Kiavi LHOME Trusts: 24 Loans, $6.83M Repurchased in Q3 2026
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Quick Answer
Kiavi Funding, LLC (SEC CIK 1601642) reported on November 3, 2026 that 24 loans worth $6,826,900 were repurchased or replaced in three LHOME Mortgage Trusts between July 1 and September 30, 2026. The three rows are LHOME 2024-RTL5 (16 loans, $4,462,900, 1.096% as printed), 2025-RTL1 (5 loans, $1,179,400, 0.380%) and 2025-RTL2 (3 loans, $1,184,600, 0.383%). In all three rows the loans repurchased equal the loans that were the subject of a demand, and the columns for demands pending, in dispute, withdrawn and rejected are all zero, as they are in all 16 quarterly reports Kiavi has filed since December 2022 (our count of 45 trust-quarter rows). The dollar total is the lowest since the quarter ended December 31, 2024, and 91% below the peak of 246 loans and $73,420,476.61 in the quarter ended December 31, 2025 (our arithmetic). The form names no borrower and gives no reason for any repurchase, so it does not show that a loan defaulted or that a borrower's terms changed. Everything here is as of November 4, 2026. This is analysis of public documents, not investment, legal or tax advice.
Key Takeaways
- The November 3, 2026 report (accession 0001104659-26-122198) covers seven LHOME trusts and has a row for three: 2024-RTL5 (16 loans, $4,462,900), 2025-RTL1 (5, $1,179,400) and 2025-RTL2 (3, $1,184,600). Total 24 loans and $6,826,900 (our arithmetic).
- Across 16 quarterly reports from December 31, 2022 to September 30, 2026, Kiavi reported 592 loans and $198,196,087.15 repurchased or replaced (our arithmetic). The quarter ended December 31, 2025 alone was 246 loans and $73,420,476.61, 37% of that dollar total.
- Every row in every report shows demands pending, in dispute, withdrawn and rejected as zero, and loans repurchased equal to loans subject to a demand. The filing does not say who made the demands or why.
- The pool figures in the report are not fixed at issuance: the same trust shows different loan counts and balances in different reports, so the printed percentages are shares of a moving base, not of the original pool.
- Two single rows are unusually large per asset: one asset of $6,900,000 in LHOME 2024-RTL3 (quarter ended June 30, 2026) and one of $6,565,250 in LHOME 2024-RTL1 (quarter ended June 30, 2025), about 21 and 22 times the average loan in those pools (our arithmetic). The filings do not explain either.
- Nothing in the form says anything about a borrower's loan terms, payment status or servicing. It is a report from the sponsor about assets in securitization trusts.
CSV · 249 rows
Kiavi Funding, LLC repurchase reports (Form ABS-15G) for the LHOME trusts, December 2022 to September 2026
249 rows from sixteen quarterly Rule 15Ga-1 reports and four Rule 15Ga-2 diligence filings, each with its SEC accession number.
What this filing is, and what it covers
Kiavi Funding, LLC (formerly Kiavi Funding, Inc., formerly LendingHome Funding Corporation) is the sponsor of the LHOME Mortgage Trusts, the securitizations that hold many of its short-term investor loans. "RTL" in the trust names is the industry's abbreviation for residential transition loans, the category that includes fix-and-flip loans (our gloss; the form uses only the abbreviation). Under Rule 15Ga-1 a sponsor files a quarterly report on demands to repurchase or replace loans, and the form frames them as demands “for breaches of representations or warranties concerning those pool assets”. Kiavi's report states “Securitizer has repurchase activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)”, and adds that “The information in this Form ABS-15G has not been verified by any third party.”
The report for July 1 to September 30, 2026 was dated November 3, 2026 and lists seven “Specified Transactions”: LHOME 2024-RTL3, 2024-RTL4, 2024-RTL5, 2025-RTL1, 2025-RTL2, 2025-RTL3 and 2026-RTL1. Three of them have a row. The report filed August 3, 2026 listed ten, including 2023-RTL4, 2024-RTL1 and 2024-RTL2, which are not in the November list. The filings do not say why trusts leave the list. The securitizer is now named Kiavi Funding, LLC; the August report still said Kiavi Funding, Inc.
The quarter in three rows
| Trust | Assets in ABS (loans) | Assets in ABS (balance) | Loans repurchased or replaced | Amount | Share printed |
|---|---|---|---|---|---|
| LHOME 2024-RTL5 | 1,208 | $407,232,700.80 | 16 | $4,462,900.00 | 1.096% |
| LHOME 2025-RTL1 | 1,036 | $310,672,609.97 | 5 | $1,179,400.00 | 0.380% |
| LHOME 2025-RTL2 | 938 | $309,522,908.89 | 3 | $1,184,600.00 | 0.383% |
| Three trusts together (our arithmetic) | 3,182 | $1,027,428,219.66 | 24 | $6,826,900.00 | n/a |
The 2025-RTL2 share is printed as “0.0.383”, an evident typo; $1,184,600 divided by $309,522,908.89 is 0.383% (our arithmetic), and we show it that way. The average repurchased loan was $284,454 across the three trusts ($278,931 in 2024-RTL5, $235,880 in 2025-RTL1, $394,867 in 2025-RTL2; our arithmetic). The other four trusts, including 2025-RTL3 and 2026-RTL1, have no row in this report.
Sixteen quarters of Kiavi repurchase reports
Kiavi has filed a report every quarter since the one ended December 31, 2022. The table sums the rows of each report. The last column is the highest share printed for any single trust in that quarter.
| Quarter ended | Report filed | Trusts with a row, of trusts covered | Loans | Amount | Highest printed share |
|---|---|---|---|---|---|
| December 31, 2022 | January 17, 2023 | 1 of 12 | 1 | $218,700.00 | LHOME 2021-RTL3, 0.055% |
| March 31, 2023 | April 4, 2023 | 1 of 9 | 8 | $3,650,041.00 | Kiavi Issuer 2022-SR1, 4.479% |
| June 30, 2023 | July 18, 2023 | 1 of 8 | 10 | $2,890,500.00 | Kiavi Issuer 2022-SR1, 3.118% |
| September 30, 2023 | October 18, 2023 | 2 of 9 | 35 | $11,958,808.00 | Kiavi Issuer 2022-SR1, 11.615% |
| December 31, 2023 | January 9, 2024 | 3 of 11 | 58 | $20,695,712.00 | Kiavi Issuer 2022-SR1, 19.561% |
| March 31, 2024 | April 29, 2024 | 3 of 11 | 29 | $9,999,226.00 | Kiavi Issuer 2022-SR1, 10.121% |
| June 30, 2024 | August 5, 2024 | 1 of 13 | 1 | $128,800.00 | LHOME 2023-RTL1, 0.063% |
| September 30, 2024 | October 22, 2024 | 2 of 13 | 3 | $343,900.00 | LHOME 2022-RTL2, 0.227% |
| December 31, 2024 | February 6, 2025 | 4 of 11 | 4 | $1,867,212.00 | LHOME 2023-RTL2, 0.332% |
| March 31, 2025 | May 2, 2025 | 4 of 11 | 21 | $8,123,765.97 | LHOME 2022-RTL3, 6.367% |
| June 30, 2025 | August 1, 2025 | 4 of 12 | 53 | $20,699,874.24 | LHOME 2023-RTL1, 8.706% |
| September 30, 2025 | November 12, 2025 | 7 of 11 | 55 | $15,538,688.00 | LHOME 2023-RTL4, 1.940% |
| December 31, 2025 | January 29, 2026 | 5 of 10 | 246 | $73,420,476.61 | LHOME 2023-RTL4, 6.073% |
| March 31, 2026 | May 6, 2026 | 2 of 10 | 37 | $11,965,283.33 | LHOME 2024-RTL4, 2.012% |
| June 30, 2026 | August 3, 2026 | 2 of 10 | 7 | $9,868,200.00 | LHOME 2024-RTL3, 1.901% |
| September 30, 2026 | November 3, 2026 | 3 of 7 | 24 | $6,826,900.00 | LHOME 2024-RTL5, 1.096% |
Three things stand out. First, activity is lumpy: the quarters ended June 30, 2024, September 30, 2024 and December 31, 2024 each show 4 loans or fewer, then the quarter ended June 30, 2025 shows 53 loans and the quarter ended December 31, 2025 shows 246. Second, the earliest large percentages sit in a trust named Kiavi Issuer Trust 2022-SR1 (not an RTL trust by name; the form does not describe its collateral): 128 loans and $46,031,844 over five reports, with 49 loans and 19.561% in the quarter ended December 31, 2023. Third, since the December 2025 peak the totals have fallen each quarter: $11,965,283.33, then $9,868,200, then $6,826,900. Four quarters is not a trend line, and the form cannot tell us whether the decline reflects fewer problems, fewer older trusts on the list or something else.
The peak quarter: October 1 to December 31, 2025
| Trust | Assets in ABS (loans) | Assets in ABS (balance) | Loans repurchased or replaced | Amount | Share printed |
|---|---|---|---|---|---|
| LHOME 2023-RTL3 | 572 | $192,787,732.16 | 25 | $6,267,153.36 | 3.251% |
| LHOME 2023-RTL4 | 1,067 | $302,627,524.69 | 45 | $18,379,109.50 | 6.073% |
| LHOME 2024-RTL1 | 1,195 | $365,019,388.05 | 77 | $20,451,064.96 | 5.603% |
| LHOME 2024-RTL2 | 1,056 | $304,237,818.27 | 51 | $15,592,914.81 | 5.125% |
| LHOME 2024-RTL3 | 1,103 | $349,677,173.52 | 48 | $12,730,233.98 | 3.641% |
| Five trusts together (our arithmetic) | 4,993 | $1,514,349,636.69 | 246 | $73,420,476.61 | n/a |
In that report all five rows are older trusts (2023-RTL3 to 2024-RTL3) and every printed share is between 3.251% and 6.073%. The same trusts show far smaller figures in the report for the quarter before (for example 4 loans and $659,900 in 2023-RTL3 and 26 loans in 2024-RTL1). The filings do not say what changed.
Two large single assets
In the quarter ended June 30, 2026, LHOME 2024-RTL3 shows 1 asset and $6,900,000 repurchased, 1.901% of a $363,048,294.45 base across 1,127 loans. That asset is about 21 times the pool's average loan of $322,137 (our arithmetic), and 70% of that quarter's $9,868,200 total. In the quarter ended June 30, 2025, LHOME 2024-RTL1 shows 1 asset and $6,565,250, 1.864% of $352,133,390.32 across 1,197 loans, about 22 times the average loan of $294,180. A row can carry a different kind of asset than a typical loan; the form gives no loan-level detail either way.
Which trusts account for the repurchases
| Trust | Reports with a row | Loans | Amount |
|---|---|---|---|
| Kiavi Issuer 2022-SR1 | 5 | 128 | $46,031,844.00 |
| LHOME 2024-RTL1 | 5 | 106 | $35,176,893.96 |
| LHOME 2023-RTL4 | 4 | 64 | $24,397,226.50 |
| LHOME 2024-RTL3 | 3 | 50 | $20,185,533.98 |
| LHOME 2024-RTL2 | 3 | 53 | $15,820,193.81 |
| LHOME 2024-RTL4 | 3 | 32 | $11,480,878.33 |
| LHOME 2023-RTL1 | 3 | 36 | $10,305,434.91 |
| LHOME 2024-RTL5 | 4 | 34 | $9,862,466.00 |
These are sums of what each report printed, not shares of a pool: the base changes from report to report, so we do not divide them.
The base behind the percentages moves
The report's “Total Assets in ABS by Originator” column is labelled “100” in the share column, but it is not a fixed issuance number. The same trust shows different counts and balances in different reports. LHOME 2023-RTL2 is listed with 766 loans and $206,634,227.63 (as “Kiavi Issuer Trust 2023-RTL2”) in the report filed August 1, 2025 and with 1,229 loans and $132,786,204.83 in the one filed November 12, 2025. LHOME 2024-RTL4 shows 1,269 loans and $390,612,720.64 in the May 6, 2026 report and 1,890 loans and $387,068,913.93 in the August 3, 2026 report. LHOME 2021-RTL3 shows $388,000,000.00 in the January 17, 2023 report and $372,885,199.39 in the October 18, 2023 one, with 590 loans in both. The filing does not define the column, so a printed percentage is a share of whatever base Kiavi used for that report, and comparing percentages across quarters is weaker than comparing loan counts and dollars.
One printed share also differs from the division of its own numbers: LHOME 2024-RTL3 in the report filed February 6, 2025 prints 0.165%, while $555,300 divided by $349,780,822.46 is 0.159% (our arithmetic).
What a repurchase demand does and does not mean for a borrower
| Question | What the filing shows | What the filing does not show |
|---|---|---|
| Did Kiavi buy loans back from its securitization trusts? | Yes: 24 loans and $6,826,900 in the quarter ended September 30, 2026, and 592 loans across 16 quarters (our sum) | Why each loan was bought back. The form's footnote 2 says the column “Reflects assets that were repurchased or replaced during the reporting period”, and the demand may predate the quarter |
| Were any demands refused or contested? | No: rejected, in dispute, withdrawn and pending are all zero in every row of all 16 reports | Who made the demands, or whether a demand ever failed. Footnote 3 says pending means repurchase proceeds or replacement assets were not yet received by the trustee or the servicer |
| Does it mean the borrower defaulted? | Nothing about any borrower is in the form | Payment status, delinquency, loss or modification of any loan. The form's test is a breach of a representation or warranty, not a missed payment, and the form does not say which applied |
| Does it change my loan? | The form does not list loan numbers, borrowers, properties or rates | Whether the note, the interest rate or the servicer changed for any loan. Your own loan documents and the statements you receive are the source for that |
| Is Kiavi's securitization shelf in trouble? | Repurchases were small in the latest quarter relative to the three trusts' reported base ($6,826,900 against $1,027,428,219.66, about 0.66%, our arithmetic) | Trust performance, delinquencies or losses, which are in trustee statements, not in this form. Our review of the sponsor is a separate page |
| Is this the whole Kiavi loan book? | Only loans Kiavi sold into the trusts named in the report | Loans held on Kiavi's balance sheet, sold elsewhere, or sold into a later trust. The filing says it contains information only on the Specified Transactions |
Our reading, labelled as ours: the form describes a transaction between a securitization trust and the sponsor that sold it the loan. It does not say the borrower was asked to do anything, and a repurchase by the sponsor is not a statement that the borrower breached anything. A borrower who wants to know who owns or services their loan should ask the servicer named on their statement. A lender or investor reading the form should treat it as a sponsor-reported count and as one input next to the trustee statements.
The other side: diligence before the trust is sold
When a trust is created, Kiavi's depositor files a separate Form ABS-15G under Rule 15Ga-2 attaching a third-party diligence report. The four newest, from the exhibit lists, all name Selene Diligence LLC. We did not read the loan-level exhibits, only their indexes.
| Trust | Filed | Loans in first exhibit set | Loans in second exhibit set | Accession |
|---|---|---|---|---|
| LHOME 2025-RTL1 | January 22, 2025 | 360 | 192 | 0001104659-25-005286 |
| LHOME 2025-RTL2 | April 21, 2025 | 312 | 145 | 0001104659-25-036810 |
| LHOME 2025-RTL3 | August 11, 2025 | 542 | 260 | 0001104659-25-076217 |
| LHOME 2026-RTL1 | January 23, 2026 | 384 | 201 | 0001104659-26-006297 |
The exhibit indexes give loan counts for each set but not what the reviewer found. Findings sit in the attached grade and findings reports.
What a reader can do with this
- If you hold or follow LHOME notes: the next report covers October 1 to December 31, 2026. Past reports for that quarter were filed on January 9, 2024 (for 2023), February 6, 2025 and January 29, 2026. Compare loans and dollars, not printed percentages, and read the trustee statements for performance.
- If you have or want a Kiavi loan: the form is not about your loan. Our Kiavi review covers rates, complaints and the funding structure, our Figure Technology Solutions and Kiavi page covers the September 1, 2026 acquisition, and Kiavi vs Lima One sets Kiavi next to a lender funded through a different parent.
- If you are comparing short-term investor lenders: see best fix-and-flip lender 2026 and hard money lenders 2026. A securitizer report is one data point about a lender's funding, not a quote for your loan.
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FAQ
All figures are from Kiavi Funding, LLC's Forms ABS-15G on SEC EDGAR (CIK 1601642), read on November 4, 2026: the sixteen Rule 15Ga-1 reports filed January 17, 2023 (0000914121-23-000033), April 4, 2023 (0000914121-23-000151), July 18, 2023 (0001140361-23-035012), October 18, 2023 (0001140361-23-048655), January 9, 2024 (0001140361-24-001516), April 29, 2024 (0001140361-24-022970), August 5, 2024 (0001140361-24-035744), October 22, 2024 (0001140361-24-043884), February 6, 2025 (0001140361-25-003451), May 2, 2025 (0001140361-25-017088), August 1, 2025 (0001140361-25-028394), November 12, 2025 (0001104659-25-109404), January 29, 2026 (0001104659-26-007934), May 6, 2026 (0001104659-26-056324), August 3, 2026 (0001104659-26-089768) and November 3, 2026 (0001104659-26-122198), and the Rule 15Ga-2 filings of January 22, 2025, April 21, 2025, August 11, 2025 and January 23, 2026. Sums, averages and percentages marked "our arithmetic" are ours. This is analysis of public documents, not investment, legal or tax advice.
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