{
 "as_of": "2026-09-30",
 "revised": "2026-10-01",
 "window_12m": "2025-10-01 to 2026-09-30",
 "q3": "2026-07-01 to 2026-09-30",
 "totals": {
  "last 12 months": {
   "n": 781,
   "usd_bn": 399.92,
   "median_mm": 300.0,
   "sized": 464
  },
  "third quarter 2026": {
   "n": 243,
   "usd_bn": 160.65,
   "median_mm": 400.0,
   "sized": 142
  }
 },
 "specialty_subset_12m": {
  "n": 211,
  "usd_bn": 100.63,
  "median_mm": 250,
  "sized": 170,
  "over_100m": 128,
  "ten_to_100m": 34
 },
 "lanes_12m": [
  [
   "Term securitization",
   264,
   10.39,
   438.6,
   17
  ],
  [
   "General corporate borrowing",
   135,
   141.41,
   432.9,
   135
  ],
  [
   "Equity and joint ventures",
   85,
   91.7,
   300.0,
   64
  ],
  [
   "Warehouse and lender finance",
   74,
   25.29,
   255.0,
   56
  ],
  [
   "Forward flow and loan purchase",
   53,
   45.17,
   750.0,
   45
  ],
  [
   "Senior credit facilities and term debt",
   45,
   19.71,
   112.5,
   40
  ],
  [
   "ABL and revolvers",
   33,
   12.68,
   132.0,
   27
  ],
  [
   "Other",
   29,
   10.45,
   366.0,
   24
  ],
  [
   "Receivables and factoring",
   29,
   5.8,
   180.0,
   23
  ],
  [
   "Data center and digital infrastructure",
   11,
   19.46,
   725.0,
   11
  ],
  [
   "Fund subscription and leverage lines",
   11,
   16.52,
   520.0,
   11
  ],
  [
   "Bridge and transitional real estate",
   5,
   0.91,
   90.0,
   5
  ],
  [
   "Equipment finance",
   4,
   0.43,
   100.5,
   4
  ],
  [
   "CMBS and agency",
   2,
   0.01,
   5.0,
   2
  ],
  [
   "SBA",
   1,
   0.0,
   0.0,
   0
  ]
 ],
 "lanes_q3": [
  [
   "Term securitization",
   85,
   1.35,
   1350.0,
   1
  ],
  [
   "General corporate borrowing",
   32,
   29.88,
   474.9,
   32
  ],
  [
   "Equity and joint ventures",
   27,
   60.8,
   400.0,
   21
  ],
  [
   "Warehouse and lender finance",
   18,
   10.33,
   250.0,
   15
  ],
  [
   "Forward flow and loan purchase",
   17,
   21.73,
   980.0,
   15
  ],
  [
   "Senior credit facilities and term debt",
   15,
   2.26,
   116.4,
   14
  ],
  [
   "Other",
   13,
   5.33,
   500.0,
   11
  ],
  [
   "ABL and revolvers",
   12,
   1.79,
   191.5,
   11
  ],
  [
   "Receivables and factoring",
   9,
   1.23,
   70.0,
   7
  ],
  [
   "Data center and digital infrastructure",
   6,
   14.55,
   1100.0,
   6
  ],
  [
   "Fund subscription and leverage lines",
   5,
   10.53,
   690.0,
   5
  ],
  [
   "Bridge and transitional real estate",
   4,
   0.85,
   213.8,
   4
  ]
 ],
 "originators_12m": [
  [
   "Corporates",
   176,
   169.83,
   400.0,
   174
  ],
  [
   "Not stated",
   152,
   47.98,
   300.0,
   90
  ],
  [
   "Fintech and consumer lenders",
   125,
   35.59,
   350.0,
   45
  ],
  [
   "Specialty lenders and originators",
   108,
   35.72,
   310.0,
   36
  ],
  [
   "Real estate sponsors and operators",
   65,
   13.64,
   147.3,
   42
  ],
  [
   "Other",
   58,
   22.3,
   237.5,
   18
  ],
  [
   "Equipment finance companies",
   37,
   5.01,
   150.0,
   10
  ],
  [
   "MCA and small business funders",
   26,
   5.6,
   140.0,
   18
  ],
  [
   "Energy and infrastructure developers",
   19,
   7.73,
   225.0,
   18
  ],
  [
   "Data center developers and operators",
   15,
   56.51,
   1400.0,
   13
  ]
 ],
 "size_bands_12m": [
  [
   "Not disclosed",
   317,
   0.0
  ],
  [
   "$100M to $500M",
   200,
   48.42
  ],
  [
   "$1B and up",
   103,
   301.23
  ],
  [
   "$500M to $1B",
   71,
   46.91
  ],
  [
   "$35M to $100M",
   43,
   2.62
  ],
  [
   "$10M to $35M",
   30,
   0.68
  ],
  [
   "Under $10M",
   17,
   0.06
  ]
 ],
 "months": [
  [
   "2025-10",
   38,
   20.95
  ],
  [
   "2025-11",
   40,
   22.07
  ],
  [
   "2025-12",
   48,
   22.31
  ],
  [
   "2026-01",
   58,
   28.74
  ],
  [
   "2026-02",
   81,
   32.08
  ],
  [
   "2026-03",
   53,
   17.37
  ],
  [
   "2026-04",
   52,
   13.94
  ],
  [
   "2026-05",
   79,
   41.23
  ],
  [
   "2026-06",
   89,
   40.59
  ],
  [
   "2026-07",
   164,
   118.34
  ],
  [
   "2026-08",
   57,
   26.53
  ],
  [
   "2026-09",
   22,
   15.78
  ]
 ],
 "top_funders_12m": [
  [
   "JPMorgan Chase Bank",
   34,
   36.83
  ],
  [
   "Wells Fargo Bank",
   29,
   31.8
  ],
  [
   "Bank of America",
   23,
   16.76
  ],
  [
   "Citibank",
   14,
   26.85
  ],
  [
   "PNC Bank",
   11,
   3.79
  ],
  [
   "Morgan Stanley Senior Funding",
   6,
   10.8
  ],
  [
   "Rithm Capital",
   6,
   0.97
  ],
  [
   "Goldman Sachs",
   5,
   13.72
  ],
  [
   "Fortress Investment Group",
   5,
   5.25
  ],
  [
   "Nuveen",
   5,
   1.72
  ],
  [
   "Capital One",
   5,
   0.68
  ],
  [
   "Neuberger Berman Specialty Finance",
   4,
   10.5
  ],
  [
   "KeyBank",
   4,
   6.19
  ],
  [
   "AB CarVal",
   4,
   3.0
  ],
  [
   "MUFG Bank",
   4,
   2.63
  ],
  [
   "Truist Bank",
   4,
   1.01
  ],
  [
   "Atlas SP Partners",
   4,
   0.85
  ],
  [
   "Victory Park Capital",
   4,
   0.53
  ],
  [
   "Bank of Montreal",
   4,
   0.38
  ],
  [
   "Goldman Sachs Group",
   4,
   0.3
  ]
 ],
 "largest_q3": [
  {
   "originator": "Aligned Data Centers",
   "funder": "Mgx (with Ai Infrastructure Partnership And Blackrock Global Infrastructure Partners",
   "type": "equity_acquisition",
   "mm": 40000.0,
   "date": "2026-07-21",
   "link": "https://aligneddc.com/press-release/aip-mgx-and-blackrocks-gip-close-acquisition-of-aligned-data-centers/"
  },
  {
   "originator": "Riot Platforms, Inc.",
   "funder": "Morgan Stanley Senior Funding",
   "type": "data center financing",
   "mm": 9100.0,
   "date": "2026-08-10",
   "link": "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
  },
  {
   "originator": "Cliffwater Corporate Lending Fund",
   "funder": "Massachusetts Mutual Life Insurance Company",
   "type": "fund subscription or leverage line",
   "mm": 7740.0,
   "date": "2026-07-29",
   "link": "https://www.sec.gov/Archives/edgar/data/1735964/000121390026082700/ea0298424-01_486bpos.htm"
  },
  {
   "originator": "CMA CGM / United Ports",
   "funder": "Stonepeak",
   "type": "jv_equity_ports_terminals_vertical_integration",
   "mm": 6000.0,
   "date": "2026-07-28",
   "link": "https://wwd.com/sourcing-journal/logistics/cma-cgm-stonepeak-10-billion-joint-venture-jv-united-ports-terminals-operator-vertical-integration-ocean-carriers-1238862426/"
  },
  {
   "originator": "Dubai Aerospace Enterprise / Mustang Aerospace JV",
   "funder": "Neuberger Berman Specialty Finance",
   "type": "equity_co_investment_jv_plus_warehouse",
   "mm": 6000.0,
   "date": "2026-07-06",
   "link": "https://alternativecreditinvestor.com/2026/07/06/neuberger-and-dae-launch-6bn-aircraft-leasing-vehicle/"
  },
  {
   "originator": "Aon plc",
   "funder": "Citibank",
   "type": "general corporate borrowing",
   "mm": 4000.0,
   "date": "2026-09-11",
   "link": "https://www.sec.gov/Archives/edgar/data/315293/000119312526388699/d67980dex993.htm"
  },
  {
   "originator": "Upstart",
   "funder": "Castlelake",
   "type": "forward_flow",
   "mm": 4000.0,
   "date": "2026-07-29",
   "link": "https://www.businesswire.com/news/home/20260729781425/en/Upstart-Announces-Multi-Year-%244-Billion-Forward-Flow-Agreement-with-Castlelake"
  },
  {
   "originator": "CHARTER COMMUNICATIONS, INC. /MO/",
   "funder": "Jp Morgan Chase Bank",
   "type": "general corporate borrowing",
   "mm": 3500.0,
   "date": "2026-07-23",
   "link": "https://www.sec.gov/Archives/edgar/data/1091667/000110465926086302/tm2621145d1_ex99-2.htm"
  },
  {
   "originator": "Evergy, Inc.",
   "funder": "Wells Fargo Bank",
   "type": "general corporate borrowing",
   "mm": 3500.0,
   "date": "2026-07-01",
   "link": "https://www.sec.gov/Archives/edgar/data/1711269/000119312526292565/d82314dex101.htm"
  },
  {
   "originator": "GreenSky",
   "funder": "Pgim",
   "type": "forward-flow agreement",
   "mm": 3000.0,
   "date": "2026-08-20",
   "link": "https://www.bloomberg.com/news/articles/2026-08-20/pgim-inks-deal-for-3-billion-of-greensky-home-improvement-loans"
  },
  {
   "originator": "Orange (French data center portfolio)",
   "funder": "Morrison (morrison",
   "type": "jv_equity",
   "mm": 3000.0,
   "date": "2026-07-27",
   "link": "https://capacityglobal.com/news/orange-and-morrison-partner-data-centre-joint-venture/"
  },
  {
   "originator": "QXO Insulation, LLC",
   "funder": "Goldman Sachs",
   "type": "general corporate borrowing",
   "mm": 3000.0,
   "date": "2026-07-01",
   "link": "https://www.sec.gov/Archives/edgar/data/1633931/000110465926079876/tm2618991d10_8k.htm"
  }
 ],
 "share_100m_12m": {
  "Under $100M": [
   90,
   3.36
  ],
  "$100M and up": [
   374,
   396.57
  ]
 },
 "ucc_ct": {
  "months": [
   [
    "2026-09",
    17,
    6
   ],
   [
    "2026-08",
    21,
    4
   ],
   [
    "2026-07",
    39,
    7
   ],
   [
    "2026-06",
    33,
    7
   ],
   [
    "2026-05",
    17,
    5
   ],
   [
    "2026-04",
    9,
    3
   ]
  ],
  "top_q3_secured_parties": [
   [
    "First Data Merchant Services",
    69
   ],
   [
    "Newtek Bank",
    21
   ],
   [
    "Bitty Advance",
    7
   ],
   [
    "Credibly",
    6
   ],
   [
    "Forward Financing",
    4
   ]
  ]
 },
 "specialty_subset_definition": "Warehouse and lender finance, forward flow and loan purchase, receivables and factoring, ABL and revolvers, senior credit facilities and term debt, and equipment finance, excluding corporates.",
 "method_note": "One financing per company for announcements within ten days of each other, counted once at the largest disclosed amount; the same facility reported again in later quarterly filings is counted once. Borrowings found in SEC filings are classed from the filing text; ordinary company credit facilities and fund subscription lines have their own lanes. A financing with several named funders counts once for each funder in the funder table.",
 "previous_edition_totals": {
  "n": 1015,
  "usd_bn": 484.99,
  "n_q3": 331,
  "usd_bn_q3": 203.79
 }
}