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Robinhood’s Credit Card Funding Trust completed a $500 million private asset-backed securities (ABS) issuance on July 23, 2026. The notes are secured primarily by credit-card receivables originated by Coastal Bank and included in the Trust’s collateral. They are one part of Robinhood’s funding structure—not a public retail bond sale, the entire receivables pool, or the separate Coastal Bank funding program.
What is Robinhood’s $500 million ABS backed by?
Robinhood Markets’ Q2 2026 Form 10-Q says the Credit Card Funding Trust completed its inaugural Series 2026-1 issuance on July 23, 2026. The four classes of fixed-rate notes were privately offered to qualified institutional buyers under Rule 144A and Regulation S. They are secured primarily by a pool of credit-card receivables originated by Coastal Bank and included in Trust collateral. Robinhood’s Q2 2026 Form 10-Q reports an approximately 4.86% weighted-average coupon, a revolving period ending in June 2029, and final maturity in July 2031.
In an ABS transaction, receivables provide collateral for notes issued by a financing entity. Here, the $500 million is the amount of notes issued; it is not a statement that the collateral pool is worth exactly $500 million. The filing’s broad collateral description does not establish detailed pool-level delinquency, charge-off, or credit-enhancement figures for this issuance.
How does the Trust fit into Robinhood’s funding structure?
The Credit Card Funding Trust purchases credit-card receivables and uses them as collateral to obtain debt financing. Robinhood is the Trust’s primary beneficiary, owns its equity, and serves as servicer and administrator; it consolidates the Trust in its financial statements. Robinhood’s Q2 2026 Form 10-Q also says Trust creditors have no recourse to Robinhood’s general credit and Trust obligations can be settled only from Trust assets.
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The Series 2026-1 notes are separate from the Trust’s revolving bank arrangements. As of June 30, 2026, Robinhood reported six revolving arrangements with Barclays, SVB, Wells Fargo, Truist Bank, Goldman Sachs, and Mizuho. Their aggregate commitment limit was $1.55 billion, their revolving periods ended between November 2026 and April 2029, and the weighted-average rate on active arrangements was 5.06%. These are company-reported terms and balances in the Q2 2026 Form 10-Q; the bank facilities and the notes have different structures and terms, so their rates are not directly comparable yields.
How the ABS differs from Coastal Bank’s separate funding program
The Coastal Bank Program Agreement is not the Series 2026-1 issuance. Most recently amended in March 2026, it allowed Coastal Bank to fund up to $500 million of credit-card receivables. At June 30, 2026, $214 million had been funded through the program. Robinhood’s Q2 2026 Form 10-Q describes Coastal Bank as the legal lender and originator and legal owner of receivables funded under this off-balance-sheet program.
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Under the agreement, Robinhood Credit pays the federal funds rate plus a 2.65% margin on the first $300 million and a 1.15% margin on amounts above $300 million. The agreement’s $500 million maximum funding capacity is a program limit, not the amount of the Trust’s ABS issuance.
What the reported balances and revenue show
The figures below are company-reported and refer to different periods and accounting measures. The receivables figures are net of provision for credit losses; borrowing balances include principal and interest.
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|---|---|---|
| Receivables purchased by the Trust | $5.2 billion | 2025 |
| Receivables purchased by the Trust | $6.2 billion | Six months ended June 30, 2026 |
| Purchased receivables outstanding, net of provision for credit losses | $786 million | December 31, 2025 |
| Purchased receivables outstanding, net of provision for credit losses | $1.1 billion | June 30, 2026 |
| Borrowing principal and interest outstanding | $602 million | December 31, 2025 |
| Borrowing principal and interest outstanding | $959 million | June 30, 2026 |
| Trust net interest revenue | $61 million | Six months ended June 30, 2026 |
| Trust net interest revenue | $34 million | Three months ended June 30, 2026 |
Robinhood Markets reported these figures in its 2025 and Q2 2026 financial disclosures. They help describe the Trust’s activity and balances but do not, by themselves, provide a full assessment of the Series 2026-1 notes’ credit risk.
What the card-business growth figures do—and do not—say
Robinhood’s July 29, 2026 Q2 earnings release said the credit-card business exceeded $100 million in annualized revenue, the Gold Card passed one million customers, and annualized purchase volume exceeded $17 billion. These are company-reported operating indicators for the broader card business. They are not the Trust’s net interest revenue, nor audited standalone performance measures for the ABS collateral pool, and they do not establish the notes’ credit quality.
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What is not established about the notes
The company materials cited here disclose the transaction size, broad collateral description, note coupon, revolving period, final maturity, and Trust structure. They do not establish a public ratings analysis, detailed pool-level delinquency or charge-off metrics for this issuance, or an independent credit-quality assessment. Robinhood’s announcement and financial disclosures describe the transaction and its own reported figures; they are not independent credit analysis.
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