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The financial services sector plays an increasing role in the public management of social services. Yet, in contrast to well-studied arrangements such as public–private partnerships and social impact bonds, the ways in which the public sector drives financialization beyond these partnerships remain underexplored. We study the involvement of the financial industry in providing real estate for public services. Our case involves real estate investment trust (REIT) engagement with elderly care in Flanders, Belgium. We analyzed 68 annual reports by REITs and conducted 43 semi-structured interviews with key stakeholders. We show that the participation of REITs in social services is increasing significantly. Public governance mechanisms are fueling this form of financialization rather than slowing it down. The result is a form of state-led financialization with little critical scrutiny.