The Latest in ABS and Debt Markets

Welcome to The Data Tapes—your biweekly snapshot of private credit and ABS markets. In each edition, we bring you concise updates on debt financings, platform fundraises, data insights, market trends, and the latest from Setpoint.

🚀 What’s New at Setpoint

• 🆕 Optimize borrowing capacity with Asset Allocator: Most capital users allocate across facilities and manage securitizations manually. This approach doesn’t scale. Setpoint’s Asset Allocator enables you to model multiple scenarios in minutes, giving you back the time required to make better allocation decisions. Watch the video.

• 🤝 We're on the road — let's connect:

  • Global ABS, June 9-11 — Barcelona, Spain | Meet with us.

  • IMN Non-QM Forum, June 15-16, Dana Point, CA | Meet with us.

  • Digital Infrastructure Finance 2.0, June 17, New York, NY | Meet with us.

💸 Debt Financings & Acquisitions

AI, Infrastructure & Energy

• Apollo, a global asset manager, is working with Blackstone to bring additional investors into a rumored $36B debt financing deal to finance Anthropic’s build out of its AI infrastructure and purchase of TPUs, with Broadcom backstopping payments on the largest portions of the transaction. 

• Maxwell Power, formerly known as HDM Renewable Finance, a residential solar and battery storage systems business, closed a $750M investment commitment from Fairtide Partners to finance battery storage and solar power projects. 

• Sunraycer Renewables, a developer, owner, and operator of clean energy sites, closed a $901M project financing facility with MUFG, Ally Bank, Nomura, NORD/LB, and SocGen.

Aviation, Rail & Transportation

• FTAI Aviation, a global aviation leasing, management, and MRE company, closed a $612M inaugural ABS issuance backed by a portfolio of 48 A320ceo and 737NG aircraft on-lease to 23 airlines globally. 

• RESIDCO, a specialty leasing and asset-based investment platform focused on rail and aviation equipment, renewed and upsized its $450M senior secured revolving credit facility led and arranged by Fifth Third Bank. 

• Sculptor Capital Management, an alternative asset manager, closed Eclipse 2026-1, a $414.5M aircraft securitization under a sponsor-servicer partnership between Sculptor and SMBC Aviation Capital.

Real Estate & Mortgage

• Arixa Capital, a private real estate lender, closed its second RTL securitization of $200M backed by a pool of loans originated and serviced by Arixa across major US markets. 

• PGIM, the asset management arm of Prudential Financial, has financed roughly $4B in land banking projects through a partnership with Domain Real Estate Partners. 

• Rithm, an alternative asset manager, closed its latest residential mortgage securitization via its NewRez portfolio company of $438.8M secured by a pool of 890 mortgages.

Consumer Finance

• Pagaya, a consumer finance and residential real estate platform, closed a $600M upsized auto ABS issuance. 

• Wisr, an Australia-based consumer finance platform, closed a $354M ABS issuance collateralized by secured vehicle and personal loan assets. 

• Yamaha Motor Finance Corporation, the captive financing arm of Yamaha, closed a $400M term securitization collateralized by a pool of powersports and marine receivables.

Commercial Finance

• Byzfunder, a small business finance platform, closed a $165M ABS issuance secured by a revolving pool of loans and MCAs in its inaugural issuance. 

• Capchase, a vendor finance platform for enterprise tech, closed a $174M credit facility alongside a $26M equity financing led by 01 Advisors. 

• Channel, an equipment finance platform, closed its eight ABS issuance of $205M backed by a pool of equipment finance loans and leases. 

• Fora Financial, a small business finance platform, closed a $130M ABS issuance backed by a pool of business loans and advance receivables extended to small businesses. 

• GreatAmerica, an equipment finance platform, closed a $747.9M ABS issuance backed by a pool of equipment leases and loans originated through its commercial finance business. 

• Mulligan Funding, a small business finance platform, closed a $100M ABS issuance backed by a pool of small business loans.

Esoteric

• Apogee Therapeutics, a biotech company advancing novel biologics, closed a $1.3B strategic financing with Blackstone Life Sciences, including up to $800M of synthetic royalty and access to $500M in senior corporate debt to advance Phase 3 development and commercialization of Zumilokibart.

• Banco Santander SA, a Spanish bank, plans to issue an SRT tied to a €3.3 Billion portfolio of global corporate loans. 

• Evoke Entertainment, a film and television management, production, and financing company, closed a $35M senior production financing facility with a multi-billion dollar private credit firm to support production volume.

💰️Platform Growth

Fundraises

• Bridgepoint is nearing a close of €5 billion for Bridgepoint Direct Lending IV to invest in direct lending opportunities across Europe. 

• Kayne Anderson raised $5.12B for Kayne Anderson Real Estate Partners VII LP to invest in student housing and healthcare-related real estate. 

• Pemberton announced a final close of €3.4bn for the fourth vintage of Pemberton Strategic Capital to invest in first lien capital solutions across Europe.

M&A

• DigitalBridge announced its acquisition of ArcLight Capital Partners, a specialist investor in power and electric infrastructure, for a total transaction value of $1.05B. 

New Vehicles & Structured Products

• BasePoint is in market with a private rated note-feeder to provide investors access to its asset-based lending strategy. 

• Benefit Street is set to close a $1.2B CRE CLO backed by 59 loans and an additional $47.2M in cash. 

• Loomis, Sales & Company announced the launch of Loomis Sales Credit Income Opportunities Fund, an interval fund investing across diversified multi-sector public and private credit markets.

📈 Visuals

🗣️ Market Commentary

• “The story of private credit today is not about excess giving way to crisis. It is about a structural transition from an era of abundant, undifferentiated capital to one in which liquidity is conditional, underwriting must be granular and outcomes will be increasingly unequal. The adjustment will not spark a broader financial meltdown, but expect it to inflict a good deal of pain—while, as always, giving those best placed to navigate choppier waters a chance to dig for treasure.” - Hamza Lemssouguer, Founder & CIO of Arini Capital on the pain to come in private credit

• “Using Preqin loan data, MFA finds that private credit lent $560 billion to businesses over the past three years. IMPLAN economic modeling estimates that this lending supported approximately $897 billion in U.S. GDP and 6 million jobs — capturing not just the direct effects of lending, but the downstream economic activity generated through supply chains and household spending. The top 10 states — led by California ($184.5 billion), Illinois ($90.4 billion), and Texas ($58.1 billion) — account for the largest shares of GDP impact. The software, aerospace, and consumer products sectors are the biggest recipients of private credit loans in California. In Illinois, the top recipients of private credit loans are the healthcare, chemical, and packaging industries. In Texas, private credit loans are driven by software, healthcare, and business support services.”  - Managed Funds Association 2026 report on private credit contributions to the U.S. economy

• “In between is almost always the best asset class because there is poor capital formation and there’s no one that’s assigned every day as their day job for the risk. This is exactly what’s happening between our two firms [a16z and Apollo] because you have an entire ecosystem of which your firm [a16z] is a major player that has never been capital intensive. And for the first time, not only is it capital intensive, but it’s going to be capital intensive on a scale that’s unimaginable. Because the amount of money that is going to be put into data centers, chips, robotics, manufacturing, defense is as I suggested, every dollar since the beginning of fire. That is not going to be financed with equity entirely because that is not efficient and the scale of it is not achievable. It’s going to have to be parceled out into various risks. And that’s what we’re seeing happen right now. So if I look at the drivers of our business for this year, it’s data centers, it’s massive amounts of chip financing, and what we’re doing is parceling out the risks.” - Marc Rowan, CEO of Apollo on financing the industrial renaissance and what’s driving Apollo’s business

• “This is the largest theme at Brookfield and really it’s touching every part of our business. We feel we’re unique in that we can provide end-to-end solution under one roof. We’ve been leaders in the traditional inputs to AI infrastructure - real estate, energy, digital infrastructure. We’ve also developed leading positions in the new parts of AI infrastructure. Things like compute and sovereign AI. What we think really differentiates us is our market leading energy platform as energy is really the bottleneck around the world not only to AI infrastructure, but across growth to companies and economies today.“ - Connor Teskey, CEO of Brookfield Asset Management on AI and private credit

📖 What We’re Reading & Listening To

Reading

• AI Credit Expansion: Assessing the Micro and Macro Risks (PIMCO)

• Architect Set to Launch US-Listed Compute Futures in Challenge to CME, NYSE-owner (Bloomberg)

• Beyond stablecoins: The emerging architecture of on-chain money (McKinsey)

• Global FinTech Report 2026 - From Recovery to Resurgence (FT Partners & BCG)

• Private credit spreads in spotlight on both sides of Atlantic as market dynamics shift (Pitchbook)

• The Emergence of the Multi-Product Non-Bank Lender (Edgar Matthews)

Podcasts & Interviews

• Capital in Motion: Repositioning at Scale for the Next Cycle with Harvey Schwartz (Milken Conference 2026)

• Dan Loeb - Lessons from 30 Years of Investing (Invest Like the Best)

• From One $3M Loan to a $25B Firm - How Madison Realty Capital Was Built with Josh Zegen (POWERS)

• Jane Street on GPUs, Trading, and Hiring: A Conversation with Dwarkesh (Jane Street)

• Marc Rowan on Private Markets, Software Repricing, and Capital Allocation (a16z)

• Nat Friedman and Daniel Gross in conversation with John and Patrick Collison (Stripe)