Figure Technology Solutions, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

That would be great. All right.

Thanks for having me. All right.

First of all, as I said, thank you for having me. It's been a great conference so far. Figure is a company really focused, as you mentioned, on the capital markets, and particularly, we're a first mover to the future of the capital markets on blockchain. We're the market leader in what's known as real-world asset tokenization. What we mean specifically by that is, especially in home equity, where we do about $1.7 billion of volume through our marketplace a month, our 500 partners are using our technology to originate mortgage assets. Those assets are on a blockchain that reduces the cost to originate, reduces the cost to trade, and are traded in a very liquid capital market that offers whole loan and securitization sales to those 500 partners.

In the process of that loan manufacturing process, we save about $11,000 out of a $12,000 cost to originate, and we save a ton of time as well. It's about as fast as five-day process versus industry 45. It's a really fast-moving process that has created a very standardized capital market. As you mentioned, James, it's a capital market that is now increasingly being used to standardize other asset classes, particularly in consumer finance and asset-based finance more broadly.

Sure. We see a tremendous amount of growth in our core mortgage opportunity. There is $2 trillion of mortgage outstanding, and we do about $20 billion a month. We also see about an opportunity in other asset classes, as we mentioned. We started in both auto and in small business. Just to be clear, we are not originating auto loans, we are not originating small business loans, but we are taking third-party assets and standardizing the rails and offering capital markets as a service to those asset classes. You have, as I mentioned, growth in the core mortgage, where we see about 100x opportunity, as well as bringing other asset classes onto the platform. Both of those are fueling that over 100% revenue growth that you are seeing in Figure over the past couple of quarters.

Sure. Increasingly, Figure is moving more towards an exchange-like business model, and you should think about our differentiation and our moat from that context, or in that context. Specifically, we are the first mover in the home equity space. There is $35 trillion of home equity outstanding. We are the first mover and the market leader there. Increasingly in this rate environment, everybody wants to have a conversation about home equity, and we are making hay while the sun is shining. You also have a dynamic that creates a lower cost of capital as more and more volume goes through our platform. Investors like buying assets in bulk. As we grow and as we do more and more AAA securitizations and become more of a repeat loan platform for investors, the cost of financing comes down and spreads come down.

What that means is every marginal loan that we do is done more cheaply and provides this flywheel effect, and that increases our first-mover advantage. We see more broadly, capital markets are moving more towards tokenization. There is every bank conversation, every boardroom, every capital markets company that is your focus area, is talking about the future of the capital markets moving on-chain. Even as people are, regardless of enthusiasm for Bitcoin or Ethereum, there is absolutely a movement towards tokenization, and we are the market leader there. As more banks start to form consortia for tokenized deposits, as an example, we are there to provide the assets against those tokenized liabilities, as an example. All of these things, these first-mover marketplace style advantages, these flywheels, create a competitive moat for us more broadly. Right? But then specifically, where I look to when I look at Figure's competitive advantages is one, the Fannie Mae ecosystem, where Figure is very competitive.

Fannie Mae has done a lot on the first lien space of standardization and tools and technology and capital markets liquidity, we have done that in the second lien space. Right? So if you are in home equity today, you look at Figure as that standardized capital market. You look to us for liquidity, and it's actually driving conversations even with depositories, for example, who may not necessarily want to adopt our origination technology, but they see the opportunity to use our capital market as a way to offload exposure to mortgage. Mortgages are 30 years, and that's a long time even for a bank.