Unlock Technologies, D2 Asset Management Close $433.1 Million Home Equity Agreement Securitization

Unlock's industry-leading ninth transaction, and its second of 2026, draws repeat demand from institutional investors.

TEMPE, Ariz., Oct. 26, 2026 /PRNewswire/ -- Unlock Technologies (Unlock), a financial technology company that offers home equity agreements (HEAs), has closed its eighth rated, and ninth overall, HEA securitization.

Unlock's HEA has given more than 25,000 homeowners cash up front, with no monthly payments, in exchange for a share of their home's value at the end of the agreement. The company was the first originator to achieve a rated securitization.

The transaction, Unlock HEA Trust 2026-2 (UNLOK 2026-2), securitized approximately $433.1 million of HEAs originated and managed by Unlock. Backed by a pool of 4,474 HEAs, it is the company's second securitization of 2026. The deal closed October 21, and was issued and sponsored by D2 Asset Management (D2).

"As more homeowners look to access their home equity to address life needs, HEAs are earning their place alongside HELOCs and home equity loans as mainstream choices, with benefits those products don't offer," said Unlock CEO Jim Riccitelli. "In fact, a majority of Unlock's homeowners have credit scores to qualify for a HELOC or home equity loan and chose an HEA instead. With insurance, property taxes and everyday costs still rising, HEAs can be a valuable financial tool: no monthly payments during the term, protections like an annual cost limit and ample time to prepare for settlement."

The securitization issued $297.5 million of senior Class A notes rated A(low)(sf), $50.0 million of mezzanine Class B notes rated BBB(low)(sf), and $58.5 million of subordinate Class C notes rated BB(low)(sf), each rated by Morningstar DBRS. The Class A and Class B notes are investment-grade. Each rated class carries more credit enhancement than in UNLOK 2026-1.

"UNLOK 2026-2 was supported almost entirely by investors who have participated in prior UNLOK transactions, led by insurance companies and asset managers," said Peter Silberstein, chief capital officer at Unlock. "That kind of repeat commitment shows the home equity agreement is becoming a core holding for institutional portfolios."

The deal marks D2's third securitization on the UNLOK shelf in 10 months. D2 sponsored the privately placed UNLOK 2025-3 in December 2025 and the broadly syndicated UNLOK 2026-1 in May 2026, establishing D2 as a programmatic sponsor of Unlock's HEAs.

"Since December, D2 has sponsored three UNLOK securitizations totaling approximately $1.2 billion," said Luke Doramus, co-founder and managing partner at D2. "Our partnership with Unlock reflects D2's approach to asset-based finance: working with leading originators and connecting disciplined underwriting with repeatable capital markets execution."

Jefferies LLC acted as structuring agent and left lead bookrunner. TCBI Securities, Inc., doing business as Texas Capital Securities, served as bookrunner. Cantor Fitzgerald & Co. and Korea Investment & Securities America, Inc. served as co-managers.

Disclaimer: This press release is for informational purposes only, and is neither an offer to sell nor the solicitation of an offer to buy or sell any 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 D2 and certain D2 employees hold equity stakes and/or voting board seats at Unlock Technologies.

Forward-looking statements: This press release contains forward-looking statements, which 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

Founded in 2020, Unlock Technologies is a Tempe, Arizona-based financial technology company providing products and services that help consumers solve financial challenges and improve their financial health. The company's flagship product is its home equity agreement, which lets homeowners access a portion of their equity as cash, with no monthly payments, in exchange for a share of the home's value at the end of the agreement.

About D2 Asset Management

D2 Asset Management, LP is an alternative investment firm specializing in credit and asset-based investing across the capital structure. Founded in 2024, D2 was established to meet the evolving needs of the modern investment management landscape. The firm provides innovative and flexible capital solutions across industries, markets and cycles, with a focus on delivering consistent, attractive risk-adjusted returns.

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

SOURCE Unlock Technologies