Minchung
Kgil,
Figure’s
chief
financial
officer,
said
during
the
company’s
Thursday
evening
earnings
call
that
the
Consumer
Loan
Marketplace
volume
was
“primarily
driven
by
new
partner
expansion
with
307
partners
and
continued
growth
in
volume
from
nascent
products
such
as
[small-business
lending]
loans
and

DSCR
loans.”

Figure
CEO

Michael
Tannenbaum
told

HousingWire
at
the
start
of
the
month
that
its
small-business
lending
(SMB)
channel
had
more
than
90
SMB-focused
partners
onboarded
to
date.
DSCR
is
also
“getting
a
lot
of
traction,”
he
said.

“From
a
DSCR
perspective,
we
do
have
now
about
25
or
so
partners
that
have
been
activated,
with
another
15
agreements
out,”
Tannenbaum
said,
adding
that
Figure

launched
its
DSCR
product
at
the
start
of
2026.

Net
revenue
for
the
fourth
quarter
was
$159.9
million,
nearly
double
the
prior-year
period,
while
adjusted
net
revenue
grew
more
than
100%.
Quarterly
net
income
climbed
to
about
$15.1
million,
a
156%
increase,
and
adjusted
earnings
before
interest,
taxes,
depreciation
and
amortization
(EBITDA)
more
than
quadrupled
to
$81.3
million.

For
all
of
2025,
Figure
reported
$506.9
million
in
net
revenue,
up
49%
from
2024,
and
$134.3
million
in
net
income,
a
more
than
fivefold
increase.

Adjusted
EBITDA
for
the
year
reached
$251.2
million,
with
margins
approaching
49%,
the
company
said.

The
company
also
announced
that
its
board
authorized
a
share
repurchase
program
of
up
to
$200
million
of
Class
A
and
blockchain
common
stock
over
the
next
12
months.

The
buyback,
which
does
not
obligate
the
company
to
acquire
any
specific
amount
of
stock,
is
subject
to
market
conditions
and
regulatory
requirements.

Tannenbaum
said
the
results
reflect
strong
demand
for
Figure’s
blockchain-native
marketplace
and
continued
adoption
of
its
technology.
He
cited
“triple-digit
year-over-year
growth
in
Consumer
Loan
Marketplace
volume”
and
expanding
activity
within
the
company’s
blockchain
ecosystem.

During
the

earnings
call,
Tannenbaum
told
investors
about
the
company’s
2026
road
map,
which
also
includes
a
recently
announced

partnership
with

Bed
Bath
&
Beyond.

“As
we
look
ahead
to
2026,
there
are
three
areas
that
we
are
focused
on.
First
is
continuing
to
scale
our
marketplace,
particularly
through
Figure
Connect
and
driving
more
volume
into
our
capital-light
exchange.
Second
is
broadening
the
types
of
products
that
live
inside
that
marketplace,
especially
across
mortgage-adjacent
categories
where
we
already
have
strong
partner
relationships,”
he
said.

“Third
is
expanding
the
broader
blockchain
ecosystem
around
that
marketplace,
where

tokenization,
decentralized
finance
and
atomic
settlement
are
setting
the
standard
of
how
a
modern
capital
marketplace
should
function.”

Figure’s
platforms,
including
Figure
Connect
and
its

Democratized
Prime
marketplace,
a
decentralized
lending
marketplace
that
connects

crypto-based
liquidity
with
borrowers,
are
designed
to
support
the
origination,
funding,
sale
and
trading
of
tokenized
assets.

The
company
said
reported
that
2025
ended
with
more
than
300
active
partners
and
significant
growth
in
new
product
categories
such
as
crypto-backed
loans
and
SMB.