Unlock Technologies, D2 Asset Management Close $358.5 Million Home Equity Agreement Securitization

The oversubscribed transaction – Unlock's seventh rated securitization and D2 Asset Management's first broadly syndicated transaction on the UNLOK shelf – reflects the continued maturation of the home equity agreement asset class.

TEMPE, Ariz., June 9, 2026 /PRNewswire/ -- Unlock Technologies (Unlock), a financial technology company offering a flexible way to access home equity, has closed its seventh rated, and eighth overall, home equity agreement (HEA) securitization, issued and sponsored by D2 Asset Management (D2).

The transaction, Unlock HEA Trust 2026-1, securitized approximately $358.5 million of HEAs originated and managed by Unlock. Backed by a pool of 3,546 HEAs, it is the company's first securitization of 2026 and the largest HEA securitization issued in the market this year to date. The deal closed May 21.

"UNLOK 2026-1 was oversubscribed and saw strong demand from institutional investors, including six new participants on the UNLOK shelf – several of whom were investing in the home equity agreement asset class for the first time," said Peter Silberstein, Chief Capital Officer at Unlock. "That breadth of participation underscores how this market is maturing and how investor appetite for the asset class continues to deepen."

The deal is the first broadly syndicated HEA securitization sponsored by D2. A strategic partner of Unlock, D2 most recently sponsored UNLOK 2025-3 in December 2025. The privately placed transaction was the largest HEA securitization completed in the market at that time.

The securitization issued $254.0 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), each rated by Morningstar DBRS. The Class A and Class B notes are investment-grade. The collateral pool reflects Unlock's mix of senior- and junior-lien originations, with first-lien HEAs representing approximately 19% of the pool by investment payment.

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

"Closing our seventh rated transaction demonstrates the utility and value of our HEA to institutional investors as an increasingly established asset class," said Unlock CEO Jim Riccitelli. "The strong, oversubscribed demand reflects the continued maturation of this market and the confidence investors have in the HEA. We're proud to have D2 as a strategic partner and programmatic sponsor as we help more homeowners access the wealth they've built in their homes."

"This transaction reinforces our conviction in the HEA asset class and in Unlock as the platform best positioned to lead it," said Luke Doramus, Co-Founder and Managing Partner at D2. "As one of the most active participants in this market, we bring the structuring and capital markets expertise to scale a strong originator, and Unlock is exactly the kind of partner we want to do that with."

"While consumer debt and household expenses continue to rise, more American families are turning to their home equity to find breathing room," added Riccitelli. "Unlock's HEA gives homeowners a way to access that equity and gain financial flexibility without taking on an additional monthly payment," he continued. "With every rated securitization we complete, it's heartening to see institutional investors share our conviction in what we're building, and in our mission to help American families find financial relief."

Unlock has now served more than 20,000 homeowners and originated approximately $2 billion in HEAs since its founding. The company originates contracts in 26 states, most recently adding Alabama to its service area.

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: 
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 consumers solve financial challenges and improve their financial health. The company's flagship product is its home equity agreement, a financing option for homeowners who want to access the equity they have built in their homes without adding monthly payments, refinancing or selling.

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]

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SOURCE Unlock Technologies