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Figure Technology Solutions, the fintech company that built its entire business around home equity lines of credit and blockchain rails, says its delinquency rate has dropped to an all-time low. The company claims the figure now sits below the national HELOC delinquency rate, a benchmark that covers the entire traditional banking industry.
The numbers behind the claim
Figure’s HELOC portfolio has been performing well by most conventional lending metrics. As of April 2026, the company reported a weighted-average delinquency rate of 0.80% across roughly $4.6 billion in securitized assets. The loss rate on its HELOC book was running below 1% as of mid-2025.
Those numbers look solid partly because of who Figure is lending to. The company’s average borrower has a FICO score around 754, which puts its typical customer squarely in the “prime” credit category.
HELOCs aren’t a side hustle for Figure. They represent over 98% of the company’s origination activity and accounted for approximately 75% of revenue in the first half of 2025. The company has now originated more than $16 billion in home equity loans since its founding in 2018, making it one of the larger non-bank players in the space.
IPO, short sellers, and the credibility question
Figure completed its Nasdaq IPO in September 2025, pricing shares at $25 and opening at $36. The blockchain element is central to Figure’s pitch. The company uses distributed ledger technology for post-origination record-keeping and ownership transfers on its loans. It’s also behind $YLDS, a yield-bearing digital asset that represents one of the more tangible intersections of traditional lending and crypto infrastructure.
That dual identity attracted scrutiny in April 2026 when a short-seller report alleged rising delinquencies in certain segments of Figure’s portfolio. The company pushed back, pointing to overall portfolio health and the metrics it publishes in monthly operating updates. It’s worth noting the distinction between “certain segments” and “overall portfolio.” A lender can have pockets of stress in specific loan vintages or geographic concentrations while still posting strong aggregate numbers.
Why this matters beyond one company’s loan book
Figure’s blockchain infrastructure faces a constant credibility test. Skeptics argue that using a blockchain for loan record-keeping is a solution in search of a problem. Bulls counter that blockchain-based ownership records make secondary market trading of these loans faster and cheaper. The delinquency data doesn’t settle that debate, but it removes one potential objection: that the technology somehow introduces operational risk that shows up in loan performance.
The $YLDS token represents a relatively rare example of a digital asset backed by real-world cash flows from a publicly traded company.
For investors watching FIGR, the monthly operating updates the company publishes will be the place to track whether this all-time-low reading is a sustainable trend or a single favorable snapshot. The real question is whether loans originated during the company’s rapid growth phase, as it scaled past $16 billion in cumulative originations, will perform as well as earlier vintages when borrower pools were smaller and presumably more carefully curated.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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