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Goldman Sachs raises EPS estimates for Figure amid record loan origination
Figure Technology Solutions hit $850 million in on-chain loan production in July, prompting Goldman to revise its earnings outlook upward
Figure Technology Solutions just posted the kind of month that makes analysts scramble to update their spreadsheets. The blockchain-native lending company reported approximately $850 million in on-chain loan production for July 2025, a roughly 42% jump from the $600 million it recorded just one month prior. Goldman Sachs, which served as joint lead bookrunner for Figure’s IPO, responded by raising its earnings per share estimates along with its projections for 2026 and 2027 origination volumes and EBITDA.
For a company that went public at $25 per share in September 2025, that’s the kind of Wall Street validation most fintech firms spend years chasing.
The numbers behind the upgrade
Figure has now originated over $16 billion in loans through its automated Loan Origination System since inception. Goldman’s revised estimates project record quarterly growth, with increased annual forecasts for both 2026 and 2027. Preliminary operating data from June 2026 surpassed Figure’s own guidance, which prompted the company to expand its weekly metrics disclosures. The company’s Q2 2026 earnings are scheduled for August 13, 2026.
Figure Connect and the marketplace play
Launched in June 2024, Figure Connect is the company’s marketplace for trading tokenized loans. Within roughly six months, the platform was routing over 40% of Figure’s loan volume. In its first year of operation, it facilitated approximately $1.3 billion in loan trades.
Institutional backing and the Sixth Street partnership
In February 2025, the company formed a joint venture with Sixth Street, one of the larger alternative asset managers in the US. The partnership committed $200 million in recyclable equity specifically designed to support liquidity in private credit loans.
That word “recyclable” matters. It means the capital can be deployed, returned as loans are repaid or sold, and then redeployed again. It’s not a one-time infusion. It’s a revolving credit facility for the marketplace itself, designed to ensure there’s always a buyer when someone wants to sell.