Figure closes Kiavi acquisition for about $590 million in net cash consideration

Figure Technology Solutions, Inc. (Nasdaq: FIGR) completed its acquisition of Kiavi, Inc. on September 1, paying approximately $590 million in cash consideration, net of cash acquired, for Kiavi’s technology platform and debt service coverage ratio (DSCR) loans on Kiavi’s balance sheet. The consideration is subject to customary adjustments for cash, indebtedness, transaction expenses and operating net working capital, according to Figure’s Form 8-K.

Figure funded the acquisition primarily with net proceeds from its $600 million aggregate principal amount of 8.500% Senior Notes due 2031, which closed July 14. At the acquisition closing, it repaid in full the outstanding obligations under Kiavi’s Third Amended and Restated Credit Agreement, dated December 19, 2024, with U.S. Bank Trust Company as paying agent. Kiavi Funding, Inc. and Kiavi Funding Trust 2 also terminated their September 19, 2025 Master Repurchase Agreement with Deutsche Bank AG, New York Branch. The related liens were released.

The close completed the Agreement and Plan of Merger signed June 10 among Figure, Project Mason Merger Sub, Inc., Kiavi and securityholder representative Fortis Advisors LLC. Merger Sub merged into Kiavi, which survived as a wholly owned Figure subsidiary. Figure said in Item 2.01 of the filing that all closing conditions had been satisfied or waived at or before closing.

In its September 1 company press release, Figure described Kiavi as the No. 1 residential transition loan lender and said it would integrate Kiavi’s brand, platform and technology across its network of more than 480 active ecosystem partners through Figure Connect. Figure also said Kiavi Chief Executive Arvind Mohan joins as Chief Business Officer.

The next outlook checkpoint is Figure’s third-quarter 2026 results. The company said its previously issued Q3 Consumer Loan Marketplace guidance excludes Kiavi and that it intends to update its outlook with those results. That update should give investors a basis for assessing Kiavi’s contribution; the integration of its residential transition and DSCR lending technology across Figure’s partner network remains a separate execution task.