Josiah Gallegos(@josiahmarqus):One of the cleanest takes on Figure yet. Connect isn’t just a product — it’s the business model shifting. Partners now drive 78% of volume. Inventory days cut in half. High-margin fees jumped from 5% to 28% of revenue. Almost no warehouse capital tied up. The market is still treating @Figure like a capital-heavy specialty lender. Meanwhile it’s becoming a capital-light marketplace for home equity flow. Kiavi adds the first-lien engine. Second liens are recovering. And take rates are rising even as the mix shifts lower. Wall Street is pricing the old company. The new one is already here.

2026.08.11 20:01

One of the cleanest takes on Figure yet. Connect isn’t just a product — it’s the business model shifting. Partners now drive 78% of volume. Inventory days cut in half. High-margin fees jumped from 5% to 28% of revenue. Almost no warehouse capital tied up. The market is still treating @Figure like a capital-heavy specialty lender. Meanwhile it’s becoming a capital-light marketplace for home equity flow. Kiavi adds the first-lien engine. Second liens are recovering. And take rates are rising even as the mix shifts lower. Wall Street is pricing the old company. The new one is already here.