Figure completes $717 million acquisition of real estate lender Kiavi

Sep 2, 2026

Figure Technology Solutions has completed its $717 million acquisition of residential real estate lender Kiavi. The transaction, funded primarily via a $600 million senior note offering and a joint venture with Sixth Street, integrates Kiavi's AI-driven underwriting and residential transition loans into Figure's blockchain-based capital marketplace. The deal is expected to add over $7 billion in annual loan volume to Figure Connect, accelerating the tokenization of private credit and real-world assets.

Figure acquisition of Kiavi

▪Under the merger structure, Figure Technology Solutions' wholly owned subsidiary Project Mason Merger Sub merged into Kiavi, leaving Kiavi as a wholly owned subsidiary of Figure.
▪Figure Technology Solutions plans to update its third-quarter 2026 Consumer Loan Marketplace guidance to include Kiavi's contribution when it reports its third-quarter results.
▪Figure Technology Solutions completed its $717 million acquisition of residential real estate lender Kiavi on September 1, 2026.
▪Kiavi CEO Arvind Mohan is joining Figure Technology Solutions as Chief Business Officer to lead the platform's rollout across Figure's network.

Transaction financing structure

▪A joint venture between Figure Technology Solutions and investment firm Sixth Street purchased loans directly from Kiavi's balance sheet as part of the transaction.
▪Figure Technology Solutions paid approximately $590 million in cash consideration, net of cash acquired, to complete the acquisition of Kiavi.
▪Figure Technology Solutions paid off Kiavi's outstanding credit obligations and terminated Kiavi's repurchase arrangement with Deutsche Bank upon closing.
▪Figure Technology Solutions funded the Kiavi acquisition primarily through the proceeds of a $600 million private offering of 8.500% senior notes due 2031, which closed on July 14, 2026.

Residential investor lending products

▪Kiavi generated more than $250 million in revenue and over $100 million in EBITDA during 2025, representing an estimated $200 billion annual addressable origination market.
▪Kiavi provides financing to residential real estate investors through short-term residential transition loans and longer-term debt service coverage ratio loans.
▪Kiavi's lending products are expected to add more than $7 billion in annual first-lien loan volume to Figure Connect.

Blockchain infrastructure integration

▪The acquisition is projected to bring over $100 million a month in loan flow onto Democratized Prime, Figure Technology Solutions' on-chain lend-borrow venue.
▪Figure Technology Solutions will integrate Kiavi's lending technology and products into Figure Connect, offering them across a network of more than 480 active ecosystem partners.
▪Figure Technology Solutions expects the integration of Kiavi's first-lien products to increase the share of first-lien loans in its consumer loan marketplace to over 40% of full-year volume by 2027.

AI-powered underwriting technology

▪Kiavi utilizes an AI-driven platform featuring a proprietary home-value engine and automated document review technology to streamline financing for residential property investors.
▪Figure Technology Solutions plans to use Kiavi's assets as the first application for Adaptor, Figure's agent-to-agent onboarding AI product, to migrate loan origination onto its blockchain infrastructure.

Tokenized private credit expansion

▪Figure Technology Solutions held an estimated 75% market share of tokenized private credit at the end of 2025, while Provenance Blockchain accounted for 27% of the total real-world asset blockchain market in May 2026.
▪The global tokenized real-world asset market grew approximately 44% in early 2026, rising from $45 billion at the start of the year to roughly $65 billion in May 2026.