Figure Technology Solutions’ latest quarter underscored how quickly the company is moving beyond its roots in home equity lending and into a broader marketplace model built around mortgages, consumer credit and blockchain-based capital markets, as loan originations and platform activity continued to accelerate.
Consumer loan marketplace volume, as reported on Tuesday (May 12), reached $2.9 billion in the first quarter, up 113% year over year, while adjusted net revenue climbed 92% to $167 million.
The company said growth was driven by expansion across multiple business lines, including Figure Connect, first-lien mortgage products and newer lending categories tied to real estate investors and small businesses. Figure Connect represented 56% of overall marketplace volume during the quarter, while first-lien volume increased threefold year over year. Debt service coverage ratio, or DSCR, and residential transition loan activity grew 70% quarter over quarter.
Michael Tannenbaum, Figure’s CEO, said the company’s growth is increasingly tied to its ability to attract larger institutional partners while expanding the types of loans moving through its marketplace.
Tannenbaum said Figure is seeing especially strong traction in first-lien mortgages and business-purpose lending, including DSCR and residential transition loans often used by real estate investors. He noted that the company’s lower cost structure gives it an advantage in smaller-balance first-lien lending.
“Last quarter, I dubbed 2026 the year of the first lien,” Tannenbaum told analysts. “Today, I’m pleased to share first-lien volume now accounts for 20% of our total.”
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Figure Connect Metrics Grow
He added that the company’s economics are improving as more lending activity moves onto Figure Connect. “For Connect, on average, we see over two times monthly volume on a same partner basis six months after launching on Connect,” Tannenbaum said.
Tannenbaum said Figure’s products are increasingly positioned around tapping housing wealth more efficiently, particularly as traditional mortgage activity remains pressured by interest rates.
“We see the opportunities there as not only the existing first-lien origination market,” he said, “but also FinTechs and home improvement companies that historically don’t consider themselves in this space, but look to tap home equity.”
The company also stressed that many of the loans being originated are in categories that previously had been underserved by traditional lenders.
Mortgage-related activity remained a central part of the quarter’s performance. Executives highlighted the growing role of first-lien products and pointed to demand from banks and mortgage originators looking for more efficient ways to participate in the market.
Chief Financial Officer Macrina Kgil said the company’s financial performance reflected both rising scale and a more diversified mix of lending products and marketplace activity.
Kgil added that March marked the first time the company surpassed $1 billion in monthly marketplace volume.
The CFO also pointed to artificial intelligence (AI) initiatives as part of the company’s longer-term efficiency strategy. “This is the power of our AI-driven efficiency roadmap,” she said.
Looking ahead, Figure projected second-quarter consumer loan marketplace volume between $3.8 billion and $4.1 billion.
Shares were up 2.4% in early trading on Tuesday.
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