Figure Technology Solutions has announced a definitive agreement to acquire Kiavi, an AI-powered lending platform for residential real estate investors, in a $717 million transaction. The deal, revealed on June 10, 2026, pairs one of the largest blockchain-native capital marketplaces with a lender that originated $7.8 billion in loans over the past year and generated more than $250 million in revenue. Under the terms, Figure and global investment firm Sixth Street will form a joint venture to purchase Kiavi's balance sheet assets, backed by $3 billion in forward commitments. The acquisition will integrate Kiavi's Residential Transition Loans and Debt Service Coverage Ratio rental products into Figure Connect, a blockchain marketplace where private credit loans are tokenized and traded globally. This marks one of the largest acquisitions in the real-world asset tokenization sector to date and underscores growing institutional confidence in blockchain-driven lending infrastructure.
What Happened
The transaction centers on combining Kiavi's technology and operating platform with Figure's infrastructure for originating, funding, selling, and trading tokenized assets. Kiavi's AI-powered systems provide capital to real estate investors for buying, renovating, and renting properties at scale. Its product suite includes short-term Residential Transition Loans and long-term DSCR rental property loans that represent a growing segment within Figure's existing loan book.
A joint venture between Figure and Sixth Street will acquire Kiavi's balance-sheet assets, injecting $3 billion in forward capital commitments. Management estimates the acquisition opens access to a $200 billion annual addressable origination opportunity. The deal is expected to bring roughly $7 billion in annual mortgage volume onto blockchain rails, adding approximately $100 million in first-lien loan volume per month.
Figure, which reportedly powers roughly 75% of all real-world asset tokenization globally, has also indicated that Kiavi's assets will be the first to be onboarded onto the Figure Connect marketplace through Adaptor, an agentic AI product designed to standardize disparate originator data before blockchain settlement.
Why It Matters
The acquisition signals a structural shift in how private credit and real estate lending are financed. By pairing Kiavi's AI-powered underwriting with Figure's tokenized capital marketplace, the combined platform can reduce settlement times, cut intermediary costs, and broaden access to institutional liquidity pools. Real estate investors historically relied on fragmented bank and private lending channels. A unified blockchain-based system could compress origination timelines from weeks to days.
The $717 million price tag also elevates the profile of real-world asset tokenization within mainstream finance. As stablecoin settlement expands toward multi-billion-dollar run rates and Wall Street banks accelerate crypto adoption, tying high-volume mortgage origination to distributed ledger technology positions Figure at the center of a credit market that analysts believe could eventually tokenize trillions in assets.
What's Next
Closing is expected to follow regulatory approvals and customary closing conditions, though neither party disclosed a firm timeline. Once completed, Kiavi's loan portfolio will trade on Figure Connect alongside other tokenized private credit instruments, giving institutional buyers programmable access to real estate cash flows. Figure has also signaled plans to roll out Adaptor to additional originators, potentially expanding the marketplace beyond Kiavi.
Analysts noted that the deal creates a new playbook for on-chain assets, because instead of building a tokenized pool from scratch, Figure is acquiring an existing high-volume originator and migrating its loans onto blockchain rails. If the integration succeeds, competitors may pursue similar buy-and-tokenize strategies across auto loans, student debt, and commercial mortgages.