Retirement solutions are the products and institutional mandates built to fund long-dated retirement and insurance liabilities — the promises made to pay individuals income in later life. Annuities, pension risk-transfer...

Risk retention is the regulatory requirement that the sponsor of a securitization keep a portion of the credit risk of the deal it creates, rather than selling all of it...

A second lien is a security interest in a borrower’s assets that ranks behind a first-lien claim but ahead of unsecured creditors in the order of repayment. Second-lien debt is...

Securitization is the process of pooling contractual, cash-flow-producing assets — such as loans, leases, or receivables — and issuing tranched securities backed by that pool to capital-market investors. The assets...

Securitized credit is the investable asset class made up of securities whose repayment is backed by pools of loans, leases, or receivables rather than by a single corporate borrower’s promise...

Senior debt is borrowed capital that holds the highest-priority claim on a company’s cash flows and assets, ranking ahead of subordinated debt and equity for both interest payments and repayment...

Significant risk transfer (SRT) is a transaction in which a bank transfers a portion of the credit risk on a pool of its loans to outside investors, reducing the regulatory...

Specialty finance refers to non-bank lending and financing provided against specific asset classes, receivables, or niches that fall outside traditional bank credit. Specialty finance firms originate loans or advance capital...

Sports finance is the business of lending to and investing in the assets of professional sports — franchises, leagues, media and broadcast rights, stadiums and training facilities, and the revenue...

Structured credit is the broad field of investing and financing built on instruments whose risk and return are engineered through tranching, subordination, and bespoke contractual structures rather than taken as...

Subordinated debt is any borrowing that ranks below senior debt in a borrower’s capital structure, so it is repaid only after senior claims are satisfied in a default or liquidation....

A syndicated loan is a single loan facility arranged by one or more lead banks and funded by a group of lenders — the syndicate — who each hold a...

Term ABS is the segment of the securitization market in which a pool of financial assets is funded through the issuance of asset-backed bonds — securities with a stated (term)...

Transportation finance is the financing of the physical assets that move people and goods — aircraft, ships, railcars and locomotives, and commercial vehicle fleets — through a mix of secured...

Venture debt is a form of lending to venture-backed, high-growth companies — typically startups that have raised institutional equity but are not yet profitable — provided alongside rather than instead...

Warehouse finance is short-term, revolving funding that lets an originator hold financial assets on a secured, interim basis while a pool builds toward permanent funding. A lender — usually a...

Whole loans are individual loans bought, sold, and held in their original, un-securitized form, so the holder owns the entire loan — principal, interest, and all associated rights — rather...