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The deal continues BHG's more recent streak of securitizing loans collateralized exclusively by consumer loans. The deal is the program's sixth term 144A securitization backed by consumer loans.
A new originator and acquirer is on tap for the SDART program, and comes to market under Rule 144A, unlike previous Santander transactions.
In both pools, Fitch finds that gross yields remained strong at 26.49%, up from 25.74% a year ago. Also, the monthly payment rate increased to 64.57%, an increase from 63.82% a year prior.
The predominant portion of receivables in the trust portfolio is composed of receivables from the Robinhood Gold Card program, which the company launched in March 2024.
While much of the borrowing for the AI buildout has gone toward data-center construction, increasingly large debt packages are now being arranged to finance the chips.
