Figure Technology Solutions, Inc. · NASDAQ:FIGR
Figure Technology Solutions — Investor Presentation (June 2026)
40 slides from Figure Technology Solutions's investor presentation, June 2026
Slide 1: Investor Education Presentation
STRICTLY PRIVATE AND CONFIDENTIAL Investor Education Presentation June 2026
Slide 2: Legal Disclaimers
STRICTLY PRIVATE AND CONFIDENTIAL Legal Disclaimers This presentation (this “Presentation”) constitutes confidential information and is provided to you on the condition that you agree to hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without th
Slide 3: Today's Presenters
STRICTLY PRIVATE AND CONFIDENTIAL Today’s Presenters Michael Tannenbaum Macrina Kgil Todd Stevens Chief Executive Officer Chief Financial Officer Chief Capital Officer 3
Slide 4: Agenda
STRICTLY PRIVATE AND CONFIDENTIAL Agenda Figure Company Overview Kiavi Company Overview and Transaction Rationale Appendix 4
Slide 5: Figure Company Overview
STRICTLY PRIVATE AND CONFIDENTIAL Figure Company Overview
Slide 6: Building the future of Capital Markets using Blockchain technology
STRICTLY PRIVATE AND CONFIDENTIAL Building the future of Capital Markets using Blockchain technology to: Disrupt Incumbents Create Greenfield Grow Lasting Shareholder Markets Value
Slide 7: Figure at a Glance
STRICTLY PRIVATE AND CONFIDENTIAL Figure at a Glance Rapid Profitable Growth at Scale Continued Growth with Expanding Margins Adjusted Net Revenue2 Adjusted EBITDA2 ($ in millions) Provenance Transaction Volume Onboarded Partners Adjusted EBITDA2 Margin Scale $70bn+ 387 Cumulative Since Launch in 20
Slide 8: Figure is a High Margin Capital Marketplace That Uses Blockchain Technology for Efficiency
STRICTLY PRIVATE AND CONFIDENTIAL Figure is a High Margin Capital Marketplace That Uses Blockchain Technology for Efficiency Figure Has an Ecosystem of Solutions That Lower Cost and Add Efficiency Using Blockchain Technology Consumer Loan Marketplace Consumer Loan Marketplace ▪ We are a marketplace
Slide 9: Consumer Loan Marketplace / Figure Lending Overview
STRICTLY PRIVATE AND CONFIDENTIAL Consumer Loan Marketplace / Figure Lending Overview
Slide 10: Figure's Origination Mix Taps Into a Large Market Opportunity
STRICTLY PRIVATE AND CONFIDENTIAL Figure’s Origination Mix Taps Into a Large Market Opportunity ($ in billions) 2025 Addressable Industry Origination Volume Q1’26 LTM Figure Origination Volume3 Other2 <2% <1% 18% 80% First-Lien has ~24x First-Lien HELOCs $0.6tn $14.1tn HELOCs Q4’25 Home higher debt
Slide 11: Figure Technology Facilitated Originations are Funded Largely Externally
STRICTLY PRIVATE AND CONFIDENTIAL Figure Technology Facilitated Originations are Funded Largely Externally to Keep Figure Balance Sheet Light Partner Branded Figure Connect Figure as Intermediary Figure Branded 24% '25A Origination $3.9bn $2.6bn $2.0bn Volume ($bn) 46% Total ’25A Volume: $8.4bn 31%
Slide 12: Figure's Infrastructure Quality has Led to Rapid Growth in High Quality Origination
STRICTLY PRIVATE AND CONFIDENTIAL Figure’s Infrastructure Quality has Led to Rapid Growth in High Quality Origination Origination Partners Consumer Loan Marketplace Originations ($ in billions) Partner-Branded 387 partners in Q1’26 (Businesses using Figure’s technology in their $11.4 Up from 144 par
Slide 13: Figure's Ecosystem in the Loan Life Cycle
STRICTLY PRIVATE AND CONFIDENTIAL Figure’s Ecosystem in the Loan Life Cycle Borrower Application Loan Aggregation Sale on Connect Securitization Servicing & Funding & Execution ▪ Borrower enters ecosystem ▪ Approved loans are funded & ▪ Buying and selling of ▪ Securitization via Figure’s ▪ In-house
Slide 14: Our Capital Markets Expertise is Highly Differentiated
STRICTLY PRIVATE AND CONFIDENTIAL Our Capital Markets Expertise is Highly Differentiated Figure Brand Promise Key Differentiators Figure Connect Marketplace at Scale Investor Depth and Diversity ✓ Homogeneous, reliable collateral with no Uniquely satisfies Buyer demand With numerous investors suppor
Slide 15: Figure's Consistent Securitization Issuance Has Established a Strong Market Presence
STRICTLY PRIVATE AND CONFIDENTIAL Figure’s Consistent Securitization Issuance Has Established a Strong Market Presence Mix of FIGRE Securitization Buyers by Type 100 ~70% 68% 14% 6% 6% 4% 2% Unique Securitization Buyers Multiple Deal Buyers Since 23’HE1 Asset Managers Hedge Funds Insurance Sovereign
Slide 16: Our Collateral is Well Supported by Warehouse Providers
STRICTLY PRIVATE AND CONFIDENTIAL Our Collateral is Well Supported by Warehouse Providers, Providing Additional Funding Flexibility Figure Collateral is Well Known to Major Lending Institutions Originating partners fund the majority of Figure’s volume Partner Financing 10 Financial Institutions inde
Slide 17: Digital Asset Marketplace / Figure Markets Overview
STRICTLY PRIVATE AND CONFIDENTIAL Digital Asset Marketplace / Figure Markets Overview
Slide 18: Democratized Prime Offers Short Term Financing for Assets in Figure Connect
STRICTLY PRIVATE AND CONFIDENTIAL Democratized Prime Offers Short Term Financing for Assets in Figure Connect Before Democratized Prime With Democratized Prime Financial Institutions Democratized Prime Originators Allows users to lend assets or excess cash into the ecosystem at a market-clearing rat
Slide 19: Our Capital Markets Flywheel is Poised to Drive Scalable Growth
STRICTLY PRIVATE AND CONFIDENTIAL Our Capital Markets Flywheel is Poised to Drive Scalable Growth New Assets Originators/ Provide demand for warehouse & distribution Borrowers Originators/ Democratized Borrowers Prime Democratized Provide warehouse for originators (aggregation facility Prime to ulti
Slide 20: Financial Overview
STRICTLY PRIVATE AND CONFIDENTIAL Financial Overview
Slide 21: Financial Overview
STRICTLY PRIVATE AND CONFIDENTIAL Financial Overview ($ in mm, unless otherwise noted) Consumer Loan Adj. Net Revenue1 Adj. EBITDA1 Net Income Marketplace Volume ($bn) Adj. EBITDA Margin1: Net Income Margin: NM 29% 49% 51% NM 6% 26% 30% $9.9 $593 Year-over-Year $8.4 $513 $180 574% $304 $134 $336 $25
Slide 22: Adjusted Net Revenue Overview
STRICTLY PRIVATE AND CONFIDENTIAL Adjusted Net Revenue Overview Marketplace Volume Democratized Prime Balance Drivers of Revenue X X Ancillary Revenue Take Rate Take Rate Adjusted Net Revenue Line Items Ecosystem and Technology Fees Fees Figure charges to partners to use Figure's LOS to originate lo
Slide 23: Figure Highlights
STRICTLY PRIVATE AND CONFIDENTIAL Figure Highlights 1 Leader Disrupting Traditional Lending and Capital Markets; Significant Revenue TAM Rapidly Expanding Technology, Infrastructure and Ecosystem Adoption from Proven Asset Class 2 Performance Broad and Deep Network of Origination Partners and Fundin
Slide 24: Kiavi Company Overview and Transaction Rationale
STRICTLY PRIVATE AND CONFIDENTIAL Kiavi Company Overview and Transaction Rationale
Slide 25: Adding an Express Lane on the Blockchain Capital Markets Highway
STRICTLY PRIVATE AND CONFIDENTIAL Adding an Express Lane on the Blockchain Capital Markets Highway + 1 2 3 4 Drives Tokenized Asset Bolsters First-Lien Focus Agent-to-Agent AI Supercharges Growth Scale Onboarding Projected to increase pro Expected to expand Expected to add over forma YE’27 volume to
Slide 26: Builds on Figure's Strong Fundamentals
STRICTLY PRIVATE AND CONFIDENTIAL Builds on Figure’s Strong Fundamentals… High Growth Meaningful Scale Capital Light Financially Compelling $200bn+ $7bn+ < 4 years Market opportunity Unlevered simple RTL and DSCR Volume JV with Sixth Street characterized by payback of purchase enables capital light
Slide 27: By Fueling the Marketplace with Fast Growing Offerings
STRICTLY PRIVATE AND CONFIDENTIAL …By Fueling the Marketplace with Fast Growing Offerings RTL $116bn 380+ Existing Figure Partners Independent Regional Banks Mortgage Banks DSCR Credit Unions Fintechs Connect $58bn Mortgage Insurers Servicers Home SMB Lenders Improvement Construction $49bn Note: Mar
Slide 28: Appendix
STRICTLY PRIVATE AND CONFIDENTIAL Appendix
Slide 29: Historical GAAP P&L Revenue and Expense Deep Dive
STRICTLY PRIVATE AND CONFIDENTIAL Historical GAAP P&L Revenue and Expense Deep Dive As a % of Net Revenue ($ in mm) 2023 2024 2025 LTM Q1'26 YoY Growth2 2023 2024 2025 LTM Q1'26 YoY Change 2 Ecosystem and Technology Fees $10.6 $28.3 $120.8 $152.5 327% 5% 8% 24% 26% 16% Servicing Fees 18.6 25.2 31.5
Slide 30: Historical Balance Sheet Deep Dive
STRICTLY PRIVATE AND CONFIDENTIAL Historical Balance Sheet Deep Dive ($ in mm) 2023 2024 2025 Q1'26 Cash & Cash Equivalents $116.5 $289.7 $1,198.1 $1,464.6 Restricted Cash 59.2 57.8 68.6 71.9 Loans Held for Sale, at Fair Value 255.5 395.9 404.3 503.9 Digital Assets 5.9 75.4 96.6 74.3 Accounts Receiv
Slide 31: GAAP / Non-GAAP Reconciliation
STRICTLY PRIVATE AND CONFIDENTIAL GAAP / Non-GAAP Reconciliation ($ in mm) 2023 2024 2025 LTM Q1'26 Net Revenue $209.5 $340.9 $506.9 $589.4 (+) Change in MSR Fair Value 4.6 (1.7) 7.9 2.1 (+) Change in Fair Value of Marketable Securities 1 2.4 (2.7) (1.6) 3.1 (-) YLDS Funding Cost 1 (0.3) (1.7) Adjus
Slide 32: Significant $450bn+ Revenue Opportunity Across Capital Markets Activities
STRICTLY PRIVATE AND CONFIDENTIAL Significant $450bn+ Revenue Opportunity Across Capital Markets Activities Products Medium Monetization Revenue Market TAM Drivers (Launched) Term Focus Strategy Opportunity HELOC (2018) Take Rate x • Partner growth Annual Consumer Credit Home Equity Originated Volum
Slide 33: Figure's Approach to the Borrower Underwriting Process
STRICTLY PRIVATE AND CONFIDENTIAL Figure’s Approach to the Borrower Underwriting Process Traditional Underwriting Property Valuation Appraisal Automated Model Based Lien Identification Analog Title Search Digital Lien Matching Income Verification Manual Automated Document Signing Wet Signature eNota
Slide 34: Figure Connect Share Expanding Across Consumer Loan Marketplace Originations
STRICTLY PRIVATE AND CONFIDENTIAL Figure Connect Share Expanding Across Consumer Loan Marketplace Originations Quarterly Consumer Loan Marketplace Originations ($ in millions) $2,902 $2,705 $2,469 56% $1,838 54% 46% $1,365 42% 35% 30% 23% 23% 35% 42% 24% 23% 22% 23% 23% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Slide 35: Unique Guarantor Vehicle Partnership with Sixth Street Solidifies Liquidity Access
STRICTLY PRIVATE AND CONFIDENTIAL Unique Guarantor Vehicle Partnership with Sixth Street Solidifies Liquidity Access $200mm Commitment by Sixth Future Future of of TBA Market TBA Market $200mm Initialwith Street, $47mmCapitalization Contributed to Joint Venture date Strategic Objectives Strategic Ra
Slide 36: Management Biographies: Michael Cagney
STRICTLY PRIVATE AND CONFIDENTIAL Management Biographies Michael Cagney Executive Chairman Work Experience • Serves as the Chief Executive Officer of FMH, a position he has held since April 2024, and as the President of Figure REIT, a position he has held since October 2020 • He is a member of the b
Slide 37: Management Biographies: Michael Tannenbaum
STRICTLY PRIVATE AND CONFIDENTIAL Management Biographies Michael Tannenbaum CEO Work Experience • Chief Executive Officer since April 2024 and member of the board of directors since July 2024 • Board member at Cherry and former Board Member at Brex • Previously served as Chief Operating Officer at B
Slide 38: Management Biographies: Macrina Kgil
STRICTLY PRIVATE AND CONFIDENTIAL Management Biographies Macrina Kgil CFO Work Experience • Chief Financial Officer since December 2024 • Previously Head of Finance at Flow.life, a real estate technology company (July 2023-November 2024) • Former CFO at Blockchain.com (November 2018-November 2022) a
Slide 39: Management Biographies: Todd Stevens
STRICTLY PRIVATE AND CONFIDENTIAL Management Biographies Todd Stevens Chief Capital Officer Work Experience • Chief Capital Officer since November 2023 • Managing Member at Beta Holding since April 2020 • Former Head of Capital Markets at Inveniam Capital Partners (April 2021-November 2023) • Previo
Slide 40: Definitions and Financial Measures
STRICTLY PRIVATE AND CONFIDENTIAL Definitions and Financial Measures Key Operating Metric Definitions Non-GAAP Financial Measures Consumer Loan Marketplace Volume: We define Consumer Loan Marketplace Volume as the total U.S. dollar equivalent In order to better help understand our financial performa
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