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.

💸 Debt Financings & Acquisitions

• Affiniti, a software and financing platform for SMBs, closed a financing agreement with Column. 

• Applied Data Finance, a consumer finance platform focused on near-prime and non-prime borrowers, expanded its warehouse facility to $300M with a new $100M institutional investor commitment and a three-year extension.

• Attain Finance, a Canadian SMB finance platform, closed a second Canadian credit facility to scale originations.

• Credit9, a debt consolidation platform, closed a $122.4M ABS issuance secured by a pool of consumer loans from a debt settlement program. 

• Edge Focus, a consumer lending platform, closed pass-through ABS deals worth more than $100M across two new consumer loan securitizations.

• Fidelis, a real estate asset manager, closed a $143.92M ABS issuance secured by a pool of RTL loans across 29 different lenders. 

• Fidium, a fiber broadband platform, closed a $664.6M fiber-backed ABS, its third securitization, achieving its lowest rates to date with a 5.4% WAC.

• Greenbrier Companies, a railcar manufacturer and lessor with a ~17,000-unit fleet, closed a $300M railcar ABS rated AA/A by S&P with a 5.2% blended rate.

• Merit AirFinance, an aviation lending platform, priced an $817M aviation loan ABS (MERIT 2026-1), its first issuance under the MERIT shelf, achieving the 2nd lowest Class A spread in aviation ABS history.

• Nitra, an AI-native platform for healthcare practices, raised $95M warehouse facility from Treville Capital and Encina Lender Finance alongside a $50M Series B. 

• PGIM Real Estate, through its real estate credit business, provided $103M in acquisition financing to Alterra IOS secured by a 23-asset industrial outdoor storage portfolio across 18 US markets.

• Pier Asset Management, an LA-based credit fund, closed a $10M senior secured credit facility to a niche litigation finance platform focused on resolving disputed property damage insurance claims. 

• Pipe, a small business finance platform, upsized its credit facility with Victory Park Capital to $225M and extended the term by two years.

• Pollen Street, a European specialty finance investor, backed Irish SME lender SME Finance and Leasing Solutions with a €100M facility to finance originations to Irish SMEs and farmers.

• Propel Holdings, a consumer finance platform, closed a $150M capital commitment from Column to scale FreshLine, its new unsecured personal line of credit product. 

• Propel Finance, a UK equipment finance lender, raised £306M via its inaugural securitisation (Velocity 2026-1), rated AAA by S&P and Fitch on the Class A tranche.

• Reliant Net Lease, a Blackstone-backed net lease REIT, closed a $348M ABS deal (RLNT 2026-1) secured by 183 net lease properties leased to service-oriented businesses.

• Saluda Grade,  an alternative investment firm focused on asset-based finance, closed a $300M securitization backed by a revolving pool of RTL loans. 

• SageSure, a property insurance platform, scaled its Seawall Re sidecar franchise and secured $200M in reinsurance with Flexpoint Ford.

• SAGE Residential, an originator and owner of mortgage servicing rights, closed a $247.8M ABS issuance backed by a portfolio of 3,000 fixed-rate, prime and near prime mortgages. 

• Together Financial Services, a UK specialist property lender, priced a £528M first-charge RMBS (TABS15), with 90% of notes expected to be rated AAA by S&P and DBRS.

• Upstart, an AI lending marketplace, closed a $1B forward flow with Eltura Capital Management and Aperture Investors to purchase consumer loans originated through the Upstart platform.

💰️Platform Growth

• Avenue Capital is targeting $1B for Avenue Europe Special Situations Fund VI, focused on senior secured, asset-backed loans to underserved borrowers in Northern Europe. The fund has already raised $250M.

• Goldman Sachs AM is raising ~$13B for GS Mezzanine Partners IX, targeting PE-backed companies in NA and Europe with net returns of 11–13% levered. The firm is also raising $10B for West Street Loan Partners VI.

• Lone Star Funds closed its latest residential mortgage fund, Loan Star Residential Mortgage Fund IV with total capital commitments in excess of $1B. 

• Mount Logan Capital will acquire the assets of Yieldstreet Alternative Income Fund (YS AIF), increasing Mount Logan’s Opportunistic Credit Interval Fund (SOFIX) assets by over $100M.

• Oak Hill Advisors is launching a new private credit interval fund (OFLEX) targeting direct lending, asset-based finance, CLOs, and public credit. 

• Orion Resource Partners completed its largest-ever fundraise, taking total AUM to over $9B.

• Sound Point Capital held final close for its oversubscribed Strategic Capital Fund III at $1.5B in equity.

• State Street launched an investment-grade public and private ABS ETF, providing retail access to IG asset-backed finance.

• Treville Capitalclosed its inaugural Capital Solutions Fund at $500M+, investing across senior secured loans, junior debt, and preferred equity.

📈 Visuals

🗣️ Market Commentary

• “There’s not enough bank capital in the world to grow the economy, and particularly as governments have leveraged themselves, there’s really just not enough capital to grow the economy. With the capital expenditure that’s going into technology, AI, and the underlying infrastructure, you’re not going to be able to do that without private pools of capital.” - Scott Kapnick, Founding Partner & CEO of HPS on Post-GFC Need for Private Pools of Capital to Finance Growth 

• "There’s going to be a huge amount of secondary activity in the private-credit market, and we are well-positioned for that and have spent a lot of time thinking about it. Not all private credit will perform the same—anticipating a dispersion that will require close attention to details."  - Alisa Mall, CIO of Michael Dell’s Family Office, on PC secondaries as a buying opportunity amid turmoil

• “Over the past several years, new vehicles designed with incentives that sacrificed robust capital and liquidity guardrails in favor of short-term asset gathering were introduced and proliferated, targeted at a largely retail client base with which the industry has shallower relationships compared to the institutional investors that initially funded the sector (and that still predominantly make up Sixth Street’s capital base). These “dollar in, dollar deployed” structures for BDC investors fundamentally changed how BDC assets were originated. The need to scale deployment and the constant search to put dollars to work became the paramount driver of new origination. In the process, direct lending began to move away from the core attributes that made it successful in the first place: deep operational diligence, prudent loan structuring and covenant documentation, an awareness of the forward rate curve, and how to finance durable earnings and therefore distributions. Deployment trumped investment discipline.” - Sixth Street Specialty Lending on Evolution of BDC Incentive Structures and its Implications 

• "Private credit funds are highly capitalized, with equity typically accounting for 65–80% of total assets—more than six times the capitalization of U.S. banks. Fund lives average 10–12 years, while underlying loan maturities are generally shorter, implying little or no maturity mismatch. Overall, private credit funds appear conservatively structured and unlikely to pose systemic risks comparable to traditional banks." - Matvos, Piskorski & Seru, NBER Working Paper: Private Credit, Balance Sheets and Financial Stability

• "Efforts to make private credit tradable face obstacles and risk undermining one of the main reasons—earning an illiquidity premium—that investors look to private assets. The promise of greater secondary liquidity is, in some cases, being used to justify a meaningful erosion of the illiquidity premium in direct lending relative to public markets." - Lotfi Karoui, PIMCO, on public-private spread convergence

📖 What We’re Reading & Listening To

Investor Letters & Outlooks

• 2026 Market Overview: Private Credit (Hamilton Lane)

• Fund Finance: 2026 Market Pulse (Akin Gump)

• Optimizing the Efficient Frontier: Opportunistic Credit Amid a Capital Reset (Davidson Kempner)

• Private Credit Market Pulse (Campbell Lutyens)

• Private Credit: Beyond Direct Lending (Brookfield)

• Recent Trends in Corporate Direct Lending 2H25 (StepStone)

• Sixth Street Specialty Lending Letter to Stakeholders (Sixth Street)

• Spreads May Be Converging, But Liquidity Is Not (PIMCO)

Reading

• Cliffwater Private Credit Fund Under Pressure in Redemption Cycle (Bloomberg)

• How a British Mortgage Company Became Private Credit’s Latest Black Eye (WSJ)

• How Promote Giving, a new investment model, will raise millions for charities (AP)

• Next Era of Private Credit (McKinsey)

• Real Assets in 2026: The Year of Intelligent Infrastructure (PGIM)

• Private Credit, Balance Sheets and Financial Stability (Working Paper) (NBER)

• Who Is On the Other Side? A Framework for Understanding Market (In)Efficiency (Morgan Stanley IM)

Podcasts & Interviews

• Ali Hamed: From a College Dorm to $3B AUM + Mr. Beast (Forged in America)

• Connor Teskey: Inside Brookfield’s Culture, Capital Allocation, and Competitive Edge (The Knowledge Project)

• HPS CEO Kapnick on the Next Wave in Private Credit (Bloomberg)

• Reflections on Oaktree Conference 2026 with Howard Marks (Oaktree)

• TCW’s Koch: Opportunities in New Private Credit Loans (Bloomberg)

• The Rise of Private Credit: How $1T in Capital is Reshaping Finance (Interplay)