Figure agreed to acquire AI-powered real estate lending platform Kiavi in a $717 million transaction, with investment firm Sixth Street joining a venture that agreed to purchase loans off Kiavi's balance sheet.
DEAL STRUCTURE AND PARTICIPANTS
The announced transaction combined a purchase of Kiavi's platform with a parallel purchase of loans from Kiavi's balance sheet. The total transaction purchase price, including the loans bought off Kiavi's balance sheet by a joint venture between Figure and Sixth Street, was $717 million. Figure said the Kiavi platform it is buying will be high-margin and asset-light.
Figure said Kiavi is expected to add $7 billion in annual volume, including over $100 million of monthly flow on Democratized Prime, its blockchain-native warehouse marketplace.
BUSINESS AND STRATEGIC CONTEXT
Kiavi operates an AI-powered lending platform for residential real estate investors, offering short-term Residential Transition Loans and long-term rental property loans known as Debt Service Coverage Ratio loans; it reported over $250 million of revenue and over $100 million of EBITDA in 2025. Kiavi CEO Arvind Mohan will join Figure's executive team as Chief Business Officer after the deal closes.
"This Kiavi transaction is a further pole vault into tokenization, first-lien diversification and our agentic AI platform," said Figure CEO Michael Tannenbaum.
Michael Dryden, Partner and Head of Asset Based Finance at Sixth Street, said the firm was pleased to contribute its residential mortgage and private credit expertise to support Kiavi's growth.
ADVISERS
Barclays acted as exclusive financial adviser to Figure and Sixth Street, and Jefferies to Kiavi.