect volume to switch to connect over time?

我是 Will Copps，代 Patrick Moley 提問。你在電話會議前面提到，將 Mutual Omaha 向上銷售（upsell）到 Figure Connect。你能否多談一些向上銷售到 Connect 的流程、是否有任何卡點（如果有的話），以及你預期非 Connect 的量會以多快的速度在時間推移下轉到 Connect？

Earlier on the call, you mentioned upselling Mutual Omaha to figure Connect. Can you talk a little bit more about the upselling process to Connect, some of the sticking points, if any, and the pace at which you expect non-Connect volume to switch to Connect over time?

你在電話會議前面提到，將 Mutual Omaha 向上銷售到 Figure Connect。你能否多談一些向上銷售到 Connect 的流程、是否有任何卡點（如果有的話），以及你預期非 Connect 的量會以多快的速度在時間推移下轉到 Connect？

Thanks for the question. Process generally is a volume-based one. The incentives are naturally aligned. As a reminder, when people move to connect, they ultimately earn more of the economics and then Figure goes to be increasingly balance sheet light and earns a higher EBITDA margin as a result. And so generally, around $5 million to $10 million of monthly volume is when conversations start regarding Figure Connect.

謝謝你的問題。流程一般是以量為基礎。誘因本來就自然一致。提醒一下，當客戶轉到 Connect 時，他們最終能取得更多的經濟利益，而 Figure 則會變得愈來愈「輕資產負債表」，並因此取得更高的 EBITDA 利潤率。因此一般而言，當每月量達到約500萬到1,000萬美元時，就會開始就 Figure Connect 展開對話。

And we've made it as easy as possible by building a large ecosystem of products, including Democratized Prime, which is a way that people can finance assets as they aggregate to then ultimately securitize.

而我們也透過建立龐大的產品生態系，讓導入變得盡可能容易，其中包括 Democratized Prime——這是一種讓人們在彙集資產、最終進行證券化之前，能夠先為資產融資的方式。

So everything that we do, Figure Forge, as Mike was mentioning, all of these -- all this tooling that we provide in this broader ecosystem ultimately greases the wheels of Figure Connect and that's why you're seeing 60% of volume and why folks like Mutual of Omaha are flocking to this and also increasing their volume by such amounts when they do so.

所以我們所做的一切——Figure Forge，如 Mike 剛才提到的，還有我們在這個更廣泛生態系中提供的所有工具——最終都在為 Figure Connect「潤滑齒輪」，這也是為什麼你會看到 60% 的量，以及像 Mutual of Omaha 這樣的機構會湧向這裡，並且在轉入後把量提升到那麼大的幅度。

Ryan Tomasello, ABW.

Ryan Tomasello，ABW。

Nice to see the addition of Five Star. I know you've already given some prepared remarks on it, but I wanted to double click on the traction you're seeing with traditional depositories, particularly for Flagstar, what drove that win? And then in general, how that sales motion differed versus going to your traditional more common IMB and fintech partners beyond some of these regulatory dynamics? Michael, what's driving the unlock of those conversations?

很高興看到新增 Five Star。我知道你已經在事先準備的講稿中談過一些，但我想更深入了解你在傳統存款機構（depositories）看到的牽引力，特別是對 Flagstar 而言，是什麼促成了這次勝出？另外整體而言，除了部分監管動態之外，這套銷售推進方式（sales motion）與你們以往面向較常見的 IMB 與金融科技合作夥伴相比，有哪些不同？Michael，是什麼促成這些對話被「解鎖」？

The drive towards depositories is personal for me, I was an investment banker covering regional banks right out of school. So I've been really focused on the space since I got here and Mike Cagney is also as a way with regional banks. So for both of us, it's been a big focus, and we have yet until recently to make really significant traction. And I think the turning point has been one, just the scale of what we're doing at some point now in the past quarter. We crossed over $1 billion a month of volume, which is really significant.

推動存款機構對我而言是很個人的事——我剛畢業時是投資銀行家，負責覆蓋區域性銀行。所以自從我來到這裡後就一直非常專注在這個領域，而 Mike Cagney 也同樣與區域性銀行有很深的淵源。因此對我們兩人來說，這一直是重點，但直到最近我們才取得真正顯著的進展。我認為轉捩點之一，是我們所做事情的規模終於到了一個程度；在過去一季的某個時間點，我們每月成交量突破了10億美元，這非常重要。

I think us being a profitable public company, makes banks more likely to work with us. And I think the years in business, frankly, is another thing I hear and of all those years being really careful not to cross sell and not to cross market, which is really important to banks who spend, in many cases, centuries protecting our brand.

我認為我們作為一家獲利的上市公司，讓銀行更願意與我們合作。另外，坦白說，營運年限也是我常聽到的一點；而且這些年來我們非常謹慎，不去交叉銷售、也不去交叉行銷，這對銀行非常重要，因為在許多情況下，他們花了數百年在保護自己的品牌。

I'd also add that banks, in particular, are not as well equipped to the boom and bust cycles that the rate environment has brought more recently. And so as people look to outsource with a simpler, faster on-chain solution like Figure, we're a natural choice. And then furthermore, as people look to the smaller balance first lien loans, in particular, those we make profitable, which are historically unprofitable and banks, unlike others, can't turn their existing customers down. They support all their depositors or at least try to.

我也想補充，特別是銀行，其實沒有那麼擅長應對近年利率環境帶來的景氣循環（boom and bust）。因此當大家希望以更簡單、更快速的鏈上解決方案（像 Figure）來外包時，我們就是很自然的選擇。此外，當大家把目光放在較小餘額的第一順位（first lien）貸款時，尤其是這些，我們能把它們做成有利可圖——而這些在歷史上是難以獲利的；而銀行不同於其他機構，他們不能拒絕既有客戶。他們要服務所有存戶，或至少會努力這麼做。

So these are all reasons why banks are increasingly interested. Flagstar, in particular, has been a partner and Mike feel free to elaborate because it's been a partnership dating back to when it was New York Community Bank. And we have known them and we have been a deposit customer, but it was only until recently that we were able to turn that long-standing relationship into an origination one, and we think that is going to be a major deal as we go and seek to get the rest of those 5,000 banks and 5,000 credit unions that currently aren't working with Figure.

因此，這些都是銀行愈來愈感興趣的原因。Flagstar 尤其一直是合作夥伴；Mike 你也可以再補充，因為這段合作關係可追溯到它還是 New York Community Bank 的時候。我們認識他們已久，也一直是其存款客戶，但直到最近我們才得以把這段長期關係轉化為承作（origination）合作；我們認為，當我們尋求爭取其餘目前尚未與 Figure 合作的 5,000 家銀行與 5,000 家信用合作社時，這將會是一件大事。

Yes. I think just to build on that and to reemphasize the ability for us to offer competitive product in the sub-300,000 first lien category, is an enormous opportunity. But I think all three of us have commented on the fact that first thing's a 25 times larger market in the second lien space, where DLAPs traditionally been used. And we see the banks, in particular, as wanting to lean in. But going back to what Michael said earlier and re-emphasizing our big partners have been coming to us proactively asking for first lien, asking for first lien, not just refi, but purchase.

是的。我想在此基礎上再補充並重申：我們能在 30 萬美元以下的第一順位抵押（first lien）類別提供具競爭力的產品，這是一個巨大的機會。但我想我們三位也都提到，第一順位的市場規模是第二順位抵押（second lien）領域的 25 倍，而 DLAP 傳統上多用於第二順位。我們看到銀行尤其希望加大投入。但回到 Michael 先前所說並再次強調：我們的大型合作夥伴一直主動來找我們要第一順位、要第一順位——不只是再融資（refi），也包括購屋（purchase）。

And I think it's an estimate to how effective the technology is. And in particular, the benefit of the marketplace that those loans can go into.

我認為這也反映了這套技術有多有效。尤其是，這些貸款可以進入的市場（marketplace）所帶來的好處。

Great. I appreciate that. And then just a quick follow-up for Macrina. Can you just talk about the near-term outlook for expenses? You're obviously reiterating the midterm EBITDA target of 60%, which is nice to see, but any color on the expense trajectory coming out of 1Q as we think about modeling for the rest of '26 would be helpful.

很好。謝謝你的說明。接著給 Macrina 一個簡短追問。你能談談短期費用展望嗎？你們顯然重申中期 EBITDA 60% 的目標，這點很樂見；但就 1Q 之後的費用走勢，對我們建模 2026 年剩餘期間會很有幫助，能否提供一些補充？

Sure, Ryan, thanks for joining the call. And we've talked about how our expenses are bifurcated into fixed expenses and variable expenses. As you know, variable expenses will grow as a percentage of volume. So sales and marketing, option processing, those you'll tend to see they are going to be larger compared to where we were in the past because volumes are just growing naturally as well.

當然可以，Ryan，謝謝你加入這通電話。我們談過，我們的費用可分為固定費用與變動費用兩類。如你所知，變動費用會隨著量能成長而以一定比例增加。因此，銷售與行銷、申請處理（option processing）等項目，相較於過去你會看到它們占比變大，因為量能也在自然成長。

Fixed expenses, we do anticipate them to be pretty stable. I think we were pretty stable versus Q1 for both of those accounts, which is tech and product and G&A. We expect that trend to continue into the following quarters as well and interest expense as we bring down our own loans on Democratized Prime over the coming quarters, we do expect that to come down as well.

固定費用方面，我們預期會相當穩定。我認為相較於 Q1，我們在這兩個科目——技術與產品，以及 G&A（一般及行政費用）——都相當穩定。我們也預期這個趨勢會延續到接下來幾季；另外，隨著未來幾季我們降低在 Democratized Prime 上自有貸款的規模，利息費用也預期會下降。

Rob Wildhack, Autonomous Research.

Rob Wildhack，Autonomous Research。

Just on the volume outlook for the second quarter, you've got the $4 billion roughly at the midpoint, and I think you called out $1.3 billion in April. So that kind of suggests May and June on average will be about the same as April. And that's a little bit different from the more -- the pattern of sequential growth we've seen through this year. So is there anything to read into there because my instincts would have been for more sequential growth given the huge opportunity to seasonally strong spring months in home lending and all the new products you've been highlighting?

關於第二季的量能展望，你們指引中點大約是 40 億美元，我記得你們也提到 4 月是 13 億美元。這樣看起來，5 月與 6 月平均大概會與 4 月差不多。但這和今年以來我們看到的逐季成長模式有點不同。所以這裡有什麼需要解讀的嗎？因為我的直覺是，考量到房貸業務在春季通常是旺季、以及你們一直強調的新產品帶來的巨大機會，應該會有更明顯的逐月/逐季成長。

Sure. I've also mentioned in my prepared remarks, we want to make sure that we look at our whales that have been coming through for Q4 and Q1, and they tend to ramp in a three to six months' timeline. So when we're providing guidance and where we think we're going to end up for Q2, we really want to take a balanced approach as we think about where it could come out. We could be a little bit on the conservative side, just looking at trends, but I do think we need to be looking at this on the right pace, and that's where we think we're going to end up.

好的。我在事先準備的發言中也提到，我們希望確保把 Q4 與 Q1 進來的那些「大客戶」（whales）納入考量，而他們通常會在 3 到 6 個月的時間軸上逐步放量。因此，當我們提供指引、以及思考 Q2 最終可能落點時，我們希望採取較為平衡的方式來看待可能的結果。從趨勢來看，我們可能稍微保守一些；但我確實認為我們需要以正確的節奏來看待，而這就是我們認為最終會落在的水準。

Okay. And then just one on the take rate. Mike Cagney, you called out some interest rate volatility in the quarter, you have that. give the faster growth in some of the lower take rate products. I would think both of those would be negative from a take rate perspective.

了解。再問一個關於 take rate（抽成率/費率）的問題。Mike Cagney，你提到本季有一些利率波動，再加上某些 take rate 較低的產品成長更快。我會認為這兩者從 take rate 的角度看都會是負面因素。

So is there any specific offset that led to the flat take rate sequentially? Just any other color you have there would be great.

那麼，是有什麼特定的抵銷因素，讓 take rate 逐季仍能持平嗎？如果能再提供一些補充說明會很有幫助。

Take rate is an output of lots of inputs. So we have, for example, mix shift to Figure Connect, we have mix shift to first lien. We have shifts from DTC to B2B. And then you have the annual take rates that are coming partner by partner as people expand volume tiers, for example. And you also have taken rates that are coming from the overall execution and gain on sale.

Take rate 是許多輸入因素的輸出結果。例如，我們有產品組合轉向 Figure Connect，也有組合轉向第一順位抵押（first lien）。我們也有從 DTC 轉向 B2B 的變化。此外，還有逐一合作夥伴的年度 take rate 變化，例如當合作夥伴擴大量能級距（volume tiers）時。同時也有來自整體執行與出售收益（gain on sale）的 take rate。

So all of those things collectively create the take rate for the quarter. And that take rate is ultimately, as we've said, it's an output metric.

上述所有因素綜合起來，就形成了本季的 take rate。而這個 take rate 最終如我們所說，是一個輸出型指標（output metric）。

And our view is that the activity for this quarter, the puts and takes of all that ended up at $3.8 billion which we -- which is something that we think is strong and as you noted, and particularly in light of the volatility that happened towards the end of the quarter. That said that broader range that we provided, we maintain because of all the variability in these inputs.

我們的看法是，本季所有這些因素的拉鋸（puts and takes）最終落在 38 億美元——我們認為這是強勁的表現，正如你所指出的，尤其考量到季末發生的波動。話雖如此，我們仍維持先前提供的較寬區間，因為這些輸入因素存在相當多的變動性。

But I'll just restate the example that I gave in the prepared remarks, which is the focus on first lien and on product diversification are ultimately strengths of the platform in terms of both EBITDA and contribution margin, and that's where we're focused in terms of our execution.

不過我再重申我在事先準備發言中舉的例子：聚焦第一順位抵押（first lien）以及產品多元化，最終會在 EBITDA 與貢獻毛利（contribution margin）兩方面體現為平台的優勢；這也是我們在執行上聚焦的方向。

Randy Binner, Texas Capital.

Randy Binner，Texas Capital。

So obviously, the overall volume trend is good for the guide. But for HELOC, just the HELOC market in particular, are you -- do you feel that you're gaining share there's more banks because of the lock-in effect who are offering it products so far had an announcement that got some investor reaction. So just can you give us a sense of almost halfway through a year, do you think you're gaining share? Where are you fitting in, and then the overall HELOC competitive market in the US?

很明顯，整體量能趨勢對指引而言是正面的。但就 HELOC（房屋淨值信用額度）來說，特別是 HELOC 市場本身，你們是否覺得自己正在提升市占？是否因為鎖定效應（lock-in effect）而有更多銀行開始提供這類產品？你們之前有一項公告也引發了一些投資人反應。所以想請你們談談：在一年已過將近一半的情況下，你們覺得自己在提升市占嗎？你們的定位在哪裡？以及美國整體 HELOC 競爭市場的狀況如何？

Thanks for the question. We've said this before, which is that we don't actually consider the HELOC market to be relevant to what we do. One, because so much of what we do is greenfield and two, because so many of our partners don't consider themselves mortgage companies or participants in the HELOC market; and three, because of so much of what we do is first lien, which would have historically been the per view of a traditional mortgage.

謝謝你的問題。我們之前說過：我們其實不認為 HELOC 市場與我們所做的事情直接相關。第一，因為我們做的很多是綠地開發（greenfield）；第二，因為我們的許多合作夥伴並不把自己視為房貸公司或 HELOC 市場的參與者；第三，因為我們做的很多是第一順位抵押（first lien），在歷史上那會被視為傳統房貸的範疇。

And so for us, HELOC is a way to approach not only that $35 trillion of home equity, but also that $2 trillion of annual mortgage origination. So kind of the announcements of SoFi and others, right, those are welcome to kind of emphasize the value of the space. But ultimately, those are not part of our consideration set when we look at the addressable market for Figure.

因此對我們而言，HELOC 是一種切入方式，不僅用來觸及那 35 兆美元的房屋淨值（home equity），也用來觸及每年 2 兆美元的房貸承作（mortgage origination）。所以像 SoFi 等人的相關公告，確實有助於強調這個領域的價值，我們也樂見其成。但最終，當我們評估 Figure 的可服務市場（addressable market）時，這些並不在我們的考量集合之內。

Okay. I guess then I would maybe shift the question to say, for your addressable set do you -- how will you characterize your share gain?

了解。那我可能把問題改成：就你們可服務的市場集合而言，你們會如何描述你們的市占提升情況？

I'd characterize our share gain as a combination of new partner growth, and we see the opportunities there as not only the existing first lien origination market, right, so call it people like banks, credit unions and independent mortgage banks that originate mortgages, but also fintechs and home improvement companies that historically don't consider themselves in this space, but look to tap home equity as places where we're gaining share both in terms of net new customers, but also very importantly, as I mentioned in the prepared remarks, as gaining share versus ultimately Fannie and Freddie's market, right?

我會將我們的市占提升描述為新合作夥伴成長的組合；而我們看到的機會不僅在於既有的第一順位抵押貸款（first lien）發放市場——也就是像銀行、信用合作社以及發放房貸的獨立房貸銀行——同時也包括金融科技公司與居家修繕公司，這些公司過去並不認為自己屬於這個領域，但現在希望透過動用房屋淨值（home equity）來切入。我們在這些領域都在提升市占，既包括淨新增客戶（net new customers），也非常重要地，如我在事先準備的發言中提到的，是相對於最終房利美（Fannie）與房地美（Freddie）的市場在提升市占，對吧？

So if you look at Mutual Omaha, something cited in the quarter, that 5 times quarter-over-quarter growth that we saw didn't just come from an overall 5x growth at Mutual Omaha, right, that came at the expense of Fannie and Freddie market share, and that's where we see ultimately our competition, that combination of call it, the Ellie Mae, Ice and Fannie and Freddie Mac complex.

所以如果你看 Mutual Omaha，本季提到的案例，我們看到的季對季 5 倍成長並不是因為 Mutual Omaha 整體也成長了 5 倍，對吧？那是以房利美與房地美的市占為代價而來，而那正是我們最終看到的競爭所在——可以說是 Ellie Mae、ICE，以及房利美與房地美（Freddie Mac）這個複合體的組合。

Just to build on that, I think it's important to emphasize that, that sub-$300,000 first lien category is a loan that wasn't done before. So it's not that we're taking the share from anybody. I said no one was originating that asset. I think Anthony Stratis talked about this in his earnings remarks at Loan Depot last week, and references partnership with Figure's opening up this market for them in a market that couldn't address before.

再補充一下，我認為很重要的一點是，那個低於 30 萬美元的第一順位抵押貸款類別，是以前根本沒有被做出的貸款。所以並不是我們在從任何人手上搶市占。我說過，沒有人在發放那種資產。我想 Loan Depot 的 Anthony Stratis 上週在他的財報談話中也提到這點，並引用與 Figure 的合作，為他們打開了這個市場——在過去無法觸及的市場中。

So a lot of what we're doing isn't competing amongst an existing pie, it's greenfield. We're making bigger pies.

所以我們做的很多事情並不是在既有的餅裡互相競爭，而是開拓新領域（greenfield）。我們是在把餅做大。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I was hoping you could expand upon your comments on the outlook for new partners. Obviously, a lot of momentum in that in the numbers we saw this quarter. But how does that compare to, say, at the beginning of the year? And then also the three to six months of ramping that you highlighted for your larger customers, I would also just be curious about how that compared to, say, a year ago. Is that three to six months shorter than maybe what you saw previous as customers have become more comfortable with the platform or you've grown in your size and scale?

我希望你能進一步說明你對新合作夥伴展望的評論。顯然，從本季數字來看，這方面動能很強。但這與例如年初相比如何？另外，你提到大型客戶需要三到六個月的爬坡期（ramping），我也想了解這與一年前相比如何。隨著客戶對平台更熟悉，或你們規模與量能提升，這三到六個月是否比過去更短？

Dan, the future is bright. We see the pipeline the same day as it has been. And in fact, I feel Mike has said to me, we can't double forever, but so far, we are doubling forever. So we feel really good about where we are. And we also feel that, if anything, the implementations that we're doing in terms of AI and onboarding and examples, like I gave a Mutual of Omaha are being helped by tooling technology and the more visibility that we have being a public company.

Dan，未來一片光明。我們看到的管線（pipeline）跟以往一樣，當天看起來都沒有變。事實上，我覺得 Mike 跟我說過，我們不可能永遠倍增，但到目前為止，我們就是一直在永遠倍增。所以我們對目前的位置感覺非常好。而且我們也覺得，如果說有什麼的話，我們在 AI、導入（onboarding）以及我舉的 Mutual of Omaha 這類案例上的實作，正因工具化技術，以及作為上市公司所帶來的更高能見度而受到幫助。

And so we don't see any extension of time lines for partner onboarding nor do we see any reduction in pipeline.

因此，我們沒有看到合作夥伴導入時程有任何延長，也沒有看到管線有任何縮減。

(Operator Instructions) Kyle Peterson, Needham.

（接線員指示）Kyle Peterson，Needham。

Nice results. I wanted to touch on the funding partner mix. Really helpful how you guys split that out in the slides, but I wanted to follow up a little bit more on the asset measure place. Maybe if you guys could give some direction and color even qualitatively on kind of what of that is backed by longer duration institutional capital versus some of these more semi-liquid retail products like BDCs or interval funds? Any color or direction there would be great.

成果很不錯。我想談一下資金合作夥伴（funding partner）的組合。你們在簡報投影片中把它拆分得很有幫助，但我想再追問一下資產配置（asset allocation）那一塊。也許你們可以提供一些方向與說明，即便是定性地談：其中有多少是由期限較長的機構資本支持，對比一些較偏半流動性的零售產品，例如 BDC 或區間基金（interval funds）？任何補充或指引都會很有幫助。

We broke that out in terms of the types of funds in particular. And as I mentioned in the prepared remarks, we have seen somewhat of a rotation into the figure and the consumer loan space, given some of the weakness in the software and overall private credit. So from our standpoint, we -- and I mentioned some of those executions we saw both in late March as well as early April. And I think that reflects the rotation that I'm sharing about.

我們已特別就基金類型做了拆分。正如我在事先準備的發言中提到的，鑑於軟體領域以及整體私募信貸（private credit）出現一些疲弱，我們確實看到資金有某種程度的輪動，轉向 Figure 與消費者貸款領域。所以就我們的角度而言——我也提到我們在 3 月下旬以及 4 月上旬看到的一些成交（executions）。我認為那反映了我所分享的這種輪動。

Okay. And then maybe just a follow-up, taking the take rate and mix and kind of what you guys are seeing in in April. It seems like at least the macro has gotten a little less favorable for first lien, more favorable for HELOC and probably some other products, but I know you guys are scaling this off really small bases as Mike referred to, like creating new buys. So I guess how should we think about the mix? Like have you guys seen any change in April that reflects rates kind of spiking back up?

好的。那再追問一下，關於抽成率（take rate）與組合，以及你們在 4 月看到的情況。看起來至少宏觀環境對第一順位抵押貸款比較不利，對 HELOC 以及可能其他產品更有利；但我知道如 Mike 所說，你們是從很小的基礎在擴張，例如創造新的買方（new buys）。所以我們該如何看待組合？你們在 4 月是否看到任何反映利率再度上升的變化？

Our platform is strong because it is able to be successful and create bigger pies regardless of the rate environment. So when we have rates moving up like they have been in the near term, you have that $35 trillion of home equity opportunity we talk about, and I'd also point out that from our marketplace, about 20% of loans are used to pay off higher interest rate debt. So credit cards, student loans, auto loans, and the like. And as a result, that opportunity goes up as those rates tend to go up more than the prevailing mortgage and home equity rates.

我們的平台之所以強，是因為無論利率環境如何，都能成功並把餅做大。所以當利率像近期這樣上行時，就會出現我們談到的 35 兆美元房屋淨值機會；我也想指出，從我們的市集來看，大約 20% 的貸款用於償還更高利率的債務。例如信用卡、學貸、車貸等等。因此，當那些利率上升幅度往往高於當前房貸與房屋淨值利率時，這個機會反而會增加。

And then separately, as you know, we're creating just larger pies to greenfield nature of what we do. And given borrowing against your home tends to be the lowest cost option for anyone who has home equity, which includes that $35 trillion and the 40% of homeowners who own their home free and clear, it creates a really nice opportunity and a tailwind for us. And I think what you've seen in the SMB space, in particular, where people are partners are using our ability to access home equity to fuel their business -- their business lending franchise is a great example.

另外，如你所知，基於我們所做事情的開拓性（greenfield）特質，我們正在創造更大的餅。而且，對任何擁有房屋淨值的人來說，以房屋作為抵押借款往往是成本最低的選項；這涵蓋那 35 兆美元，以及 40% 完全無房貸、已全額持有房屋的屋主，這為我們帶來非常好的機會與順風。我認為你在 SMB 領域看到的情況尤其明顯：合作夥伴利用我們取得房屋淨值的能力來支持其業務——也就是他們的商業放款（business lending）業務，是一個很好的例子。

And just to build on that again, I think you don't have the same price elasticity in the sub-300,000 first lien products because, again, they just weren't offered before. And so the fact that we're unlocking that market there's less rate sensitivity there and more just being able to access the credit.

再補充一次，我認為在低於 30 萬美元的第一順位抵押貸款產品上，你不會看到同樣的價格彈性（price elasticity），因為它們本來就沒有被提供過。因此，當我們解鎖這個市場時，對利率的敏感度較低，更多是能否取得信貸（access the credit）。

And so while we are a barbelled in the sense that higher rates push us towards second lien, lower rates pushes towards first lien, we have those products. This first lien space is so greenfield. It just doesn't have the same rate elasticity that you'd expect in normal mortgage.

因此，雖然我們在某種意義上呈現「槓鈴式」（barbelled）：利率較高時推動我們偏向第二順位抵押（second lien），利率較低時則偏向第一順位抵押（first lien），而我們也具備這些產品。但第一順位抵押這個領域非常屬於開拓性（greenfield）。它不像一般房貸那樣具有你所預期的利率彈性。

There are no additional questions at this time. This will conclude today's Figure Technology Solutions first quarter 2026 earnings conference call. Please disconnect your lines at this time, and have a

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