RMBS

The A1A through A1-LCF tranches are expected to offer coupons of 5.84%, while mezzanine and subordinate coupons include 6.58% and 6.64%.

Aspire will raise $468.8 million from a pool of 917 residential mortgages, which are primarily fixed-rate.

The deal will bring Kiavi's assets onto Figure's blockchain environment, adding $7 billion in annual volume, and more than $100 million of monthly cash flow onto its blockchain-native warehouse marketplace, Democratized Prime.

The deal also includes a series of exchangeable notes that will pay variable rates.

The deal includes recently introduced senior first class flow (A-1FCF) and last cash flow (A-1LCF) tranches, which benefit from credit enhancement levels of 24.70%.

Self-employed borrowers represent just 23.1% of the pool, and liquid reserves were $858,428 compared with 21.9% and $1 million.

The senior notes will repay investors pro rata, and the mezzanine and subordinate notes will repay sequentially.

Second homes account for 10.1% of the underlying collateral pool, the highest ratio seen in pools all year.

The capital structure includes first cash flow and last cash flow notes among the senior classes, and expected coupons include 5.64% on the A1A, A1B, A1FCF, A1LCF and A1 notes.