$4.3 billion in consumer loan marketplace volume is the Q2 2026 headline number for Figure Technologies (NASDAQ: FIGR), up 132% year over year and 4% above the top of the company's own guidance as of August 13. That marks three consecutive quarters of triple-digit volume growth. Adjusted net revenue reached $218 million (up 95% YoY), adjusted EBITDA hit $119 million (up 126%), pushing the margin to 55% from 47% a year ago. Net income came to $87 million, against $30 million in the year-prior period.
What moved on chain
The mechanism is Figure Connect, the company's marketplace that routes loans directly between originators and buyers on Figure's blockchain rails. Connect volume climbed to 65% of total marketplace volume, up from 42% a year ago. Management now expects that share to approach 70% over the medium term, revised upward from a prior 60% target. Partner count rose to 489 from 387 last quarter, and management noted at least one newly onboarded partner has already become the company's largest or second-largest.
Credit quality held. Average FICO scores at origination reached 756 this year, up from 737 in 2020. Combined LTV sits at 62.1%. Spreads on Figure's HELOC securitizations tightened to roughly 135 basis points across 22 priced deals, against around 255 basis points in 2023, and the buyer base for those deals has grown to more than 100 unique investors.
The take rate compression
Net take rate, Figure's cut on marketplace volume, fell to 3.6%, the low end of the company's 3.5% to 4% guided range. Management expects it to stay at that floor in Q3. Three forces are pressing simultaneously. Connect carries the lowest take rate of the three channels, and the partners moving fastest onto it are large ones skipping Figure's higher-margin branded channel entirely. Rising rates during the quarter hurt gain-on-sale economics. And first lien loan volume, which carries lower take rates than home equity lines, tripled year over year.
Some of the profitability this quarter came from sources unlikely to recur. A $5.9 million gain from selling a minority stake and a $4.4 million tax benefit tied to stock option exercises both flowed through results. Figure also held about $360 million of loans on its balance sheet longer than usual to seed its Democratized Prime marketplace, a decision management said trimmed adjusted EBITDA margin by roughly 1.7 percentage points.
The pending Kiavi acquisition, a residential transition loan lender, is expected to add 40% to volume and $100 million of EBITDA with a payback period under four years, according to management. To fund the deal, Figure closed a $600 million senior notes offering on July 14, 2026, at an 8.5% interest rate. Regulatory approvals are still in process.
Hedge fund ownership rose to 51 funds from 40 last quarter. Short interest sits at 7.51% of the float.