Unlock Technologies Closes Largest Home Equity Agreement Securitization With Over $400 Million in Offered Notes

The landmark transaction wraps up a milestone year for the industry, creating opportunity for more homeowners to unlock their equity and put it toward what matters most. 

TEMPE, Ariz., Dec. 23, 2025 /PRNewswire/ — Unlock Technologies (Unlock), a financial technology company offering a flexible way to access home equity, has successfully closed its third home equity agreement (HEA) securitization of 2025 and its seventh overall. The rated transaction, Unlock HEA Trust 2025-3, securitized $403.9 million of HEAs originated and managed by Unlock. It marked the industry’s largest securitization to date, based on both offered notes and origination volume.  

Issued and sponsored by D2 Asset Management (D2), the transaction issued $252.5 million of Class A securities rated A(low), $63.3 million Class B securities rated BBB(low), and $72.6 million of Class C securities rated BB(low), all rated by Morningstar DBRS, as well as $15.5 million of Class D non-rated securities.  

“It’s been a defining year for home equity agreements, with investor interest in the asset class at an all-time high, and homeowners actively looking for more choice and flexibility in how they access their equity,” said Peter Silberstein, the chief capital officer at Unlock. “Ending the year with a securitization over $400 million reflects that growing demand, and sets the bar higher for 2026 so we can continue to pass the benefits onto our homeowners.”  

Further strengthening D2’s investment in the HEA asset class and the partnership of the two companies, Unlock HEA Trust 2025-3 was D2’s first securitization as issuer and sponsor.  

“This transaction highlights the compelling value proposition of the Unlock platform and reinforces our belief in the long-term opportunity within the asset class,” said Luke Doramus, the co-founder and managing partner at D2. “We are excited by what we have built together, and remain dedicated to advancing Unlock’s work to provide flexible liquidity solutions for homeowners.” 

Unlock HEA Trust 2025-3 closed Dec. 18, with Jefferies LLC acting as left lead structuring and placement agent, and Texas Capital Securities and Korea Investment & Securities America Inc. as co-placement agents. 

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 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. 

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, allison.ferre@unlock.com

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SOURCE Unlock Technologies