Figure Technology Solutions Inc at Goldman Sachs U.S. Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Great. Michael, so let's start on strategy here. So for investors who are new to the story, maybe lay out the simplest way to describe what Figure is building and why it matters.

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Excellent. So this is your first conference since taking over as CEO of Figure now being a public company. What are the early lessons from the IPO process and I guess, in the few months since you went public? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:20PM, FIGR.OQ - Figure Technology Solutions Inc at Goldman Sachs U.S. Financial Services Conference

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Perfect. So let's dig a little bit into strategy before we go into the business a little bit deeper. So I guess you already mentioned it a little bit, but the broad aspirations for Figure and I guess maybe to make it a little bit more nuanced here or just sort of your top two, three strategic priorities over the next 18 to 24 months?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Extremely exciting. So Figure, as you just talked about, focus on innovation across a variety of products. What do you think allows you at Figure to drive such rapid technology development with strong margins? Obviously, strong cost discipline.

Question: James Yaro - Goldman Sachs Group Inc - Analyst : So I want to touch on tokenization because that, as you've noted, is top of mind at this conference. But I'd like to start first maybe on HELOCs, the core product, and you talked about partners already. So you added 78 originating partners in the third quarter, which is more than the entirety of last year and the year before in each of those years and more than twice as much in the first half. So what drove the stronger origination? Is it a broader recognition of the product, something else? And I guess, how should we sort of think about that originating partner growth trajectory?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : What sort of originating partners attracted to using the Figure platform? You've seen from what we can tell, fairly broad nonbank adoption. But what about banks? And then within that bank comment, maybe you could just break down between smaller versus larger banks?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : So maybe just one more on that. So the big banks have the CCAR stress test, and that's capitalizing for a 2008 type scenario. And one product that didn't perform particularly well in 2008 was HELOCs, right? And so the CCAR stress test punishes these big banks quite heavily in terms of capital. So they want to be there for their clients. It's an expensive product to offer. So there's even a capital concern on top of it. So how does the dialogue work? And what will be the value proposition to one of the largest banks out there? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:20PM, FIGR.OQ - Figure Technology Solutions Inc at Goldman Sachs U.S. Financial Services Conference

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Excellent. So this is financials conference, so we need to talk about rate sensitivity. So this is some argue the golden age of HELOCs, in that there's record home equity outstanding, but people can't necessarily tap that without having to refinance at much higher rates. So maybe just at a high level, could you walk us through the impacts to your business if long rates were to fall, let's say, 100 to 150 basis points?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Really interesting. So that actually, I think, maybe brings me to my next question, which is first lien HELOCs. So what are first lien HELOCs? And I guess within that question, maybe you could talk a little bit about what's greenfield versus what you think could have been otherwise an unsecured consumer loan versus first mortgages or maybe something else? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:20PM, FIGR.OQ - Figure Technology Solutions Inc at Goldman Sachs U.S. Financial Services Conference

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Got it. Okay. So maybe on the other loan products, you talked about one of them briefly, but I think the other two are DSCR loans and then crypto-backed loans. So maybe just talk about the value proposition and growth prospects for those two?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Third-party originated loans seems like an opportunity to add to the platform over time. I can think of asset classes like auto. Help us think about whether and when you'll begin to offer those and which asset classes you see as most attractive?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : You mentioned the Tricolor situation. You definitely have a different approach to collateral management. We've talked about this, you and I, but --

Question: James Yaro - Goldman Sachs Group Inc - Analyst : There you go. I'll give you the opportunity. So you have a different approach. And so how -- what are the lessons learned from the situation? And do you think that's driving more client interest in Figure? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:20PM, FIGR.OQ - Figure Technology Solutions Inc at Goldman Sachs U.S. Financial Services Conference

Question: James Yaro - Goldman Sachs Group Inc - Analyst : You recently announced a tokenized secondary offering for Figure stock. Can you walk us through what you announced, the problem that it's solving and how should we think about tokenized equities within Figure's broader strategy?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : So I have about 50 other questions on tokenized equity, but we only have five minutes. So let's talk about Democratized Prime and then YLDS as well. Could you explain how those two products work together and what the combination unlocks for both borrowers and investors?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Yes.

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Okay. Great. So you had robust adjusted EBITDA margins in the third quarter, 55% EBITDA margin. So how do you balance margins versus growth? And I guess the EBITDA profile that you expect going forward? Margin profile. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:20PM, FIGR.OQ - Figure Technology Solutions Inc at Goldman Sachs U.S. Financial Services Conference

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Okay. Great. So as we wrap up, maybe just lay out what, the one or two things you want investors to take away about Figures opportunity over the next few years?

Question: James Yaro - Goldman Sachs Group Inc - Analyst : Great place to end. Thank you so much, Michael.