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

• Trustworthy AI portfolio analytics for ABF: Insight OS combines governed portfolio data with purpose-built logic to deliver reliable, repeatable insights through natural language chat and proactive portfolio monitoring. Watch the video to learn how it works.

• Inc. 5000: We’re excited to share that Setpoint has been named to the 2026 Inc. Magazine 5000, ranking No. 344 out of 5,000 of the fastest-growing private companies in America. Interested in being a part of what we’re building? Check out our open roles.

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💸 Debt Financings & Acquisitions

AI, Infrastructure & Energy

• Cologix, a Canadian colocation and data center operator, closed a $1.5B ABS issuance secured by a portfolio of 21 Canadian data centers. 

• EdgeConneX, an EQT-backed data center provider, is in the market for up to $2.5B letter of credit for power costs to secure power for data center sites. 

• Hadrian, an advanced manufacturing company building automated factories, closed a $360M revolving credit facility with Morgan Stanley, and a syndicate of banks.

• Nexus Data Centers, a hyperscale AI infrastructure developer, closed a $1.3B loan from Eagle Point for an AI data center in Texas tied to Anthropic. 

• Nvidia, an AI chipmaker, will provide up to $105B in financing for a new AI data center for OpenAI in Ohio, supporting an initial 4.25 GW of compute with the option for an additional 3.75 GW. 

• Sunrun, a provider of battery storage, solar, and home-to-grid power plants, closed a $267M ABS issuance secured by a pool of residential solar assets. 

Aviation, Rail & Transportation

• volofin Capital Management, a specialty finance firm focused on aviation, closed a $446M ABS issuance secured by 23 aviation loan facilities originated by volofin.

Auto & Consumer Finance

• Carvana, an online used car retailer, closed a $1.1B ABS issuance secured by a pool of fixed-rate, retail installment sale contracts on used vehicles.  

• Credit Acceptance, a consumer auto finance platform, closed a $600M ABS issuance backed by a pool of consumer auto loans. 

• Enova, a consumer finance platform, closed a $300.9M ABS issuance backed by a pool of consumer receivables. 

• First Help Financial, a subprime auto finance platform, closed a $272.7M ABS issuance backed by a pool of subprime auto loan contracts. 

• GreenSky, a point of sale home improvement lending platform, closed a $3B committed forward flow facility with PGIM over a three-year period. 

• Imprint, a modern co-brand financial and loyalty platform, announced $2B of new debt capacity, including $1.5B in additional warehouse capacity from a bank syndicate including Bank of Nova Scotia, RBC, and TD Group and upsizing of its existing warehouse with Mizuho, Truist, HSBC, and Citi. It also completed a $500M AAA-rated ABS issuance backed by a pool of credit card receivables. 

• Prosper, a consumer finance platform, closed a $322.2M 144A securitization through Prosper Credit Card 2026-1, secured by a pool of credit card receivables. 

• Zip US, the US subsidiary of BNPL platform Zip Co Limited, closed a $300M securitization transaction.

Commercial Finance

• Clearco, a working capital finance platform for ecommerce brands, closed a $100M asset-backed financing facility from Macquarie Group. 

• Mundi, a trade finance platform, closed a $150M financing facility with Column to scale its export finance originations for companies across Mexico. 

• Pier Asset Management, an LA-based asset-based credit fund, closed a $15M senior secured credit facility to a revenue-based finance platform.

Crypto

• FalconX, an institutional digital brokerage, closed a $1B secured lending facility with Ethena, the creator of USDE and USDtb, which will deploy capital from the assets backing USDe into over-collateralized institutional credit.

Payments

• Natural, an agentic payments business, closed a $100M credit facility from Upper90 alongside a $30M equity financing led by Forerunner.

Real Estate & Mortgage

• Aspire, an RMBS investment firm, closed a $413.7M RMBS issuance backed by a pool of 742 non-prime mortgages. 

• BRAVO Residential, a non-QM mortgage investor, closed a $505.5M RMBS issuance backed by a pool of 1,057 fixed-rate residential mortgages. 

• Castlelake, L.P., a global alternative asset manager focused on asset-backed private credit, priced its first RMBS issuance, Castlelake Residential Mortgage Trust 2026-RTL1, with $263.1M in debt to finance a pool of RTL loans.  

• Figure, a blockchain-native capital markets platform and HELOC originator, closed a $354.4M RMBS issuance, co-sponsored by TPG Mortgage Investment Trust, secured by a pool of 3,525 first- and junior-lien revolving HELOCs. 

• HOMES Trust, sponsored by APF II Resi 04BLLC and managed by Ares Alternative Credit, closed a $$489.7M RMBS issuance backed by a pool of 900 non-QM mortgages. 

• Onslow Bay, a mortgage finance company and RMBS aggregator, closed a $1B+ RMBS issuance secured by a pool of fixed rate, non-prime residential mortgages. 

• Velocity Commercial Capital, a small balance real estate lender, closed a $175M ABS issuance backed by a pool of residential investor loans and small-balance commercial mortgages.

💰️Platform Growth

Fundraises

• Crestline, an alternative asset manager owned by Rithm, announced the final close of Crestline European Capital Solutions Fund II with $625M in commitments to originate, structure, and finance tailored capital solutions for asset-backed and LMM businesses in Europe. 

• General Atlantic, a global private equity and credit firm with $130B in AUM, is rumored to be evaluating a potential IPO. 

• Granite Asia, an Asia-focused asset manager, has raised over $500M for its Asia-focused private credit strategy. 

• Homestead Capital, an alternative investment manager focused on US agriculture, announced the first close of $150M for its commingled private credit strategy that originates senior loans to agricultural borrowers in the US. 

• Jefferies Credit Partners is raising €1B for its private credit secondaries fund. 

• Northleaf Capital Partners, a global private markets investment firm with $32B in AUM, announced the final close of $450M for Northleaf Asset-Based Specialty Finance, its inaugural asset-based specialty finance fund.  

• Nuveen Green Capital, a C-PACE lending platform owned by Nuveen, raised $1.2B in its final close for Nuveen CPACE Lending Fund IV.

M&A

• CrossCountry Mortgage, a national retail mortgage lender, announced the completion of its acquisition of Two Harbors Investment Corp, an MSR-focused REIT. 

• Mount Logan, an alternative asset manager and an affiliate of BC Partners, announced the completed acquisition of YieldStreet Alternative Income Fund’s assets, increasing Mount Logan’s Opportunistic Credit Interval Fund assets by $130M. 

• Trustar Bank, a wholly owned subsidiary of Trustar Bankshares, acquired Forbright Bank’s branches in Potomac and North Bethesda, inclusive of $750M in deposits. 

• Victory Capital, a global asset manager with $348.8B in AUM, announced its acquisition of First Eagle Investments, a $222B AUM asset manager, bringing total client assets to $571M.

New Vehicles, Hiring & Structured Products

• Fortress, a global investment firm, priced Fortress Credit Europe BSL 2026-3 DAC, its third European CLO vehicle that is invested in senior secured, first lien, broadly syndicated loans.

📈 Visuals

🗣️ Market Commentary

• “For example, an invoice actually worth $240.35 had been funded by Katsumi as if it were worth $434,997.58, an inflation of more than 180,000%. Thereafter, it funded approximately $4.9 billion of additional third-party factoring and was paid more than $4.7 billion. Of that amount, my team estimated that $3.8 billion (81%) was on account of fraudulent or inflated invoices.” - Apollo short thesis on First Brands shared in the FT 

• “I don’t think this is a credit bubble per se…The real issue is the timing of the credit maturities and the risk that’s being taken on the development side of our markets. There’s going to be mistakes made along the way…$3 trillion deployed over a three to four-year period in a market that didn’t exist 24 months ago. Very, very challenging.” - Trey Parker, Co-Founder & CIO of Sycamore Tree Capital Partners on Risks Associated with the Insatiable Demand for AI Data Center Debt

📖 What We’re Reading & Listening To

Earnings & Investor Presentations

•  Apollo Multi-Asset Prime Securities (AMAPS) Overview Presentation (Apollo)

Reading

• Data Centers: Financing the AI Buildout (Stijn Van Nieuwerburgh, Columbia Business School)

• Here’s Apollo’s big First Brands short presentation (FT)

• Intelligence is the Primitive. Applications are the Diffusion Layer. (a16z)

• Navigating Uncertainty: Does Volatility Create Better Vintages? (Ares)

Podcasts & Interviews

• Why the World’s Biggest Investors Are All Investing in Data Centers with Joel Holsinger (How I Invest)