$FIGR's loan partners went from 387 to 489 in a single quarter, with mortgage banks and credit unions picking Figure's rails over building their own. Outside volume went from 42% of the marketplace a year ago, to 56% last quarter, to 65% now. All while cost to process fell from ~79 basis points of volume to ~67, because a loan somebody else writes costs Figure almost nothing to move. Adjusted EBITDA margin climbed from 47% to 55%, or ~52% once you strip out the one-off gain Figure's CFO called out, on $119 million that grew 126% while adjusted revenue grew 95%. Two thirds of the loans moving through Figure belong to somebody else now. As of July @Figure was taking in over $1 billion of loan requests a week, guided Q3 volume to $4.8 to $5.2 billion, and for the first time ever, the biggest slice of revenue is fees on loans Figure never funded. Our PRO analyst @m0xt_ saw this coming and started building a $FIGR position back in Feb. Don't miss his next entry. Track each one of his investments in real time with Milk Road PRO (prices go from $25/m to $39/m next Weds):