Figure Raises Share Buyback Authorization to $400 Million, Sees Loan Marketplace Volume of Up to $6.7 Billion
Key Facts
Figure increased its board-authorized share repurchase program by $200 million, bringing the total authorization to $400 million, alongside its third-quarter results announcement on November 12, 2026. CEO Michael Tannenbaum said the expanded plan would begin on November 13, after the previous $200 million authorization had gone unused in the open market. In its results statement, the company forecast loan marketplace volume of between $6.2 billion and $6.7 billion in the fourth quarter of 2026. It also set its forecast for the gross take rate at between 3.1% and 3.4% over the same period. The forecast places expected activity in the coming quarter after sharp marketplace expansion in the third quarter.
Figure’s loan marketplace volume reached $5.8 billion in the third quarter, up 135% year over year, according to its results statement filed with the Securities and Exchange Commission. The figure included $677 million in volume from Kiavi, which Figure acquired effective September 1, 2026. Tannenbaum said the quarter was a record, citing “another consecutive quarter of volume growth of more than 100%” and the rapid expansion of the company’s asset-light marketplace. He added that Figure Connect accounted for 72% of the company’s standalone volume in the third quarter. This mix highlights the growing contribution of the marketplace connecting lenders with capital to Figure’s volume, alongside an increase in overall activity.
On revenue, Figure reported net revenue of $287 million in the third quarter, up 84% from the same period a year earlier. Adjusted net revenue was $283 million, an 83% year-over-year increase, according to the company’s statement. Adjusted EBITDA rose 91% to $164 million, while its margin reached 58%, up 3 percentage points from a year earlier. These financial indicators put revenue and profitability growth alongside increased loan marketplace volume. Tannenbaum had described the quarter as a record, linking it to volume growth and the expansion of the asset-light marketplace.
The Kiavi acquisition closed on September 1, adding an $8 billion annualized run rate in volume to Figure, according to the results statement. The company said it had realized $30 million in initial cost savings since completing the deal. Figure had 612 partners in the third quarter excluding Kiavi, and 894 including it. In small and medium-sized business lending, loan volume exceeded a $500 million annualized run rate, supported by more than 150 active partners. These figures combine a broader partner base with Kiavi’s addition to the business, while the projected fourth-quarter volume remains an indicator of the next period in the expansion.
Figure shares rose 8.31% in premarket trading on November 12 to $26.20, compared with a previous close of $24.19 on November 11, according to Investing.com. Management expected the fourth quarter to be the first full quarter after the Kiavi acquisition. It said incremental deal-related adjusted expenses would range from $18 million to $23 million compared with the third quarter, as integration work continued. Management added that revenue savings and operating leverage related to the deal were expected to become more evident in 2027. This places the fourth-quarter activity forecast alongside the integration costs cited by the company and the period when it expects the operating synergies to become clearer.