Figure Technology Solutions, the blockchain-based loan marketplace whose business still leans heavily on home equity lines of credit, said its loan volume rose 135% from a year earlier in the third quarter. The company reported $5.8 billion in marketplace volume for the three months ended Sept. 30 and guided to as much as $6.7 billion in the fourth quarter. The results, released Nov. 12 and filed with the Securities and Exchange Commission, also show the main cost of that growth: Figure is keeping a smaller share of each loan dollar as more volume runs through partner lenders.
Chief executive Michael Tannenbaum called it “a record quarter for Figure, highlighted by another consecutive quarter of over 100% volume growth and the rapid expansion of our capital-light marketplace.”
The numbers
Net revenue rose 84% year over year to $287 million. Adjusted net revenue, a non-GAAP measure, rose 83% to $283 million. Adjusted EBITDA increased 91% to $164 million, a margin of 58%, up 3 percentage points.
Net income was flat at $89.3 million, compared with $89.8 million a year earlier. The company said the third quarter of 2025 included a one-time tax benefit of $31 million. Net income margin fell to 31% from 57%. Diluted earnings per share were $0.36, against $0.34 a year earlier.
Cash and equivalents, excluding restricted cash, totaled $1.6 billion, up $392 million from the end of 2025. Loans held for sale rose 59% to $644 million.
Volume up, take rate down
Most of the growth came through Figure Connect, the part of the marketplace the company describes as capital-light. Connect volume nearly quadrupled, up 276%, to $4.3 billion. The company said Connect now accounts for 72% of its standalone marketplace volume. It listed 612 standalone partners, 894 including Kiavi, and said more than 20 of them are depository institutions.
The trade-off appears in the take rate, the revenue Figure earns as a share of volume. The gross take rate fell to 3.9% from 5.2% a year earlier, and the net take rate fell to 3.5% from 4.4%. Fourth-quarter guidance points lower still: a gross take rate of 3.1% to 3.4% on $6.2 billion to $6.7 billion of volume. On our reading, management is betting that much larger volume at thinner margins makes for a bigger business. The guidance implies continued growth, with each dollar of volume earning less.
Kiavi brings investor loans
Figure completed its acquisition of Kiavi on Sept. 1. Kiavi contributed $677 million of third-quarter volume in its first month under Figure. Figure said the deal adds $8 billion of annual run-rate volume and moves it into residential transition loans and debt-service-coverage-ratio (DSCR) loans. Transition loans are short-term financing for investors who buy and renovate homes. DSCR loans qualify a rental property investor based on the property’s rental income rather than personal income. Figure said it has “actioned” $30 million in initial cost synergies since closing.
That moves Figure further from its consumer roots. In the release’s risk factors, the company still lists its “reliance on HELOCs and exposure to fluctuations in the HELOC market and housing values.” That market has been growing quickly. The Federal Reserve Bank of New York reported this month that HELOC balances posted their biggest jump since 2005 in the third quarter.
AI in lending, and a new credit line
The company said it deployed an “agentic Loan Officer Assistant” built in partnership with Sierra. Figure said the tool has processed roughly $260 million in funded loans and driven a 29% increase in funded dollars per loan approval. The figures are Figure’s own and were not independently measured. They add to a growing set of AI tools aimed at mortgage loan officers.
Other highlights in the release: small and midsize business lending passed a $500 million run rate with more than 150 active partners, and 28 participants now settle marketplace transactions with Figure’s YLDS stablecoin, which had $504 million in circulation at Sept. 30. The board added $200 million to the share buyback, bringing total authorization to $400 million.
The same 8-K disclosed that on Nov. 10, Figure entered a senior secured revolving credit facility with $465 million in commitments, with JPMorgan Chase Bank as administrative agent. The facility matures Nov. 10, 2029, and can be expanded to as much as $750 million. Figure said proceeds may be used for working capital and general corporate purposes.
Figure’s fourth-quarter report will show whether the take-rate guidance holds as Kiavi’s investor loans become a full-quarter part of the mix. More fintech and proptech coverage is in RealtyWire’s technology section.
