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

• 📣 Legacy ABF systems are cracking under pressure — Nicole Byrns from Dumar Capital breaks down what’s changing and why it matters in her latest Credit Check piece. Setpoint’s CEO & Co-Founder, Stuart Wall, shares insights on the importance of swapping patchwork tools for a modern system built to scale. Read the article.

• 🤝 On the road this fall - let's connect. We’re attending a number of industry events in the coming months. Here are three upcoming conferences where we’d love to meet.

  • IMN’s HEI & Home Equity Conference | Sept 8-9, Austin, TX: Book time with our team.

  • DealCatalyst’s ABF 2025 Conference | Sept. 25-26, New York, NY. Book a time with our team.

  • ABS East 2025 Conference | Oct. 20-22, Miami, FL. Book time with our team.

• 🌆 Upcoming Setpoint Events:

  • The Capital Hour — NYC, Sept. 25: Setpoint and Citi SPRINT are coming together during DealCatalyst’s ABF Conference to host an exclusive rooftop happy hour in Midtown. This is a unique opportunity to connect with senior leaders and innovators shaping the ABF ecosystem. Apply to attend.

  • Capital Conversations at Franklin BBQ Sept. 10: We’re teaming up with Texas Capital, LiveOak Ventures, and Saluda Grade for a private buyout of Austin’s legendary Franklin Barbecue. No lines, no crowds—just top-tier barbecue and conversation with fellow capital markets leaders. Apply to attend.

💸 Debt Financings & Acquisitions

• Achieve, a consumer lending platform, closed a $266M ABS issuance secured by a pool of newly originated HELOCs. 

• American Honda Finance Corporation, Honda’s captive financing business, is preparing to launch a $1.7B ABS offering secured by a pool of prime loans on new and used autos and light-duty trucks. 

• BasePoint Capital, a diversified specialty finance platform, sponsored a $102M ABS issuance secured by revenue from a pool of merchant cash advances.  

• BHG Financial, a small business and personal lending platform, sponsored a $500M ABS transaction collateralized by consumer loans originated by Pinnacle Bank and Country Bank. 

• Canyon Partners, a global asset investment manager, announced a partnership with A&D Mortgage and Imperial Fund Asset Management, where Canyon is investing up to $250M to support a securitization program led by A&D and Imperial.  

• Carlyle AlpInvest, the secondaries arm of Carlyle, sponsored a $1.25B securitization secured by a portfolio of Private Equity fund stakes. 

• Global Net Lease (GNL), a net lease REIT, completed a $1.8B refinancing of a revolving credit facility, bringing on a syndicate of eight lenders with BMO Bank acting as admin agent. 

• Klarna, a digital bank and flexible payments platform, closed a forward flow agreement with Nelnet to sell newly originated Pay in 4 receivables with capacity up to $26B over a multi-year period. 

• Lambda, an AI GPU cloud platform, closed a $275M senior secured credit facility with JPMorgan, Citi, MUFG, and other banks to expand its data center footprint. 

• Mesa, a credit card for homeowners, announced a strategic funding round of $24M in debt and equity with Trinity Capital. 

• North Mill Equipment Finance, an equipment finance platform, closed a $525M ABS issuance in its 10th and largest issuance since inception.   

• Pollen Street Capital closed a €75M investment financing the acquisition of a Public Sector Entities receivables portfolio serviced by Officine CST; Collextion Services is taking over as servicer of the portfolio. 

• PowerPay, a point of sale finance platform, announced a $300M partnership with Synovus Bank. Nearwater Capital will provide Risk Retention Financing to support PowerPay’s securitization program.  

• Rithm Capital, a global credit asset manager, closed a $482.6M ABS deal secured by a pool of non-QM residential loans serviced by Newrez.  

• Space Coast Credit Union, a Florida-based credit union, raised $507.62M in its third ABS issuance secured by a pool of prime motor vehicle and retail installment contracts.

💰️Platform Growth

• Anchorage Capital raises $1.5B for Anchorage Credit Opportunities Fund IX to invest in distressed credit, special situations, and structured credit. 

• BC Partners launched a new private credit fund through its partnership with Great Lakes to invest in middle market corporates. 

• Castlelake launches Merit AirFinance, an aviation lending business with more than $1.8B in capital that will provide financing to airlines and leasing companies for new and used aviation assets. 

• Coller Capital closed a $3B continuation fund with TPG Twin Brook to transfer a portfolio of TPG loans from previous vintages into a new fund. 

• Crayhill launched a Tax Equity Bridge Lending program to help solar, wind, and battery developers accelerate project development schedules to meet tax credit requirements. 

• Crescent Capital launched Crescent GP Financing Solutions to provide non-dilutive growth capital to private equity sponsors in partnership with Sun Life. 

• Crestone Air Partners, Blue Owl formed a new JV called Blue Crest Aviation Partners to acquire mid-life commercial jet aircraft on lease to airlines globally. 

• First Eagle Investments announces the closing of majority investment by Genstar Capital.

• Neuberger Berman launches NB Asset-Based Credit Fund, an interval fund to invest in loans backed by assets including receivables, consumer and SMB, hard assets, revenue, and public QSIPs. 

• Sound Point announced the first close of Strategic Capital Fund III with $1.1B in commitments to provide first-lien capital solutions to US corporate borrowers. 

📈 Visuals

🗣️ Market Commentary

• “Certainly [Football transfer payments] is an area we’re involved in, we think is interesting — we think it represents compelling risk reward. The sports world seems to be attracting more and more money all the time. Lending against receivables from high-quality counterparties is something we’re happy to do and we think we can do in a competitive way.” - Tristram Leach, Head of European Credit, Apollo on the Catalysts driving private credit’s expansion into European football transfer fee financing 

• “To build on this momentum, we are launching a dedicated strategy focused on the development of AI infrastructure—designed to meet the growing demand from hyperscalers, enterprises, and governments for scalable, integrated solutions. We believe AI infrastructure is one of the defining investment themes of the decade, drawing together the three Ds [Digitalization, Decarbonization, Deglobalization] and playing directly to our strengths.” - Bruce Flatt, CEO of Brookfield on megatrends driving Brookfield’s business over the next decade

• “Private credit is very crowded and I think that makes it very hard to evaluate the performance because you haven’t had a downturn yet. But you have a lot of players chasing a lot of deals, so we’ve definitely seen spreads compress. In terms of opportunities, private credit doesn’t trade. A lot of people say is this going to be a big opportunity for you? The problem is, when you have one holder of a debt instrument and it’s not actively traded and syndicated, that holder can work with the issuer on an extension of maturity very easily. You don’t need to do an LME. It’s just a bilateral conversation between borrower and lender. And they can also PIK it. If you’re cash flow negative, rather than borrowing money from someone else, you can just pay it in kind. What I tell our clients that say how do you think we should evaluate private credit - I say ask the manager what percentage of their portfolio is paying in kind versus cash pay. And what we’re seeing is 20-30% of private credit portfolios are paying in kind. That’s a big, big red flag.” - Jason Mudrick, Founder & CIO of Mudrick Capital on Obfuscation and Red Flags in Private Credit

📖 What We’re Reading & Listening To

Investor Presentations

• Apollo Investor Presentation

• Brookfield Letter to Shareholders

• Manulife Investor Presentation on Comvest acquisition

• Prudential Investor Presentation 2Q25

Reading

• 2025 Q2 Credit Risk Review (2nd Order Solutions)

• Building the Backbone of AI (Brookfield)

• Eyes on the Market Q3 2025 (Rithm)

• Mid-Year Credit Outlook: Navigating the Crosswinds (Apollo)

• New Howard Mark memo: The Calculus of Value (Oaktree)

• Private Credit Is Using Football Transfer Fees as Collateral (Bloomberg)

• The Private Credit Challengers to the King (Covenant Lite)  

Podcasts & Interviews

• Bank of America CEO: Economic Insights, Regulation, and Consumer Trends with Brian Moynihan (In Good Company)

• Dan Zwirn, CEO and CIO of Arena Investors, on the intersection between credit and insurance (ION Analytics) 

• Mudrick Sees Seven-Year Default Wave as Rates Stay Up with Jason Mudrick (Bloomberg Credit Edge)

• Paid to Sweat: Centerbridge’s Jeff Aronson on the Growth of Private Markets (Exchanges at GS)

• The Asset-Backed Finance Market Is Having a Moment with Bret Leas (Apollo)