I love data. Really. In almost all shapes and colors.
Software logs, loan tapes, company filings and of course books of almost any genre.
BUT, reading things is not the interesting part. The fun part is connecting the dots. With a previous read, with an entirely different
Went to check the $FIGR numbers, and yes, they’re looking this good:
4 new Securitization buyers (SEC data): First Trust, DoubleLine, Pacific Life, Eagle Point.
Then on chain, the buyers can be split into a few types.
I compared before the September rate jump (Jun 15 to Jul
Second post is up on the debloc blog!
Beyond origination: how are the loans actually doing?
On paper, more than half of the HELOC lines mature 20+ years from now.
In practice, about half of Figure's 2022 loans are already paid off.
Shorter this time, promise.
debloc.ai/blog/going-bey…
Let's break down the growth of Q3 HELOC volume on $FIGR’s blockchain.
Q3 2026: $5.12B
Q3 2025: $2.47B
Where did the extra $2.65B come from? Let’s dig in.
First come the partners that were already there, but just testing the waters.
~15 of them, each lending less than $5M a
@Dr_Crossroads The $388m is Kiavi's first four weeks (Sep 2-27). Full September on chain was $460m.
And September seems like a ramp.
Kiavi did over $7.5B in 2025. That's $620m+ a month.
October so far is pacing ~$600m.
Launching the debloc blog today!
First post is on what it actually takes to turn raw chain data into the numbers Figure reports.
Read the chain naively and you might land 14.5% above Figure's loan volume.
Done carefully, 0.06%.
A tad long, but worth it.
debloc.ai/blog/bridging-…
10/
So here is what actually changed for the analyst.
You are no longer waiting on a tape. You hold a list of loan IDs and you check whether the pool is doing what you underwrote.
Any day you want. Loan by loan.
That is the whole reason we built Debloc.
debloc.ai
9/
That box holds 6,047 loans, roughly $538M at funding.
The full pool, itemized, on 12 March.
Five days later the servicing terms publish on chain.
Coupon 11.1%, simple interest, actual/actual.
Payment $1,439.71 monthly. Maturity 30 July 2055.
Latest mark, 31 July 2026: $149,293.35.
$FIGR Connect Moat:
1/
If you cover an ABS deal from $PGY or $UPST, you know the drill.
One remittance report a month. Then three weeks of guessing. You scrape calls, trustee files, anything, just to learn what the collateral did in between.
The pool is a PDF that shows up late.
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