Unison Completes $235 Million Securitization of Home Equity Agreements
Unison, a leading provider of residential equity-sharing agreements, has successfully completed its UNSN 2026-2 securitization, marking the company’s eighth transaction of this type. The latest transaction, issued through the Unison Midgard Fund, is backed by $235 million in assets and has received a formal credit rating from DBRS Morningstar.
The transaction represents another milestone for Unison as the residential Home Equity Investment (HEI) market continues to mature. Increasing transaction volumes, larger securitizations, and stronger institutional participation have contributed to the development of HEIs as an emerging asset class within the broader residential real estate and alternative investment markets.
“This securitization further validates investor interest in our innovative and growing asset class,” said Matt O’Hara, Chief Investment Officer at Unison. “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 added that the HEI securitization market has grown substantially in recent years, creating an environment that allows Unison to execute larger transactions efficiently while benefiting from increased investor demand and tighter spreads.
Expanding Access to Home Equity
Unison Investment Management, LLC (UIM) focuses on helping homeowners access the accumulated value of their residential properties while providing institutional investors with exposure to U.S. residential home price appreciation.
The company’s equity-sharing agreements provide an alternative for homeowners who want to access home equity without immediately selling their properties or taking on additional traditional mortgage debt. The model has become increasingly relevant as many existing homeowners remain reluctant to move because they have historically low mortgage rates on their current homes.
By allowing homeowners to access a portion of their home equity, equity-sharing arrangements can provide liquidity while enabling them to remain in their properties. At the same time, institutional investors gain exposure to potential appreciation in residential real estate markets.
Diversified Residential Investment Portfolio
The latest securitization is supported by assets associated with Unison Midgard Fund LP, a geographically diversified investment portfolio focused on owner-occupied residential real estate.
Launched on March 31, 2019, the Unison Midgard Fund was established to capture home price appreciation across a broad range of U.S. housing markets. The fund uses a proprietary and scalable origination process designed to allocate capital across markets based on investment opportunities and housing characteristics.
To date, the fund has originated more than 5,700 agreements and made investments across 33 states, including Washington, D.C. Its portfolio spans approximately 220 metropolitan areas and represents markets accounting for more than 81% of U.S. residential real estate by value.
The underlying homeowner base also reflects relatively strong credit characteristics. Homeowners participating in the fund have prime credit profiles, while the average value of the homes associated with the portfolio exceeds $500,000.
The geographic diversification of the portfolio is intended to provide broad exposure to residential property markets while reducing dependence on any single region or metropolitan area. This structure is an important component of Unison’s strategy as it continues to scale its HEI platform.
Growing Securitization Activity
Unison Midgard Fund LP has completed six securitizations since 2022, with four receiving formal ratings. The latest transaction, UNSN 2026-2, adds another rated securitization to the company’s growing track record in the capital markets.
The company partnered with Barclays as lead bank for its recent transactions. According to Unison, activity during 2026 has attracted new institutional buyers of Unison bonds, contributing to a broader institutional investor base.
The growth in institutional participation represents an important development for the HEI market. As investors become increasingly familiar with the structure, performance characteristics, and risk profile of residential equity-sharing agreements, securitization provides a mechanism for converting diversified pools of HEI assets into securities that can be accessed by institutional investors.
For Unison, successful securitization activity also provides additional liquidity to support the continued expansion of its residential equity investment platform. The ability to access capital markets allows the company to recycle capital and potentially originate additional agreements with homeowners across its target markets.
HEIs Gain Institutional Recognition
The latest $235 million transaction comes at a time when the residential finance landscape is undergoing significant changes. Elevated home values have increased the amount of equity held by many homeowners, while existing mortgage holders with low fixed-rate loans may be hesitant to refinance or sell.
These conditions have created opportunities for alternative financial products that allow homeowners to access accumulated property wealth without following traditional borrowing or selling models.
For institutional investors, meanwhile, residential real estate remains an attractive asset class because of its scale and potential for long-term appreciation. HEIs provide another way to gain exposure to this market while participating in the performance of owner-occupied housing.
Unison’s continued securitization activity demonstrates the company’s efforts to build a scalable capital-markets platform around the HEI model. With thousands of agreements originated across hundreds of metropolitan areas, the company has established a significant portfolio that can support additional financing and securitization opportunities.
The completion of the UNSN 2026-2 transaction therefore represents more than another financing milestone for Unison. It reflects the continued evolution of the home equity investment sector and growing institutional acceptance of equity-sharing agreements as a potential mainstream residential investment asset.
With $235 million in assets securitized in the latest transaction, a growing network of institutional investors, and a diversified portfolio covering a substantial portion of the U.S. housing market, Unison is continuing to expand its role in connecting homeowners seeking liquidity with investors seeking exposure to residential real estate appreciation.
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