Unison closes $235M securitization

Home equity investment provider Unison announced on Monday the closure of its UNSN 2026-2 securitization. Issued through the Unison Midgard Fund, the deal backed $235 million in assets and is the company’s eighth such transaction to date.

The securitization also received a formal credit rating from DBRS Morningstar. Barclays served as lead bank.

“This securitization further validates investor interest in our innovative and growing asset class,” stated Unison Chief Investment Officer Matt O’Hara. “We are proud to have pioneered the Home Equity Investment (HEI) industry and have decades of experience assisting homeowners to efficiently unlock equity value in their homes.”

O’Hara continued, “The HEI securitization space has matured and grown substantially in recent years, with increased volumes, expanded transaction size and tighter spreads presenting us with the opportunity to efficiently execute this transaction.”

Launched in 2019, the Unison Midgard Fund invests in owner-occupied residential properties and seeks to capture home price appreciation. The fund has originated more than 5,700 agreements across 33 states, Washington, D.C., and 220 metropolitan areas, representing markets that account for more than 81% of U.S. residential real estate by value, according to Unison.

Homeowners in the fund have an average home value of more than $500,000 and generally have prime credit, the company said.

Since 2022, the Midgard Fund has completed six securitizations, four of which have received ratings, including Monday’s transaction.

Unison said its transactions this year have attracted new institutional bond buyers and expanded its investor base, and that the latest deal strengthens its “liquidity position” and reflects growing institutional acceptance of HEIs as an investment asset class.