Splitero announced Tuesday that it has completed a $296 million home equity investment (HEI) securitization, marking the company’s second public transaction in the growing asset class.
The securitization, which closed May 27, issued four classes of securities through Splitero Trust 2026-1. The deal included $202.6 million in Class A-1 notes rated A (low) (sf), $56.8 million in Class A-2 notes rated BBB (low) (sf), $15.6 million in Class B-1 notes rated BB (sf) and $20.77 million in Class B-2 notes rated B (sf). All ratings were assigned by Morningstar DBRS.
The company said the transaction attracted strong investor demand, with the senior Class A-1 bonds pricing at what was described as the tightest spreads achieved in the public-rated HEI securitization market.
“Closing our second securitization with industry-leading execution is another major milestone for Splitero and a powerful validation of the platform that we’ve built,” Splitero founder and CEO Michael Gifford said in a statement. “This transaction demonstrates that HEIs are a compelling product for investors and a meaningful solution for homeowners who need better access to their home equity.”
The securitization is backed by Splitero’s HEI products, which allow homeowners to access a portion of their home’s equity in exchange for a share of its future value. Unlike traditional home equity loans or home equity lines of credit, the products do not require monthly payments.
Splitero said its proprietary Maturity Match structure aligns the term of each home equity investment with the remaining term of a homeowner’s primary mortgage, a feature the company said contributed to investor interest in the offering.
Barclays Capital served as the structuring agent for the transaction. Barclays and Nomura Securities International acted as joint bookrunners, while StoneX Financial, Cantor Fitzgerald and East West Markets served as co-managers.
The transaction comes as many homeowners remain reluctant to refinance or borrow against their homes due to higher interest rates and existing low-rate mortgages. Splitero previously closed a $283.3 million rated HEI securitization in December 2025 in partnership with funds managed by Blue Owl Capital, Antarctica Capital and Kingsbridge Investment Partners.
As HEI products gain popularity among homeowners seeking alternatives to traditional borrowing in a higher-rate environment, critics have questioned whether consumers fully understand the products’ terms, long-term costs and classifications. Some providers, including Unison, have faced class-action lawsuits that allege deceptive marketing and disclosure practices.
This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.
