Pivot Point

Reference

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The Pivot Point is the point around which images are rotated and scaled. It's indicated by the position of the selected tool's gizmo.

See also

The Pivot Point of the 3D Viewport

Bounding Box Center

Use the center of the rectangle that's wrapped as tightly as possible around the selected images' origin points.

Median Point

Use the averaged-out position of the selected images' origin points.

2D Cursor

Use the location of the 2D Cursor, for when you want to specify the pivot point by hand.

Individual Origins

Rotate/scale each image around its own origin, rather than rotating/scaling all of them around the same single point like the other options do.