The fund closes ahead of separate news that it formed the Private Real Estate Credit platform, which will originate senior and subordinated commercial real estate loans.

President Donald Trump said he inherited an "economic catastrophe" from his predecessor in a joint address to Congress, though markets fell Tuesday on fears of a budding trade war with Canada and Mexico.

It is the program's second issuance to come to market with a pool made up entirely of consumer loans.

Easing regulations on the GSEs will likely drive elevated activity in non-QM if or when it occurs, leaders at the real estate investment trust also said.

Excess cash flow will pay timely interest and protect against realized losses in the rated certificates before being paid out to the class X notes.

The deal also offers a subordination piece that represents 14% of the pool balance, helping to boost the credit to the notes.

At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.

Thirty members of the Senate Banking and House Financial Services committees signed a letter petitioning the administration to name a new vice chair for supervision — and quickly.

Total delinquencies as a percentage of John Deere's managed portfolio was 3.06%, an increase since 2022. That aligns with the decline in corn and soy prices in the same period.

A March 2025 survey by the National Association for Business Economics shows growing inflation concerns — and a diminishing chance of rate cuts — in 2025, but also optimism about avoiding a recession.

There is also a trigger embedded in the deal, attached to cumulative net losses that would set off a full turbo payment.

Servicers—Citadel, NewRez and Selene Finance—will not advance any delinquent principal and interest. Eventually, that should reduce loss severities to the deal.