Figure Technology Solutions has entered a definitive agreement to acquire Kiavi, an AI-powered lending platform for residential real estate investors, for $717 million. A joint venture between Figure and Sixth Street will acquire Kiavi's balance sheet assets — the loan portfolio — while Figure purchases the technology and operating platform. The transaction was announced June 10.
Kiavi provides short-term Residential Transition Loans (RTL) and long-term DSCR loans to real estate investors who buy, renovate, and rent properties at scale. That business will now be moved onto Figure's blockchain-native marketplace rails, joining a platform that Figure says already accounts for 75% of all real-world asset tokenization.
What Figure gets
The acquisition is primarily a scale play. Kiavi originates over $7 billion in loans annually — volume that will flow onto Figure Connect, the company's marketplace for institutional investors seeking exposure to tokenized real estate debt. More than $100 million of that monthly flow is expected to land on Democratized Prime, Figure's blockchain-native warehouse marketplace where lenders are matched with capital seeking institutional-grade returns.
On the product side, Kiavi adds DSCR loans — long-term rental property financing — to Figure's existing portfolio. That matters because DSCR is a growing product category in the institutional real estate debt market, and Figure is positioning itself as the tokenized infrastructure layer across the full spectrum of residential mortgage products.
Figure CEO Michael Tannenbaum called it "a further pole vault into tokenization, first-lien diversification and our agentic AI platform." The company is targeting more than 40% first-lien composition in its consumer loan marketplace by the end of 2027, up from approximately 2.5x year-over-year growth in the first-lien segment in 2025. The first-lien market is roughly 25 times larger than second-lien — a structural incentive to move up the credit stack.
Kiavi assets will be the first use case for Adaptor, Figure's newest AI product designed for agent-to-agent onboarding. Adaptor imposes uniformity across disparate originator data schemes on Figure Connect and Democratized Prime, allowing new lending counterparties to connect to the platform without months of custom integration work. The product reflects Figure's broader bet that AI agents will increasingly originate, trade, and settle tokenized assets autonomously — and that infrastructure must be built to support machine-to-machine onboarding at scale.
The $200 billion addressable opportunity
Figure frames the deal in terms of a $200 billion annual origination opportunity being brought onto tokenized rails. Residential transition loans and DSCR products have historically been originated and held on bank balance sheets or sold through traditional secondary markets. Figure's pitch is that moving that origination onto blockchain rails extracts cost efficiencies — fewer intermediaries, faster settlement, programmatic compliance — while maintaining a capital-light model with what Figure projects will be a 60% EBITDA margin at scale.
The involvement of Sixth Street — acquiring the loan portfolio through a joint venture with Figure — is notable. It means Figure is not taking the mortgage book onto its own balance sheet, which would be capital-intensive and at odds with the capital-light model. Instead, Sixth Street absorbs the loan assets while Figure takes the platform and its origination flow. That structure allows Figure to scale volume on its marketplace without taking on credit risk — a design choice consistent with Figure's positioning as infrastructure rather than a bank.
