Unlock closes $358.5M home equity agreement securitization

Unlock Technologies completed a $358.5 million securitization backed by The transaction is backed by a pool of 3,546 HEAs. It represents Unlock’s seventh rated securitization and “That breadth of participation underscores how this market is maturing and how investor appetite for the asset class continues to deepen,” Peter Silberstein, Unlock’s chief capital officer, said in a statement.

The deal marks the first broadly syndicated HEA securitization sponsored by D2 Asset Management. D2 previously sponsored Unlock’s UNLOK 2025-3 transaction, a privately placed securitization completed in December 2025 that the companies said was the largest HEA securitization at the time.

The securitization included $254 million of senior Class A notes rated A (low) (sf), $48.5 million of mezzanine Class B notes rated BBB (low) (sf), and $42.2 million of subordinate Class C notes rated BB (low) (sf), according to Morningstar DBRS. The Class A and Class B notes received investment-grade ratings.

The collateral pool includes both senior- and junior-lien home equity agreements, with first-lien HEAs accounting for about 19% of the pool by investment payment.

Jefferies served as sole structuring lead and bookrunner. Cantor Fitzgerald and TCBI Securities Inc., doing business as Texas Capital Securities, acted as co-managers.

Unlock CEO