Unlock HEA Trust 2025-2

November 17, 2025

Unlock HEA Trust 2025-2 a $303.5 Million Home Equity Agreement Securitization

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November 17, 2025 – Saluda Grade (SG) sponsored Unlock HEA Trust 2025-2 a $303.5 million securitization backed by home equity investment agreements. This marks the second rated HEA securitization SG has sponsored alongside Unlock Technologies in 2025, and the sixth overall HEA deal to close. Morningstar DBRS provided credit ratings for the securitization.

Key characteristics:

  • Contract Type: The underlying contracts, commonly referred to as home equity investment agreements (HEAs), are a consumer finance product acting as an equity investment into a home in exchange for a share of the home's future value.
  • Collateral: 2,276 fixed HEAs secured by first and subordinate liens on residential properties with original terms to maturity of 10 years originated between 2020-2025.
  • Underwriting: The underwriting approach is asset-based, meaning there is greater emphasis placed on the value of the underlying property.

Structural overview:

  • The transaction closed on November 14, 2025. The issuer, Unlock HEA Trust 2025-2, issued approximately $303.5 million in securities across four classes with ratings assigned by DBRS. The capital structure includes:
    • $167.7 million Class A senior notes, rated A (low) (sf),
    • $47.8 million Class B mezzanine notes, rated BBB (low) (sf),
    • $39.7 million Class C subordinate notes, rated BB (low) (sf),
    • $48.3 million Class D certificates, unrated
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This announcement is not a recommendation, offer or solicitation and there is risk investing in the Trust. Past performance is not indicative of future results.

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