Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 13, 2025
Slide 2: Today’s Presenters
Today’s Presenters Michael Tannenbaum Mike Cagney Macrina Kgil Chief Executive Officer Co-Founder, Executive Chairman Chief Financial Officer 2
Slide 3: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward‑looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All
Slide 4: Third Quarter Operating & Financial Highlights
Third Quarter Operating & Financial Highlights $156.0M Adj. Net Revenue +42% YoY $2.5B Consumer Loan $86.4 Marketplace Volume Adjusted EBITDA +75% YoY +70% YoY 55.4% Adjusted EBITDA Margin 4
Slide 5: Building the future of Capital Markets
Building the future of Capital Markets using Blockchain technology to: Disrupt Create Greenfield Grow Lasting Incumbents Markets Shareholder Value 5
Slide 6: Figure is Delivering into a Generational Capital Markets Opportunity
Figure is Delivering into a Generational Capital Markets Opportunity Real-World Assets Total Value Locked ($bn)2 $12.7bn Partner Ecosystem These opportunities are $2.5bn being driven by… $2.2bn Growth of Blockchain ecosystem $1.5bn challenging Web 2.0 TradFi $1.4bn $408mm Market need for cross- coll
Slide 7: Figure’s Use of Blockchain Technology Creates Efficiency and Value
Figure’s Use of Blockchain Technology Creates Efficiency and Value ● Third party review expenses – 80 % reduction 1 ● Reduces friction Transactional ● Loan origination costs – over 93 % reduction 2 vs. ● Reduces quality control burden mortgage industry average ● Real time remittance and payments ● P
Slide 8: We Are Building the Future of Capital Markets
We Are Building the Future of Capital Markets Figure is a modern, capital-efficient marketplace for the origination, funding, sale and trading of various on-chain loan products and tokenized assets. Proprietary LOS HELOC Connect Democratized Prime Exchange Consumer Credit Marketplace Digital Assets
Slide 9: Figure Ecosystem of Solutions
Figure Ecosystem of Solutions
Slide 10: Value of Figure’s Ecosystem in the Loan Life Cycle
Value of Figure’s Ecosystem in the Loan Life Cycle Borrower Application Loan Aggregation Sale on Connect Securitization Servicing & Funding & Execution ● Borrower enters ● Approved loans are ● Buying and selling of ● Securitization via Figure’s ● In-house servicing ecosystem funded & aggregated via:
Slide 11: Figure’s Growing Network of High-Quality Partners
Figure’s Growing Network of High-Quality Partners Origination Partners Consumer Loan Marketplace Originations ($ in billions) 246 partners1 Including mortgage originators, servicers, banks, Partner–branded $5.7 and credit unions Figure–branded $5.1 76% : 74% 5 Selected Current Partners Q 32 LTM 20 2
Slide 12: Figure Connect Marketplace
Figure Connect Marketplace Custom-Built Marketplace Platform ● Facilitates buying and selling of standardized assets Launched in June 2024 originated through Figure LOS ● Transactions utilize uniform underwriting, common Sellers/Originators Buyers documentation, and reps and warranties 33 Marketplac
Slide 13: Execution Against our Strategic Objectives
Execution Against our Strategic Objectives “Doing what we said” Building Ubiquity for $YLDS Expanding Digital Identify new platforms to expand the Asset Volume utility of $YLDS within and outside of the Figure ecosystem Be the first mover in new marketplaces October 2025 and expand into incremental p
Slide 14: Figure’s Opportunity to Transform Capital Markets
Figure’s Opportunity to Transform Capital Markets
Slide 15: Democratized Prime
Before Democratized Prime With Democratized Prime Financial Institutions Originators Democratized Prime Warehouse Financing Allows users to lend assets or excess cash into the ecosystem at a market-clearing rate Reduces Capital Requirements for Users Democratized Prime ● Lend at Market-Clearing Rate
Slide 16: Our Trillion Dollar Opportunity
Infrastructure Tokenized Assets Applications Our Trillion Dollar $YLDS Liquidity Funding 1 Opportunity $FIGR DemoPrime Trading Transparency FIGR Equity Initiative: ● Filed confidential S-1 for a secondary, non-dilutive $100.0 offering of the first ever blockchain-native equity security 5× ~2 $21.5 $YL
Slide 17: Financial Overview
a - = a = _ — Financial Overview — 7 : _ y :
Slide 18: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Consumer Loan Marketplace Volume Adjusted EBITDA in billions in millions Consumer Loan Marketplace Volume Year-over-Year Year-over-Year +75% +70% • Consumer Loan Marketplace volumes increased 70% due to new partner additions, Figure Connect, and volume from non-HELOC pro
Slide 19: Seasonality is a Factor in Our Quarterly Marketplace Volumes
Quarterly Consumer Loan Seasonality is a Factor in Our Quarterly Marketplace 2024 Volume ($ in millions) Marketplace Volumes Quarterly Consumer Loan Marketplace 2025 Volume ($ in millions) 105% Industry Indexed Monthly 104% Volumes vs. Average (100% = 2023/24 Average) Q2 and Q3 originations tend to
Slide 20: Figure’s Long-Term Financial Goals
Figure’s Long-Term Financial Goals Targeting above 60% margin with migration to 1 Adjusted EBITDA Margin Figure Connect and adoption of Democratized Prime 2 Capital Light Marketplace model reducing use of Figure balance sheet Continue to maintain fixed costs and optimize AI and 3 Operating Efficiency
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: Balance Sheet
Balance Sheet ($ in millions) Sep-30−25 Dec-31−24 Assets Cash and cash equivalents $1,097.1 $287.3 Restricted cash 64.6 57.8 Loans held for sale, at fair value 389.0 395.9 Digital assets 102.9 77.9 Accounts receivable, net 46.2 21.0 Other current assets 59.8 14.9 Total current assets $1,759.7 $854.7
Slide 24: GAAP / non-GAAP Income Statement Reconciliation
GAAP / non-GAAP Income Statement Reconciliation Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2025 2024 2025 2024 Total Net Revenue $156,365 $101,007 $346,952 $257,030 Plus: Valuation Changes in Fair Value of MSRs (331) 9,027 10,220 5,516 Adjusted Net Revenue $156