ATLANTA, GA – PadSplit, the country’s largest coliving marketplace, today announced it has closed a debt financing facility with ORIX Corporation USA’s (“ORIX USA”) Growth Capital business. The new capital supports PadSplit’s social impact mission to create more affordable housing, including investments in technology and data infrastructure, and scaling its platform to serve more residents and property owners nationwide. To date, PadSplit has housed 75,000+ people across 32,000+ rooms in 40 U.S. markets, all without federal subsidies. The median income of PadSplit residents is $32,500.
“This financing allows us to stay laser-focused on our mission of helping to solve the affordable housing crisis one room at a time,” said Atticus LeBlanc, Founder and CEO of PadSplit. “We’re seeing growing interest from cities, policymakers, and institutional partners in coliving as a scalable solution, and we’re excited to expand access to housing while continuing to innovate for both our members and property owners. We’re proud to partner with ORIX USA to accelerate that impact.”
The need for scalable housing solutions has never been more urgent. Approximately 50 percent of renters today spend more than 30% of their income on rent, double the historical average of 25 percent. Even more concerning, about 25 percent of renters now spend more than half of their income on housing. At the same time, homeownership has become increasingly out of reach, with the median home price rising from approximately three times median household income historically to about five times today, based on analysis from Pew Charitable Trusts.
“PadSplit is addressing one of the most urgent challenges in the U.S. with a differentiated and scalable model,” said Blake Zhang, Managing Director at ORIX USA’s Growth Capital business. “The company has demonstrated strong execution and operational discipline while delivering meaningful social impact. We’re excited to partner with Atticus and the PadSplit team as they advance their mission and enter their next phase of growth.”
Unlike other coliving models, PadSplit is designed to reduce the financial barriers to access housing. All PadSplits include private rooms and shared common areas, without hefty upfront fees like first and last month’s rent or a security deposit. PadSplit also offers flexibility with no long-term lease, no minimum credit score requirement, and one all-inclusive weekly pricing that covers utilities. To simplify budgeting even further, residents can customize their rent due date to align with their payroll date. Eighty-three percent of PadSplit residents are employed. Residents range from hourly workers and travel nurses to seniors seeking companionship.
To learn more about PadSplit, visit padsplit.com.
About PadSplit
PadSplit is the country’s largest coliving marketplace. As a public benefit corporation, PadSplit is intentional about doing well and doing good, focusing on increasing housing supply and reducing barriers to access so the workers who serve our communities also have the opportunity to live in them. Our award-winning model allows individuals to find a flexible rental option that includes furniture and utilities, all without a minimum credit score. PadSplit’s platform enables personalized rent payments, making budgeting easier and helping residents improve their financial health. A fully remote company, PadSplit offers more than 32,000 shared housing rooms nationwide. Apply to become a resident or a property owner at padsplit.com.
About ORIX Corporation USA
Established in the U.S. in 1981, ORIX USA has grown organically and through acquisition into the investment and asset management firm we are today. With a specialization in private credit, real estate, and private equity solutions for middle-market focused borrowers and investors, we combine our robust balance sheet with funds from third-party investors, providing a strong alignment of interest. ORIX USA and its subsidiaries — ORIX Advisers, ORIX Capital Partners, Signal Peak Capital Management, Boston Financial, Lument, Hilco Global, and NXT Capital— have approximately 2,100 employees and have $96.9 billion in assets*, which includes $44 billion in assets and commitments, in addition to $52.9 billion in servicing and administering assets, as of December 2025. Our parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 30 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information, visit orix.com.
*As of December 31, 2025. Includes $52.9 billion in servicing and administering assets, in addition to $44 billion in funded assets and unfunded commitments across proprietary capital, third party capital and strategic partners investing in ORIX USA’s private credit, real estate and private equity businesses. Unfunded commitments are based on a contractual commitment or an expected commitment for an established program based on ORIX USA Group’s understanding.
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