The acquisition closed at a higher net cash consideration ($590M) than the originally announced $532.4M, suggesting more cash was acquired than expected or adjustments were favorable. Monitor the next 10-Q for integration costs, revenue contribution from Kiavi's DSCR loans, and whether the 8.5% debt service is comfortably covered by combined EBITDA. The high coupon (8.5%) creates a meaningful earnings drag that needs to be offset by Kiavi's earnings contribution.
Price Chart
Executive Summary
Figure Technology Solutions completed its $590M acquisition of Kiavi, funded by $600M in 8.5% senior notes due 2031. The deal closed on September 1, 2026, adding Kiavi's DSCR loan portfolio and technology platform. The acquisition is a significant strategic expansion but adds meaningful leverage at a high cost of capital.
Key Facts
- Figure completed acquisition of Kiavi for approximately $590M in cash, net of cash acquired
- Deal funded primarily by $600M of 8.5% senior notes due 2031 issued July 14, 2026
- Kiavi's existing credit agreement and repurchase facility were repaid/terminated at closing
- Original deal announced June 10, 2026 at $532.4M; final consideration ~$590M net of cash acquired
Financial Impact
~$590M cash acquisition funded by $600M of 8.5% senior notes, adding ~$57M annual interest expense at the note rate
Risk Factors
- Integration risk combining Kiavi's technology platform and loan portfolio
- High interest expense from $600M of 8.5% notes may pressure earnings
- DSCR loan portfolio may face credit risk in a rising-rate or recessionary environment
- Leverage increase from the debt-funded acquisition could constrain future financing flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-040931 |
| Document: 0001493152-26-040931-index-headers.html | 0001493152-26-040931 |
| Document: 0001493152-26-040931-index.html | 0001493152-26-040931 |
| Document: 0001493152-26-040931.txt | 0001493152-26-040931 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Press Release | $36.57 $33.71 | ▼ −7.82% | ▼ −7.32% | $28.53 (−21.99%) |
Sep 10, 2026 23d ago | 144 | $36.57 $33.71 | ▼ −7.82% | ▼ −7.32% | $28.53 (−21.99%) |
Sep 1, 2026 4w ago | 8-K | $33.70 $38.12 | ▲ +13.12% | ▲ +13.03% | $28.53 (−15.34%) |
Aug 18, 2026 6w ago | Insider Cluster | $35.52 $41.14 | ▲ +15.82% | ▲ +16.02% | $28.53 (−19.68%) |
Aug 16, 2026 6w ago | Institutional Cluster | $35.76 $38.64 | ▲ +8.07% | ▲ +9.26% | $28.53 (−20.21%) |
Jul 15, 2026 11w ago | Press Release | $30.87 $29.24 | ▲ +5.28% | ▲ +3.61% | $28.53 (+7.58%) |
Jul 7, 2026 12w ago | Press Release | $30.65 $29.96 | ▼ −2.25% | ▼ −3.11% | $28.53 (−6.92%) |
Jul 6, 2026 12w ago | 8-K | $34.41 $31.80 | ▼ −7.58% | ▼ −8.07% | $28.53 (−17.09%) |
Jun 11, 2026 16w ago | Institutional Cluster | $28.15 $27.40 | ▼ −2.66% | ▼ −3.10% | $28.53 (+1.35%) |
Jun 11, 2026 16w ago | Institutional Cluster | $28.15 $27.40 | ▼ −2.66% | ▼ −3.10% | $28.53 (+1.35%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access