Splitero, Funds Managed by Blue Owl, and Antarctica Capital Close $283.3 Million Home Equity Investment Inaugural Securitization

Splitero (NYSE:OWL) closed a $283.3 million rated home equity investment securitization (Splitero Trust 2025-1) that closed on Nov 25, 2025.

Rhea-AI Summary

Splitero (NYSE:OWL) closed a $283.3 million rated home equity investment securitization (Splitero Trust 2025-1) that closed on Nov 25, 2025. Tranches: $195.5M A-1 (rated A low), $48M A-2 (BBB low), $11.5M B-1 (BB high), and $28.3M B-2 (B, retained); all rated by Morningstar DBRS.

The deal saw record investor demand: over $2 billion of orders for the A-1 tranche and a 9.25x oversubscription of the entire transaction. Key participants included funds managed by Blue Owl, Antarctica Capital, Kingsbridge Investment Partners, Barclays (structuring agent), Nomura (joint bookrunner), StoneX, and Cantor Fitzgerald.

Positive

• $283.3M inaugural HEI securitization closed
• A-1 tranche sized at $195.5M rated A (low)
• Deal attracted >$2B demand for the A-1 tranche
• 9.25x overall oversubscription indicating strong investor interest

Negative

• $28.3M subordinate B-2 tranche retained by issuer (concentrated retention)
• Subordinate tranches carry lower credit ratings (BB/B) exposing investors to credit risk

Argus Dec 8 session

-1.35% close to close Open Argus

Details

News Market Reaction – OWL

On Dec 8, the day this news came out, OWL closed 1.35% below the previous close.

Data tracked by StockTitan Argus for the Dec 8 session.

Key Figures

HEI securitization size: $283.3 million Senior A-1 tranche: $195.5 million Mezzanine A-2 tranche: $48 million +5 more

HEI securitization size

$283.3 million

Splitero inaugural home equity investment securitization

Senior A-1 tranche

$195.5 million

Class A-1 securities rated A (low) (sf) by Morningstar DBRS

Mezzanine A-2 tranche

$48 million

Class A-2 securities rated BBB (low) (sf)

Subordinate B-1 tranche

$11.5 million

Class B-1 securities rated BB (high) (sf)

Subordinate B-2 tranche

$28.3 million

Class B-2 securities rated B (sf), retained

A-1 demand

Over $2 billion

Investor demand for senior A-1 tranche

Oversubscription level

9.25x

Oversubscription of the entire HEI securitization

Closing date

November 25, 2025

Securitization closing date for Splitero Trust 2025-1

Historical Context

5 past events · Latest: Dec 03

5 events

1. Dec 03

   Strategic investment

   24h Move

   +5.0%

   $40M Coremont growth investment by funds managed by OWL.

2. Nov 26

   Conference appearance

   24h Move

   +2.1%

   Goldman Sachs US Financial Services Conference presentation announcement.

3. Nov 24

   Financing activity

   24h Move

   +0.9%

   $130M+ in equipment financing via Wingspire for PE-backed firms.

4. Nov 19

   Merger update

   24h Move

   -0.9%

   Termination of proposed merger between BDC vehicles, citing volatility.

5. Nov 10

   Conference appearance

   24h Move

   +1.1%

   Citizens Financial Services Conference presentation announcement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

securitization, mezzanine, subordinate, senior class, +4 more

8 terms

securitization financial

"announced the closing of a $283.3 million rated home equity investment (HEI) securitization."

Securitization is when a bank or company takes a bunch of loans or assets, like mortgages or car loans, and bundles them together into a single package. They then sell pieces of this package to investors, who receive regular payments from the borrowers. This process helps the original lender get money quickly and spreads the risk among many investors.

mezzanine financial

"$48 million of mezzanine class A-2 securities rated BBB (low) (sf)"

Mezzanine financing is a middle layer of capital that sits between a company’s regular bank loans and its shareholders’ equity, combining features of a loan and an option to buy stock. Think of it as a higher-risk, higher-return loan that may pay extra interest and include the right to convert into shares; it matters to investors because it affects a company’s risk profile, potential dilution of ownership, and the order in which creditors get paid if the company struggles.

subordinate financial

"$11.5 million of subordinate class B-1 securities rated BB (high) (sf)"

Subordinate describes a claim, debt, or security that has lower priority for repayment than other obligations if a borrower defaults or liquidates. Think of it like being in line behind others at a checkout: holders of subordinate claims typically face higher risk of losing money but often receive higher yields to compensate, so investors weigh potential returns against greater chance of loss and lower recovery in default.

senior class financial

"issued $195.5 million of senior class A-1 rated A (low) (sf)"

A senior class is a category of a company’s securities (often debt or preferred shares) that has priority over other classes for receiving interest, principal repayment, or dividend payments and for claims on assets if the company fails. For investors this matters because senior status typically means lower risk and lower potential return compared with junior classes—think of it as a VIP line that gets paid first if money is limited.

bookrunners financial

"Barclays and Nomura Securities International were joint bookrunners."

Bookrunners are financial institutions or banks that lead the process of organizing and managing the sale of new securities, such as stocks or bonds, to investors. They coordinate the offering, determine the initial price, and ensure that the securities are sold efficiently, much like a conductor directs an orchestra to deliver a smooth performance. Their role matters to investors because they help ensure the offering is successful and fairly priced.

co-managers financial

"StoneX Financial Inc. and Cantor Fitzgerald & Co. were co-managers on the transaction."

Co-managers are individuals or entities that share responsibility for overseeing and managing an investment or financial fund. They work together to make decisions about buying or selling assets, much like a team of leaders guiding a shared project. This collaborative approach can help ensure diverse expertise and perspectives, which may benefit investors by potentially improving the fund’s performance and risk management.

HELOCs financial

"face higher barriers to traditional products such as HELOCs, which often carry burdensome"

Home equity lines of credit (HELOCs) are credit lines that let homeowners borrow against the equity — the portion of the house they own — using the home as collateral; think of it as a secured credit card or a tap of available cash tied to your home's value. Investors watch HELOC activity and interest rates because balances, repayment performance and rate changes affect banks’ earnings, consumer spending and credit risk across mortgage and loan markets.

home equity investment financial

"closing of a $283.3 million rated home equity investment (HEI) securitization."

An agreement where an investor gives a homeowner cash in exchange for a share of the home’s future value instead of regular loan payments; the investor gains if the property’s value rises and shares losses if it falls. For investors, it functions like buying a slice of a property’s future upside — offering potential returns tied to housing markets but carrying risks from price swings, illiquidity, and legal complexity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Transaction draws record investor demand, marking the largest inaugural HEI securitization

SAN DIEGO, Dec. 8, 2025 /PRNewswire/ -- Splitero, the financial technology company that provides homeowners with better options to access their home equity, funds managed by Blue Owl Capital, Antarctica Capital, and Kingsbridge Investment Partners, today announced the closing of a $283.3 million rated home equity investment (HEI) securitization.

The securitization closed on November 25, 2025. Splitero Trust 2025-1 issued $195.5 million of senior class A-1 rated A (low) (sf), $48 million of mezzanine class A-2 securities rated BBB (low) (sf), $11.5 million of subordinate class B-1 securities rated BB (high) (sf), and $28.3 million of subordinate class B-2 securities rated B (sf) (retained), all rated by Morningstar DBRS. The securitization received a strong reception from the market, with over $2 billion in demand for the A-1 alone, and the highest level of investor participation in an inaugural HEI securitization ever. Many new investors entered the HEI space, resulting in a 9.25x oversubscription of the entire transaction.

"This transaction was a monumental achievement and a significant milestone for our company," said Michael Gifford, Founder and CEO of Splitero. "I am incredibly proud of the work our team has put in to reach this point, and the overwhelmingly positive response from investors to our inaugural securitization highlights the strength of our platform and product positioning within the market. We're excited about continuing to advance this asset class for homeowners and investors."

Splitero attributes the incredible reception from investors to its market-leading platform and proprietary Maturity Match™ structure, which aligns the HEI term length with the homeowner's remaining primary mortgage timeline. 

"We are pleased to support Splitero's inaugural securitization and deepen our relationship as they scale a solution that aligns the interests of homeowners and institutional investors," said Ivan Zinn, Head of Alternative Credit, at Blue Owl. "This significant success is a testament to Splitero's platform and HEI's value as an investment."

According to industry data, U.S. homeowners collectively hold trillions of dollars in accessible home equity, yet many are locked into low-rate mortgages and face higher barriers to traditional products such as HELOCs, which often carry burdensome qualification requirements. 

"Through our HEDI™ investment program, we have proudly partnered with Splitero to help Americans unlock substantial trapped equity in their homes. This inaugural securitization is an important milestone in Splitero's journey and validates the value of their platform. We look forward to continuing our partnership," said Chandra Patel, Managing Partner at Antarctica Capital.

Splitero's HEIs don't require income verification and never involve monthly payments, making them a flexible alternative to traditional financing. Homeowners receive upfront cash in exchange for a share of their home's future value, allowing them to pay off debt, complete renovations, or achieve other financial goals without the need to sell or refinance.

Barclays Capital Inc. ("Barclays") was the structuring agent for the issuance, and both Barclays and Nomura Securities International were joint bookrunners. StoneX Financial Inc. and Cantor Fitzgerald & Co. were co-managers on the transaction.

About Splitero 
Splitero is a financial technology company that provides homeowners better options to access their home equity with no monthly payments. Founded by real estate veterans, Splitero provides a lump sum of cash in exchange for a share of the home's future value. Splitero can help homeowners in Arizona, California, Colorado, Florida, Nevada, New Jersey, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, and Washington access their equity with no additional monthly payments. For more information, visit www.splitero.com 

About Blue Owl
Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives^®. With over $295 billion in assets under management as of September 30, 2025, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,365 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com

About Antarctica Capital
Antarctica Capital is an alternative asset management firm headquartered in New York active across insurance and private markets. Founded in 2013, Antarctica currently has over $8.3 billion in assets under management. Our insurance holdings offer wealth, retirement and reinsurance solutions to businesses and individuals. Our asset management platforms are focused on credit and structured investment products offering capital and liquidity solutions to our clients and partners. Antarctica's permanent capital base, in conjunction with its integrated asset management and investment platforms, uniquely positions us to create enduring value for both investors and portfolio companies. For more information about Antarctica Capital, visit https://antarcticacapital.com.

Media Contact:
Kirstin Robison
Pitch Public Relations
480.363.5371
krobison@pitchpublicrelations.com

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SOURCE Splitero

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Splitero (OWL) securitize on Nov 25, 2025 and for how much?

Splitero closed Splitero Trust 2025-1, a rated HEI securitization totaling $283.3 million, on Nov 25, 2025.

How large was investor demand for Splitero's OWL A-1 tranche?

Investor orders exceeded $2 billion for the A-1 tranche, per the announcement.

What were the tranche sizes and ratings in Splitero Trust 2025-1 (OWL)?

Tranches: $195.5M A-1 (A low), $48M A-2 (BBB low), $11.5M B-1 (BB high), $28.3M B-2 (B, retained).

Which institutional investors and banks participated in Splitero's OWL deal?

Participants included funds managed by Blue Owl, Antarctica Capital, Kingsbridge, Barclays (structuring agent), Nomura, StoneX, and Cantor Fitzgerald.

What does the 9.25x oversubscription mean for OWL's securitization?

The 9.25x oversubscription indicates total orders were 9.25 times the offered amount, signaling strong market demand.