Meridian’s Q3 Letter Highlights FIGR’s Marketplace Scale and J&J’s Pipeline Progress

Overview

• Meridian Hedged Equity Fund returned 1.67% net in Q3 2025 versus 8.13% for the S&P 500 and 3.53% for the CBOE S&P 500 BuyWrite Index, citing markets focused on policy easing despite weakening fundamentals.
• Figure Technology Solutions is described as a leading non-bank HELOC lender using blockchain, holding roughly 75% of tokenized private credit and cutting loan funding times to as few as 10 days from an industry average above 40.
• Meridian attributes FIGR’s recent strength to the Figure Connect marketplace launched mid-2024, which it says has surpassed $1 billion in loan volume with more than 170 origination partners and is driving a shift toward higher-margin, fee-based revenue.
• Insider Monkey reports FIGR’s Q3 2025 adjusted net revenue at $156 million, up 42% year over year, a one-month return of 32.39%, a Dec. 23 close at $44.67 for a $9.56 billion market cap, and 41 hedge funds holding shares at Q3 quarter-end.
• For Johnson & Johnson, the letter cites pipeline progress helping offset Stelara’s patent-driven decline, including FDA approval of Inlexzo and positive data for an injection-format Rybrevant, with Insider Monkey noting 103 hedge fund holders, a 52-week gain of 41.09%, and a Dec. 23 close at $205.78.