$FGRS earnings report

Figure reported preliminary operating data rather than a complete Q3 earnings release. Q3 2026 Consumer Loan Marketplace Volume was $5,119 million, up 107 % from $2,469 million in Q3 2025 and 20 % from $4,259 million in Q2 2026. The Company characterized this result as being at the high end of its previously issued $4.8B - $5.2B guidance range. September volume was $1,783 million, up 104 % from September 2025 and 9 % from August 2026.

The reported platform balances also show substantial year-over-year expansion from relatively small Q3 2025 bases. $YLDS In Circulation was $504 million versus $21 million in Q3 2025, although it declined from $556 million in Q2 2026. Democratized Prime Matched Offers Balance increased to $588 million from $392 million in Q2 2026, while Borrower Demand increased to $600 million from $414 million and Available Lender Supply increased to $825 million from $522 million.

The September data show that Democratized Prime balances remained elevated at quarter end. Matched Offers Balance was $588 million, Borrower Demand was $600 million, and Available Lender Supply was $825 million. Sequential monthly movement was more varied: Matched Offers Balance rose 1 % and Borrower Demand rose 2 % from August, while Available Lender Supply declined 1 %. $YLDS In Circulation increased 13 % from August to $504 million.

Reported Consumer Loan Marketplace Volume excludes originations on the Kiavi platform following the September 1, 2026 closing. The Company said its previously issued Q3 2026 guidance also did not include Kiavi, and that Kiavi loan volumes for the approximate one-month post-Merger period will be included with Q3 financial results in November. This exclusion, the planned recasting of prior-period volumes, and the preliminary and unaudited status of the operating data are central qualifications for interpreting the reported growth rates.

The filing contains no revenue, profitability, margin, cash-flow, balance-sheet, capital-return, or forward financial guidance figures. As a result, the release demonstrates operating-volume and platform-balance trends but does not provide the financial results needed to assess monetization, expenses, earnings, liquidity, or capital allocation for Q3 2026.

Figure reported a strong Q2, with GAAP net revenue of $ 225,588, up 113 %, and Consumer Loan Marketplace Volume of $4.3 billion, up 132 %. The marketplace expansion was led by Figure Connect Volume of $2.8 billion, up 262 %, and Figure Connect reached 65% of Consumer Loan Marketplace volume. The company also added 102 origination partners during the quarter, reaching 489 total active partners.

Profitability scaled alongside revenue. GAAP net income was $ 87,436, up 192 %, and net income margin increased to 38.8 % from 28.3 %. Operating income was $ 77,737 versus $ 27,724. Adjusted EBITDA was $ 119,379, up 126 %, while Adjusted EBITDA margin rose to 54.6 % from 47.2 %. Operations and processing costs declined to approximately 67 basis points of Consumer Loan Marketplace volume from 79 basis points in Q2 2025.

Revenue mix showed increases across the principal reported revenue lines, including ecosystem and technology fees of $ 72,865, gain on sale of loans, net of $ 57,572, and gain on servicing asset, net of $ 29,093. The key reported monetization pressure was Net Take Rate, which was 3.6 % compared with 4.0 % in Q2 2025. The company also reported SMB loan volume growth of 57% quarter-over-quarter and approximately $170 million of third-party borrowing activity on Democratized Prime as of August 6, 2026.

The balance sheet expanded as cash and cash equivalents rose to $ 1,437,511 from $ 1,198,141 at December 31, 2025, while loans held for sale increased to $ 597,400 from $ 404,337. Current debt and current debt to related parties were $ 222,505 and $ 424,640, respectively, at June 30, 2026. The Q3 guide calls for Consumer Loan Marketplace Volume of $4.8 - $5.2 billion, above Q2's $4.3 billion reported volume. The Kiavi, inc. transaction remains expected to close in the second half of 2026.