Figure Chief Financial Officer Minchung Kgil said during the company’s earnings call Thursday evening that volume in the Consumer Loan Marketplace was “primarily driven by new partner expansion with 307 partners and continued volume growth from emerging products such as [small-business lending] loans and DSCR loans.”
Figure CEO Michael Tannenbaum said this HousingWire at the beginning of the month, the small business (SME) lending channel had more than 90 SME-focused partners on board to date. DSCR is also gaining “a lot of traction,” he said.
“From a DSCR perspective, we now have about 25 partners activated, and another 15 agreements in place,” Tannenbaum said, adding that Figure will launch its DSCR product in early 2026.
Net sales for the fourth quarter were $159.9 million, nearly double the year-ago period, while adjusted net sales grew more than 100%. Quarterly net income rose to approximately $15.1 million, an increase of 156%, 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 revenues, up 49% from 2024, and $134.3 million in net revenues, a more than fivefold increase.
Adjusted EBITDA for the year was $251.2 million, with margins approaching 49%, the company said.
The company also announced that its board has approved a share repurchase program of up to $200 million of Class A common stock and blockchain over the next twelve months.
The buyback, which does not require the company to acquire a specific amount of shares, is subject to market conditions and regulatory requirements.
Tannenbaum said the results reflect strong demand for Figure’s blockchain-native marketplace and the continued adoption of its technology. He cited “triple-digit year-over-year volume growth in the consumer lending market” and the expansion of activity within the company’s blockchain ecosystem.
During the earnings call, Tannenbaum told investors about the company’s 2026 roadmap, which also includes a recently announced partnership with Bed bath and beyond.
“As we look ahead to 2026, there are three areas we are focused on. First is continuing to scale our market, especially through Figure Connect and generating more volume in our capital-to-light exchange. Second is broadening the types of products that live in that market, especially in mortgage-related 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 set the standard for how a modern capital market should function.”
Figure’s platforms, including Figure Connect and its Democratized Prime marketplace, a decentralized lending marketplace that connects crypto-based liquidity to borrowers, are designed to support the creation, financing, sale and trading of tokenized assets.
The company reported that it ended 2025 with more than 300 active partners and significant growth in new product categories such as crypto-backed lending and SMB.
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