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Stonebriar and Wingspire turn AI computing demand into asset-backed bonds
Two equipment lenders are packaging loans and leases, including GPU-heavy AI financing, into securities that institutional investors are lining up to buy
The AI boom needs chips, servers and data centers. Someone has to lend the money for all of that hardware, and Wall Street has found a familiar way to repackage those loans.
Demand for AI capital is lifting interest in bonds backed by equipment loans and leases, Bloomberg reports. Two lenders, Stonebriar Commercial Finance and Wingspire Equipment Finance, sit near the center of that trend.
Wingspire’s biggest deal yet
Wingspire, a Blue Owl Capital portfolio company, closed a $407.07 million asset-backed security, labeled WEF 2026-1, on September 24, 2026. It is the firm’s largest such deal to date.
Wingspire’s basket holds a collateral pool valued at $438.18 million. That pool spans 211 contracts across 63 obligors, the borrowers on the hook for making payments.
The deal was more than 5x oversubscribed, meaning buyers wanted several times the amount of bonds actually on offer.
It also earned AAA ratings from Fitch and KBRA.
Approximately 18% of the collateral is tied to financing for AI technology.
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A fast-growing lender, and an established one
Wingspire’s securitization program has scaled quickly. The firm closed a $201 million deal in 2024, then one of more than $292 million in 2025.
Wingspire funded approximately $701.3 million in volume in 2025, a 66% jump from the prior year. Its portfolio carried $683 million in net assets as of June 30, 2026.
In August 2026, Wingspire secured $140 million in financing aimed at high-performance AI GPU cloud infrastructure.
Stonebriar is the veteran in this pairing. The Plano, Texas-based lender has been active in equipment ABS since its founding in 2015. Its latest deal, SCF 2026-1, is its 15th equipment ABS transaction. The initial pool size is about $958 million, more than double Wingspire’s collateral pool.
Both lenders are financing AI computing assets, notably high-density GPU servers.
What this means for investors and the AI buildout
For bond investors, AAA ratings and structured protection offer exposure to AI-driven growth without taking on equity-style volatility.
The AI slice of Wingspire’s pool is currently around 18%, so the share of future pools tied to GPU hardware will show how far lenders are willing to lean in.
Concentration also deserves attention. Wingspire’s pool spans 63 obligors, and as AI borrowers make up a bigger share of these deals, diversification across borrowers and asset types becomes a key credit consideration.