Key facts
- Figure Connect accounted for $4.3 billion of third-quarter volume, up 276% year over year and 72% of standalone volume.
- Figure said Kiavi added $8 billion in annualized volume and $30 million in initial cost synergies since the deal closed.
- Net income margin fell to 31% from 57%, partly on a $31 million one-time tax benefit in the year-ago quarter.
- Adjusted EBITDA, a non-GAAP measure, rose 91% to $163.6 million, with margin at 58% from 55%.
- Figure's $YLDS stablecoin had $504 million in circulation as of September 30, compared with $328 million at the end of 2025.
- Figure guided fourth-quarter gross take rate to 3.1% to 3.4%.
Figure Technology Solutions reported third-quarter Loan Marketplace volume of $5.8 billion for the three months ending September 30, up 135% from $2.5 billion a year earlier, the company said on November 12. The total included $677 million in volume from Kiavi, the real estate investment lender Figure acquired on September 1.
Figure Connect, the company's capital-light marketplace platform, accounted for $4.3 billion of quarterly volume, up 276% year over year, and represented 72% of standalone Loan Marketplace volume. On the earnings call, CFO Macrina Kgil said Figure Connect volume including Kiavi reached 74% of overall volume, up from 65% in the prior quarter and 46% a year earlier.
Net revenue rose 84% to $287 million from $156.4 million in the third quarter of 2025. Net income was essentially flat at $89.3 million against $89.8 million a year earlier, and rose from $87.4 million in the second quarter. Net income margin fell to 31% from 57%, partly because the year-ago quarter included a one-time $31 million tax benefit tied to recognition of deferred tax assets. Adjusted EBITDA, a non-GAAP measure, rose 91% to $163.6 million, and adjusted EBITDA margin increased to 58% from 55%.
CEO Michael Tannenbaum said in a statement that it was a record quarter for Figure, citing a second consecutive quarter of over 100% volume growth and the expansion of Figure Connect. On the call, he said Figure grew volume 107% year over year with a 58% EBITDA margin and a 3.7% net standalone take rate. Kgil said the company had guided second-quarter 2026 earnings to third-quarter standalone volume of $4.8 billion to $5.2 billion, and Figure came in at $5.1 billion.
Figure said the Kiavi deal added $8 billion in annualized volume and that it had realized $30 million in initial cost synergies since the transaction closed. Tannenbaum told investors the acquisition added residential transition loans and debt-service-coverage ratio loans, diversifying the platform beyond HELOC into what he described as a $200 billion-plus addressable market, and that Kiavi brought on new full loan and securitized investors.
Figure said its small- and medium-sized business lending operation surpassed a $500 million annualized run rate with more than 150 active partners. The company expanded its partner network to 612 standalone partners, or 894 including Kiavi, and said the network includes more than 20 active depository partners. It also introduced an artificial intelligence-powered loan officer assistant through a partnership with Sierra, which Figure said has processed approximately $260 million in funded loans and increased funded dollars per loan approval by 29%.
Figure's $YLDS stablecoin had $504 million in circulation as of September 30, compared with $328 million at the end of 2025, with 28 participants using it for marketplace transactions. The board authorized a $200 million increase to the share repurchase program, bringing the total authorization to $400 million. Tannenbaum said the expanded buyback would start the day after the announcement.
For the fourth quarter, Figure forecasts Loan Marketplace volume of $6.2 billion to $6.7 billion and a gross take rate of 3.1% to 3.4%.