National Funding, Inc. has successfully completed a record-breaking securitization transaction, raising a total of $220 million through the upsizing of its Series 2025-1 issuance. Announced on March 3, 2026, this deal marks a significant milestone for the company, which specializes in innovative commercial financing solutions for small- and medium-sized businesses across the United States.
The recent transaction saw an increase of $75 million from the initial issuance, achieving a substantial improvement in yield. The Series 2025-1 notes are categorized into four classes, receiving ratings from the Kroll Bond Rating Agency (KBRA): AA- for Class A, A- for Class B, BBB- for Class C, and BB for Class D. Impressively, the notes associated with the upsizing were approximately three times oversubscribed, priced at a blended yield of 6.13%, reflecting a 92 basis point enhancement compared to the May 2025 issuance.
This significant yield improvement highlights the strong confidence that capital markets have in National Funding’s credit quality and operational performance. David Gilbert, CEO of National Funding, emphasized the importance of this transaction, stating, “This transaction represents a transformative moment for National Funding and a powerful validation of our strategic direction.” He added that the oversubscription and yield improvement illustrate exceptional investor confidence in the company’s business model and risk management capabilities.
Gilbert further noted that the premium pricing from this transaction not only reduces the company’s cost of capital but will also generate substantial additional value. This value is intended to be deployed to enhance access to capital for small businesses across America, a crucial aspect of the company’s mission.
The transaction was facilitated by Guggenheim Securities, LLC, serving as both the sole structuring agent and sole book runner. As a leading provider of commercial financing solutions, National Funding continues to focus on leveraging advanced technology and customer-centric service to empower entrepreneurs and small business owners in achieving their growth objectives.
For additional information about National Funding and its services, visit www.nationalfunding.com.
