Crossroads(@Dr_Crossroads):$FIGR Figure closed its acquisition of Kiavi! They get the platform, and Sixth Street gets their loan book (and commits to do quite a bit of lending via Figure). This is a huge acquisition which is going to help Figure not only maintain their ~100% growth rate for the next 6+ quarters, but continue to grow into their long-term vision. Kiavi accelerates Figure's "Year of First Lien" push, and is Figures first large third-party acquisition ($538m). Here's a few bullet points: - This acquisition is immediately EBITDA accretive. - In 2025, Kiavi was doing $250m in revenue and $100m+ EBITDA. - Management anticipates this will add $100-$200m in Democratized Prime volume monthly. - Management has guided that 40% of the Consumer Loan Marketplace will be first liens, with $7b in volume added. - Management also expects $35m in cost efficiencies to be realized within 24 months from the integration of Figure's tech within the Kiavi platform. - The unlevered FCF payback of this deal is expected in less than 4 years (my opinion: it may be fewer than 3). - Adaptor, their AI uniformity tool, is being showcased here. It helped Agora auto assets transition rapidly, it's one of the reasons their flywheel is accelerating so fast (and partners are skipping that intermediate step as alluded to on the earnings call), and it's being used here to "impose uniformity to disparate originator data schemes across all asset types in Figure Connect and Democratized Prime." TAKEAWAY: Figure was already thriving, and this acquisition is likely to help them maintain 100% Y/Y growth for the next 1.5 years. Q4 is going This is a great acquisition to help them accelerate in the first lien category, across two different lending products: residential transition loans (RTL) and debt-service-coverage-ratio (DSCR). Both should do well managed by Figure, especially the shorter-term RTL's: that's a category they should absolutely dominate. @mcagney, Figure's co-founder and executive chairman said to Kiavi employees: "You’ve built a market-leader by getting into the weeds, having the highest quality bar, being obsessed with data, and executing every single day. That builder mindset is exactly what drives the Figure team, and it’s what will power our next combined chapter. Welcome to Figure. Together we soar!"

2026.09.01 15:43

$FIGR Figure closed its acquisition of Kiavi! They get the platform, and Sixth Street gets their loan book (and commits to do quite a bit of lending via Figure). This is a huge acquisition which is going to help Figure not only maintain their ~100% growth rate for the next 6+ quarters, but continue to grow into their long-term vision. Kiavi accelerates Figure's "Year of First Lien" push, and is Figures first large third-party acquisition ($538m). Here's a few bullet points: - This acquisition is immediately EBITDA accretive. - In 2025, Kiavi was doing $250m in revenue and $100m+ EBITDA. - Management anticipates this will add $100-$200m in Democratized Prime volume monthly. - Management has guided that 40% of the Consumer Loan Marketplace will be first liens, with $7b in volume added. - Management also expects $35m in cost efficiencies to be realized within 24 months from the integration of Figure's tech within the Kiavi platform. - The unlevered FCF payback of this deal is expected in less than 4 years (my opinion: it may be fewer than 3). - Adaptor, their AI uniformity tool, is being showcased here. It helped Agora auto assets transition rapidly, it's one of the reasons their flywheel is accelerating so fast (and partners are skipping that intermediate step as alluded to on the earnings call), and it's being used here to "impose uniformity to disparate originator data schemes across all asset types in Figure Connect and Democratized Prime." TAKEAWAY: Figure was already thriving, and this acquisition is likely to help them maintain 100% Y/Y growth for the next 1.5 years. Q4 is going This is a great acquisition to help them accelerate in the first lien category, across two different lending products: residential transition loans (RTL) and debt-service-coverage-ratio (DSCR). Both should do well managed by Figure, especially the shorter-term RTL's: that's a category they should absolutely dominate. @mcagney, Figure's co-founder and executive chairman said to Kiavi employees: "You’ve built a market-leader by getting into the weeds, having the highest quality bar, being obsessed with data, and executing every single day. That builder mindset is exactly what drives the Figure team, and it’s what will power our next combined chapter. Welcome to Figure. Together we soar!"