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

• 🌆 Upcoming Setpoint Events:

  • Private Credit's Next Act — May 12: Join Setpoint and Blue Owl for a private panel discussion and happy hour at a16z’s San Francisco office. We’re convening a curated group of investors, capital providers and originators for a candid conversation on where private credit goes from here — you don’t want to miss it. Apply to attend.

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

  • The Annual CLO Industry Conference, April 27-28 — New York, NY | Meet with us.

  • IMN Mortgage Servicing Rights Spring Forum, April 29-30 — Dallas, TX | Meet with us.

💸 Debt Financings & Acquisitions

• Accord Financial, a commercial finance company, sold its asset-based lending portfolio to a US-based independent finance company. 

• Addi, an Colombia-based consumer BNPL platform, closed a $150M senior warehouse facility with JP Morgan and Fasanara Capital to scale origination volume. 

• Banker’s Healthcare Group, a consumer and commercial finance platform, raised $396M through an ABS issuance secured by a pool of small business and unsecured consumer loans. 

• Bilt Rewards, a consumer credit card for renters, closed a $1.2B receivables sale partnership with Fidem Financial, Blue Owl, Stone Point, Goldman Sachs, and TD. 

• Cerebras Systems, an AI infrastructure provider, closed an $850M revolving credit facility with a syndicate of banks including Morgan Stanley, Citi, Barclays, and UBS. Cerebras also filed its S-1.   

• Chicago Atlantic, a Chicago-based direct lending and asset-based credit firm, closed a NAV credit facility for a family office secured by a portfolio of public and private equity assets. 

• Chord, a music IP platform, closed a $500M ABS issuance secured by music royalties from a portfolio of publishing and master rights. 

• Dell Financial Services, the captive financing arm of Dell, closed a $1B ABS deal secured by a portfolio of commercial leases and loans to borrowers in the services, financial services, and real estate industries. 

• Dubai Aerospace Enterprise (DAE), a global aviation services company, announced a partnership with Blackstone to launch Equator, investing in aircraft on lease to commercial airlines. 

• Eskariam, a Spanish law firm focused on damages litigation, closed a €50M senior credit facility with Victory Park to support the firms litigation model which manages €1.5B+ in claims. 

• Jetblue Airways, a US airline, closed a $500M aircraft-backed debt facility secured by 20+ Airbus A320 and A220 aircraft. 

• JPalmer Collective, an asset-based lending platform, closed a $135M credit facility led by Texas Capital and Dime Community bank to accelerate portfolio growth. 

• Kalon Capital, a mid-ticket equipment finance platform, announced its launch with backing from Bender Equity. 

• Klarna, a consumer BNPL and digital banking platform, closed a $1.7B SRT transaction with Värde over a three-year deal representing $40B+ in Euro-denominated loans to free up capital. 

• Neo Financial, a Canada-based consumer fintech platform, closed its inaugural $150M credit card securitization with BMO Capital Markets and SAF Group. 

• Pier Asset Management, a California-based credit fund, closed a $10M senior credit facility to a revenue-based finance platform for advertising spend to scale originations. 

• PIMCO, a Newport Beach-based alternative asset manager, purchased all of a $400M bond issuance by Blue Owl for its Blue Owl Capital Corporation (OBDC) BDC. 

• Rizz Lending, a lender focused on luxury collector vehicles, closed a $300M warehouse facility to scale origination volume. 

• Sixth Street, a global investment firm, closed an investment in Park Propreties Housing Association, a for-profit registered provider, in partnership with its parent company HPSG, to invest more than £1B to deliver new-build homes and communities.  

• Slash, a banking platform for small businesses, closed a $100M Series C financing at a $1.4B valuation led by Ribbit Capital, alongside Khosla Ventures and Goodwater Capital. 

• Yamaha Financial Services, the captive finance arm of Yamaha, closed a $400M ABS issuance secured by a revolving pool of receivables from dealer floorplan credit lines.

💰️Platform Growth

• Adams Street raises $7.5B for its third credit fund focused on senior loans to middle-market sponsor backed businesses. 

• Ares acquired Whitestone REIT, a community centered REIT, for $1.7B.

• Carlyle raised $1.5B for a new asset-backed finance vehicle, Carlyle Asset-Backed Income Fund. 

• Cerberus Capital Management, a $70B AUM alternative asset manager, acquired Lendco, a UK bridging and Buy-to-Let lending business, from Cabot Square Capital. 

• Chicago Atlantic launched its Emerging Markets Private Credit strategy to provide senior secured loans, structured credit, and asset-backed finance solutions in Latin America, Asia, Eastern Europe, Middle East, and Africa. 

• Hilco Global, a subsidiary of ORIX, launched its expanded asset-based lending platform through its Hilco Global Asset Management practice. 

• Monroe Capital closed its merger with Horizon Technology Finance, which has $471M in net assets including $141M of cash through the merger. 

• Pollen Street Capital closed £2.5B for Pollen Street Private Credit Fund IV to invest in asset-based private credit across Europe. 

• Reckoner Capital Management is growing its book of art loans with an intent to securitize. 

• Sila Realty Trust, a net lease REIT, announced its acquisition by affiliates of Blue Owl for $2.4B. 

• Sound Point and Skypoint Capital Advisors announced the launch of Sound Point Alternative Income Fund, a multi-asset credit interval fund investing in middle market direct lending, private asset-based capital solutions, and specialty finance.  

• StepStone Group, a global private markets investment firm, closed a structured solutions vehicle with $3.1B in commitments, alongside fund financing from Ares Alternative Credit and Barings Portfolio Finance, to invest in private market secondaries.

📈 Visuals

🗣️ Market Commentary

• “What began as opportunistic private-capital deployment into legacy annuity and life insurance blocks has evolved into a convergence of insurance carriers, alternative asset managers, and long-duration capital providers. At the center of this transformation is a self-reinforcing value creation model—often described as a “virtuous flywheel.” It aligns liability origination, differentiated asset management, flexible capital structures, and, increasingly, technology-enabled operating efficiency to drive growth and returns. Private-capital-backed insurers have scaled assets at rates exceeding 20% annually, with assets totaling nearly $1.5T in 2025. These insurers are supported by more than $100B in capital across majority- or wholly owned onshore and offshore platforms and sidecars.1 The ability to pair predictable long-duration liabilities with higher-yielding private assets has created a powerful engine for balance sheet expansion and earnings growth for insurers.” - McKinsey on the convergence of life insurance and alternative asset managers

• “You can see [private credit and NBFIs are] not a significant exposure for us, right, at $22 billion of loans. 98% investment grade, and that’s because we have ample subordination, right, in terms of the position that we take and all the protections that I was alluding to. We also have additional protections in terms of our collateral. We have broad controls. We utilize third parties where appropriate, so that we just don’t rely on attestations and warranties. And so,we feel very good and comfortable that we are able to navigate a range of environments with the portfolio. And it’s all anchored in the strength of our risk appetite that we’ve built over time. This is not built in a day. It comes from years of constantly strengthening.” - Gonzalo Luchetti, Citi CFO on Citi’s exposure to private credit and non-bank financial institutions

• “The price to get out of these loans is not par. You can market to model all you want. But to transact in these loans, some of them are going to get transacted in the 70s, some in the 60s, some in the 50s, some in the 40s. So the BDCs are telling you what you need to know about these when the BDCs are trading at 25-30% discounts to NAV. And they’re trading there because of all of the exposure to software. Lenders shouldn’t be lending at all more than 5-6 turns of leverage. And yet to software companies,somehow some way, the lenders were way off the ranch lending at 8-10x leverage because they could justify it based on ARR. I don’t believe you should be lending based on ARR.” - Bruce Richards, Chairman and CEO of Marathon Asset Management on current sentiment in direct lending to software businesses

📖 What We’re Reading & Listening To

Earnings & Investor Presentations

• Asset Managers: BLK, Rithm Annual Report

• Banks: BAC, C, COF, GS, JPM, MS, TFC, WFC

Reading

• Beyond $1 trillion: The next chapter for insurance and private capital (McKinsey)

• Competitive Advantage Period: The Neglected Value Driver (Counterpoint Global - Morgan Stanley)

• In The Gaps: Ares Alternative Credit Newsletter - Spring 2026 (Ares)

• Real estate credit’s consistency shines in a turbulent market (Brookfield)

• Shuffling Risk: An Asset Class Reborn (Net Interest)

• Trump Visa Curbs Derail Student Lender’s Securitization Push (Bloomberg)

Podcasts & Interviews

• Apollo’s Jim Zelter on AI Disruption,and the Future of Private Credit (GS)

• Fund Finance: Evolution, Opportunity, and Portfolio Construction for Insurers with Michael Timms of Bayview (InsuranceAUM)

• Private Credit: The Link in the Capital Chain (AB CarVal)

• What’s Going on in Private Credit? (Howard Marks - Oaktree)