Apt and alot of the financial industry is funded by what we call warehouses or public securitisation deals. It's not technically debt as the facilities are bankruptcy remote. The facilities themselves fund the actual receivables. Apt and guys like pepper, athena etc. Earn the 'excess spread' and servicer fees etc. It's why they report restricted and unrestricted cash.Restricted cash generally means its for the purposes of a warehouse facilities and only certain product receivables can be funded by it. (new products will need to be okayed by the funders).