Figure Technology Solutions, Inc. (FIGR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$708.9M

Net income, last twelve months

$237.1M

Earnings per share

$0.93

Operating margin

28.4%

Net margin

33.5%

Return on equity

16.8%

Market value

$5.8B

Price to earnings

25.1x

Cash

$1.4B

Debt

$963.0M

Debt to equity

0.68

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Q3 2026 results, filed 7 October 2026.

• Q3 volume at high end of guidance. Q3 2026 Consumer Loan Marketplace Volume of $5,119 million was at the high end of the previously issued $4.8B to $5.2B range.
• Volume up 20% sequentially, 107% yearly. Q3 2026 volume rose 20% from $4,259 million in Q2 2026 and 107% from $2,469 million in Q3 2025.
• Guidance excluded Kiavi contribution. The previously issued Q3 2026 guidance did not include the contribution of Kiavi.
• September volume up 9% monthly. September 2026 volume was $1,783 million, up from $1,640 million in August and up 104% from $876 million in September 2025.
• Volume covers three loan types. The volume measure counts HELOCs, DSCRs and personal loans originated on Figure's loan origination system, plus third-party loans traded on Figure Connect.
• Volume measure framed as scale. Management says the volume measure indicates Figure's scale and the potential revenue from its consumer credit origination technology.
• Kiavi merger closed September 1. Volume for September and Q3 2026 excludes Kiavi-platform originations after the merger closed on September 1, 2026.
• Kiavi volume added in November. Kiavi loan volume for roughly one month after the merger will be included with Q3 2026 financial results, released in November.
• Prior-period volumes to be recast. Prior-period Consumer Loan Marketplace volumes will be recast after the next quarterly earnings release.
• Matched offers up 50% in quarter. Democratized Prime matched offers balance was $588 million at quarter end, up 50% from $392 million at June 30, 2026.
• Borrower demand and lender supply rose. Borrower demand reached $600 million, up 45% from $414 million. Available lender supply reached $825 million, up 58% from $522 million.
• September balances little changed. Against August, September matched offers rose 1% and borrower demand rose 2%. Available lender supply fell 1%.
• $YLDS up 13% in September. $YLDS in circulation was $504 million at September 30, 2026, up 13% from $446 million at the end of August.
• $YLDS down 9% from June. Quarter-end $YLDS in circulation of $504 million was 9% below $556 million at June 30, 2026.

Company events

The newest 8-K filings of 19 held.

Every filing

The newest filings with the SEC of 72 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

384 funds held it at 30 Jun 2026: 183 added and 84 trimmed in the quarter. The largest:

What the company does

Figure Technology Solutions, Inc. uses blockchain-based technology for lending, trading and investing, mainly in consumer credit and digital assets. Its main product is a Loan Origination System (LOS) that Figure and its partners use to originate home equity lines of credit (HELOCs), which made up over 98% of its total loan originations in 2025. Every asset passing through its system is recorded on Provenance Blockchain. As of 31 December 2025 it had 307 active partners and approximately 602 full-time employees.

How the business is organised

Figure Technology Solutions took its current name on 29 August 2025, when two affiliated companies under common control recombined. Figure Markets Holdings, Inc. became a wholly-owned subsidiary of the former FT Intermediate, Inc. Before the recombination, FT Intermediate operated mainly through Figure Lending Corp. That subsidiary offers Figure Connect and originates, sells and securitizes HELOCs that it services. Figure Markets Holdings had built an exchange for digital assets and credit and offered interest-bearing stablecoin deposits.

How it makes money

The company describes its revenue as coming mainly from ecosystem and technology fees, loan originations and sales (including interest income), and loan servicing.

- Partner fees. Partners pay for the right to use the LOS and Figure Connect. The fees are based on the principal balance of each loan originated on the LOS and of each loan transacted on Figure Connect. Partner agreements typically have a fixed term with auto-renewal, are non-exclusive and do not oblige partners to use the company's solutions. - Origination fees. These are a percentage of the customer's initial loan balance. - Gain on sale. Loans are sold to whole loan buyers and securitization investors. - Servicing fees. The company acts as servicer for the majority of loans on its platform and is paid a contractual percentage of outstanding principal.

About 71% of 2025 net revenue came from origination fees, gain on sale, servicing fees and interest income on assets generated through the LOS. The rest came mainly from Figure Connect and other newer products.

Who it sells to

Partners are retail and wholesale lenders, including mortgage originators, banks, credit unions and mortgage servicers. They originate loans under their own brands using Figure's technology. Figure also lends directly to consumers under its own brand, offering HELOCs in Washington D.C. and all states other than Hawaii. It offers digital assets-secured personal loans in all states other than nine it names. Of loans originated through the LOS in 2025, 87% used DART, an electronic registry on Provenance Blockchain that tracks servicing rights and ownership. Figure Connect is an electronic marketplace that connects sellers and buyers of loans. By 31 December 2025, 48 marketplace participants had been onboarded.

Funding and capital markets

Figure funds most loans short term through warehouse credit facilities, generally for less than one month before the loans are sold. In February 2025 it formed a joint venture, Fig SIX Mortgage, LLC, with Sixth Street Partners, capitalized with 95% Sixth Street equity and 5% Figure equity. The venture buys HELOCs sold through Figure Connect and sells them into Figure HELOC securitizations. Figure does not consolidate it. In its securitizations the company generally retains 5% of the total fair value contributed.

Digital asset products

- Figure Exchange is a digital asset marketplace that allows cross-asset collateralization for margin lending. - YLDS is an interest-bearing stablecoin that is also a debt security registered with the SEC. - Democratized Prime lets users lend assets or cash at a market-clearing rate. The borrower pays a fee of 50 basis points of the outstanding balance. - OPEN, launched in February 2026, lets companies issue equity natively on Provenance Blockchain. Its Series A Blockchain Common Stock trades only on the company's alternative trading system (ATS), 24 hours per day, 7 days per week.

The company reports that Figure Exchange and Democratized Prime had not produced material revenue in 2025.

How it competes

Competitors in lending include other originators' own systems, third-party digital origination providers, banks and other lenders, and fintech lending platforms. For Figure Exchange the closest rivals are established centralized crypto exchanges, and YLDS faces other stablecoin issuers. The company says it believes none of its competitors offers an equivalent platform. It points to loan approvals in as little as five minutes and funding in as little as five days, subject to regulatory waiting periods. It reports a median of 10 days from application to funding for a home equity loan, against an industry median of approximately 43 days.

Licences and people

Figure holds more than 180 lending and servicing licenses and 48 money transmitter licenses. It is also an SEC-registered broker-dealer with authority to operate an ATS under SEC and FINRA rules. None of its employees is represented by a labor union. Loan volume is historically strongest in the second and third quarters, with home improvement spending, and lowest in the first and fourth.

*From Figure Technology Solutions's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2064124/000206412426000009/figr-20251231.htm)*

From the company's 10-K.