Point and funds managed by Blue Owl Capital close oversubscribed $248 million Home Equity Investment rated securitization

PALO ALTO, CA – June 5, 2025 — Point, the leading home equity investment platform making homeownership more valuable and accessible, and funds managed by Blue Owl Capital (“Blue Owl”) announced today that they have completed a rated securitization of Point’s Home Equity Investment (“HEI”) assets, issuing $248.6 million of rated asset-backed securities (the “Transaction”). The Transaction is Point’s fourth rated securitization and fifth overall.

The Transaction closed on May 23rd, 2025. The issuer, Point Securitization Trust 2025-1, issued $162.2 million of senior class A-1 securities rated A (low) (sf), $35 million of mezzanine class A-2 securities rated BBB (low) (sf), $28.3 million of subordinate class B-1 securities rated BB (low) (sf), and $23.1 million of subordinate class B-2 securities rated B (high) (sf) (retained), all rated by Morningstar DBRS. A portion of the notes were acquired by accounts managed by an affiliate of Blue Owl. The Transaction drew significant interest from both new and repeat institutional investors, resulting in the Transaction being more than 8x oversubscribed. Co-sponsoring the Transaction with a subsidiary of Blue Owl, Point was the originator of all the HEIs in the securitization and will continue to service the assets.

"This past year has been transformative—for Point and for the entire HEI space,” said Eddie Lim, co-founder and CEO of Point. “Investor demand has never been stronger, and the performance of our deals continues to outperform expectations. Our latest securitization was met with overwhelming enthusiasm, reinforcing that HEIs aren’t just gaining traction—they’re reshaping how homeowners access equity. We’re just scratching the surface of what’s possible.”

Over the past 18 months, the rated securitization space for HEIs has entered a new phase of maturation. With multiple HEI-backed deals successfully rated, the asset class is seeing increased institutional recognition and investor confidence, with issuance volume doubling and the number of transactions tripling in 2024 alone¹. According to Finsight², HEI-backed deals totaled $936 million across five transactions last year—up significantly from prior years. These transactions have helped set important benchmarks for credit quality, structure, and performance, signaling a shift from emerging to established within the alternative housing finance landscape.

“The Blue Owl Alternative Credit team and Point have a longstanding relationship dating back to 2018, and we are excited to continue our partnership with the Point team,” said Ivan Zinn, Head of Alternative Credit at Blue Owl. “This marks the second Point transaction that Blue Owl has co-sponsored, and we look forward to doing many more together. The success of this transaction is atestament to the Point platform and validates the thesis that HEIs will continue to be a growing asset class.”

Barclays Capital Inc. (“Barclays”) was the sole-structuring agent for the issuance. Barclays, Citigroup Global Markets Inc., and Nomura Securities International Inc. were joint bookrunners on the Transaction, and East West Markets, LLC and Cantor Fitzgerald & Co. were co-managers on the Transaction.