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Robinhood Markets’ Credit Card Funding Trust completed a $500 million private asset-backed notes 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. The deal is one funding channel for Robinhood’s card receivables—not the same as the separate Coastal Bank funding agreement.
What is Robinhood’s $500 million ABS backed by?
Robinhood’s 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; this was not a public retail bond sale. The notes are secured primarily by a pool of credit-card receivables originated by Coastal Bank and included in Trust collateral. Robinhood Markets’ 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.
The $500 million is the amount of notes issued, not a statement of the full value of the receivables pool. Robinhood’s filing gives a broad description of collateral, but the information reported here does not establish the deal’s ratings, credit enhancement, pool-level delinquency or charge-off statistics, or an independent view of credit quality.
How does Robinhood fund its credit-card receivables?
The Trust purchases credit-card receivables and uses them as collateral to obtain financing. Robinhood is the Trust’s primary beneficiary, servicer and administrator, owns its equity, and consolidates it. The filing says Trust creditors have no recourse to Robinhood’s general credit; Trust obligations can be settled only from Trust assets. The Trust’s funding includes both the Series 2026-1 notes and separate revolving bank arrangements.
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Trust revolving bank arrangements
As of June 30, 2026, the Trust had six revolving borrowing arrangements with Barclays, SVB, Wells Fargo, Truist Bank, Goldman Sachs and Mizuho. Robinhood reported an aggregate commitment limit of $1.55 billion and a 5.06% weighted-average rate on active arrangements. Their revolving periods ended between November 2026 and April 2029. These facilities are distinct from the notes, and their reported rate should not be treated as directly comparable to the notes’ coupon: the arrangements have different terms and structures.
Separate Coastal Bank program agreement
Robinhood’s Q2 2026 Form 10-Q says the Coastal Bank Program Agreement was most recently amended in March 2026 and permitted Coastal Bank to fund up to $500 million of credit-card receivables. At June 30, $214 million had been funded through the program. Robinhood Credit pays the federal funds rate plus a 2.65% margin on the first $300 million and 1.15% on amounts above $300 million. Robinhood describes Coastal Bank as the legal lender and originator, and legal owner of receivables funded under this off-balance-sheet program. This agreement is not the Trust’s $500 million ABS issuance.
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What do the reported balances and revenue show?
Robinhood’s Q2 2026 Form 10-Q reports the following Trust figures. They describe different flows, point-in-time balances and funding measures, so they should not be read as interchangeable.
| Measure | Robinhood-reported figure |
|---|---|
| Receivables purchased by the Trust | $5.2 billion in 2025; $6.2 billion in the six months ended June 30, 2026 |
| Purchased receivables outstanding, net of provision for credit losses | $786 million at December 31, 2025; $1.1 billion at June 30, 2026 |
| Borrowing principal and interest outstanding | $602 million at December 31, 2025; $959 million at June 30, 2026 |
| Trust net interest revenue | $34 million for the three months ended June 30, 2026; $61 million for the six months ended June 30, 2026 |
The purchase amounts are period totals, while the receivables and borrowing figures are balances at the stated dates. Trust net interest revenue is not the same measure as the card business’s annualized revenue.
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How does the issuance fit the scale of Robinhood’s card business?
Robinhood’s July 29, 2026 Q2 earnings release said its credit-card business exceeded $100 million in annualized revenue, the Gold Card had passed one million customers, and annualized purchase volume exceeded $17 billion. These company-reported operating indicators describe business scale; they are not audited standalone portfolio performance figures or evidence of how the Series 2026-1 collateral is performing.
The useful distinction is between the card business and its financing vehicles: card purchases generate receivables, while the Trust and its lenders provide financing against receivables under separate arrangements. The reported growth figures do not by themselves establish the quality or risk of the ABS collateral.
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