Figure Technology Reports 84% Revenue Growth as Loan Marketplace Volume Hits $5.8 Billion

Figure Technology Solutions reported an 84% increase in third-quarter net revenue as activity across its lending marketplace more than doubled. Revenue reached $287.1 million in the three months ended September 30, 2026, compared with $156.4 million a year earlier, while Loan Marketplace Volume rose 135% to about $5.8 billion.

The results, released November 12, show how much of Figure’s growth is coming from moving loans through its technology and capital-markets network. The company operates a home-equity lending platform and a marketplace connecting loan originators with buyers. Its volume measure covers loans originated through its systems as well as third-party loans traded on Figure Connect; it is not the same as revenue or a tally of loans retained on Figure’s balance sheet.

There is an important distinction inside the headline volume figure. Figure’s September acquisition of property-investor lender Kiavi contributed $677 million during the month it was part of the business. Figure’s third-quarter earnings presentation puts total marketplace volume at $5.8 billion and Figure Connect activity at $4.3 billion, offering a closer look at the parts of the business behind the increase.

Kiavi adds volume, but the existing marketplace also grew

Consolidated Loan Marketplace Volume totaled approximately $5.796 billion for the quarter. Removing Kiavi’s $677 million contribution leaves $5.119 billion from the pre-existing marketplace, versus $2.469 billion in the third quarter of 2025. That represents growth of about 107% on the comparable measure, below the consolidated 135% increase but still more than twice the previous year’s volume.

Kiavi entered Figure’s reported results only after the acquisition became effective on September 1. Its first month contributed investor-focused real estate lending that Figure did not have at the same scale in the year-earlier period. Figure had already reported the $5.119 billion figure in preliminary October operating data, before folding the acquired business into its broader marketplace total for earnings.

Kiavi brings financing for residential real estate investors, including residential transition loans commonly used for renovations and projects and debt-service-coverage-ratio loans used for rental properties. Figure’s investor presentation shows $616 million of residential transition loan volume and $67 million of debt-service-coverage-ratio lending in September. The expanded mix takes Figure beyond its historical dependence on home-equity lines of credit, although home-equity lending remained the largest part of the marketplace.

The wider product mix also complicates comparisons of lending activity with revenue. A dollar of investor-property lending need not generate the same revenue or use the same funding arrangement as a dollar of home-equity lending. Growth in aggregate originations and trades therefore says more about the marketplace’s reach than it does, by itself, about the amount Figure can earn from every loan.

Figure Connect lifts fee revenue as the marketplace changes

At roughly $4.3 billion, Figure Connect’s third-quarter volume was 276% higher than a year earlier. It represented about 73% of the consolidated marketplace total. Figure Connect lets third-party loan sellers reach buyers through its platform, a different model from originating loans that Figure must fund and later sell itself.

The change is visible in Figure’s revenue mix. Ecosystem and technology fees increased to $109.8 million from $35.7 million in the year-earlier quarter, a rise of about 207%. Origination fees rose to $28.2 million from $21.4 million, while net gains on loan sales were $57.8 million, down from $62.6 million. Those changes show that marketplace and technology fees have become a larger source of income alongside Figure’s more traditional lending economics.

In a capital-light marketplace, more lending activity can pass between third-party originators and purchasers without Figure needing to hold the loans for long periods. The distinction is not absolute: its presentation says it can provide temporary warehouse financing to newer Connect partners until a sale is completed. Still, growth in Connect activity helps explain why Figure can expand marketplace volume faster than the balance-sheet lending model alone would suggest.

Revenue generated per dollar of marketplace volume nevertheless fell as lending activity accelerated. Figure’s gross take rate, an operating measure of certain lending-related revenue relative to marketplace volume, fell to 3.9% from 5.2% a year ago. Its net take rate declined to 3.5% from 4.4%. The shift toward Connect and the addition of new loan products affect the mix, so the 135% increase in marketplace volume should not be treated as a forecast of comparable revenue growth.

Adjusted earnings rose, while net income was nearly unchanged

Net income was $89.3 million, against $89.8 million a year earlier, even as reported revenue rose sharply. The net income margin fell to about 31% from 57%. Figure said the prior-year quarter benefited from a one-time tax item of approximately $31 million, making the headline comparison less straightforward than the two net income figures alone suggest.

On Figure’s adjusted measures, profitability grew much faster. Adjusted net revenue reached $283.3 million, up 83%, and adjusted EBITDA was $163.6 million, up 91% from $85.4 million. Its adjusted EBITDA margin rose to approximately 58%, from 55% a year earlier. These are non-GAAP figures that exclude or modify certain accounting items, so they should be considered alongside the net income result rather than substituted for it.

The adjusted earnings reconciliation also shows costs associated with the company’s expansion. Acquisition-related costs were about $15.5 million during the quarter, and stock-based compensation expense was $24.3 million. Both help explain why an adjusted measure and a GAAP profit figure can tell different stories about the same period. With take rates declining, the balance between fee growth and operating costs will remain central to the company’s earnings performance.

At September 30, Figure held approximately $1.6 billion in cash and cash equivalents, excluding restricted cash, an increase of $392 million from the end of 2025. Loans held for sale were about $644 million, up $240 million over the same interval. Separately, a November 10 agreement established a $465 million secured revolving credit facility, with provisions that could increase commitments to $750 million. The company said borrowings may support working capital and general corporate purposes; it did not earmark the facility for a particular lending initiative.

Fourth-quarter guidance points to more lending at lower take rates

Figure expects Loan Marketplace Volume of $6.2 billion to $6.7 billion in the fourth quarter. That would exceed the third quarter’s $5.8 billion if achieved, but the outlook is a company forecast rather than completed lending activity. The guidance includes the expanded lending categories now part of Figure’s marketplace.

Management also expects a gross take rate of 3.1% to 3.4% in the fourth quarter, below the 3.9% reported for the third quarter. The lower anticipated rate means volume growth and revenue growth may continue to move at different speeds. A larger marketplace can generate more absolute fee dollars even when its average rate falls, but the final result depends on the mix of loans sold, related fees and the costs of running the platform.

A $200 million increase in the share repurchase authorization also brought the total authorized amount to $400 million. The authorization is not a commitment to buy that amount of stock immediately. For the next quarterly comparison, the key disclosed benchmarks are the $6.2 billion to $6.7 billion marketplace-volume range and the expected 3.1% to 3.4% gross take rate.