Home Serve is in early discussions with lenders for an asset-backed transaction that would pay owner Brookfield Asset Management Ltd. a dividend of $600 million, according to people with knowledge of the matter. The emergency household-repairs provider is offering $1.8 billion of bonds backed by its assets through a whole-business securitization led by Jefferies Financial Group Inc., the people said, asking not to be identified discussing a private transaction. Brookfield Asset Management Ltd. stands to receive a significant payout from the deal, which leverages Home Serve’s recurring revenue streams from home repair contracts.

The transaction reflects growing investor interest in niche credit markets backed by stable, subscription-based service revenues. Jefferies Financial Group Inc. is structuring the deal as a whole-business securitization, a less common but increasingly utilized approach for asset-heavy service companies. The $600 million dividend would represent a major return for Brookfield, which acquired Home Serve in prior years.

Neither Brookfield nor Jefferies commented on the discussions, which remain confidential and subject to change. Market observers note the deal highlights the expanding role of private credit in funding non-traditional asset classes.