Figure Technology Solutions Reports Preliminary September & Q3 2026 Operating Data
Q3 marketplace volume excludes Kiavi's post-merger contribution, which will be included with financial results in November.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Figure Technology Solutions (FIGR) reported preliminary third-quarter 2026 consumer loan marketplace volume of $5,119 million, near the upper end of guidance. Volume rose 20% quarter over quarter and 107% year over year, against guidance of $4.8B–$5.2B. September volume reached $1,783 million, up 9% from August and 104% year over year.
At September 30, $YLDS in circulation was $504 million, up 13% month over month but down 9% quarter over quarter. Democratized Prime matched offers reached $588 million and borrower demand $600 million, both increasing over both periods. Available lender supply was $825 million, up 58% quarter over quarter but down 1% month over month. These figures exclude Kiavi loan volume following the September 1 merger closing; its approximately one-month contribution will accompany November's Q3 financial results. The data are unaudited and preliminary, and final results may vary.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 marketplace volume of $5,119 million rose 20% quarterly and 107% annually, near guidance's upper end.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Kiavi merger closed September 1, 2026; approximately one month's loan volume will accompany November's Q3 results.
- Minor pointSeptember marketplace volume of $1,783 million rose 9% month over month and 104% year over year.
- Minor pointMatched offers of $588 million increased 50% quarter over quarter and 1% month over month.
- Minor pointBorrower demand of $600 million increased 45% quarter over quarter and 2% month over month.
- Minor pointAvailable lender supply of $825 million rose 58% quarter over quarter but fell 1% month over month.
Negative
- Moderate point$YLDS circulation of $504 million fell 9% quarter over quarter, despite rising 13% month over month.
- Minor point. Forward-looking: it has not happened yet and may not happen.Unaudited, preliminary operating data remain subject to financial closing procedures; final results may vary.
News Explained
Figure says prior-period Consumer Loan Marketplace Volume will be recast after its next quarterly earnings release, due in November; until then, the historical figures alongside current Kiavi-excluding data have not yet been recast.
Key Figures
- Q3 Consumer Loan Marketplace Volume
- $5,119 million
- Q3 2026 preliminary; excludes Kiavi platform volume after the September 1 closing
- Q3 guidance range
- $4.8B–$5.2B
- Previously issued guidance; preliminary data reported at the high end
- Q3 volume change Q/Q
- +20%
- Q3 2026 versus Q2 2026
- Q3 volume change Y/Y
- +107%
- Q3 2026 versus Q3 2025
- September Consumer Loan Marketplace Volume
- $1,783 million
- September 2026; excludes Kiavi platform volume after the September 1 closing
- September volume change Y/Y
- +104%
- September 2026 versus September 2025
Historical Context
-
Q2 marketplace volume was $4.3 billion; Q3 guidance was $4.8–$5.2 billion.
-
Kiavi acquisition closed; Q3 guidance excluded Kiavi, matching this report's volume scope.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
gaap financial
helocs financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Figure Technology Solutions, Inc. (Nasdaq: FIGR; OPEN: FGRS) (“Figure”), the leading blockchain-native capital marketplace for the origination, funding, sale, and trading of tokenized assets, today reported select unaudited preliminary operating data for the month and quarter ended September 30, 2026 that was at the high end of the Company’s previously issued guidance range of
Consumer Loan Marketplace Volume as presented in this release for September and Q3 2026 excludes volume originated on the Kiavi platform following the September 1, 2026 closing (“Merger”). The Company’s previously issued Q3 2026 guidance did not include the contribution of Kiavi. Kiavi loan volumes for the approximate one-month period post Merger will be included with Figure’s Q3 2026 financial results, to be released in November.
| Dollars in Millions | September 2026 | August 2026 | M/M Change | September 2025 | Y/Y Change | |||||
| Consumer Loan Marketplace Volume1 | $ | 1,783 | $ | 1,640 | 9 | % | $ | 876 | 104 | % |
| $YLDS In Circulation2 | $ | 504 | $ | 446 | 13 | % | $ | 21 | n.m. | |
| Democratized Prime3 | ||||||||||
| Matched Offers Balance | $ | 588 | $ | 583 | 1 | % | $ | 22 | n.m. | |
| Borrower Demand | $ | 600 | $ | 590 | 2 | % | $ | 27 | n.m. | |
| Available Lender Supply | $ | 825 | $ | 829 | -1 | % | $ | 26 | n.m. | |
| Dollars in Millions | Q3 2026 | Q2 2026 | Q/Q Change | Q3 2025 | Y/Y Change | |||||
| Consumer Loan Marketplace Volume1 | $ | 5,119 | $ | 4,259 | 20 | % | $ | 2,469 | 107 | % |
| $YLDS In Circulation2 | $ | 504 | $ | 556 | -9 | % | $ | 21 | n.m. | |
| Democratized Prime3 | ||||||||||
| Matched Offers Balance | $ | 588 | $ | 392 | 50 | % | $ | 22 | n.m. | |
| Borrower Demand | $ | 600 | $ | 414 | 45 | % | $ | 27 | n.m. | |
| Available Lender Supply | $ | 825 | $ | 522 | 58 | % | $ | 26 | n.m. | |
1 Excludes volume originated on the Kiavi platform following the September 1, 2026 closing
2 $YLDS launched in February 2025
3 Democratized Prime launched in June 2025
About Certain Operating Metrics
In order to better help understand our financial performance, we use several operating metrics, some of which are discussed below, to evaluate our business and results, measure performance, identify trends, formulate plans, and make strategic decisions. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
Consumer Loan Marketplace Volume: We define Consumer Loan Marketplace Volume as the total U.S. dollar equivalent value of originations of HELOCs, DSCRs, and personal loans on our LOS, as well as the volume of third-party loans traded on Figure Connect. We believe this measure is an indication of our scale and represents the potential revenue opportunity from the technology used for consumer credit loan originations. This measure does not include the contribution from Figure's recently closed transaction with Kiavi. Prior-period volumes will be recast following our next quarterly earnings release.
$YLDS in Circulation: We define $YLDS in Circulation as the total U.S. dollar equivalent value of unsecured face-amount certificates solely backed by the assets of Figure Certificate Company (FCC), which is the issuer of the certificates. This is reported as an end of period outstanding balance.
Matched Offers: We define Matched Offers as the U.S. dollar equivalent value of offers matched between borrowers and lenders on the Democratized Prime platform. This is reported as an end of period outstanding balance.
Borrower Demand: We define Borrower Demand as the U.S. dollar equivalent value that borrowers seek to borrow from the lending pool on the Democratized Prime platform. This is reported as an end of period outstanding balance.
Available Lender Supply: We define Lender Supply as the U.S. dollar equivalent value that lenders have made available in the lending pool on the Democratized Prime platform. This is reported as an end of period outstanding balance.
Financial Disclosure Advisory
The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Figure’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Figure’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release. Figure may at times make revisions to prior estimates to ensure consistency across comparable periods.
Forward Looking Statements Disclaimer
This press release contains forward-looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including without limitation statements regarding our future financial performance, including our expectations regarding our operating data, guidance, the expected reconciliation of Kiavi’s contribution, and the recasting of prior-period volumes, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms, and similar expressions. Forward-looking statements are predictions based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These statements speak only as of the date of this press release.
Important factors that could cause actual results to differ materially include, among others: the ability of the Company to successfully integrate the business and operations of Kiavi; the ability to realize the anticipated benefits and synergies of the Merger; potential adverse effects on the Company’s business, financial condition and results of operations resulting from the Merger; regulatory matters, including compliance with applicable laws and regulations; our history of losses and the risk that we may not maintain profitability; our reliance on HELOCs and exposure to fluctuations in the HELOC market and housing values; our ability to attract and retain borrowers, partners, and loan purchasers and to drive adoption of Figure-branded and Partner-branded channels including Figure Connect; loan performance and default rates and the effect of credit performance on access to and pricing of warehouse facilities, whole-loan sales, and securitizations; changes in interest rates and U.S. monetary policy that impact originations, funding costs, and investor demand; legal and regulatory risks affecting lending and mortgage-related activities and the evolving framework for digital assets, including potential changes in the characterization or regulation of certain digital assets and related products; dependence on key third-party providers including cloud, custodial, valuation, and data vendors and risks from outages or service disruptions; technology failures, cybersecurity incidents, or other operational disruptions; protection and enforcement of intellectual property; compliance with licensing, consumer protection, privacy, data security, and sanctions/AML laws, and shifting enforcement priorities at the federal and state levels; our ability to remediate previously identified material weaknesses and meet our public company reporting and internal control obligations; competition; macroeconomic and geopolitical conditions; our dual-class structure and concentrated voting control and related impacts on corporate governance; equity market volatility affecting our Class A common stock; and the other risks described in “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2025, filed with the SEC on March 16, 2026, our Quarterly Report on Form 10-Q for the three months ended June 30, 2026, filed with the SEC on August 14, 2026, and in our other filings with the SEC.
About Figure Technology Solutions, Inc
Figure is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 489 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated approximately
Figure is the market leader in real world asset (RWA) tokenization. The company has received AAA ratings from S&P and Moody’s on multiple loan securitizations, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.
News & Information Disclosure
Investors should note we may use our website (https://www.figure.com/), our investor relations website (https://investors.figure.com/), our operating metrics website (https://figure.com/investors/metrics) and the social media accounts of Figure, Figure Markets and/or Mike Cagney, our Co-Founder and Executive Chairman, as a means of disclosing information and for complying with our disclosure obligations under Regulation FD. These include X (@figure, @mcagney, @figuremarkets), LinkedIn (https://www.linkedin.com/company/figuretechnologies/, https://www.linkedin.com/in/mikecagney/), Instagram (@figuretechnologies), Facebook (https://www.facebook.com/Figure/), and YouTube (@figuretechnologies). The information we post through these channels may be deemed material. Investors should monitor these channels in addition to reviewing our press releases, SEC filings, and public conference calls.
Investor Contact: investors@figure.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Figure Technology Solutions' Q3 2026 marketplace volume compare with guidance?
Figure reported $5,119 million in preliminary Q3 2026 consumer loan marketplace volume, near the upper end of its $4.8B–$5.2B guidance range. Volume increased 20% quarter over quarter and 107% year over year. Both the reported volume and the previous guidance exclude Kiavi's contribution.
What does Figure Technology Solutions count as consumer loan marketplace volume?
Consumer loan marketplace volume includes the U.S. dollar equivalent value of HELOC, DSCR and personal loan originations on Figure's loan origination system, plus third-party loans traded on Figure Connect. It is an operating measure, not a substitute for financial measures prepared under generally accepted accounting principles.
Are Figure's $YLDS and Democratized Prime figures quarterly transaction totals?
No. $YLDS circulation, matched offers, borrower demand and available lender supply are end-of-period outstanding balances. Matched offers measure offers matched between borrowers and lenders; borrower demand measures amounts borrowers seek from the lending pool; lender supply measures amounts lenders have made available.