Unison Announces Securitization of $94.2 Million Unison Home Equity Agreements
Unison Announces Securitization of $94.2 Million Unison Home Equity Agreements
SAN FRANCISCO--(BUSINESS WIRE)--Unison, a market leader in residential equity sharing agreements, has successfully closed its UNSN 2026-1 securitization, marking the company’s seventh such transaction across Unison’s fund complex. Issued through the Unison Midgard Fund, the deal backed $94.2 million in assets and received a formal credit rating from DBRS Morningstar. The transaction was strategically structured into two investment grade tranches, a tiered approach that maximizes capital efficiency while underscoring the growing institutional appetite for home equity as a premier asset class.
“This securitization further validates investor interest in our distinct 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. 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.”
As a market leader, Unison Investment Management, LLC (UIM) helps homeowners unlock the accumulated value of their homes while enabling institutional investors to access U.S. residential home price appreciation. With many current homeowners effectively locked into their current homes with very low mortgage rates, Equity Sharing agreements allow access to the equity in their homes without the need to sell immediately.
Launched on March 31, 2019, Unison’s Midgard strategy is a geographically diverse investment portfolio designed to capture home price appreciation of owner-occupied residential real estate. It uses a proprietary, scalable origination process to efficiently deploy capital across U.S. housing markets. With over 5,000 agreements originated into the fund with exposure to 33 states and 250 metro areas, the fund covers markets representing over 82% of U.S. real estate by value. Homeowners in the fund have prime credit, with an average home value above $500,000.
Since 2022, Unison Midgard Fund LP has completed five securitizations 3 of which have been rated, including the latest, UNSN 2026-1. Partnering with Barclays as the lead bank, the transaction successfully attracted 10+ new Unison bond buyers, significantly expanding Unison’s institutional client base. This successful execution not only strengthens the company’s liquidity position but also serves as market validation and growing institutional acceptance of HEIs as a mainstream asset class.
About Unison
Investing in homes since 2006, UIM currently manages $1.76 billion in residential equity agreements, with more than 10,500 agreements originated. The Company’s portfolios have a proven track record of providing high risk-adjusted net returns and low volatility relative to other major asset classes.
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