RMBS

There is also a significant portion of mortgages secured by investment properties, 44%, and overall 47.5% of the collateral pool is composed of non-qualified mortgages.

The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.

The deal includes a replenishment mechanism that allows subsequent drawdowns on existing mortgages.

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

TPG Angelo Gordon estimates there's a $2 trillion market for home equity products. Thanks to tighter lending standards, the debt also appears safer than in the 2008 financial crisis.

The transaction's pool of 365 fixed-rate mortgages, all first lien, breaks down to mostly non-agency loans (61.4%). The rest, 38.6%, are agency eligible.

Most of the contracts in Point Securitization Trust, 1,750 (81.64%), are second-lien as of the cut-off date.

The deal priced at 335 over, beating expectations for the transaction to price at 350 over, due to bond market volatility.

When it closed in February 2024, Toorak 2024-RRTL1 became the first rated RTL completed. Managers increased the capital raise to $240 million, from the initial $192 million.