FIGURE MARKETS' Q2 EARNINGS AND THE "FANNIE MAE OF PRIVATE CREDIT" THESIS

Summary from the TLDR Crypto newsletter

Figure posted 95% adjusted net revenue growth and 55% adjusted EBITDA margin in Q2. Figure functions less like a lender and more like a marketplace earning infrastructure-style fees. Its Figure Connect product (launched June 2024) now handles 65% of consumer loan marketplace volume across a 489-partner network of mortgage banks, depositories, and fintechs, and partner originators do 2.6x more HELOC volume than their pre-Figure baseline.