Key Highlights

  • Loan Marketplace Volume reached USD 5.8 billion, up 135%, including USD 677 million from Kiavi.
  • Net Revenue was USD 287 million, up 84% year over year.
  • Adjusted EBITDA rose 91% to USD 164 million, a Margin of 58%.
  • Fourth-quarter volume guidance stands at USD 6.2 billion to USD 6.7 billion.

Figure Technology Solutions (NASDAQ:FIGR) reported third-quarter 2026 adjusted net revenue of USD 283 million, against an estimate of USD 253.48 million, an increase of 83% from the third quarter of 2025. Diluted Earnings per Share were USD 0.36, against an estimate of USD 0.30, compared with USD 0.34 a year earlier.

Chief executive Michael Tannenbaum described the quarter as a record one, with volume growth above 100% for a consecutive quarter and Figure Connect making up 72% of standalone volume. Figure operates a blockchain-native Capital marketplace for the origination, funding, sale and trading of tokenized assets.

Volume, Revenue and Margins

Loan Marketplace volume was USD 5.8 billion, up 135% from the prior year as reported and up 107% on a Figure standalone basis. The figure includes USD 677 million contributed by Kiavi, which Figure acquired effective September 1, 2026, and Figure Connect volume of USD 4.3 billion. Including Kiavi, Figure Connect made up 74% of overall volume, against 65% in the prior quarter and 46% a year earlier. Net standalone take rate was 3.7%.

Net revenue was USD 287 million, up 84%. Net Income was USD 89 million, flat year over year, with a net income margin of 31%, down 26 percentage points. The third quarter of 2025 included a one-time USD 31 million tax benefit from recognizing deferred tax Assets after the recombination of FT Intermediate, Inc. and Figure Markets Holdings, Inc.

Adjusted EBITDA was USD 164 million, up 91%, and the adjusted EBITDA margin was 58%, against 55%, which the company said continues progress toward a medium-term 60% target. For the nine months, net revenue was USD 679.7 million, up 96%, and net income was USD 221.8 million.

Balance Sheet, Prime and Fourth-Quarter Guidance

Cash and cash equivalents, excluding restricted cash, were USD 1.6 billion, up USD 392 million, or 33%, from December 31, 2025. Loans held for sale were USD 644 million, up USD 240 million, or 59%, including about USD 395 million of loans placed as Collateral on Prime and about USD 16 million of DSCR loans acquired from Kiavi. Prime ended the quarter with lender Supply of USD 825 million and a matched offers balance of USD 588 million, including about USD 200 million of third-party borrow.

For the fourth quarter, Figure guides to Loan Marketplace volume of USD 6.2 billion to USD 6.7 billion and a combined gross take rate of 3.1% to 3.4%. Management said Kiavi, whose adjusted EBITDA margin before the Acquisition ran at or below 40%, brings near-term EBITDA margin below the Figure standalone trend. It guided to incremental adjusted expenses of USD 18 million to USD 23 million in the fourth quarter from the acquisition, including one month of legacy Kiavi overhead.

On take rates, management cited a gross take rate of 1.5% to 2% for shorter-duration residential transition loans and 2.9% to 3.4% for longer-duration Connect HELOC products over the next six to twelve months. The company retired about 1.1 million shares withheld for employee tax obligations on vested equity, at a cost of USD 35 million this year.

Kiavi Integration and Mix Items Disclosed

Beginning this quarter, Loan Marketplace volume, previously Consumer Loan Marketplace volume, includes investor-focused loans originated on Kiavi's platform. The reported markers include standalone growth of 107%, the Figure Connect share of volume, the Prime lender supply and matched offers balances, and the guided take rate ranges by product type.