2Q26 & June Preliminary Operating Results; Building a TBA Market in Non-Agency

Research evidence excerpt

2Q26 & June Preliminary Operating Results; Building a TBA Market in Non-Agency

nd model that currently pervades

the non-agency mortgage origination funnel. If broadly adopted, this structure would extend the

core benefits of TBA mortgage origination ("To Be Announced") to a more fragmented segment

of the current mortgage ecosystem (non-GSEs). Specifically, FIGR's blockchain rails and lending

ecosystem allow for the ability to sell forward production of non-agency mortgages - mitigating

price and liquidity risk. By securing liquidity upfront, FIGR is enabling originators to lock in execution

and pricing before loans are even closed, a dynamic that has historically been limited to agency

markets via Fannie Mae and Freddie Mac.

What's the Point? - From an economic standpoint, pre-funding introduces meaningful efficiency

gains. By locking in takeout and pricing certainty upfront, originators can materially reduce

hedging costs, warehouse utilization, and capital drag across the origination lifecycle. At scale,

this has the potential to lower the overall cost of origination while stabilizing production pipelines,

particularly in volatile rate environments. Additionally, at scale, the FIGR marketplace could also

improve secondary market execution (transparency, auditability, and settlement) and deepen

investor participation in the sub asset class while fortifying a market that has historically lacked

standardization and liquidity depth.

At the End of the Day, FIGR Brings More RWAs On-Chain - While adoption remains a key gating Daniel T. Fannon * | Equity Analyst

factor, the integration of tokenized securitization with forward execution frameworks points to a +1 (415) 229-1523 | dfannon@jefferies.com

broader modernization of financial market infrastructure.