Unlock Technologies and Saluda Grade Close Their Largest Home Equity Agreement Securitization to Date

The oversubscribed transaction provides capital to help more homeowners access the wealth they've built up in their homes.

TEMPE, Ariz., Nov. 19, 2025 /PRNewswire/ -- Unlock Technologies ("Unlock" or the "Company"), a financial technology company offering a flexible way to access home equity, has successfully closed its sixth home equity agreement (HEA) securitization, issued and sponsored by Saluda Grade. The transaction, Unlock HEA Trust 2025-2, securitized $303 million of HEAs originated and managed by Unlock. It marked the Company's largest securitization to date and its second deal of 2025.

Unlock HEA Trust 2025-2 was significantly oversubscribed, with a structure that attracted multiple first-time investors and resulted in more than $1 billion in total orders. The securitization issued $167.7 million of senior Class A securities rated A(low), $47.8 million of mezzanine Class B securities rated BBB(low), $39.7 million of subordinate Class C-rated BB, and $48.3 million of subordinate Class D non-rated securities. Underscoring the growing adoption of the asset class, it was the first time Unlock and Saluda Grade issued an HEA securitization with a senior class rated A(low). The deal closed Nov. 14.

"With each successful securitization, we're demonstrating the utility and value of our home equity agreement: to our homeowners as an innovative home financing solution, and to our institutional investors as an attractive new asset class," said Unlock CEO Jim Riccitelli. "This deal accelerates our journey toward making it easier and more affordable for homeowners to access their home equity, without adding a monthly payment."

Barclays Capital acted as a structuring lead with Jefferies LLC as a joint bookrunner. Texas Capital Securities and East West Markets served as co-managers. Since securing the first rated transaction for the asset class in 2023, Unlock and its capital partners have become increasingly efficient in terms of execution and pricing of these deals.

"Achieving our first A(low) rated senior class and tightest credit spreads to date demonstrates the confidence institutional investors have in this asset class and the continued maturation of the home equity agreement market," said Timothy Carr, the chief investment officer at Saluda Grade. "The overwhelming response – more than $1 billion in orders – shows that investors recognize HEAs as a sustainable, performance-driven investment opportunity that also deliver meaningful financial flexibility to homeowners."

"Tappable equity remains near historic highs, while consumer debt and household expenses continue to rise, and American families are increasingly looking to home equity as a valuable financing solution," continued Riccitelli.  "According to our latest survey*, 60% of homeowners say having the option to leverage home equity provides an extra level of financial security—and that peace of mind is needed right now."  

Disclaimer:
This press release is for informational purposes only, and is neither an offer to sell nor the solicitation of an offer to any for any other securities, and shall not constitute an offer, solicitation or sale. Any offers will be made only by means of a private offering memorandum. Funds managed by Saluda Grade and certain Saluda Grade employees hold equity stakes and/or voting board seats at Unlock Technologies. Timothy Carr serves as a member of the Board of Directors of Unlock Technologies Inc.

Forward-looking statements:
Statements in this press release have "forward-looking statements," and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements.

About Unlock Technologies (www.unlock.com)
Founded in 2020, Unlock Technologies is a Tempe, Arizona-based financial technology company providing products and services that help homeowners address financial needs so they can plan the future they envision. The company's flagship product is its home equity agreement, a clear, flexible financing solution for homeowners who want to access their home's equity without taking on monthly payments.

* Unlock commissioned Atomik Research to conduct an online survey of 2,010 homeowners throughout the United States Sept. 18-22, 2025.

Media contact:  Allison Ferré, Communications and Public Relations Director, [email protected]

SOURCE Unlock Technologies