InspereX the #1 Bond Underwriter and Distributor for Community Development Financial Institutions in 2025

First firm to underwrite and distribute programmatic debt for a CDFI

DELRAY BEACH, Fla.--(BUSINESS WIRE)--InspereX, the tech-driven distributor of fixed income, structured products, exchange-traded funds (ETFs), and alternative investments, was the number one public impact bond underwriter and distributor for Community Development Financial Institution (CDFI) loan funds in 2025, reaching a firm record of $565 million.¹

InspereX (formerly Incapital) has now distributed a total of $1.65 billion of debt for its CDFI partners. It was the first firm to underwrite and distribute programmatic debt for a CDFI, when in 2017, the firm launched Capital Impact Partners’ public debt program. InspereX has gone on to distribute $700 million for Capital Impact Partners.

InspereX has underwritten more than half of the total CDFI-issued debt, outpacing the next closest peer by more than four times.

CDFIs are community lenders that support, grow, and revitalize under-resourced communities. They work to provide affordable loans and financial services to individuals, small businesses, and nonprofit organizations that have been overlooked by traditional sources of financing. At the same time, CDFIs expand access to capital for low-wealth populations, broadening economic opportunity.

“We’re incredibly proud to have reached these important milestones and grateful to our CDFI issuers for their partnership,” said Jodi Waber, Managing Director and Head of Sustainable Finance at InspereX. “Impact bonds play an important role within portfolios and the broader fixed income marketplace. These bonds give investors the opportunity to align their portfolios with their personal values while achieving meaningful, measurable results. We look forward to supporting our CDFI issuers that expand access to capital, strengthen local communities, and help investors achieve long-term investment objectives."

InspereX’s partnerships with issuers, including Capital Impact Partners, Century Housing Corporation, and the Local Initiatives Support Corporation (LISC), have driven a record-level of sustainable debt issuance for InspereX.

Since 2005, InspereX has been a leader in socially responsible investing having underwritten and distributed more than $4.8 billion of values-based investments, including CDFI debt.

¹ Leadership ranking source: Bloomberg as of 12/31/2025. InspereX’s ranking as the number #1 bond underwriter and distributor is based on public CDFI loan fund debt.

About InspereX

InspereX is built on access, aggregation, and analysis. We redefine precision investing across structured products, ETFs, private markets, and new-issue and secondary fixed income. InspereX connects advisors and institutions to differentiated investment opportunities, combining deep market expertise with a modern approach to distribution. Our Aria platform integrates advanced technology, market intelligence, and personalized service to streamline execution and empower advisors to deliver greater value to their clients. InspereX represents more than 400 issuing entities, distributes to more than 1,500 partners, and has distributed more than $850 billion in new issue securities. The firm has seven trading desks and more than 180 employees with offices in Delray Beach, Florida; Santa Monica, California; Charlotte, North Carolina; Chicago, IL; and New York, NY.