Markets · Corporate filings
Figure's loan marketplace volume rose 20% in Q3, by its preliminary count. YLDS outstanding fell 9%.
Figure's preliminary numbers put Q3 marketplace volume at $5.119 billion, which it calls "the high end" of its guidance, while the balance of its yield-bearing YLDS certificates fell over the quarter; four days before those numbers, Figure filed a shelf registration with no size attached.
Figure Technology Solutions (Nasdaq: FIGR) put Q3 Consumer Loan Marketplace Volume at $5.119 billion. Figure says that was at "the high end" of the $4.8 billion to $5.2 billion range it gave with its Q2 results on Aug. 13, and neither the range nor the new figure includes Kiavi. YLDS outstanding fell to $504 million at Sept. 30 from $556 million at June 30. The lending side and the on-chain cash product moved in opposite directions, and the company now has a shelf on file.
The numbers are unaudited and preliminary, from Exhibit 99.1 to an 8-K dated Oct. 6. EDGAR shows the filing accepted at 11:59:06 p.m. ET on Oct. 6, under an Oct. 7 filing date.
The volume figure is a marketplace measure, so it isn't the same thing as originations. Figure defines it as the dollar value of home-equity lines of credit (HELOCs), debt-service-coverage-ratio (DSCR) loans to rental-property investors and personal loans originated on its loan origination system, the software lenders use to make loans, plus third-party loans traded on Figure Connect, its consumer-credit marketplace. It excludes volume on the platform of Kiavi, which Figure merged with on Sept. 1, and Figure says prior periods will be recast after its next earnings release.
YLDS is a different kind of product. Figure calls it a yield-bearing stablecoin; legally it is a face-amount certificate, a registered certificate that promises to pay a stated face amount, issued by Figure Certificate Company and backed solely by that company's assets. Figure reports the dollar value outstanding at each period end; the figure is company-reported, not an on-chain count. One line measures loan flow through a quarter; the other is a balance at a single date.
| $ millions | Q3 2026 | Q2 2026 | Q/Q | Q3 2025 |
|---|---|---|---|---|
| Consumer Loan Marketplace Volume | 5,119 | 4,259 | +20% | 2,469 |
| YLDS in circulation (period end) | 504 | 556 | -9% | 21 |
| Democratized Prime matched offers (period end) | 588 | 392 | +50% | 22 |
Source: Figure 8-K Exhibit 99.1 (Oct. 6, 2026). Unaudited, preliminary; volume excludes Kiavi after Sept. 1. YLDS and matched offers are company-reported period-end balances.
Volume was 107% above Q3 2025's $2,469 million, and September alone was $1,783 million against August's $1,640 million. Matched offers on Democratized Prime, Figure's on-chain lending marketplace that pairs borrowers with lenders, were $588 million at Sept. 30, up 50% from $392 million at June 30.
The YLDS decline happened inside the quarter, and September went the other way. The balance was $446 million at the end of August and $504 million at the end of September, up 13% month on month. Figure did not disclose the July month-end, so the low point isn't public.
The shelf is the third piece. Figure filed an S-3ASR on Oct. 2, an automatic shelf registration that lets a large listed company register securities now and sell them later. It was accepted at 8:35 p.m. ET and became effective on filing under Rule 462(e), without prior SEC staff review; effectiveness is not SEC approval. Under it, the company "may offer from time to time debt securities, preferred stock, common stock, warrants, purchase contracts and units" at "unspecified aggregate initial public offering prices."
The filing says proceeds would go to "general corporate purposes," a list that includes working capital, capital expenditures, repayment or refinancing of indebtedness, and acquisitions. It names no size, no security and no date. As of our check of EDGAR at 12:32 p.m. ET on Oct. 9, no prospectus supplement, the document that would name a security and an amount, had been filed under it.
The objection is that we're reading too much into one balance. The balance fell $110 million between June 30 and Aug. 31 and recovered $58 million in September, by our calculation from the exhibit. A shelf also commits Figure to selling nothing.
We think the split is still worth tracking. Marketplace volume measures loan flow; YLDS measures demand for Figure's on-chain cash product. One quarter of growth in the first and a decline in the second is a single data point.
Three things would change the view: the Q3 financial results due in November, which Figure says will include Kiavi volume, and the recast of prior periods that follows; the YLDS balance at the end of October and December; and any prospectus supplement under the Oct. 2 shelf that names a security and an amount.
Sources
- Figure Form 8-K, Exhibit 99.1, preliminary September and Q3 2026 operating data: https://www.sec.gov/Archives/edgar/data/2064124/000149315226046036/ex99-1.htm (accessed Oct. 9, 2026, 12:32 p.m. ET)
- Figure Form 8-K cover, Item 2.02, date of report Oct. 6, 2026: https://www.sec.gov/Archives/edgar/data/2064124/000149315226046036/form8-k.htm (accessed Oct. 9, 2026, 12:33 p.m. ET)
- Figure Form S-3ASR, Oct. 2, 2026: https://www.sec.gov/Archives/edgar/data/2064124/000095010326015133/dp254272_s3asr.htm (accessed Oct. 9, 2026, 12:32 p.m. ET)
- Figure Form 8-K, Exhibit 99.1, Q2 2026 results with Q3 2026 guidance, accepted Aug. 13, 2026, 10:45 a.m. ET: https://www.sec.gov/Archives/edgar/data/2064124/000206412426000031/ex991-pressrelease2q26.htm (accessed Oct. 9, 2026, 2:12 p.m. ET)
- Figure EDGAR filing index (CIK 0002064124), used for acceptance times and filing dates: https://data.sec.gov/submissions/CIK0002064124.json (accessed Oct. 9, 2026, 12:32 p.m. ET)
Holding the Corner.
Not financial advice.