Unlock Technologies and D2 Asset Management completed the securitization of a housing equity agreement worth $433.1 million
According to Unlock, this is the company's ninth leading transaction in the industry and also its second transaction in 2026, attracting repeated subscription demand from institutional investors.
Tempe, Arizona, USA, October 26th / PRNewswire / -- Fintech company Unlock Technologies ( Unlock ), which provides housing equity agreements ( HEAs ), announced that it has completed its eighth rated securitization transaction, as well as its ninth overall HEA securitization transaction.
HEA of Unlock has provided over 25,000 homeowners with upfront cash without the need for monthly repayments. In exchange, homeowners are required to relinquish a portion of the value of their homes at the end of the agreement. The company is the first to initiate rated securitization.
The transaction is named Unlock HEA Trust 2026-2 ( UNLOK 2026-2), and it involved the securitization of approximately $433.1 million in assets, initiated and managed by Unlock and carried out by HEA. The transaction was based on 4,474 HEA, and it represents the company's second securitization deal in 2026. It was completed on October 21st, with D2 Asset Management ( D2 ) issuing and acting as the sponsor.
Unlock CEO Jim Riccitelli stated: "As more and more homeowners look to utilize their home equity to meet their living expenses, HEA is becoming the mainstream choice, along with HELOC and home equity loans, and it offers advantages that these other products do not. In fact, most of Unlock's homeowner customers have the credit score required to apply for HELOC or home equity loans, but they choose HEA. As insurance, property taxes, and daily costs continue to rise, HEA can become a valuable financial tool: there are no monthly payments required during the term, and it comes with protections such as an annual cost cap, leaving ample time to prepare for settlement."
This securitization issued $297.5 million in senior Class A notes with a rating of A ( low )( sf ); $50 million in mezzanine Class B notes with a rating of BBB ( low )( sf ); and $58.5 million in junior Class C notes with a rating of BB ( low )( sf ). All of the above ratings were provided by Morningstar DBRS. Both Class A and Class B notes are investment-grade. The credit enhancement obtained for each rating tier is higher than that of UNLOK for 2026-1.
Unlock Chief Capital Officer Peter Silberstein stated: "In 2026-2, it is almost entirely supported by investors who have previously participated in UNLOK transactions, with insurance companies and asset management firms being the main participants. Such repeated commitments indicate that housing equity agreements are becoming a core holding in institutional portfolios."
This transaction marks the third securitization completed by D2 on the UNLOK platform within 10 months. D2 sponsored the private placement of UNLOK 2025-3 in December 2025, and in May 2026, it sponsored the widely distributed UNLOK 2026-1, making D2 a programmed sponsor of the Unlock HEA project.
D2, co-founder and managing partner, Luke Doramus, stated: "Since December, D2 has sponsored three UNLOK securitization transactions, with a total scale of approximately $1.2 billion. Our collaboration with Unlock reflects D2's approach to asset-based financing: working with leading sponsors and combining prudent underwriting with repeatable execution in the capital markets."
Jefferies LLC serves as the Chief of Structuring Arrangements and Co-Bookkeeper Manager; TCBI Securities, Inc (operating under the name of Texas Capital Securities) serve as Bookkeepers; Cantor Fitzgerald & Co, Korea Investment & Securities America, Inc serve as Co-Managers.
Forward-looking Statements: This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results may differ significantly from those expressed in these forward-looking statements.
About Unlock Technologies
Unlock Technologies was established in 2020 and is headquartered in Tempe, Arizona. It is a fintech company that provides products and services to help consumers overcome financial challenges and improve their financial situations. The company's flagship product is the Home Equity Agreement, which allows homeowners to withdraw a portion of their home's net value in cash without any monthly repayments. In exchange, homeowners are required to relinquish a part of the home's value at the end of the agreement.
About D2 Asset Management
D2 Asset Management and LP are alternative investment companies that focus on credit and asset-based investments at various levels of capital structure. Established in 2024, the companies aim to meet the ever-changing needs of the modern investment management environment. They provide innovative and flexible capital solutions across various industries, markets, and different cycles, with a focus on achieving stable and attractive risk-adjusted returns.
Media contact: Allison Ferr é, Director of Communications and Public Relations, [ email protected ]
